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 ...
The other parts of the problem are doubling the workforce with women and pretending it didn’t result in stagnant wages.
along with the insane all in tax and regulatory burden on full time jobs making it an economic joke to start a labor intensive business in modern America.
PS 90% of one’s healthcare costs are the last nine months of life.....whatever that is about the fed Reserve takes the third row seat to the insane regulation that enables machines that are in essence $5000 in parts to cost the ICU’s millions of dollars. We come up with 45% of all new medical drugs, procedures and equipment annually. It is 5% of every healthcare bill. We then subsidize every other healthcare system on earth by selling it to them cheaper than we sell it to ourselves.
it was a joke... when trump was president it was always trump’s fault... geez...
No sympathy for the young. They knew what they were doing voting for Dems and pushing for their execrable climate change BS. They despise Trump and us. My feeling is mutual.
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In a 2018 Gallup poll, 51% of Americans aged 18 to 29—young Millennials and older Gen Z—have a positive view of socialism
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Another view:
Since 2010, young adults’ positive ratings of socialism have hovered near 50%, while the rate has been consistently near 34% for Gen Xers and near 30% for baby boomers
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Roughly four-in-ten adults ages 18 to 29 (42%) say there are other countries that are better than the U.S. – the highest share of any age group.
Most activists on the left believe every action is a "purposeful" action by some knowing entity. As they do not believe in God, they believe any action which produces an outcome they do not like is the result of an evil individual or conspiracy planning and creating the action.
Hence: Conservatives believe Progressives are people with bad ideas. Progressives believe Conservatives are bad people with ideas.
The greedy unions caused many good jobs to be offshored.
The reason for that is listening to tenured marxist university professors!
> The greedy unions caused many good jobs to be offshored. <
Absolutely correct. And I say that as someone who worked in a union rolling mill for five years.
Greedy unions. Globalist free traders. Government regulators. It’s hard to say which one was worst. Probably all three deserve equal blame.
Yes, all three are responsible. There was a time when unions were absolutely needed to protect workers, but over time, the unions became greedy and corrupt.
Apparently rage is the emotion that truly solves problems in this enlighgtened age. Rage takes a people to ugly places that few ever ponder the true consequences of where it takes us all.
We live in a civil society because that’s what was built and passed down from those who came before us. I fear it’s all about to become rubble, and intentionally so.
Joe Biden is a dementia-addled destroyer.
You made an excellent point yesterday about commies turning into fascists.
It has left me wonderi8ng when they are planning to close the border and actually give a hoot about our nation’s industry.
The real problem is that so many of the generation just reaching 30 were raised to expect rewards without earning them. Widespread doping, criminal behavior, poor diet/exercise, and mental instability born of indulgence leave many of them unemployable, even if they desire jobs. Many others work hard and are successful, but the duds drag the average.
This nyu moron thinks there is a mortgage deduction still. That has been gone for awhile
“The other parts of the problem are doubling the workforce with women and pretending it didn’t result in stagnant wages.”
Totally agree with this. It also put massive strain on families as both parents come home exhausted from work and no one is supervising the kids... Also a lot of family breakups because one of the parents met someone else at work.
“along with the insane all in tax and regulatory burden on full time jobs making it an economic joke to start a labor intensive business in modern America.”
Also agree, the Global warming nonsense is making this much worse.
Medical expenses are so high because of cartels (Insurance and AMA) limit competition.
A professor of NYU, but an idiot nonetheless....
And the same “free Trade” fools supported NAFTA before that, supported MFN and the WTO for China, and then even supported the TPP and TAIP in 2016.
JP Morgan is tracking the decline in liquid assets, vs increased consumer debt. And everyone but the top 1% is on trend to be worse off by election day than 2019.
https://www.businessinsider.com/economy-recession-outlook-household-wealth-financially-pandemic-jpmorgan-income-markets-2023-12
That rather depends on which “tech” you are talking about.
Google and such vastly over-hired, which also meant lots more college students went into coding and such, then Google et al dumped a lot of those lower level coders and programmers just as the grads hit the market.
Granted that a lot of coding and programming has been going overseas for literally decades — one guy I know who I suspect is just an average coder at best, threw in the towel, went back to school, and became a dentist. (I also have a nephew who “veered off” his freshman year and went straight into dentistry - he’s making fistfuls of money in his 1st few years.)
In any event, “tech” covers a lot more than coders and programmers, and a lot of STEM areas are doing great. Ditto for many health fields and service professionals (plumbers, electricians, appliance repair, etc.)
Apologies for taking it the wrong way.
So proud of you! Young folks don’t understand “Sweat Equity”. Our story is similar to yours. Wouldn’t have it any other way! Satisfaction from the hard work we put in!
The bottom line is, our future generations are not welcome, no matter how much is left in the US.
And let's get this out of the way. I have no animosity to the H1Bs and offshored staff that are getting these jobs. They are legally taking advantage of the opportunities offered to them, and it isn't their fault that Americans choose cheap labor over their own kids and Vets. If we want to blame anyone for our problems, we can look in the mirror and start with the people staring back at us.
I don't blame the companies either. In the late 90s and early 2000s, we had a choice between the companies that offshored and the companies that tried to keep their labor forces here, and we voted with our wallets. The companies that hadn't offshored had to choose between off shoring to compete or going out of business. Now, good luck trying to find anything made here.
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