Self-flagellating Baby Boomer, Steve Rattner...
I’m in the first camp, but regardless of your opinion, be fretful over their economic well-being and fearful — oh so fearful — for their prospects. The most educated generation in history is on track to becoming less prosperous, at least financially, than its predecessors.
The boomers have royally screwed the next generation.
Generational warfare, the inevitable result of welfare states.
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I fear them.
They are horribly brainwashed, too easily enlisted into dangerous online lynch mobs, badly educated, open to despotism, don’t believe in constitutional rights, have no pride in the nation, and cannot accept the fact that they can ever be wrong about anything.
Try coming of age in 1974 when baby boomers worked for a pittance. And in those days, you really had a work ethic from the boss on down to the intern.
Rather should be in a penitentiary.
Millennials voted in Obama—they’re making life to hard for us!
Bullcrap! They’re choosing to make life hard on themselves by constantly voting for more “free” stuff and choosing to remain ignorant (stupid) about the realities of the situation we’re all in and who is ACTUALLY responsible.
And “education” doesn’t mean squat unless it’s in something useful and productive, not some sexist or racist studies...
Having an education only means you’re educated (in something), it doesn’t mean you’re smart.
“The most educated generation in history is on track to becoming less prosperous, at least financially, than its predecessors.”
Surely you jest Diana, they may be the most schooled as far as how much time they have spent in classrooms but they are far, far from being the most educated generation in history. In fact most could not pass my eighth grade history final, even the ones who have a degree in history. Of course if you consider simply being familiar with all the latest smart phone gadgetry the same as being educated that is different. Most that I know have never read the constitution and could not comprehend it if they did.
When I read this, I'm reminded of 'Hitchiker's Guide to Galaxy', the chapter with all the hairstylists and phone sanitizers debating about having fire that is nasally insert able.
I think they have been coddled too much and school-media have given them stupid expectations
GFY, Car Czar.
You progressive baby boomers have made life difficult for everyone you touch: Your parents, your children, and the poor group trapped between you and your offspring, Generation X.
As for your poor babies earning less despite college educations, you were the ones who pushed college on them, sent them to private prep schools, sent them to an expensive private university, and then let them major in African Queer Gender Studies.
Here is the truth: Those grievance studies majors deserve to be earning $8/hour as a barrister compared to $60K/year starting salary the middle class person who went to State Tech and got an engineering degree is earning.
For crying out loud. I basically grew up during the Nixon-Ford-Carter depression, and graduated high school right after the bottom of the Reagan strong dollar policy induced recession. In high school I watched Burger King shutter all of its stores in the area, and grocery stores go out of business, and local unemployment reach a historic high that has never been surpassed.
When I graduated college with a shiny new Aerospace Engineering degree, it was into the new world order following the collapse of the Soviet Union. But that also meant the defense industry collapsed, and took its engineering jobs with it. A short time later, Iraq invaded Kuwait, oil prices spiked, and what little was left of the aerospace industry collapsed. Many of my college classmates in the aerospace industry were laid off less than 18 months after being hired. Fortunately, I had entered the Air Force. However, the military had its own massive reductions in force sending many to the unemployment lines. I missed RIF eligibility by only a few months.
I did take on a small amount of student loan debt, quickly paid back my small private loan, and I deferred my federal loans for three years. During that time, I saved aggressively, and then paid the loan off in their entirety when the deferment was over.
I left the military for the IT industry in the late 1990s. Now earning more, I could invest more in the stock market, which conveniently collapsed with the dot com bubble burst a few years later.
I could go on. Buying houses in the middle of a real-estate boom, moving on the bust, etc., etc., etc. But, I never did a cash-out refi. I did do several cash-in refis.
Despite the timing of my life, I am reasonably financially secure because I am reasonably financially responsible.
Most of the people I knew of my generation graduated college and their first home was an apartment, often times sharing an apartment with a coworker or friend. Their first car was a used car. They probably did not have a credit card.
Your generation venerates victimhood, and because of that has raised a generation who believe they are destined to be a victim based on their conditions. They believe when they should be able to study a useless major and be paid $100K because they attended an elite college.
I can go on. Your generation kept your children away from all that was good, and taught responsibility, like the Boy Scouts. You kept your kids out of team sports, where they could learn about winning and losing. You didn’t let them work summer jobs when they were teenagers, instead putting them into SAT prep programs. And church and moral education? Forget it. You did not build responsible men and women, you built perennial children.
You have reaped what you sowed, but still blame “the economy”, “the recession”, “college costs”, etc.
And it is not your children who will have to clean up your mess, it is my generation, Generation X.
But least knowledgeable? What were they actually taught in those schools?
-PJ
They don’t realize it, but millenials are suffering from being the most regulated generation.
The cost of cars used to only be about 10% the average income, now they are over 25%. This is due to expensive required features like airbags. In fact, most insurance companies will consider a car “totaled” if the airbag deploys.
Even your appliances are becoming “unaffordable”. You used to be able to pick up stuff for a couple hundred bucks but now, loaded with “eco friendly” features, they are not only more expensive, but less reliable, meaning, you’ll need to replace them more frequently.
For example, for heat pumps/AC to meet efficiency standards, manufacturers have had to reduce the thickness of the exchange coils (only way to achieve it). However, this reduction in material means that it wears out faster due to the physics of thermal expansion/contraction (metal fatigue).
So, life is getting pretty expensive. You may not have noticed it as much as you may be established in your career, so the incremental differences may only be slight changes to your bottom line.
But when starting out, when you’re not making squat, you are totally f’d by the cost of regulation nation consuming a substantial percentage of any income you may happen to get.
The high unemployment, by the way, is the natural result of living in a socialist country like the US.
Sorry, I don't have the energy to be fretful or fearful. Let them fret on their own hook, if they feel the need.