By Kevin Palmer
Inflation and taxes guarantee each successive generation is not better off than the previous generation, and its worse for Blacks.
For example, in 1993 a son was born. The son’s Dad is 30 years old and earns $50K annually. In 2023, the son will be 30 years old. If the son earns $50K, he will not enjoy the same purchasing power as his Dad who made $50K in 1993. A dollar in 1993 is equivalent to $2.12 dollars in 2023. To equal the Dad’s purchasing power, the son must earn at least $106,237 dollars.
Unfortunately, in 2023 the chances are slim the son will earn $106,237. According to a ZIPPA article titled, How Many People Make 100K Per Year?, by Jack Flynn, “Only 18% of individual Americans make over $100K per year while only 17% of all men earn over $100K per year, and only 7% of all Americans age 30 earn $100K or more.” Moreover, it’s worse for Blacks. The article stated, “Only 18% of White working men make over $100K per year, compared to only 8% of Black working men.”
Indeed, in 2023 it will take more than empty political promises and a rising tide to lift the son’s boat to $100K per year.
