Struggling millennials are poorest generation since WWII

Washington Examiner ^ | May 21, 2019 10:59 AM | Caitlin Yilek

[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. …

[Magnum44]

For me it was Hardees, at $2.35 an hour (1979). But I got $2.50 credit towards my lunch if I worked a full 8 hour day. Just enough to cover a burger and a milkshake.

[momincombatboots]

I was thinking the exact same thing... 92K, wow.

[Steely Tom]

And that, of course, was my point.

Working at McDonalds as a kid gave me sensitivity to something I noticed that lasted for about another 25 years: the price of a Big Mac and the price of a gallon of gasoline were always about the same, within a few pennies, all through the '80s and the '90s; I don't know about today.

I think that the price of energy basically drives the entire economy. It's the bedrock reference point on which everything else depends.

I think Robert Heinlein spoke of a currency based on the price of energy.

[mewzilla]

The opportunities at today’s costs of living are not the same as we had 20 years ago.

Sure they are, if you're willing to work, work in a job that earns a decent wage, and live within your means. I can't tell you how many late 20 somethings we know who loaded themselves up with useless degrees, who were unwilling to learn a trade, who refused to move to areas where jobs were. The young people we know with STEM degrees or who are tradespeople are doing just fine. So are the ones willing to move to where better opportunities are.

[Buckeye McFrog]

One of many pieces like this to appear in the media in recent weeks.

drip....drip.....drip.....drip

Prepping the ground for the Democrat plan to forgive student loans.

[sparklite2]

Willingness to move probably contributed more to the
success of my career than any other single factor.

[NorthMountain]

I think the price of a Big Mac may exceed the price of one gallon 87 octane. Not sure, not a fan of McDonalds burgers.

[MayflowerMadam]

Don’t forget their electronic gizmos and devices. I read in some finace magazine that millennials consider devices more desirable than cars.

[dfwgator]

Of course now, with telecommuting many can live where they want.

[Steely Tom]

Prepping the ground for the Democrat plan to forgive student loans.

Yeah, they pull that pretty much every Presidential election when they're not in the Oval.

They had eight years to do it when Obama was president. They had two years to do it when they ran the whole government, back in 2009 and 2010. They didn't. End of discussion.

[sparklite2]

The ubiquitous smart phones, iPads, etc, make me wonder if there is a physical ‘in’ crowd anymore.

[Steely Tom]

It used to be that you could get a pretty good dinner there by ordering one or two Quarter Pounders, and asking for something special (I always asked for ketchup only). By doing that, you force them to give you freshly-made product.

Nowadays, I'm not sure there's really any actual meat in their hamburgers, so I leave them alone and go to a deli.

[sparklite2]

The temptation to overwork (most likely me),
and the temptation to goof off must be overpowering.

[1Old Pro]

Good DU post

[skinndogNN]

And Baby Boomers plan on leaving less money to their Millennial children than the greatest generation left them.

This is a big generality, but that is what the financial planners are saying. It just isn’t a goal for that generation.

[Steely Tom]

Don’t forget their electronic gizmos and devices. I read in some finace magazine that millennials consider devices more desirable than cars.

Wait till they come up with a device that looks like Jennifer Aniston.

[commish]

And then you have my 4 millenials:

Oldest got his degree and went to work for the state in the revenue department., and is now a manager.

Daughter saw all her friends spending every dime on manicures, pedicures, makeovers etc. So she went to school to become an esthetician, and opened her own shop doing skincare and eyebrow tinting to the self-absorbed spenders

Next son went to trade school and then to work for Ford. Now he works as the entire shop manager for one of the top performance truck shops in the state.

Youngest son went to work as a apprentice electrician and recently received his license and is now doing his own Electrical Contracting work.

All 4 have their own homes, have decent vehicles, are raising families and doing what they have to to make ends meet.

[caww]

Millennials have felt more financial strain than any other generation since the Great Depression?????

Actually Millennials have opportunities for health, wealth and the pursuit of happiness far beyond what could even be dreamed in the Depression! They struggle because of their 'entitlement outlook' and their endless consumption of material goods they cannot afford.... frivolous spending on demand.

[Reily]

There’s the “hipster” phenomenon.
There are Hipster bars, restaurants, etc.
So there are physical “in places” where they go sit, eat, drink, listen to music & text each other.

Now the “hipster phenomenon” may be passé now. Something else could have taken its place & I am not aware of it.

[rollo tomasi]

People are blind to the economic situation, even on this website. Cost of living/inflation (Which is present despite manipulating the numbers and "easing" formula requirements) is outpacing wage rates by a large margin.