Americans Lose Faith That Hard Work Leads to Economic Gains, WSJ-NORC Poll Finds

The Satellite
21

It’s funny you mentioned that because as I alluded to above - there’s going to be a significant amount of early retirees once they get large inheritances after their baby boomer parents die.

So not only are baby boomers going to leave an labor / experience gap in white collar work, but the inheritances kids who are getting millions may also be part of the labor gap if they choose to not work anymore

22

I agree and the average working Joe is seeing that too and feels they are being left behind. They can work 60, 80, 100 hours a week and for the majority they won’t ever catch up to the kind of wealth others their age will inherit.

They do not see the economic gains that may have existed before. Housing, food and cost of living is up, then add in what it costs today to raise a child, for many it feels hopeless.

23

If you’re the only child of a homeowner, there’s a very solid chance that your savings will double or more when your parents die, even if you’ve saved well in a high-paying job. You can make comfortably into the six figure range and it will still be incredibly difficult to match the windfall from having dead upper middle-class parents.

1 Like
24

Only if those parents did not need long term assisted living/care the cost of caring for elderly parents will quickly wipe out the equity of a parents home.

25

Yeah but that’s the key - Only Child

Typically upper middle class parents are going to have minimum 2 or 3 (kids being status symbols at that point)

So that 5 million estate probably turns into thirds, and that doesn’t include all the kids filing lawsuits against each other

(Still lots of money)

26

I"m looking and observing all over the city and I see a lot of people that came here and built something for themselves, I’m talking mostly first gen immigrants. It’s still an achievable American Dream. Too bad you negative nellies only look at the negative.

27

Success is subjective

If owning a pop and sup restaurant is success to you then all the power to you.

If success is becoming a multi millionaire, then that’s a separate issue

If it was easy then everyone would be multi millionaires through work and not inheritances

28

I bet there are some millionaires sprinkled in there. Out of poverty and into middle class is successful.