New York University professor Scott Galloway appeared on “The View” on Thursday, arguing that changes in generational wealth distribution are an active threat to young people’s wellbeing — and a valid cause for anger.
“I think ground zero for what ails America is that, for the first time in our nation’s history, a 30-year-old man or woman isn’t doing as well as his or her parents at the age of 30,” noted Galloway, a professor of marketing at the NYU Stern School of Business. “The average 70-year-old is 72% wealthier than they were 40 years ago; the average person under the age of 40 is 24% less wealthy.”
“The largest capital transfer And history happens every year. Young people transfer a trillion-and-a-half dollars to the wealthiest generation in history and that's seniors. Young people aren’t entitled; they’re entitled to be enraged,” Galloway continued. “We are transferring money from the young to the old — it is the least American thing we could do.”
