Posted on 06/22/2012 5:44:29 AM PDT by C19fan
Though everyone seems to be feeling sorry for millennials, who are experiencing one of the highest unemployment rates and boomers, who are delaying their retirement due to the economy, the generation in between, Gen X, deserves their own time in the recession limelight. A Census report released on Monday found that people between 35 and 44 saw a 59 percent decline in median household net worth between 2005 to 2010, the largest drop of all age groups. Those 55 to 64, only saw a 25 percent drop, though they had a larger decline in actual dollar amount.
(Excerpt) Read more at thefiscaltimes.com ...
Yep. Our parents “freebies” are cutting in to my ammo budget and that is making me... cranky.
I guess the “angst” of that generation was well founded. Probably saw the “all for me/none for you” attitude of their boomer parents and knew it wasn’t going to end well.
I’m old enough to remember when a “generation” used to mean 20 years. Now it seems that every 5 years a new generation created by the media...
As a Gen Xer myself, I will say that I’m learning from the mistakes of my parents and ensuring that the same perils don’t befall me later in life. Getting out of debt is paramount, and if you can manage to get yourself to the point of only having a mortgage, you’ll find that even being unemployed isn’t a deal breaker.
Gen Xers will be the more resilient of the generations since the boomers, in my opinion. The Millenials are going to be the next boomers, you watch.
Generation X is going to be the last generation to be forced to fully pay for social security while also being the first generation not to benefit from it.
Markets up, bank stocks up.
“Sell on the rumor, buy on the news.”
Spot on. I'd add that the vapid, shiftless, whining Millennials have gotten very good at grabbing the few crumbs that fall from the Boomer's table. It leaves darn little for those of us who are supposed to be at the height of our contribution to society.
That is definitely how the little moochers are trying to position themselves. "Millennials," bah! More like "Generation Fail" or "Generation Entitlement".
They’ve grown up in a world where social media allows them to see all of the materialism in the world and mimic it. When I was a kid, I would say, “Well Kevin got a Nintendo! Why can’t I?” And my mother’s response was always, “Then go play Nintendo at Kevin’s!”
It’s a “gimme, gimme, gimme” world now where the volume of stuff outweighs the value of it. I still have toys, gadgets, and doodads from when I was a teenager. Try asking a Millenial if they’d keep an MP3 player from 2004. They’d scoff at you.
Indentured servitude.
Go ask your daddy or your momma if they think what they worked for were “freebies.” Many like your momma and daddy were paying the maximum SS contribution requirements for decades.
The problem we are facing isn’t an age thing. It is an unfunded entitlement thing, i.e., 25% of the SS outlays are for SSI and SSDI - scads of these claims are outright false.
Likewise, many many immigrants bring their extended families over, including grandma, grandpa and uncle Mustafa who work in their store just long enough at minimum wage to qualify for SS, and then keep working under the table afterwards for cash - no taxes.
Lastly, blame the 43% on EBT, EITC, AFDC, WICs, SCHIP, SNAP, Section 8 housing, Obama Phone, Pell (minority) Grants and on and on an on. Don’t blame your momma and daddy.
On a related note, if your kid is 25 and is NOT working on his MD/PhD but is still living at home on your dime OR you pay his expenses to live elsewhere, WHAT ARE YOU THINKING?!? We need to stop enabling BOTH the Boomers and the Millenials!
It’s not just Millenials. My brother is a Gen Yer. He’s 29, living with our mother, been unemployed over 5 years, never pays for anything, and is constantly involved in illicit prescription drug use and distribution.
It finally happened just a couple weekends ago that he got nailed on possession charges, and my mother FINALLY realizes that she’s enabling him. Now that he’s facing felony charges, he’s not only going to be unhireable, he’s going to be homeless as well.
My fiancee always says, “Until you eat condiment sandwiches, you don’t know hardship.” My brother’s never had to eat condiment sandwiches, and I dare say that many Gen Yers and most Millenials have been sheltered. Once life comes crashing down around them, they become inutile and incapable of caring for themselves, hence our future issue with welfare kids. It’ll never get better, because society has made getting by on the bare minimum not only acceptable but attainable.
Wow. The whining on this thread (”The Boomers are keeping me down!!”} is unbelievable! That’s only trumped by the other posts saying, “The generation AFTER me is keeping me down, too!! Waaahhhh!” I’m surprised the remaining posts don’t say, “It’s Bush’s fault!!” LOL
So did I. FYI, here’s the generational birth year scale:
‘1905 - ‘24 - WWII
‘25 - ‘44 - Silent or Korean War
‘45 - ‘64 - Boomers or ‘Nam
‘65 - ‘84 - ‘Gen X’
‘85 - ‘04 - ‘Gen Y’
‘2005 - ‘24 - ‘Millennials’
The oldest ‘Millenial’ is 7 years old.
It CAN get better, but only if it gets worse first. As long as the government can borrow enough money to finance handouts for moochers we will remain in stasis. It is unlikely that the welfare state can be maintained much longer. After that, anyone conditioned to rely on government will find themselves eating condiment sandwiches...if they are lucky. They will need to get busy fast if they plan to survive.
The term is being applied loosely in the media. I've seen a lot of references to the "Millennial vote," even as far back as 2008.
Go find a mirror and yell at it for a while...
You’re not worth talking to. Blame your problems on yourself where it belongs. I’m fine, never took a dime fella - I’m not depending on your piddly SS contribution - I’ve saved and made my own plans.
Idiocy is tilting at windmills and complaining about everybody but yourself - you sound like Obama. If you don’t like the status quo do something about it like voting conservative for over 40 years like I did - and working well and smart..
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