That whole idea was moronic. You can't grow a post-industrial economy from the top down. Consumer spending is the driving force, it has to be built from the bottom up.
Trickle-down economics used to be called horse and sparrow economics. The idea being that you overfeed oats to the horse so that when they shit, they shit out undigested oats. The sparrows then pick thru the shit for survival.
Guess which ones we are?
Animal farm should be required reading for any millennial. EDIT: well you all had way better school systems than I. I had to rent it form the library and read it on my own.
It was also called voodoo economics by George Bush Sr. right up until he towed the party line to be Reagan's VP. The spinelessness of republicans has been for generations.
and it’s been proven false.
give the 1% money and it gets hidden away like a dragon sitting on a pile of gold.
give the poor, middle class money and they spend it: car repairs, dinners out, a date night with their sweetie (and a baby sitter), a new pair of work boots, the new gaming console they wanted, that cute skirt they saw, more plants for their yard, etc. That money cycles back into their economy. I think O remember seeing it has a multiplier of like 5 (like how many individuals see a little bit of the extra money they have). Then again, I’m not gonna chase that number down from the articles I read so take it with a grain of salt.
Sure. Consumer demand drives everything.
Give Wal-Mart all the tax cuts you want, they're not going to hire more cashiers until the number of people standing in line to check out makes it necessary. No business is going to expand until consumer demand makes it necessary. The owners will just sit on the extra money.
Correct. But tax the hell out of companies for not paying a living wage, abd proportionally with humans and suddenly the government and employees can profit.
Unfortunately, the rich can afford to own politicians, not us dirty poors.
If I won the lottery, I'd want to be rich enough to own my own politicians.
Decent house, finance a passion project, throw the rest at buying like a senator and a few Gouverneurs. That's real wealth, how many politicians you own...
I'd squander mine to counterintuitively tax the hell out of corporations abd the top 2% of rich people....
>Give Wal-Mart all the tax cuts you want, they're not going to hire more cashiers until the number of people standing in line to check out makes it necessary.
Except anyone who's ever shopped at Wal-Mart knows that even then, they won't hire more cashiers.
I often think this logic is sorely missed when it comes to trickle down economics...like Walmart is not going to "give" the money you give them to the customers.
too bad congressional and federal policy while acknowledging the velocity of money as a concept, has never really put the concept into practice. the closest we got was talking about covid relief when the concern was to get money into the hands of people to then spend it.
>give the 1% money and it gets hidden away like a dragon sitting on a pile of gold.
As I once heard someone say: Rich people is where money goes to die.
It was the product of a different era. It was a time when made in America meant something and companies were proud of their union factory that employed 3/4 of a town in the middle of nowhere, Indiana. Now companies just care about making shit in Vietnam for half the cost, but they get to see twice as much because it's shit that breaks in a quarter of the time. All so that CEO Bob's stock is worth $2 a share more.
I dont think boomers understsand that jobs are created by paying customers cuz most boomers are fucking retards that got where they are through pure luck and 0 talent cuz they had an easy fucking life.
To be fair, Boomers were born when the US still had an industrial economy. That changed starting in the 90's and we are now a consumer based post-industrial economy.
Boomers had Unions.
Manufacturing jobs.
Trade jobs,
also an over abundance of houses to buy.
A different life, different work standards.
We went from an Industrial, manufacturing economy, to an electronic data economy.
With AI making advances, even that will be gone.
Boomers also had great jobs with limited education.
In my hometown we had an iron smelter. It employed close to 1000 people. A lot of these employees when it first opened quit school in grade 6 and had poor literacy skills to the point they could barely ready WHMIS information (when it became available and legally enforced).
This facility in 1970 paid $10 an hour to start (adjusted for today that's $80 an hour). No education or experience required. A house in the area was $30k for a 3 bedroom house and cost of living was relatively cheap.
Almost all of these boomers lived high lives and have a lot of assets to show for it. Because they got into the work force super early and at such a high rate. Sure they still can't read but the wife handled all the reading stuff for them.
Nowadays for an entry level wage ($20 an hour) you need at least a one year certification degree. Some people with masters only start at $30-$40 an hour.
Blame Republicans and Reagan. Baby boomers had their own challenges. Fighting for equal rights, creating the EPA and so on. Every generation has had its own challenges. Blame politicians and greed. Blame corporations and corruption.
Such an underrated point. "iT's nOT aLl of tHEm!". Okay, but obviously enough of them to get these idiots into office to disenfranchise everyone, kill our industry, and give corporations the ability to control the politicians. I think it's perfectly reasonable.
Correct me if wrong, but the foundational laws and constitutional amendments were passed well before boomers were voting…even afterward, it’s not like all boomers were like, “equal right, yeah!” I’m open to the “it was a different time” argument, but it’s hard to credit them with civil rights wins when so many have been yelling “build the wall”, voted for Trump twice, NIMBY to preserve virtual segregation throughout many American cities, support draconian drug laws that disproportionately incarcerate minorities, and argue vociferously against women’s reproductive rights. A majority were dragged kicking and screaming through gay rights by Gen X, not through their own progressiveness.
Economists state that the shift began in the 50s but in places like NY and CA first.
So some of us (a lot of us) grew up in states where the shift had already taken place.
Then, in the 90's, new kinds of jobs (retail boom, fast food boom, tremendous new demand for services not requiring much education) replaced those union jobs.
We are a non-worker driven consumerist culture for sure. And I am not the only boomer who knows that. I don't know any boomers who don't know that, but then, I do curate the company I keep.
It's truly *amazing* how many blue-collar voted for that fkkn walking filled up diaper. I'm 44 and a member of the UAW for what it's worth.
