Has Generational Progress Stalled? Income Growth Over Five Generations of Americans
Bibliographic Data
| ID | 19230754 |
|---|---|
| Authors | Kevin Corinth (0000-0001-7945-175X, American Enterprise Institute, corresponding author), Jeff Larrimore (0000-0001-9715-3983, Federal Reserve Board of Governors) |
| Year | 2026 |
| Volume | 63 |
| Issue | 2 |
| Pages | 589-616 |
| Publication date | 2026-04-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Demography (JOURNAL) |
| Journal identifiers | ISSN: 0070-3370 • E-ISSN: 1533-7790 |
| Publisher | Duke University Press (PUBLISHER • US) |
| DOI | 10.1215/00703370-12555050 |
| PMID | 42002822 |
| OpenAlex | W7154908862 |
| Language | EN |
| References cited | 26 |
Whether each generation of Americans continues to economically surpass the previous one has recently been called into question. We construct a posttax, posttransfer income measure from 1963 to 2023 based on the Current Population Survey Annual Social and Economic Supplement that allows us to consistently compare the economic well-being of five generations of Americans at ages 36–40. We find that Millennials had a real median household income that was 20% higher than that of the previous generation, a slowdown from the growth rate of the Silent Generation (36%) and Baby Boomers (26%), but similar to that of Generation X (16%). The slowdown for younger generations largely resulted from stalled growth in work hours among women. Progress for Millennials younger than 30 has also remained robust, though largely due to greater reliance on their parents. Additionally, lifetime income gains for younger generations far outweigh their higher educational costs
Baby boomers · Construct (python library) · Current Population Survey · Developed country · Generation x · Population · Slowdown · Work (physics) · Education, Sociology, Communication Studies · Financial Literacy, Pension, Retirement Analysis · Youth Education and Societal Dynamics
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| Citation velocity | historical |
|---|---|
| Highly cited | No |