FEDS Paper: Has Intergenerational Progress Stalled? Income Growth Over Five Generations of Americans
Kevin Corinth and Jeff LarrimoreWe find that each of the past four generations of Americans was better off than the previous one, using a post-tax, post-transfer income measure constructed annually from 1963-2022 based on the Current Population Survey Annual Social and Economic Supplement. At age 36–40, Millennials had a real median household income that was 18 percent higher than that of the previous generation at the same age.