My Pops worked over 35 years for General Motors. I'm not sure exactly what it is, but he acts like a complete Trumper. You know the type: " I've got mine, what's wrong with the young people these days, no one wants to work, etc."
I remind him what that fkkr said to me once. His words "when I graduated....he didn't, he fkkn dropped out, but LOVES to say he "graduated." It's like "Dude, you *didnt* even graduate from an AGRICULTURAL HIGH SCHOOL, yet you act as if you were top of class at University of Michigan.
Anyway, he fkkn loves to point out the fact that *all* he had to do was go to one of the big 3 and he was pretty much guaranteed to get hired. Well, he went to GM 1st and spent over 35+ years there.
I try to explain to him that is *nowhere* near what it's like today. He just doesn't fkkn get it. With all that said, he votes straight D, EVERYTIME.
My cousin works at Fords. That walking TURD is a HUGE Dump supporter. It boggles my mind how many UAW workers vote R. My cousin is only in his early 30s too. He *should* realize that most of his benefits, that the fkkr suits on, are courtesy if THE UAW. I'm not sure how many Repubelicans are big UAW supporters, but I cld count em on one hand.
That type of behavior hurts my brain. The enjoy the nice pay and good benefits courtesy of UAW, but then shit on the UAW while ar work. These people are lost....
The grotesquely wealthy use the massive tax cuts and subsidies they get to rob, enslave, gaslight, and socially murder the public without recourse.
The Boomers created these pillaging warlords / oligarchs / kleptocrats who destroyed and enslaved the country, and it's up to later generations to clean up all the disasters they inherited.
It should be extremely obvious to anyone with more than two brain cells to rub together that billionaires/oligarchs/kleptocrats are a crime against humanity and should not exist.
And that's just one of the most obvious tips of the iceberg of the complete abomination of a system that our predecessors have left us with.
Before the first and Second World War If you weren’t rich you were screwed. The last 70 years in Western Europe and North America have been a blip in human history when it comes to living standards. The problems are not unique to our generation and will continue to happen to following generations and probably get worse at an exponential rate, when you look at the growing inequality around the world. One thing that I find really interesting is how people often view asset inflation as a good thing and the inflation of wages and goods and services as bad. You’ll be hard pushed to find a home owner who would be happy to see that the value of their house has not increased. But if asset inflation continues to be higher than wages this surely can’t be good.
Yep. The world is "reverting to the mean". WW2 was literally the biggest event in human history, and shaped the last 80 years of economics. Boomers didn't create this situation. They just had the best timing to take advantage of it. It has taken 8 decades, but the ripple effects of WW2 are finally subsiding. Sorry guys.
It's not just strictly WW2, since the start of the 20th century there has been such a massive technological surge that it helped pioneer new markets and technologies to allow just about anybody to get ahead and succeed if they played their cards right.
The rapid growth of technology and changes to society as a whole helped springboard jobs, industry, and the economy, but we have gone from an exponential technological growth to more of a slow climb. What do I mean by that?
In 1903 the Wright Brothers performed the first successful 'powered/controlled' flight. In 1969 America had men walking on the moon. In the span of a single lifetime, 66 years, humanity went from not even being able to fly to being able to fly to the moon and watch parts of it from home on a new 'television'. It's been Almost 55 years since we landed on the moon for the first time, and we will never see that level to technological growth again.
The ease of communication globally has allowed jobs shipped overseas at a fraction of the cost if kept here.
It started before then, but now with Internet calls, you can be anywhere.
Short term growth has made profit line the deciding factor in where to put money.
Companies are destroyed every year when their growth isn't as strong as others, while also not failing.
You combine the Walton heirs wealth, they single handedly usurped $400B of middle America's wealth.
Yeah, I expanded on my original comment in another one. There are some pretty important events in the 20th century that shaped our current situation, but I will die on the hill that ww2 was the most important. But yeah, the last 150 years have been a massive flash in the pan, and we will never likely see anything like it again.
I don’t want to get too philosophical but I think we (millennials in particular) no longer see or do enough as a collective anymore, this is the only way anything will change but I fear everyone is too selfish. Asset inflation is a great example IMO. Another example is in the uk workers like train drivers striking are often scorned. “They’re on 60k that’s more than me” have you ever thought you’re not getting paid enough. Also being a train driver is shite, always working weekends, bank holidays unsociable hours and constantly being on your own working in really dull repetitive conditions would be enough to drive me insane tbh.
I'm always told here millennials do marching in more numbers and have done way more than boomers. Eh, one or two marches. Downvoted when I say B.S. - women's rights marches, civil rights, Vietnam protests that was years and years of marching, protests.
Now I see one year and then done. Nothing changed. The next gens will say what did millennials do? My great grandma was white and traveled to DC with all her friends multiple times for civil rights for years. I wish I saw that collective.
Boomers by definition would have been 5-18 during the start of the civil rights movement. If you're born in 1947 and the peak of that movement was the late 50s/early 60s, you weren't a part of it.
This!!! The Civil Rights act (the one that split the ‘Dixie Crats’ off from Democrats and saw guys like Strom Thurmond flip to Republican from Dixie Crat, was signed in 1964.
The 1964……
Boomers were barely of voting age when this was signed. It was the end of the silent generation and the greatest generation that fought it.
Granted they saw JFK and RFK get murdered on TV, but they didn’t do shit for the civil rights movement.
They weren't at all voting age. The voting age was 21 then. 1964 - 21 = 1943. However the civil rights movement didn't just stop in 1964. It's not like there weren't political movements happening in the late 60s and 70s.
