An oligarchy of old people

The Atlantic - Although political gerontocracy has operated overtly, the rising economic power of the elderly has escaped much notice. Over the past 40 or so years, American wealth has grown ever more concentrated among the oldest generations. In 1989, Americans over age 55 held 56 percent of it; today they hold 74 percent. During that same period, the share of wealth held by Americans under 40 has shrunk by nearly half, from 12 to 6.6 percent. The color of money is now gray.

Much of this shift is the result of demographic change: 18 percent of Americans are senior citizens today, up from 13 percent in 1990. But even at the household level, Americans over 55 have accrued wealth more rapidly than those who are younger. Among those 75 and older, the numbers are particularly striking. In 1983, their household net worth was only slightly above the national average; by 2022, it was 55 percent higher.

For nearly a century, some of the central debates in American politics have been over inequalities—between rich and poor, male and female, Black and white. When the Baby Boomers were children, older Americans were widely viewed as vulnerable. “Fifty percent of the elderly exist below minimum standards of decency, and this is a figure much higher than that for any other age group,” Michael Harrington wrote in his 1962 book The Other America.