The year when the Dream stopped working for the 90 percent was 1950. If you were born before 1950, on average, the older you got, the more your income rose. If you were born after 1950, it did not. In fact, as economist Phillip Longman argues, they are the first generation in American history to experience the kind of lifetime downward mobility “in which at every stage of adult life, they have less income and less net wealth than people their age ten years before.” Some become so discouraged they stop looking for work; since the 1960s, the share of men ages twenty-five to fifty-four no longer
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