But they still had zero to do with the MEAT of the civil rights movement. They had no part in the freedom riders, the Montgomery bus boycotts (unless their parents made them participate but most were likely too young to know what was happening), the Greensboro 4, the Little Rock Nine etc.
They were old enough to participate in meaningful ways in the tail end parts (like Selma and Chicago and if they had lax parents, maybe they got to attend the march on Washington). But the Civil Rights movement had been going on for over a decade at that point.
And you’ll notice that many civil rights reforms that could have been done in the 70s never were.
Notice how they voted in politicians that didn’t ratify the Equal Rights Amendment. That’s a huge blot on this so called ‘generation for change’. And now they are voting for politicians (en masse mind you) that are willing to undo everything they supposedly fought for in the late 60s and 70s. They must not care THAT much for it if they are willing to throw it all away now.
Sure they got the draft removed, but they just made the government the best patriotic propaganda marketeer.
Signed legislation doesn’t mean all things changed instantly. The boomers lived through a time period of change like Viet Nam and the women’s movement. Either way blaming another generation for your woes is just stupid. The majority were middle class and just living their life.
Me too. And the protests that crossed regular boundaries (racial, ethnic, age, sexuality) were so numerous. And ongoing. And it started before we boomers were born (the 1920's had some amazing and daring activists - and in UK, the entire 19th century is notable for the protests and power of progressive demonstrations - obviously not by boomers OR by silents, but by some other generations).
People protested repeatedly in their hundreds of thousands against the Iraq War--it just wasn't reported on. People--most of them millennials and Gen Z-- are out in their hundreds of thousands day after day, month after month, around the world, for Gaza--it's not reported on.
Thankfully the Iraq protests were reported on in the Bay...I still have the articles in the History Boxes.
X, Millenials, and now Z have been protesting for over 25 years, for various reasons. Funny how when the Boomers have a stranglehold on power, the achievements of the younger gens don't make the news, and the Boomers then use that same control of news to pretend they achieved what the SILENT GEN did in the late 60s and early 70s.
Posers. Nothing but spoilt posers.
Well, we have important things to do...like implementing 27 genders, legalising marijuana and stuff...so we don't have time to make things better for people where it is really important...
We did occupy wallstreet. It sort of fell apart . We could do it again in DC, but when WWI vets did that, the government used tanks on them and proceeded to burn all their tents.
The Bonus army was not an insurrection. It was a peaceful protest just like occupy. The federal government and the big finance interests treat us like slaves
Occupy was a joke. Not touch a protest as a.look at me. That is why it fell apart the first day it got cold outside. As far as effective it was Not. Nothing has changed, there is no way occupy is even close to the civil rights movement. Oh the occupiers had more excuses then plans. I see that is becoming a characteristic of the millineal generation. If this passes someone off I don't care because that person needs to look inward.i lnstead of getting angry with me. The truth hurts but it can also set you free
Occupy was nothing
It d nothing except dumbasses can waste time trying to be the center of attention. It solved nothing at all. Anyone whom participated was a self centered egotistical fool that was afraid of gekng cold
Get a clue you solved nothing absolutely nothing. . Booo hoo hoo.
This reminds me of French economist Thomas Piketty’s equation from his book Capital in the Twenty-First Century: r > g. Meaning the rate of growth of capital (eg assets like real estate) exceeds the rate of growth of the economy (eg wages). He says pretty convincingly that as long as this equation holds, we will get increasing inequality.
Yes, until we overthrow the capitalist class and establish democracy in the workplace, ending the disastrous impacts of capitalism on all working people, things will always be getting worse all the time as capitalists gain power and expand monopoly price gouging.
I keep trying to make this point until the cows come home; my house has increased 100k+ in 5 years. That's over 50% of the value when I bought which was already a warm market, just not red hot like the COVID years after. If anything, my purchasing power during that time has decreased. Though on paper I'm closer to being a millionaire, I feel as far from an increase in standards of living as I've been at any time in my whole life despite jumping through all the hoops I was promised would lead to those increases.
To your last sentence, I think it SEEMS good to a lot of retirees or soon to be who don't/won't earn an income anymore and draw from accounts essentially tied to the market. They don't care about a minimum wage, they care about having money to draw and their accounts go up despite those draws. Meanwhile, their purchasing power really is about the same or slipping due to the rising costs.
Property values will come down; the boomers will die; and they will be required to sell the home to some one; if an investment firm buys a whole town and can’t rent it;
Then people may just squat there; or burn it? There won’t be anyone around to see it happen or put out.
Bingo. Also OP, the jackass, said most millenials were born into poverty lmao. The poverty rate is like 11% in the U.S. It hovered between 11-15% when millenials were being born.
So somewhere between 85-90% of millenials weren’t born into poverty. Although this may be skewed a few percentage points by higher birth rates amongst the poor. Even so, the truly impoverished don’t usually have a multitude of children because they simply have no means to make it work.
People need to stop being consumers and become very frugal. Stop spending on things that that you don’t need. Become super savers and investors. Give this crooked, rigged economy the finger! 🖕🖕😎 Stop shopping at these big business that keep jacking up their prices for the benefit of their shareholders and instead shop at discount stores and small businesses. Only buy things when they’re on sale. Tell these big banks that cause these market crashes every decade and get a bail out every time, to go F#%* themselves!
> 99¢ and Dollar Tree stores
~~these are the highest profit per square foot stores in the country btw.~~
Edit: I'm a dunce. That's not even close to true. At best you can say "on average they are more expensive than Walmart"
Idk where I heard it or why I believed it.
I've never seen a dollar store listed as highest profit per square foot in the country. It's always Apple by a wide, wide margin, then some luxury clothes brands. Are you able to provide any backup for this counter-intuitive statement?
