What has vanished over the past 40 years isn’t just Americans’ rising incomes. It’s their sense of control over their lives. The young college graduates working in jobs requiring no more than a high-school degree, the middle-aged unemployed who have permanently opted out of a labor market that has no place for them, the 45- to 60-year-olds who say they will have to delay their retirement because they have insufficient savings—all these and more are leading lives that have diverged from the aspirations that Americans until recently believed they could fulfill. This May, a Pew poll asked respondents if they thought that today’s children would be better or worse off than their parents. Sixty-two percent said worse off, while 33 percent said better.

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