No Mercy / No Malice: War on the Young

Wealth Gap

The wealth gap between generations is stark, with today's 25-year-olds earning less than their predecessors while shouldering unprecedented student debt. Scott Galloway highlights that neither wages nor housing costs have kept pace with inflation, leading to a sense of rage and shame among young people 1. He notes that in 1989, adults under 40 held 12% of household wealth, but today, they control just 7%, while those over 70 hold 30% 1.

We don't lack the resources to level up young people and present the opportunities afforded my generation, but the cohorts who benefited most from the extraordinary postwar economic boom of the 20th century have pulled the ladder up behind them.

--- Scott Galloway

Galloway argues that the social contract has been shattered, leaving young people disillusioned and disconnected from national pride.

   

Education Barriers

Access to higher education is a critical factor in bridging the generational wealth gap, yet it remains largely inaccessible to many. Scott Galloway criticizes elite institutions for maintaining exclusivity, with static class sizes despite massive endowment growth 1. He suggests that the focus on financial aid for a few low-income students is a distraction from the broader issue of accessibility.

We have simply reshuffled the elites. Harvard's undergraduate class size has been static at 1600 for half a century, while its endowment has grown nearly 500%.

--- Scott Galloway

Galloway proposes a "grand bargain" to increase freshman seats and reduce costs, addressing the root issues of affordability and accessibility.

   

Inequality Crisis

The wealth inequality crisis is exacerbated by policies that favor asset ownership over labor income. Scott Galloway points out that while real median income from labor has increased by 40% since 1974, the S&P 500 has surged by 4000% 2. This disparity is fueled by tax codes that benefit investment gains over earned income.

Keep me rich on your credit card, said every American over the age of 50 to citizens younger than them.

--- Scott Galloway

Galloway argues that wealth is being transferred from younger earners to older owners, with government spending disproportionately benefiting seniors over children.