Generation Wrecked

Fortune ^ | 2002-10-10 | Noshua Watson

[Republic If You Can Keep It]

wealth continues to shift from younger to older...

What a fine time for a Prescription Drug Program for seniors.

[Phantom Lord]

One of the problems with my generation, the Gen Xer's, is that we were raised with the "me, me, me" and "now, now, now" mentality. Far to many of us are overloaded with material goods because we want it now and have saddled ourselves with massive debt instead of putting of instant pleasure for a secure and happy future.

How many of you know Gen Xers who drive $35K to $40K cars and SUVS because they are the cool car to have. Have all the newest and latest expensive electrical gadgets. Have giant TVs and stereos. Like to take exotic and expensive vacations. And then bitch that they don't have any money and their bills are too much.

No wonder that personal bankruptcy is at record highs the past 5 years.

[Willie Green]

One of the problems with my generation, the Gen Xer's, is that we were raised with the "me, me, me" and "now, now, now" mentality.

Yep, the Nintendo Generation's libertarian attitude has had a detrimental effect on politics as well.

[MNlurker]

As an Xer I'd like to point out that the thing that stands out to me about those interviewed:

1. An art therapist and harpist with $50,000 in school loans.

2. A wife going to get a better job because the husband's dream is to own a bar.


WOW!

[ladylib]

"I had a college president say to me, 'I don't know how much longer I can pull this off because people will start to ask, Is it worth this much money to be that much smarter?' "

Everybody goes to college today because the schools push it. But when you come to think about, many jobs can be done without a college education. As for the above quote about being that much smarter -- are college students that much smarter given what a college education comprises today?

It's pretty sad when you spend a bundle on college and can't get a job in your field or have to settle for a crappy one. Guess it's time to sit down and do some hard thinking about whether an expensive college education is worth it in the long run.

[Phantom Lord]

2. A wife going to get a better job because the husband's dream is to own a bar.

Nothing wrong with that. Thats what America and capatilism is all about. And laugh all you want, I want to own a bar!

[Phantom Lord]

Libertarian attitudes hasnt caused a massive growth in government over the past 30 years Willie.

[KC_Conspirator]

A few years later the core of Generation X--the 40 million Americans born between 1966 and 1975--found themselves riding the wildest economic bull ever.

First of all, this is NOT the time span for Gen Xers. We are the children of the Baby boomers and I know they had more kids outside a 9 year span. It more like either 1980 or 1989 for the end date. But that is for another thread.

That being said, I find this to be more Gen X griping. I am just waiting for once, just once, for people my age to start complaining about high taxes and point to the obvious fact that the only real difference between us and out parents is that we will pay more taxes over our lifetime. Maybe thats why you don't have any savings?

Anyway, things are not as bad as they seem. I can't imagine my generation xers living during the Great Depression.

[MNlurker]

Too many friends asking for free drinks Phantom...

[FreeTally]

I can't imagine my generation xers living during the Great Depression.

I can't imagine them "living" either.

P.S. Good point about the end date - I had always heard 1980 too.

[ishmac]

'I don't know how much longer I can pull this off because people will start to ask, Is it worth this much money to be that much smarter?'

You know, I've been waiting for this to become an issue, too. The only sector of the economy where there's been huge inflation in recent years is in education costs. They've gotten so outrageous ($25K for the big-name schools) I've been expecting to hear protests.

And when you think of the "education" that so many schools offer--in the humanities it's little more than PC agitprop.

[FeliciaCat]

I'm a Gen X (1971) and I'm always complaining about my high taxes. I just started making "real" money about 3 years ago (after working in my career for 10 years) and I still can't believe how much I pay in taxes every month. Seriously, between taxes, health Insurance and 401K, I had almost as much cash as when I was cocktailing (and having more fun too!)

[Phantom Lord]

The only sector of the economy where there's been huge inflation in recent years is in education costs.

Medical too.

[Willie Green]

Libertarian attitudes hasnt caused a massive growth in government over the past 30 years Willie.

Sure it has.
Gen-X's short attentions spans and confused priorities led to low participation at the polls, laissez-faire tolerance of Klintoon and Algore's junk-science, and political hyperinflation of the dotbomb bubble.

[Destructor]

In addition to all of this other bad luck- generations Jones, X, and Next get to pick up the tab for the free-spending Liberalism of the Baby Boomers! Thanks a lot!!

[WL-law]

It's pretty sad when you spend a bundle on college and can't get a job in your field or have to settle for a crappy one. Guess it's time to sit down and do some hard thinking about whether an expensive college education is worth it in the long run.

Another aspect of the college tuition scam is that it represents, in effect, a privately-imposed tax on the middle class primarily for the benefit of minorities and the poor.

Proof lies in the stats that show how few students actually pay (directly or through accumulating debt) the tuition at these schools. Minority students are offered admission over similar- or better-qualified middle-class students, and then the favored students are offered a 'free ride' on top. Therefore the middle-class students' debt effectively pays for the favored students' education, explaining (at least in part) the dramatic rise in tuition levels (compared with underlying inflation) over the past 20 years.

So -- the parents of these middle-class kids, having fought to save after-tax dollars after supporting, through their heavy taxes, social experiments and other wealth transfer schemes, receive a preverse 'thank-you' from colleges that strip those family savings and in effect transfer the wealth again.

So -- when will parents wise up and thumb their nose at the whole system?

[WL-law]

It's pretty sad when you spend a bundle on college and can't get a job in your field or have to settle for a crappy one. Guess it's time to sit down and do some hard thinking about whether an expensive college education is worth it in the long run.

Another aspect of the college tuition scam is that it represents, in effect, a privately-imposed tax on the middle class primarily for the benefit of minorities and the poor.

Proof lies in the stats that show how few students actually pay (directly or through accumulating debt) the tuition at these schools. Minority students are offered admission over similar- or better-qualified middle-class students, and then the favored students are offered a 'free ride' on top. Therefore the middle-class students' debt effectively pays for the favored students' education, explaining (at least in part) the dramatic rise in tuition levels (compared with underlying inflation) over the past 20 years.

So -- the parents of these middle-class kids, having fought to save after-tax dollars after supporting, through their heavy taxes, social experiments and other wealth transfer schemes, receive a preverse 'thank-you' from colleges that strip those family savings and in effect transfer the wealth again.

So -- when will parents wise up and thumb their nose at the whole system?

[Phantom Lord]

I wouldnt call Gen X "libertarians". I would call them uninterested. As the younger generations have always been. And the ones that are interested generally tend to lean to the left.

[tm22721]

Just wait until the boomers vote to up FICA tax to 25%. Then the fit will hit the shan.

BUMP