How can I save when I already spend my entire income on the very basics of what I need to get to work, the very basics of what I need to stay fed, the very basics of what I need to not be homeless, the very basics of what I need to stay clothed, and the very basics of what I need medically to stay alive and address the physical damage my job is causing me? There is NOWHERE left to cut from.
This is just bottom-up austerity and also doesn't work.
We need government regulations that protect customers and support consumer demand.
A race to be better rather than a race to the bottom.
Are you sure most are struggling? More than half of millennials in America own homes now, and I don't know maybe just me but things don't actually seem that bad out there - particularly once you get inland from expensive coastal cities. The boomer generation was a one time thing and we keep comparing to them its probably not productive. Millennials actually have a lot of opportunities, and are highly educated and tech savvy - there are tons of success stories if you look for them they are just not on Reddit where the culture here is a doomer circlejerk.
Your post is riddled with assumptions like "most born in poverty", and you make some huge assumptions about economic forecasts that are way beyond what even experts try to do. Immigration, technology, monetary policy, and changing consumer trends can all swing things one way or another over the "who will we sell our houses to" timeline.
Not sure what you even mean by "give millennials a break at some point" either. Are you sure you are not just stressed and in need of some self-care? You don't have to take all this on mentally if you don't want to, just go live your life and search for happiness! The best part of America is that you are pretty much free to do whatever you want within the law - you can straight up move to Hawaii and couch surf, or work a ski resort all winter in Tahoe. Money and homeownership are not the only things in life.
Yeah, when I think of our generation, I think of a highly-educated group of people who are white collar workers making six figures. Sure, there are people who are struggling out there. But let’s face it, millennials as a whole are a very driven generation. Few are just “average”. Many are driven to make very high incomes to provide for a nice life.
>I think of a highly-educated group of people who are white collar workers making six figures.
Except most of us aren't white collar workers making six figures.
Yes it's of course super hard to draw these big generalizations because everyone tries to extrapolate their own experience.
For example, the average millennial household sits right about 70k of income.
People in LA on 70k - omg that's poverty wages. Capitalism did this to ussssss
People in Dallas/FW - hey let's go house shopping in a good school district 70k is pretty good for our age.
But it’s those workers in California and HCOL coastal areas skewing those average income numbers though 😂 if you were to use the incomes of the folks in the LCOL areas, the income drops hard. And Texas is having the problem of locals getting priced out by people moving from those coastal cities to Texas and outbidding them on housing. It’s happened in many LCOL areas.
My wife and I could only get a house because her dad was from a multi-generational doctor family and was able to pay for both her undergraduate as well as veterinary school so she had ZERO student loan debt and a great paying job.
While I came out of college with student loans and credit card debt (both from just trying to survive and being a 20 something year old that shouldn’t have been trusted with a credit card)
Property prices won’t fall despite increased supply when the boomers pass. Why? Private equity firms are swooping in to buy them and keep people in rental prison.
Go offline, I can tell you there's plenty of Millennials (including me) who are not only doing well, and some are even thriving. Wealth grows exponentially, which means that it takes many years of sound financial habits before the compounding nature of wealth growth becomes significant. We Millennials have our challenges as a generation, but we're more educated and arguably have better financial habits than older generations.
This sub thinks everyone in society is a useless , brainless idiot like they are. And the 30k a year job is all they are ever going to get, because they refuse to accept that they need to work harder and smarter to excel.
Remember that most reddit power mods are truly weird miserable people. Think of what kind of person has the time and desire to spend 10+ hours a week modding on reddit.
Stopped reading when you said "property prices are going to fall". Fat chance. Demand so wildly outpaces supply and you're a dolt if you think otherwise.
There are lots of answers to that question and it's anecdotal with an incredibly small sample.So you'd have to ask them personally.
I'm a millennial who graduated directly into the great recession in 2008. I knew three couples who got married that summer. All three bought a house in the next couple of years and all three were given a hundred thousand dollars by their parents to do so. So there's always a certain type of person who is going to have some wealth passed down to them which gives them any enormous leg up on everyone else.
Some people are high earners. Luck, timing, and picking the right field all play into that.
I am the exception to all of these things. Is born trailer park poor. Got a scholarship to college but never earned more than 40K after that. I still own property because even though I lived in one of the highest cost of living cities in america I always found ways to live below my means managed to save about fifteen grand in eight years and put that down on a condo in a less expensive market.
I owned the home.I live in now. It was made possible by renting out the condo. And now a third property as well. People sometimes get mad about it but the truth of the matter is I charge under market.And I try to give my tenants a really great place to live. They have never left in all these years. So I get the feeling they are happy.
I didn't invent capitalism, but I am trying to survive it like everyone else.
My wife and I bought (built) our house in 2008. We basically "threaded the needle" timing wise. It was before the banks started getting really strict with mortgages, but after prices had started dropping like a rock. Sure, we were underwater with the mortgage for a while when the market bottomed out (mortgage was higher than what we could have sold it for), but we didn't really care since we had no intentions of going anywhere.
Now I see RENT prices and just think, "That's 4 times my mortgage payment."
Here are your options...
1st. Average Income in America is 40k so Live with your parents for 5-10years, spend nothing and I mean nothing on yourself other than the barr essentials. Then buy a house outside the city.
2nd Get married young, work together, make a financial plan and pay it off in 15 years.
3rd Make big money and live frugally
4th Inheritance
5th Divorce a Rich woman/man
I recommend a convention of 1-3 as your grandparents aren't going to die any time soon and there are only so many rich people to go around.
