Posted on 05/21/2019 10:02:07 AM PDT by Olog-hai
Millennials have felt more financial strain than any other generation since the Great Depression.
Despite a decade of economic growth and decreasing unemployment, Americans born between 1981 and 1996 have less wealth and property, lower marriage rates, and fewer children, according to new data.
“Their economic fundamentals are fundamentally different,” Christopher Kurz, an economist at the Federal Reserve, told the Wall Street Journal.
Kurz and his colleagues found millennial households have an average net worth of $92,000, about 40% less than Generation X households — those born between 1965 and 1980 — in 2001 when adjusted for inflation. The millennial average is about 20% lower than baby boomer households — those born between 1946 and 1964 — in 1989. …
(Excerpt) Read more at washingtonexaminer.com ...
They could get rid of the "Smartphone" but they are addicted to Facebook and Twitter. "Smartphones" are smart only for the guy selling them.
Well, I was 24.
I’d imagine the demand for our
age groups was different.
Me too. Some of these FReepers don’t get it. The opportunities at today’s costs of living are not the same as we had 20 years ago. Even a retail or fast food salary allowed a shared apt rent. Not today. I feel bad for my kids.
When I see threads of geezer FReepers ripping the young, I think of how that easy slam is as old as Aristotle. Unoriginal and trite to call the new generations dumb and lazy.
The honest truth (and I’m a millennial) is that so many of them piss away whatever extra money they have on Starbucks, figurines, avocado toast (lol), expensive hotel rooms, etc. They live only for the now. Also, they are too arrogant to ask for advice, but also lack the ambition to figure out things by themselves. They just don’t even try.
Sure, but none of them are for: "Social Media Influencer - Salary $117K/yr plus bonuses - 12 hours/week plus occasional evening social events - company Tesla provided." :)
Just maybe these limp losers should get to WORK...and STFU.
They opt out of their 401k because they want the extra cash to have McDonalds or taco bell driven and delivered to their apartment via grubhub spending @25 for a burger they could have cooked themselves for $2. They drink only craft beer at $8 a glass as well. I think it's plain old economic ignorance.
Exactly, but it's due to the brainwashing in the educational system where they waste tons of time on all this group grievance and diversity crap instead of learning marketable skills and practical knowledge, including basic economics. Then, when they finally realize they're screwed, they go into victim and gimme mode instead of working to turn themselves around. And then the same feckless politicians who created this mess exploit this victim and gimme thinking by giving them other people's money instead of a good smack upside the head.
The eight years of economic depression under Obama kicked the crap out of this country. My city looks like a third-world ghetto now.
Middle aged people working at Target? That is not the sign of a successful economy.
They want more socialism and they are getting it, and they are paying for it.
“I don’t understand it. Like everybody else I got straight-A’s in every “Studies” course I took and no one — no one! — is willing to pay me a starting salary of $100k ... which is what I need and what I deserve!”
My son, who is a corporate tax accountant, got underwater in his mortgage, had a handful of credit cards with balances and couldn’t figure out how get out of his financial hole. And he is a CPA! But I got his head right, and now he’s using good old obsessive-compulsion to stay ahead of the game.
Right.
And many millennials need the kick in the ass that life provides to those fully exposed to it.
What they don’t need are more excuses being made for them. That’s part of what led to this mess. People always excusing bad decisions the little angels made. We see a bit of that tendency in this very thread.
People need to remember that millennials are now in their mid 20s to 30s. They should be accepting some responsibility for their minds and trying to do the best they can, not blaming others.
and to be part of the “in crowd”!
And that, of course, was my point.
Self-esteem, participation trophies, playing games without keeping score ... we couldn’t have ended up anywhere else.
Exactly! We just went through THE worst economy since the Great Depression. The Great Recession lasted years and years and years in most of the country. We only saw a real recovery starting in the Fall of 2017 as Trump’s deregulation and tax cutting finally gave the economy the boost it hadn’t gotten in 8 disastrous years under Obama. It’s not surprising they’re just starting to get their feet under them and get decent jobs now.
It also doesn’t help that tuition costs have exploded and the country has been flooded with cheap labor both illegal and H1b which has kept wages down.
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