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Generation Screwed: Why millennials are facing the scariest financial future of any generation since the Great Depression

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  • Fri, Dec 15, 2017 - 02:07pm

    #1

    Poet

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    Generation Screwed: Why millennials are facing the scariest financial future of any generation since the Great Depression

Generation Screwed: Why millennials are facing the scariest financial future of any generation since the Great Depression0

I am not a Millennial, but I consider this long and in-depth article a must-read.

“This is what it feels like to be young now. Not only are we screwed, but we have to listen to lectures about our laziness and our participation trophies from the people who screwed us.

“But generalizations about millennials, like those about any other arbitrarily defined group of 75 million people, fall apart under the slightest scrutiny. Contrary to the cliché, the vast majority of millennials did not go to college, do not work as baristas and cannot lean on their parents for help. Every stereotype of our generation applies only to the tiniest, richest, whitest sliver of young people. And the circumstances we live in are more dire than most people realize.

“What is different about us as individuals compared to previous generations is minor. What is different about the world around us is profound. Salaries have stagnated and entire sectors have cratered. At the same time, the cost of every prerequisite of a secure existence—education, housing and health care—has inflated into the stratosphere. From job security to the social safety net, all the structures that insulate us from ruin are eroding. And the opportunities leading to a middle-class life—the ones that boomers lucked into—are being lifted out of our reach. Add it all up and it’s no surprise that we’re the first generation in modern history to end up poorer than our parents.

“This is why the touchstone experience of millennials, the thing that truly defines us, is not helicopter parenting or unpaid internships or Pokémon Go. It is uncertainty.”

“You can even see this in the statistics, a divot from 2008 to 2012 where millions of jobs and billions in earnings should be. In 2007, more than 50 percent of college graduates had a job offer lined up. For the class of 2009, fewer than 20 percent of them did. According to a 2010 study, every 1 percent uptick in the unemployment rate the year you graduate college means a 6 to 8 percent drop in your starting salary—a disadvantage that can linger for decades. The same study found that workers who graduated during the 1981 recession were still making less than their counterparts who graduated 10 years later. ‘Every recession,’ Spriggs says, ‘creates these cohorts that never recover.'”

http://highline.huffingtonpost.com/articles/en/poor-millennials/

Please leave a comment after reading the article. Thank you.

Poet

  • Sat, Dec 16, 2017 - 04:38pm

    #2
    brushhog

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    Some truth to that

There is definitely some truth to the article but I disagree that the differences between Millennials and previous generations are "minor". Im genX. My experience of school, parenting, socializing, outdoor play,…just about everything was VASTLY different from what I see going on with kids today. I worked in the school system from 2004-2010 and I could not believe how different the kids were than when I went to school and was shocked that such a profound difference could be effected in just a few decades.The boys, by 1980's standards, were all wimps. Very few kids played outside and when they did an adult was required to be present. There was no independence, no chances to be wild, little or no breaking the rules. I think there were 2 fights the whole time I worked there and the boys were required to go through lengthy sessions talking about their feelings and etc. When I was at that age there was a fist fight almost everyday and the boys were dragged into the principles office and made to shake hands and write "I wont get in fights at school" like 200 times. Then that was it, it was over and the kids made friends and everybody went on with life.

Im not suggesting that the weakness of millennials is the reason why the system is faltering, but its sort of like a perfect storm. Failing economy meets failed school-parenting system…maybe the same root cause? Maybe the same failures that are fracturing society are reflected in a weaker generation?

  • Sat, Dec 16, 2017 - 09:23pm

    #3

    thc0655

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    Yes, but…

Thanks for the link Poet!  I passed it to my two Millenial children along with some fatherly advice on how to deal with the world they find themselves in.

1. The writer accurately captured many of the dilemmas and predicaments Millenials are in. It's a whole different world out there than the one I grew up in.  And the problems and the uncertainty are still building to a climax.

2. I was very disappointed but not surprised when the author started talking about solutions: nearly all of them required more government control and more socialism.  And changes that individuals could and should make (personal responsibility to adapt and overcome) were hardly mentioned. I seriously doubt that government actions are where most of the important solutions lie, but even if they do I'm convinced Federal, state and local governments will rarely get any parts of it right.  In fact they created most of the problems described in the article, and now we're supposed to go to them for the solutions?! Good luck with that!