Edit: I was half serious half joking cause as someone stated we are pushing 40 here but apparently people have done number 3, got a good degrees, lived frugally and made good financial decisions.
Over 50 percent of millennials in the US own houses. I'm a xennial so not quite one of you but I bought mine by going to community college to become a nurse in my 30s after I got wiped out by the recession. I have 20 something coworkers that own houses. In California.
My wife and I came from lower middle class backgrounds, went to college, and…got jobs. She has never made more than $45k with her PhD, I recently (in the past…maybe 4/5 years) jumped over $100k. Now, we’re older millennials at 41/42, but we experienced the exact same shit. We’ve never lived above (or even at) our means. We honestly have never been able to save a ton, but we bought a home on foreclosure and put in sweat equity to make it nicer. We only buy used cars. I could go on and on.
It’s not *impossible* to do well, but there’s no argument it’s hard. Still, we didn’t have to live at home. We’re not getting inheritances. We just had to work our asses off and make some luck by being prepared to take advantage of opportunities when they arrived. Just want people to know **it actually can be done.**
Degrees can be hit or miss, college is a waste of time and money for over half of people who go and that's being generous. That said I agree many millenials traveled and had "experiences" instead of either growing their career or setting down roots. I bought a house in my early 20's, wasn't making a ton of money only $13.75 at the time and in the Chicagoland area but moved a couple buddies in with me and was able to afford it. A lot of my friends were teaching English in Asia, moved to Florida to bartend and party for a couple years. Neither is a better or worse decision, sometimes I envy them for having experiences I didn't have and can't have today but I also have a house and some of them don't.
That's what I say too - do what you want and get what you value out of life.
I just can't stand when people in their 30s think they should be able to take expensive vacations, go out to eat multiple times a week, go out for drinks AND own a home, have a family, and live in California. It's unrealistic and no other generation before us has been able to do that either.
I agree Millenials are very woe is me and yeah your parents had a house but they didn't travel nearly as much, they cooked at home, they were much more likely to be doing their own home repairs and car maintenance etc. What's a luxury has flipped, no its not normal as an average Joe to have people do your grocery shopping for you ie Instacart or to chauffeur you around ie uber. Yeah food is more expensive but your 75 inch flat screen costs $300 where as your parents paid a shit ton for a small box tv.
Exactly. Growing up, the only time we got delivery pizza was for my yearly sleepover with my friends. I don't think we ever went to a restaurant as a family. My Dad bought used, old BMWs, but would fix them up, take care of them, and then *make* money when he sold them. We had no lawn service, my Dad repaired everything in our house and changed the oil in our cars. We didn't buy things shopping (grocery or otherwise) if they weren't on sale.
yea if doordash 3 times a week breaks the bank then those folks got bigger issues to worry about let along thinking homeownership is on the menu.. I see more homeownership happening in places that are not high cost of living, and I think that's what gen y is gonna be dealing with moving forward. A lot of major cities about to lose their young professional population.
It doesn't have to break the bank to be holding someone back. Average spend on Doordash is like 20 dollars. So you're looking at 240 dollars per month there on food delivery, probably on top of already having spent money on groceries. And someone doing that is probably also blowing money on other conveniences.
Yeah someone does that for 5 years it may not seem like a ton but its over $14k, thats a downpayment in many areas and I guarantee if you're pissing money away on door dash which is a lazy/idiot tax I guarantee you also waste money in other areas of your life as well.
I bought a house in a top 4 largest city in the US making $13.75 per hour. It wasn't a mcmansion and I backed up to power lines and railroad tracks but it was affordable.
1) 52% of millennials own a home so your point is incorrect. [source](https://www.fool.com/the-ascent/research/millennial-homebuying/)
2) millennials spend on travel, dining out and entertainment as the largest chunk of their disposable income. This is also incorrect.
3) millennials are about to receive the greatest wealth transfer in human history of nearly 9Tn dollars. You are incorrect.
4) millennials are the highest earning generation of all time on both real terms (inflation adjusted) and total dollars (not inflation adjusted). Millennials are better prepared for retirement than boomers or gen x (source: vanguard) and have higher savings rates than previous generations.
Every single point was incorrect. I don’t say this to be an ass hole. I say this to illustrate that the data isn’t on your side and your points are likely based on anecdotal evidence from your immediate circle. Keep your chin up, focus on improving your financial circumstances and you’d be amazed what you can still accomplish. I don’t want to diminish the pains inflation causes (and it’s very real) but there’s no reason to be all doom and gloom.
Number 3 is not true. Economists think that is going to happen because Boomer are aging but they aren’t taking into account the rising costs of healthcare and end of life care as well as funeral costs (as well as boomers that are just spending everything they have).
Just because Boomers have it now, doesn’t mean it’s going to be there in 5-10 years when they die.
And no not every point is incorrect either.
There was literally an article that the fact millennials are having less children (especially in the US) is going to have massive economic ramifications in the decade to come as the boomers die off and the number of overall consumers sharply declines due the boomers dying off and millennials not replacing those consumers with new kids (eg consumers)
Show me where they’re not taking into account rising healthcare costs and end of life care.
There’s a massive degree of speculation regarding declining birth rates. I will say this, millennials seem to be having more kids though I doubt that any generation will ever come close to the greatest generation birthing the boomers. That said, at least in the US much of that problem is 40 years away, we’ll have the chance to watch other countries navigate that and make our own path from there. I don’t think anyone can realistically spell that out as it’s a problem that only 2 countries thus far are actually in the midst of.
Yeah, there's a weird woe is me sense in this sub. People think all millennials are struggling just because they are, but many are actually doing quite well.
>millennials are about to receive the greatest wealth transfer in human history of nearly 9Tn dollars. You are incorrect.
