OPINION:
Inflation and taxes guarantee that each successive generation are worse off than the previous one, and the situation is more dire for Black people.
Say that in 1993, a couple had a son. The son’s father is 30 years old and earns $50,000 annually. In 2023, the son is 30. If he earns $50,000, he will not enjoy the same purchasing power as his father, who made the same amount in 1993, did. A dollar in 1993 is equivalent to $2.12 in 2023. To equal Dad’s purchasing power in 1993, the son must earn at least $106,237 per year.
Unfortunately, in 2023, the chances are slim that the son will earn $106,237. According to the article “How Many People Make 100K Per Year?” from online recruiter Zippia,“only 18% of individual Americans make over $100k per year” while just “17% of all men earn over $100k per year.”
Moreover, it’s worse for Blacks. “Only 18% of White working men make over $100k per year, compared to only 8% of Black working men.”
In 2023, it will take more than empty political promises and a rising tide to lift our hypothetical son’s boat to a salary of $100,000 per year.
KEVIN PALMER
Evans, Georgia
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