3. My old Millenials (born in '82 and '86) have followed different paths but have several characteristics in common that have helped them avoid some of the dilemmas described in the article (high intelligence, very little college experience and therefore no college debt, critical thinkers, self-starters, and prodigious work ethic, to name a few).  My tom-boy daughter ('82) spent a few years after high school finding herself and learning some skills while working (carpentry, sailing, horseback riding, and teaching).  She got married and moved to an area in the mid-West where her husband has a large extended family and where the unemployment rate is very low. They both worked two – three jobs at the same time (including making and selling stuff on the internet) and had two kids. Finally, her husband got a job building metal grain silos which pays about 90% of the median wage for about 9 months of work/year.  That has allowed my daughter to stay home with her two elementary age kids, volunteer in a church mentoring program focused on horseback riding, and keeping up with the small internet business.  However, neither she nor her husband have health insurance and the kids are covered by the state health insurance program for uninsured kids. One auto accident or other injury and they could lose it all. They are four years into a 15 year mortgage for which we provided most of the 20% downpayment. My son ('86) went off the rails at 16 and spent 11 years as an active drug addict, living on the streets of Philadelphia some of the time.  When he first got clean he applied his artistic skills and started doing tattoos for cash without a license.  He was getting pretty good and well known when he got a construction job paying $10/hour through a friend at Narcotics Anonymous.  He kept up with both gigs at the same time for almost two years until he and another friend from N.A. started their own licensed home remodeling business.  Long hours, quality work, constantly learning new skills, and honesty has them rolling in business from word-of-mouth recommendations (no advertising).  He and his fiance are renting while she works on her nursing degree supplemented by nanny work and other gigs.  He doesn't have health insurance either, though in about two years his soon-to-be wife will probably have a nursing job with health insurance for both of them.  In the meantime, he's very vulnerable to an injury or accident at work that would keep him out of work, temporarily or permanently.  They both have fought and worked through many of the issues raised in the article, and are overcoming it all, subject to certain ongoing risks.  We have helped them financially at a few points, but they are very independent and have turned down our offers to help way more often than they have accepted them.  No one can tell how this is all going to turn out, but I expect that they will persevere and succeed, again subject to certain catastrophic risks.

  • Sat, Dec 16, 2017 - 10:46pm

    #4
    skipr

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    I better keep my mouth shut

I was at my dentist's office yesterday getting my teeth cleaned.  The technician talked about her millenial son and how they would go into debt for at least $30k if he 1st goes to a community college for a couple of years before going to the nearby state (non-private) university.  Without thinking, and just before she was getting ready for some more scraping, I blurted out that my college tuition in Calif was zero back in the pre-Reagan 60s.  I thought I was going to get stabbed. 🙂  She was definitely doing so with her piercing stare.

  • Sun, Dec 17, 2017 - 12:57am

    #5
    DennisC

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    Sage Advice

Coming from a bloodline where sarcasm and wise-assery (not sure if that's a word, but you get the idea) are critical skills in one's EQ portfolio (as in Emotional Intelligence), I've learned to not comment if someone has a: needle, some sort of probe (shout out to the greys/grays, my BFF's), or endoscope (among many other scary doctor-type things). It's always a: uniparty response, or hmm, that's interesting, or oh really, wow (or wow-wah) response. No problemo, mi amigo.  Nevertheless, something always manages to get through my filter.

  • Sun, Dec 17, 2017 - 10:25pm

    #6

    thc0655

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    Denninger’s all worked up about that article

And he makes some good points, if you can tolerate his "style."

https://www.theburningplatform.com/2017/12/17/you-milked-it-you-own-it/#more-166066

 

  • Mon, Dec 18, 2017 - 07:06pm

    #7
    agitating prop

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    Brush hog,It is particularly

Brush hog,

It is particularly cruel that those raised with velvet gloves have been thrown to the wolves by circumstances beyond their control. 

Some millenials will be able to maneuver through the difficulty but others will be crushed by despair. It's vital that they have a system of support, through community, involved parents — whatever it takes. 

The f***-wit POTUS could have initiated a desperately needed infrastructure program to rebuild and repair, dams, bridges, etc…employing millions, but he has chosen to cut taxes for corporations, run up deficits and further inflate the stock market. 

Democratic socialism that creates incentives, safety nets and infrastructure jobs, while reducing military spending, is what is needed right now. 

Assuming this form of government means a loss of freedom, implies Americans have actual freedom to begin with.

  • Mon, Dec 18, 2017 - 07:18pm

    #8
    agitating prop

    agitating prop

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    thc0655 wrote: And he makes

[quote=thc0655]

And he makes some good points, if you can tolerate his "style."

https://www.theburningplatform.com/2017/12/17/you-milked-it-you-own-it/#more-166066

 

[/quote]

Denninger's response to original article is histrionic.  Hysterical old men, using any excuse to excoriate the 'evils' of socialism would be amusing if they weren't such pathetic human beings. 

Next time he has a fit of the textual vapours, he might consider falling back on a fainting bench rather than embarrass himself online.  

  • Mon, Dec 18, 2017 - 07:52pm

    #9

    thc0655

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    No argument to make?

I notice you call Denninger some nasty names but you make no counter argument. That’s beneath the standards of PP.com. 

  • Mon, Dec 18, 2017 - 08:27pm

    #10
    agitating prop

    agitating prop

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    thc0655 wrote: I notice you

[quote=thc0655]

I notice you call Denninger some nasty names but you make no counter argument. That’s beneath the standards of PP.com. 

[/quote]

Oh please!  I could counter that linking such mean spirited nonsense is beneath standards of PP, but that would be unfair to you. As far as counter arguments go?  He's a hardcore libertarian, which is almost like a religious cult, so is not participating in reality.

The idea that older millenials brought the economic nightmare on themselves by subscribing to Netflix and purchasing things on Amazon, (when they were younger) is bizarre.  The new waves of technology were sold as a means of freeing up drudge work so people could create more meaningful employment for themselves or be hired by movers shakers and innovators. Denninger thinks that younger people were equipped to override the assumptions of their parents? 

Sorry if I personally offended you.  I didn't mean to. I just cringe at the ham fisted approach of those, like Denninger, who are incomplete in their humanity. 

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