And that money, like all wealth in the United States, is extremely concentrated in the upper brackets. Mr. Jacobs, whose grandfather was one of the founders of Qualcomm, expects to receive up to $ 100 million in his lifetime.
Most of his Millennials, however, receive a rotten legacy – debt, bleak job prospects, and the fruit of a social safety net. The youngest of them were 15 in 2011 when Occupy Wall Street drew a line between the poor and everyone else; the older ones, if they were lucky, worked in a post-recession economy even before the current recession. Class and inequality have been part of the political debate for most of their adult lives.
In their day, the ever-widening gap between the rich and the poor pushed left-wing politics into the mainstream of American politics. President-elect Joseph R. Biden Jr. followed Senator Bernie Sanders, the Socialist candidate, by 20 points among millennial voters in this year’s Democratic presidential primary. And over the past six years, millennials have grown America’s Democratic Socialists from a fringe organization with an average 60-year-old member to a national force with chapters in every state and nearly 100,000 members, most of them. of them under the age of 35.
Mr. Jacobs, both a child of trust funds and an anti-capitalist, is in a rare position among leftists fighting economic inequality. But he’s not the only one trying to figure out, as he said, “what it means to be with the 99%, when you’re the 1%.”
Challenge the system
“I’ve always been taught that this is how the world is, that my family has wealth while others don’t, and because of that I have to give some of it. , but not necessarily ask me why she was there, ”said Rachel Gelman, 30 of Oakland, Calif., who describes her policies as“ anti-capitalist, anti-imperialist and abolitionist ”.