The Crown Jewel of American Socialism
17th August 2024
This week, the Wall Street Journal published some good news for proponents of Social Security, the socialist program that President Franklin D. Roosevelt signed into law in 1935. The Journal reported that the Millennial generation — those whose age range is between 27 and 44 — have experienced a “dramatic turnaround” in finances. The Journal states:
The median household net worth of older millennials, born in the 1980s, rose to $130,000 in 2022 from $60,000 in 2019…. Median wealth more than quadrupled to $41,000 for Americans born in the 1990s, which includes the generation’s youngest members, born in 1996. In early 2024, millennials and older members of Gen Z had, on average and adjusting for inflation, about 25% more wealth than Gen Xers and baby boomers did at a similar age, according to a St. Louis Fed analysis.”
Why is that good news for proponents of Social Security? It assures them that there is more wealth that the IRS can confiscate to support and maybe even expand the program.