Good news: the young are poorer than their parents!

Photo by Devin Avery on Unsplash

This post originally ran September 5, 2017.

That’s a catchy headline. It is really good news too. Why? Because it serves as yet another indicator of how our current structures need to be replaced.

Here’s the background:

A respected global think tank and consulting company released a report in July last year which showed surprising global trends. The report, Poorer Than Their Parents? Flat Or Falling Incomes In Advanced Economies, revealed that young people are screwed financially. Worldwide, according to the research, more younger people than ever are earning less than their parents did at their age. A lot more. Like, a ton more.

Not only does the empirical data support this conclusion, says the report, but surveys conducted of the generations in question confirm the data. In other words, not only does the data show the trend, the people the data is looking at agree in their experience: they aren’t doing well in today’s world. Especially compared to earlier generations.

All this explains why the world continues ripening itself towards Copiosis. Copiosis brings a world where everyone easily becomes rich. The entire economy is designed that way, unlike our economy today, which obviously doesn’t work for everyone.

If COVID hasn’t convinced you of that….just wait. More evidence is coming.

In the meantime, the report looks like great reading. I’ll be sharing what I read in future posts. In the meantime, here’s a great info graphic the company produced as part of the report. It offers a nice summary. Enjoy.

McKinsey report graphic
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