Posted on 04/26/2024 3:56:39 PM PDT by anthropocene_x
In a recent interview with MSNBC, Galloway discussed the current challenges facing young adults, remarking, “For the first time in our nation's history, a 30-year-old man or woman isn't doing as well as his or her parents were at 30, that is the social compact breaking down.”
According to a 2016 study from Harvard-based research initiative Opportunity Insights, over 90% of children born in the 1940s grew up to earn more than their parents at age 30. However, for children born in the 1980s, only half managed to outearn their parents.
Galloway, said the economy is "purposely" transferring money to the super rich from the other classes and from the young to the old. About the tax system he said: "Two biggest tax deductions — capital gains and mortgage interest. Who owns homes and stocks? People my age. Who rents and makes their money from current income? Young people."
One pressing issue for young people, according to Galloway, is housing. He highlighted the rapid increase in housing prices, and the impact of economic policies that inflate asset values, like housing and stocks. According to the Census Bureau and the Department of Housing and Urban Development, the median sales price of houses sold in the U.S. was $327,100 in Q4 of 2019, prior to the pandemic. By Q4 of 2023, that figure had risen to $417,700.
(Excerpt) Read more at moneywise.com ...
Yes, because he was among the many Democrats and Republicans who supported MFN for China. Among the latter were many Freepers.
You would have thought that having Clinton, Gore, and Biden on the side of the free traitors would have been enough to tell conservatives something, but the promise of cheaper prices spoke louder, and many on our side went along with it.
Now we want to blame Joe for what many of us caused.
Yes ‘Free Trade’ was always going to result in exactly what is happening.
With each bus or planeload of freeloading Bidenskyyyyyyyy banana boater voters that wades across the Rio Puddle, life becomes a little more miserable and harder for Americans.
Hey Scottie! Every generation has its challenges. This one needs to grow up. But Demonrats just exacerbate the problems due to their stunted psychological and emotional development.
CLOWARD & PIVEN. 100% INTENTIONAL.
24 of the 25 wealthiest zip codes(1/10th of 1%) are Democrat.
90% of billionaire donations in the recent elections have gone to Democrats.
The wealth disparity between Beverly Hills and Compton or Harlem and Manhattan represent some of the largest wealth inequality in world history in such proximity.
Scotty -says the white racists in rural America are responsible while our citizens endure third world conditions in the shadows of obscene wealth in wealthy as can be Democrat blue urban America.
Huh. Those in their early 30s have become adults since about 2008. Demonrat filth and scum have occupied the white hut in 11 of those 15 years. Who are these young morons voting for I wonder.
Meant to add anyone can search the wealthiest people ever on earth-
the last time that I bothered to look it up-
I saw one GOp tech guy in the top 20-most are well known leftists-Gates, Buffet, Zuckerberg, Bezos, Big Tech etc...the foreigners on the list are leftists-excluding Musk-I’ll guess 90% of the top 20 are Dems or leftists.
It’s not the first time 30 year olds aren’t doing as well as their parents.
It was true thirty years ago too. My generation saw higher mortgage rates, higher housing prices, jobs starting to disappear overseas, the need for wife to be employed as well as husband (that was partly expectations and not just need), disappearance of pensions for private sector workers, affirmative action making some fields harder for whites although easier for blacks.
Funny, that wasn’t happening under President Trump.
Yes, even honest hard working young people are beset with economic roadblocks, particularly in housing.
The solution is for government to reduce itself in every way but defense.
Government will choose to grow bigger.
Cognitive dissonance is now terminal.
“Galloway, said the economy is “purposely” transferring money to the super rich from the other classes and from the young to the old”.
Exactly what the Federal Reserve was designed to do. Of course the system is setup to drain wealth from old folks via the healthcare system. The TPTB hate the idea of generational wealth transfer, unless it is them.
The other part of the problem is Globalism. Transferring industries and jobs overseas and mass immigration to drive down wages is the other half.
Young people are right to be angry. The birthrate is collapsing (among the responsible) because people can’t afford to start families.
Republican’s are fools to cede these issues to the Democrats, but being the stupid party they probably will.
Just tell them to work harder... Good luck with that.
Listen to Galloway. He knows what to do. Like they did in Venezuela.
They almost killed it with COVID-19(84)
(particularly in housing)
And they can’t quite make the connection regarding illegal invasion
More like NYC finally catches up to the rest of the country.
Plus, 40yrs ago, wealth meant owning a computer, cell phone, VCR etc.....and on and on-
these cays beyond the basics-wealth is good for screwing everyone else via inflation, regulation and taxation and little else.
If failure means: more living space than anywhere else on earth, readily accessible food/calories, state of the art medical care, free primary education and every gadget on earth-our nation has completely failed these people.
he might be coming around to our side
A sheet of 4 X 8 plywood BEFORE COVID was $8.