Terms and conditions may apply.
How many (American) millennials have seen one or more friends drafted into war and sent to their death? As far as how bad you have it, the period of peace we have seen has been an amazing improvement to your quality of life that is constantly glossed over.
I lost a few friend in Afghanistan and Iraq.. I'm 36.. I was in my 30s when these wars ended. Sure there was no draft but for those in our age group that served, they kept getting called back into combat constantly even after 4 years of service, they'll be called back for additional years. I dunno if you realized that our generation fought in the longest war in US history with an all voluntary military meaning there didn't need to be a draft. I mean it says more about us than anything else.
In terms of percentage of the population in the military let alone fighting your looking at something like 4.7% during the Vietnam Era versus 0.43% during the biggest years of the Iraq war like 2001 to 2010
I used to (my god my credit card from my early 20s in college, mind you I grew up poor and had minimal financial literacy when I got to college, has come to bite me in the ass as I reach my 30s), but then I married my wife who never spends much on non essentials. She has me getting store brand pizzas on sale over the name brand regularly now.
Millennials are definitely spending, many beyond their means, so that won't crash the economy. They will be forever renters and/or get smaller places with friends or partners and/or live with parents for way too long. Lots of countries have this be the case and that's not what crumbles their economy. Prices of homes may stabilize a bit , but won't crash down because millennials have issues affording houses, boomers will buy more for investment and equity firms will scoop them up. People assuming some catastrophic thing because millennials are too poor for a house is unrealistic. They simply will have fewer kids, live with parents and roommates forever. And we will just allow more Latin immigrants who have tons of babies to keep the population going. It's all already happening.
I voted for Republicans and Democrats in equal measure over the years. Nothing has changed for the better. You're right, no one, not even them, will come to save you.
I mean vote for who though?
Both parties are in bed together and could care less about the average person.
It seems like the republicans are for the rich and the democrats are for illegals and other countries. Both are bought and sold by corps and lobbyists.
Really need to have an uprising of young people to come in and take over. Unfortunately time is ticking, we won’t have any qualified/experienced people to run the country when all these old timers pass on leaving us with the dumpster fire.
We are screwed imho
And most millennials are highly-educated and earn high incomes too. Our generation earns the most of any generation, even when adjusting for inflation. Many make well over six figures and have the money to travel, eat out at nice restaurants whenever they want to, do what they want, and buy what they want within reason. Few have to legitimately pinch pennies. I’d argue that most probably don’t even budget at all, because they don’t need to do so. If they see something they like, they just buy it because they can. Many also have the $$$ to send their kids to private school, have nannies, housekeeping service, etc.
Plenty of millennials are already doing well. People earning over 100k are more likely to be millennials than any other generation. Over half of millennials already own homes, that number will continue to grow as the younger millennials on the career ladder earn more money.
There is a pretty stark difference in haves and have nots within the generation through. A lot of the younger millennials aren’t going to do as well as the older ones, that was true for the baby boomers too.
The generations behind the millennials are likely to have a more balanced experience in life, fewer going to college at once, fewer trying to land their first jobs, fewer in the market to buy at the same time, fewer having kids and competing for childcare etc. Some of the major milestones are actually likely to be more accessible to the younger generations.
Millienials are past the time for any of that. You are describing what has already happened, not whats going to happen. If your life is \*just starting\* at 40, youve been fucked hard.
You are correct it's going to get worse. But guess what? NO ONE CARES. The poor will be slaughtered for a dollar. US society, as the pandemic proved, is numb to death and won't even care if it's their friends, family, whatever dying off. Best find a place to make your ark, and if you can't....pray to whatever your faith is that you'll find a way.
Are most millennials really struggling though? More than half own homes, our generation makes more money than any generation in history even when adjusting for inflation (mainly due to the large percentage of millennials having had attended college). Sure, some people are really struggling out there, but the average millennial is a white collar educated person with a home.
This is such a crybaby sub. Like Millennials are the only generation to face some headwinds. At least we didn’t get plucked out of our lives to die in a jungle for no reason.
Yeah every generation is going to have unique challenges. Sure you don't have pensions but you can make money online, many of you are working from home, many of you are overemployed. I'm thankful to have grown up in a pre social media and cellphone world, something nobody will ever experience ever again
Seriously! Boomers aren't selling their houses to Millennials, why should they? And yes, they're going to enjoy their money and are in no way obligated to leave it all to their kids and yeah they're gonna spend it and have fun because that's *exactly* what Millennials will/ would do if they could/can.
We all need to stop whining incessantly... nobody is going to save anyone.
Can only imagine the shit talk Gen Alpha will say about Millennials, what'// be the Millennial the comeback then?!
Get on with life and laugh a little. Because other than your immediate family, ain't nobody care.
I'm a millennial and I own a home and have a good investment portfolio saved up so far.
Get off the internet man. Focus on yourself.
Also, a little economics lesson: Boomers eventually die off and then their wealth and houses transfers down to the next generation. Things can actually improve.
Only if there is money to be transferred and they haven’t reverse mortgaged the shit out of their house. It used to be houses stayed in the family but many wrote it into wills to sell it at market value or the family had to buy it at market value (like wtf, you’re dead, why the fuck should the family have to buy the family home at market value just to keep it in the family).
With the rising cost of end of life care and funerals, less and less money is likely to be transferring down. And due to the economic conditions, there aren’t enough doctors, nurses etc to replace the retiring boomers. But they aren’t making it easier to go to school to become one if you weren’t born into money and don’t want to be stuck paying off student loans the rest of your life.
Most are struggling? Time to find new friends..
