Over at Vox, Alissa Wilkinson peddles an increasingly stale meme:
It’s important for the purposes of this article that you know my age: I am on the verge of turning 40. Having been raised in that brief interregnum between the Cold War and the war on terror, I, like many of my peers, assumed that I would live my life in a stable economy and relatively peaceful geopolitical context. I’d go to college, get a job, and then enjoy a gradually increasing salary, benchmarked to a gradually increasing cost of living. Everything would be pretty normal.
Ha! Ha ha ha!
My adult life has been marked by national and global catastrophic events, recessions, and the growing realization that the stability my parents and grandparents had at my age is vanishingly rare. It’s become distressingly clear that the gig jobs my peers and I relied on to make rent in our mid-20s — but assumed we’d ditch, eventually — have evolved into the only jobs, not stopgaps but survival necessities.
This is true for some people. It's always true for some people. But as a general description of 30-somethings, it's just flat wrong.
Here's the unemployment rate for 35-44 year-olds:
Like everyone, this age group really did suffer through the Great Recession. However, right now their unemployment rate is 2.6%, as low as it's ever been.
But the unemployment rate can be deceiving since it doesn't distinguish part-time and gig workers from full-time workers. So here's full-time employment for 35-44 year-olds:
Once again, it's as good as it's ever been for this age group. But are these just McJobs? Let's take a look at what they pay. Note that this is solely for full-time workers:
Full-time workers are being paid more today than full-time workers of 20 years ago. Now here are median annual earnings for everyone in the 35-44 age group (full-time, part-time, and unemployed):
This is for individuals, not families or households. As with the full-time chart, annual earnings are higher now for 35-44 year-olds than they were 20 years ago.
None of this is to say that this age cohort has no legitimate gripes. It took them several years to rebound from the Great Recession. Some of them—about a quarter—still have outstanding student loan debt that averages around $20,000 and costs them $3,000 per year.¹ And jobs in the arts, as always, are poorly paid and in short supply.
And of course, some of them are just plain not doing well. But that's not unique to this age cohort. Every generation has its share of rich and poor.
The overall picture is pretty plain: on average, 35-44 year-olds are doing as well or better than their parents at that age. It took too long, and I'd prefer it if they were doing better still, but the stereotype of the gig-job millennial is long out of date. Right now, they're doing just fine.
¹These are median figures. Means are higher because they're skewed by enormous student loans taken out by business, law, and medical students, as well as undergrads who attended expensive elite universities.