Last week-—cheapest sheets in Lowe’s were $24.
You want to demand minimum wages which DO NOT ALIGN with SKILLS. AND NO ONE wants to work STEADY & PRODUCTIVELY. NOT dependable & drugs always an issue. HIGH Workmen’s Comp insurance.
Trucks for construction workers are $$$$$$ expensive & NOT reliable.
When Covid hit-—I was offered OBSCENE amounts of money for my truck which was 45 Years old THEN. I refused to sell it-—I NEED IT. STILL NOT SELLING & have had recent inquiries.
Gas to get to jobs sites is off the charts. TOOLS are not as reliable as some I have had for over 50 years. I have lots of tools from doing so much MYSELF.
PERMITS TAKE FOREVER & ARE MORE EXPENSIVE THAN EVER.
EVERY SINGLE ASPECT of building a house is NUTS -—AND the contractor needs to make his profit, also.
THEN -—THE LOCAL state/county/city property taxes are obnoxious. Schools stink-—not teaching anything & kids are bullied all too often.
There are older/smaller homes that can be restored/and saved, but today’s kids want the best-— the most-—right out of school. IT doesn’t help that so many cities have let their criminals get out of control & areas that used to be decent are now NO GO places.
I bought my first house in SO CALIF in 1966 (built in 1953)—for $25,250 and the mortgage payment was exactly $1 more than my payment on a 2nd story 2 bedroom Unfurnished apartment. Assumable Fixed loan. I was making about $6 an hour-—if that. Bought washer/dryer—used. Bought stove-—still have it. WESTERN HOLLEY...
I PAINTED-—inside & out.
I caulked windows.
I hung window equipment for curtains.
I DID landscaping & maintenance-—planted trees-lemon-avocado-Italian cypress—flowers. EVEN GREW TOMATOES.
I found a concrete contractor who would do 5 driveways—3 on one side of the street—adjacent & 2 on other side-adjacent-—ALL ON THE SAME Day— peel up the asphalt/remove & regrade as necessary——and it was about 1/2 price because we 5 all got together & did the UPGRADE. At the same time. EVERYBODY WON. CONTRACTOR was delighted. Concrete trucks just kept coming from Bonanza.
I traded sprinkler installation for bookkeeping services.
I added a better heating system-—traded for bookkeeping services.
I installed better carpet with a local guy—price was right.
I took care of that property.
I found roommates I could trust & who were grateful to have a room-— cooking privileges-—laundry-—parking—and company at a reasonable cost. Mostly —guys I knew from drag racing and they were great company. I got car repairs & assistance at no cost !!!! They also TAUGHT me ALOT. I still can do simple maintenance on my truck & car & horse trailer.
I refinanced that property for $125,000 paid off some items-—but bought a foreclosure in N Calif for $105,000. 5 acres & log house...less than 2 years old. Rented it out log house & sold 1st property 2 years later.
Bolted SO CALIF in 1993-—I NO LONGER FELT SAFE. Went to N Cal PROPERTY-—— empty at that time...with 3 horses & 1 dog.
I cleaned up that 5 acres-—used UP 7 Chains on Stihl chain saw & used into the 13th gallon of chain oil. Added fencing/ cross fencing/gates,shelters, etc. Didn’t buy wood for LOPI stove for 7 1/2 years. Cut it myself. NEVER HAD HELD A CHAIN SAW PRIOR.
Sold it for about $370,000. Liberals were FLOODING N CALIF rural areas. NOT my cup of tea.
Had enough profit to buy current property for CASH. 5+++ acres/brand new house/well/septic/power. Added garage/gravel & Fencing/ cross fencing ==12 enclosures for horses. Moved here with 6 horses & 3 dogs. Spent 13 straight 7 day weeks designing & building fences. Over 2 1/2 MILES of hot wire.
Property taxes under $1000. Power UNDER $100 a month. Propane $2.50 a gallon for heat-cooking-hot water. Rural/quiet/good neighbors. Nearest 7-11 is over 25 miles.
NO street lights. NO SIDEWALKS. Wild horses (protected by BLM) wander by with new babies every year. GOOD neighbors who watch out for each other. Skills are traded.
IF someone tried to buy this-—I wouldn’t even consider a penny under $450,000-—maybe even more.
I am not subject to IMPULSE buying-—so I do NOT spend a lot of $$$. O cell phone—NO pay tv since 1993—No new cars—and clothes—NO DELIVERED MEALS.
If most these ‘graduates’ today could see MY budget they would think I am pretty dull-—MAYBE I AM.
BUT I OWN EVERYTHING. ALL MINE.....I am 84 now & STILL FEMALE.
WITH a high school education & 4 years of night school taking Accounting classes—with 4.0 grades & full time job.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.