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Expand chart
Data: Chetty, et al., 2016 "The Fading American Dream: Trends in Absolute Income Mobility Since 1940"; Chart: Andrew Witherspoon/Axios. Inflation adjusted to 2014 dollars.

Half of young Americans, aged 15-26, expect to be better off financially than their parents, and 60% of parents agree with them, according to a new AP-NORC poll.

Why it matters: Only half of 30-year-old Americans in 2014 made more than their parents. Compare that to 1970, when 92% of 30-year-olds made more than their parents, according to a report by economist Raj Chetty. If young Millennials and Gen-Zers today end up making more than their parents, it would be the reversal of a falling trend.

By the numbers:

  • 29% of young people expect to ultimately be in about the same financial situation as their parents, and a quarter of parents feel the same way.
  • 20% of young adults expect to be worse off financially than their parents.
  • 12% of parents surveyed also thought their young adult kids would be worse off financially.

The big picture: Young Americans are increasingly more educated, according to a study by Pew Research, and the average income for 25-34 year olds has generally risen in recent years for both men and women after falling or remaining stagnant during the recession, according to Census data.

Go deeper

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules, caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

Updated 47 mins ago - Politics & Policy

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Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
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  4. 🎧Podcast: The vaccine race turns toward nationalism.
59 mins ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.