e United States is a fortress of gerontocracy besieged by a youth rebellion. America's leaders are old—very old. The average age in Congress has never been higher, and our national leaders are all approaching 80. Nancy Pelosi was born in 1940, Mitch McConnell came along in 1942, and Donald Trump, the baby of this power trio, followed in 1946, making him several weeks older than his predecessors Bill Clinton and George W. Bush. The two leading candidates for the Democratic presidential nomination, Joe Biden and Bernie Sanders, are 77 and 78 years old, respectively. Every individual in this paragraph came into the world before the International Monetary Fund and the CIA; before the invention of the transistor and the Polaroid camera; before the Roswell UFO incident and the independence of India.
The nation's finances are almost as skewed toward the elderly as its politics are. Americans 55 and up account for less than one-third of the population, but they own two-thirds of the nation's wealth, according to the Federal Reserve. That's the highest level of elderly wealth concentration on record. The reason is simple: To an unprecedented degree, older Americans own the most valuable real estate and investment portfolios. They've captured more than 80 percent of stock-market growth since the end of the Great Recession.
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