Can Millennials Undo What the Recession Did to Their Earnings?
Millennials – the age group born between 1981 and 1997 – are more likely to be college graduates and theoretically profiting from an era where technological advances have boosted economic productivity. However, the median salary for today’s 30-year-old is about the same as what a 30-year-old Baby Boomer would make in 1984 (roughly $19.30 an hour), and a dollar less than a 30-year-old Generation Xer in 2004. This despite the fact that today’s millennials are more likely to have a college degree than previous generations, and are working in an economy that is 70% more productive than 1984, according to a report by the Center for American Progress (CAP). Neither education nor productivity gains appear to have advanced compensation growth rates. The percentage of millennials in the workforce remains low, as does union participation - which CAP suggests is one solution to help employees earn wage increases, along with generous leave policies that would help millennial women bridge the wage gap.
See "Can Millennials Undo What the Recession Did to Their Earnings?", Gillian B. White, The Atlantic, March 3, 2016