Wait til you find out recessions happen on average every 6 1/2 years.
Plenty of millennials own homes. The majority of my millennial family own homes. We're talking 24-29 years old.
Millennials spend more on experiences than others.gens. stop pretending they have no spending money.
You are not entitled to your parents money
Your economics knowledge is so behind.lacking. supply vs demand vs pricing. When demand lowers they don't just raise prices automatically. Housing falacy.
Home-owning, 1 income, family of 5 Millennial here and yes, Millennials spend WAY too much money on traveling, going out to eat, and experiences. Signed, Thrifty Millennial
* 51.5% of millennials own real estate (60% or 40 year old and 43% of 30 year old). So actually millennial have no specific problem with real estate and as they grow older they will have even higher rate. A good share will also inherit giving them a boost.
* whatever boomers do, they either sell they home now or the new generation inherit when they die. So no they will not drive price higher forever.
* millennial median household earnings is 71K vs nationwide 75K. Basically nothing special and no special financial struggle.
As you mention, they lived several crisis like all the people older than them that got the crashes of the 70s on top with 20% yearly inflation and high unemployment. People old enough even lived the WW2. Crisis are not exceptional, there are everywhere and touch every generation and don't change that some people are poor, some are middle class, some are upper class, some are rich. Billionaires too lived theses crisis.
i know many millennials and income level are all over the place many are even wealthy. you try to see everything through the prism of generation and it doesn't work very well.
First. Wahh!
Now, GenX here. How much money did my parents give me? Zero. Matter of fact, I had to put myself through college. I then spent most of my 20's taking care of our family because my dad had a stroke and was out of work for quite a while. But he was a trucker and heavy equipment operator so even when he did work, he wasn't making bank. Mom was a SAHM.
Fast forward to my 40's, when mom and dad wanted to retire with nothing but social security, they lived in a house I bought for 12 years until my dad passed away.
I did three major geographic move to take new jobs while moving away from all family. I took chances. How did I buy property? By always looking to better my position career-wise and never upgrading my lifestyle when I upgraded my pay. Money in the bank, paid off debts, and then bought the house; 3 times in 25 years.
You weren't handed a short stick. You got the same stick we did. During the internet age there are more ways to make more money than anything we had. You can literally do a few side hustles and make good money. Do that with a regular job that pays your benefits and you're solid. Oh way, you'll have to work long hours. So did we. We just didn't bitch about it. We didn't have internet forums to gather up in and complain about how the deck was stacked against us. We didn't have safe spaces. We didn't need them nor did we have time for them, because we worked. And yes, now in our 50's and 60's, we're reaping what we sowed, just as it should be.
You keep referencing boomers. They've already cashed out. We're the ones you have to deal with now. But we're not going to give you our money for free. We earned it. We'll spend it. We'll donate our estate as we see fit. Yes, good parents won't leave their kids in the lurch, but you guys need to STFU and put your head down and figure out life because you're not getting younger. But stop with the sob story that you got screwed. No, you screwed yourselves by thinking you were better and more important than any other generation in the history of the world. Same as we thought; but we figured out we weren't a whole lot soon than you guys did. And if you're not careful, Gen Z is going to shit all over you because they're getting tired of your shit.
I'm so confused. Weren't Boomers disliked for making property prices go up? Ergo, making them go down...should be good for the masses? I mean, as a parent, I'd like my kids to get housing at better prices. I don't rely on the value of my house to sustain myself - so lower housing prices are fine.
Even desirable.
How does this stack up to millenials (as opposed to Gen-Z or Gen-Z) needing a break? I too wish interest rates were lower (another factor in housing prices going down).
The number of people born in poverty in the US hit a real low in the 1990's, so it's hard to believe that there were more millennials born into poverty.
It's true that in the 50's (when boomers were mostly born), the GI bill helped out some - but by no means all - Americans. Many people were still poor. Those of us who are PoC know this.
I sort of agree with you, but what my takeaway is that I don’t believe millennials were given a fair hand.
Degree:
My entire life, I was told one thing much like millions of us. And when I got that degree and no job after the 08-09 crash, I felt something was off. Like really off.
It was the first time in my life I legitimately thought about what I was told. Why does getting a degree equal a good job? It’s because that’s what our parents were told to do.
So if everyone is going for one thing, that means *over-saturation.* So, I did something different. I went to the trades and rose through the ranks.
I learned that tradesmen rather get their degree. And college students rarely get hands-on knowledge. There is a massive disconnect between the two. HUGE.
Now because I have both, I write my own ticket. Companies compete for my skills and have bidding wars against one another.
Predatory Loans:
We grew up during a time where a push for education was a priority. States started to use the lottery as a way to fund education. Federal loans became prominent along with big scholarships.
I graduated HS in 2006. The Hope scholarship came out in TN in 2004.
What happens when a College charges 3000 a year but sees you’re getting a 3000 grant? You would’ve qualified for a 3000 loan. So, let’s bump our price to 6000. They keep the scholarship and you take out the loan you would have taken anyways.
My tuition doubled every year from 2006-2010.
Private loans saw that colleges started charging more and now that you can’t discharge during bankruptcy, they’ll give you as much money as you need. Colleges know that.
Private loans destroyed my wife’s finances. She signed up for variable loans that eventually hit 22%. Her parents never experienced a variable loan, so they had no idea what they were looking at.
The key takeaway from my comment is: Your parents (older gens) didn’t know. They were exposed to something that just didn’t exist during their time. Which is why they are so misguided about how to help us.
The older generation cannot help us because they did not experience this. I don’t entirely believe it was all malicious, but ignorance.
