EACH GENERATION NOT BETTER OFF

Kevin Palmer

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.

 

About Carma Henry 24752 Articles
Carma Lynn Henry Westside Gazette Newspaper 545 N.W. 7th Terrace, Fort Lauderdale, Florida 33311 Office: (954) 525-1489 Fax: (954) 525-1861

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