Thanks for this work, Tom. The basic lay summary: the data doesn’t capture wealth when it accumulates after age 40, as it does especially in professional (ie college requiring) work.
Thanks! Yup - I'd say the following: (1) As Rothwell and Deming lift out, the NYT and Emmons pieces miss the wealth accumulation. Folks born in the 1980s were studied prior to wealth accumulation taking off (2) The transformation that Emmons et al used accidentally overcompressed wealth between high school and college workers - accidentally overstating the high school median and understating the college median. These two oversights resulted in the slightly apocalyptic conclusion in the NYT piece.
Thanks for this work, Tom. The basic lay summary: the data doesn’t capture wealth when it accumulates after age 40, as it does especially in professional (ie college requiring) work.
Thanks! Yup - I'd say the following: (1) As Rothwell and Deming lift out, the NYT and Emmons pieces miss the wealth accumulation. Folks born in the 1980s were studied prior to wealth accumulation taking off (2) The transformation that Emmons et al used accidentally overcompressed wealth between high school and college workers - accidentally overstating the high school median and understating the college median. These two oversights resulted in the slightly apocalyptic conclusion in the NYT piece.