A grim look at why younger Americans are falling behind, framed as bad news for Millennials and Gen X and good news for nobody but the oldest generation.

• Boomers are one-fifth of the population but hold over half of all US wealth, while Millennials the same size group hold about a tenth.
• Homes that once cost two to three times a year's income now cost five to six times, and Boomers are sitting on extra houses they refuse to sell, locking younger buyers out.
• College got far more expensive after public funding was cut, so degrees now cost a huge share of income and saddle young people with debt.
• Tax cuts since Reagan dropped the top rate from 70% to under 40% and exploded the national debt, leaving the bill to younger generations.
• Guaranteed pensions were replaced by 401(k)s, shifting all the risk onto workers, while Social Security and Medicare for seniors strain the budget.

Outlook: With Medicare funds projected to run short by 2033 and most wealth staying at the top, the squeeze on younger Americans is set to get worse, not better.