Wealth in America is concentrated among the middle-aged and elderly. Eighty-nine percent of national wealth is held in families aged 45 and over. Families under the age of 35, raising young children, hold less than 3% of American wealth.
Wages and salaries have been in a relative decline since the 1960s, as a greater share of GDP has accrued to owners of capital, and a smaller share accrued to workers. As we saw earlier, financial assets are concentrated in the middle-aged and elderly, who are receiving a larger share of GDP, while the working youth are receiving a smaller share. The following chart shows wages and salaries as a percentage of GDP, in constant 2005 dollars.
I hope to add to this post in the coming days and weeks.