The Depressed Generation

If you ask American parents whether they think their children's standard of living will be better than their own, the 57 percent majority says yes, according to the 2012 General Social Survey.

This sounds pretty upbeat until you look at the trend. In 2000, more than two-thirds of parents (69 percent) believed their children's standard of living would better than theirs. Behind the decline is the increasingly negative mood of the baby-boom generation. In 2000, 68 percent of boomer parents (aged 36 to 54) believed their children's standard of living would be better than their own. By 2012, only 48 percent of boomer parents (aged 48 to 66) felt that way. The percentage who think their children's standard of living will be worse more than doubled between 2000 and 2012, rising from 14 to 30 percent.