Bryan Bruce, Facebook
For the first time since the Great Depression young people will generally be worse off than their parents.
The Resolution Foundation – a British organisation that does analytical research into the living standards of people on low and middle income- has found that Under-35s (the Millennials) in the UK are earning less in their twenties than Generation X workers.
They define Generation X as those born between 1966 and 1980 and millennials as those born between 1980 and 2000.
While the study is British I have little doubt that New Zealand analysts will eventually find the same thing in our own country.
I also have little doubt that the widespread adoption of neoliberal economics (Rogernomics in New Zealand) is the cause of the degeneration of modern incomes.
The Resolution Foundation has launched a commission to explore growing inequality between generations.
I think we need to do the same here in NZ because we need to find ways of spreading the nation’s wealth more fairly.
Because when a decreasing number of young workers can no longer earn enough to support the old, the sick and and all the rest of the nonworking population then our society as a whole will go backwards, not forwards.