“Under capitalism man oppresses man, under socialism it’s the other way around.” – Alexandria Ocasio-Cortez
Posted on 04/24/2019 7:26:12 AM PDT by NOBO2012
If it makes anyone feel better – and I don’t know why it should – Alexandrea Ocasio Cortez is not the only Millennial economically challenged.
Apparently a good swath of the Millennial generation mis-misunderstands the facts and realities of finance and economics.
Exhibit #1: 68% of Millennials Feel They Have It Worse Than Any Other Generation. Millennials were asked a total of 15 questions to gauge how much more or less difficult they believe life is for their generation compared with other age groups.
Nearly 70 percent of respondents said the financial impediments they face are as bad or worse than any other generation.
Roughly two-thirds of millennials polled either "agreed" or "strongly agreed" that they have it worse than any other past generations.
Nearly half of millennials believe they're facing a worse economic climate than the generation who lived through the Great Depression.
The Great Depression!!
The Reality: According to researchers, every generation has experienced periods of financial hardship as well as long stretches of rapid economic growth. While the Great Recession of 2008 is still fresh in the minds of Millennials, it pales in comparison to the Great Depression in the 1930s which happened when the Silent Generation were children. Also, Baby Boomers lived through an extended period of unemployment while the economy was suffering through stagflation in the early 1980’s.
Let me add that the entire decade of the 70s was pretty crappy too.
Exhibit #2: Millennials feel they face more financial woes than other generations
Millennials think they are facing the toughest housing market - evah! Far tougher than the one Baby Boomers had. A full 74% of them think they have it much harder trying to buy that first house than any previous generation.
Survey Question: Which of the following generations do you think has (or had) the hardest time buying and owning a home?
Generation (age range) % of Millennial Responses
Millennials (ages 23-38) 74.1%
Generation X (ages 39-54) 11.1%
Baby Boomers (ages 55-73) 7.9%
Silent Generation (ages 74-91) 6.9%
Ha! I guess they don’t remember when mortgage rates hit 18%.
By October 1981, the average rate for 30-year mortgages reached its all-time high of 18.63%. Today's rates, while currently on the rise, are still at all-time lows compared to previous decades.
Nor would they have any idea what that kind of rate did to the monthly payment. Oh that’s right, how could they? They weren’t born yet.
The Reality: Researchers concluded, based on Zillow’s mortgage affordability index, Millennials are completely off base on this one. According to the numbers, a mortgage averaged 15.1 percent of a median income from 2008 to 2018, which is lower than any quarter going back to 1979.
“Boomers searching for a starter home in Q3 of 1981 could expect to pay a whopping 42.2% of their income to their mortgage,” the report said.
Exhibit #3: Millennials feel their generation faces the toughest job market ever as well.
The Reality: Older Millennials, who were hitting the job market just as the Great Recession started may have more of a case than younger Millennials, who have been experiencing record gains in employment for 118 straight months. But researchers conclude that Baby Boomers might have actually had it the worst.
“For boomers, the 9.7% unemployment rate in 1982 was the highest since 1947, and the 9.6% rate in 1983 ties the level in 2010 at the peak of the post-housing crash slump,” the report said.
But let’s not allow facts to intrude on our little pity party.
Here’s what I find most interesting though: despite the fact that Millennials are less wealthy than previous generations were at their age at any point between 1989 and 2007, with lower earnings, fewer assets, and less wealth," they still by and large expect to be rich “when they grow up.”
More than 50% of them think they'll be millionaires one day, according to a 2018 TD Ameritrade survey, and more than a quarter of that group believes they'll reach that milestone by age 40. - BI
It would seem that, all evidence to the contrary, they still remain pretty optimistic about the American Dream. Yet they all plan to vote for some moron who will promise to waive their student loans, give ‘free’ medical to all, eliminate the Electoral College and expand the size of the Supreme Court to make things ‘more fair.’
A Future To Believe In? Socialism? Really?
Like I said, AOC isn’t the only Millennial without a firm grasp of basic economic principles. Although she is currently the only one serving on the House Banking Committee.
Posted from: MOTUS A.D.
Begin by giving me as much of your money as will cause us to have equal assets. You are rich and I am not. You got rich by preaching that my money has to be seized and given to layabouts and parasites. You don’t seem willing to give up any of your money for “equality.”
Hmmm. As a Genxer, I have a lot nicer and cheaper things than my grandparents had in material terms, but .... they didn’t carry a gun to feel safer going to the grocery store. They didn’t press 2 for English. They didn’t have to pay for private school tuition to send their children to a non-zoo environment to learn. There were no trannies reading to their children at the local library. There were no dudes holding hands at their churches. They didn’t even lock their doors at night. They didn’t have to pay inflated prices for housing to live in “nice neighborhoods” with “good schools.”
We have a lot more money now, it’s true. We also have Tinder, porn available on our phones, and more than a dozen seasons of Keeping Up With the Kardashians. What a great time to be alive. Let’s not pretend that we haven’t lost a few things along the way to all of this prosperity. Where the millennials are wrong is in thinking it’s just about money. Same mistake that got us in this degenerate mess in the first place.
Having proven all over the globe that Socialim destroys nations and leads to poverty and violence, our Socialists know they can’t compete with President Trump’s Capitalism. So they must destroy his presidency and those who support him. This is street fighting, and too few Americans are up to the struggle.
Massive debt, huge trade imbalance, fiat money and a devalued dollar will do the job...in about the same amount of time.
Socialism turns men into ineffective effeminates and homosexuals. Proof positive: Britain and western Europe.
Uhmmm...man oppressed man is a palindrome. It means a word, phrase or sentence that is the same backwards or forwards. I know this concept is outside Ms. Cortez' comprehension abilities, but put it this way: Under socialism man oppresses man is not "the other way around" from her statement about capitalism.
Socialism = Government owned
During the Great Depression, 37% of all nonfarm workers were UNEMPLOYED!
More than 750K farmers couldn’t sell their crops and lost their homes and farms in 1933 & 1934! And that is JUST FARMERS!
There were no national records for home lenders during the 1930’s, so there is no way to know how many people actually lost their homes due to foreclosure. Estimates range from 1% to 3%; the only time that level has been breached was during the Great Recession. During the height of the Great Recession 3.4% of American homes were in foreclosure. Now, considering that most people had 10-12 year amortizations or short 5 year balloon payment plans during the 1930’s, it would stand to reason that those people didn’t buy homes without really thinking out their overall financial big-picture. Now compare that thought process to the 1990’s-2010’s, where people could pay low-payment, 30-year mortgages and I’m certain that many, many more people purchased much more home than they could actually afford.
With all of this really basic data, readily available, I can only assume that our schools are failing to teach current generations about the true, TRUE hardships of the Great Depression and how it affected the overall morale within the United States!
Today’s generations are literally more worried that their local Starbucks will run out of cake pops and breakfast sandwiches than they are about making a house payment, yet 60+% claim financial stress is their biggest worry! LOL!
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