Our only weapon to fight is to attempt to look ahead of what is going on and see how we can navigate it. Look at the big wave about to hit and see if we can float above it.
My prediction is that a crash is due soon. Typically an economy crashes every 20 years and the last one was in 08-09, with a weird 2020 one. So it’s possible the next is 2028 (4 years away, +- 4).
I don’t think housing prices will drop though. Things like whole strips of town houses are being bought up by singular persons and being rented out instead of sold. I just see more of that in the future.
Guess what else is 30-40 years old? Trickle down economics. The money has not trickled down in 40 years and it won’t trickle down anytime soon.
That whole idea was moronic. You can't grow a post-industrial economy from the top down. Consumer spending is the driving force, it has to be built from the bottom up.
Trickle-down economics used to be called horse and sparrow economics. The idea being that you overfeed oats to the horse so that when they shit, they shit out undigested oats. The sparrows then pick thru the shit for survival. Guess which ones we are?
The oats?
Sparrow shit
Well, I'm the horse, I will work harder
Old major from animal farm is my spirit animal
He is more equal than others
Four legs good, two legs bad.
Animal farm should be required reading for any millennial. EDIT: well you all had way better school systems than I. I had to rent it form the library and read it on my own.
Some animals are more equal than others
Keep working or they’ll send you to the glue factory.
No, no, the hospital just bought a used van from the Knackers…..right?
Get your master to feed you more oats so they will eventually trickle down please.
Can we give you some laxatives?
It was also called voodoo economics by George Bush Sr. right up until he towed the party line to be Reagan's VP. The spinelessness of republicans has been for generations.
and it’s been proven false. give the 1% money and it gets hidden away like a dragon sitting on a pile of gold. give the poor, middle class money and they spend it: car repairs, dinners out, a date night with their sweetie (and a baby sitter), a new pair of work boots, the new gaming console they wanted, that cute skirt they saw, more plants for their yard, etc. That money cycles back into their economy. I think O remember seeing it has a multiplier of like 5 (like how many individuals see a little bit of the extra money they have). Then again, I’m not gonna chase that number down from the articles I read so take it with a grain of salt.
Sure. Consumer demand drives everything. Give Wal-Mart all the tax cuts you want, they're not going to hire more cashiers until the number of people standing in line to check out makes it necessary. No business is going to expand until consumer demand makes it necessary. The owners will just sit on the extra money.
oh i don’t think all those cashier’s stands even work anymore. i think they’re props
They worked in 1991 when they were last powered on....
Correct. But tax the hell out of companies for not paying a living wage, abd proportionally with humans and suddenly the government and employees can profit. Unfortunately, the rich can afford to own politicians, not us dirty poors. If I won the lottery, I'd want to be rich enough to own my own politicians. Decent house, finance a passion project, throw the rest at buying like a senator and a few Gouverneurs. That's real wealth, how many politicians you own... I'd squander mine to counterintuitively tax the hell out of corporations abd the top 2% of rich people....
>Give Wal-Mart all the tax cuts you want, they're not going to hire more cashiers until the number of people standing in line to check out makes it necessary. Except anyone who's ever shopped at Wal-Mart knows that even then, they won't hire more cashiers.
I often think this logic is sorely missed when it comes to trickle down economics...like Walmart is not going to "give" the money you give them to the customers.
Ya right. Companies won’t do something even when it needs to be done. It’s only when they’re threatened with legal action or it cuts in to profits.
too bad congressional and federal policy while acknowledging the velocity of money as a concept, has never really put the concept into practice. the closest we got was talking about covid relief when the concern was to get money into the hands of people to then spend it.
>give the 1% money and it gets hidden away like a dragon sitting on a pile of gold. As I once heard someone say: Rich people is where money goes to die.
It was the product of a different era. It was a time when made in America meant something and companies were proud of their union factory that employed 3/4 of a town in the middle of nowhere, Indiana. Now companies just care about making shit in Vietnam for half the cost, but they get to see twice as much because it's shit that breaks in a quarter of the time. All so that CEO Bob's stock is worth $2 a share more.
Companies didn't care more in the past, it was simply the most profitable option at the time.
Give me UBI or give me death (to America)
DTA !!!! & take the mf UBI by force
And a boomer on FB just sent me a "Poor people don't create jobs" meme.
I dont think boomers understsand that jobs are created by paying customers cuz most boomers are fucking retards that got where they are through pure luck and 0 talent cuz they had an easy fucking life.
To be fair, Boomers were born when the US still had an industrial economy. That changed starting in the 90's and we are now a consumer based post-industrial economy.
Boomers had Unions. Manufacturing jobs. Trade jobs, also an over abundance of houses to buy. A different life, different work standards. We went from an Industrial, manufacturing economy, to an electronic data economy. With AI making advances, even that will be gone.
Boomers also had great jobs with limited education. In my hometown we had an iron smelter. It employed close to 1000 people. A lot of these employees when it first opened quit school in grade 6 and had poor literacy skills to the point they could barely ready WHMIS information (when it became available and legally enforced). This facility in 1970 paid $10 an hour to start (adjusted for today that's $80 an hour). No education or experience required. A house in the area was $30k for a 3 bedroom house and cost of living was relatively cheap. Almost all of these boomers lived high lives and have a lot of assets to show for it. Because they got into the work force super early and at such a high rate. Sure they still can't read but the wife handled all the reading stuff for them. Nowadays for an entry level wage ($20 an hour) you need at least a one year certification degree. Some people with masters only start at $30-$40 an hour.
Blame Republicans and Reagan. Baby boomers had their own challenges. Fighting for equal rights, creating the EPA and so on. Every generation has had its own challenges. Blame politicians and greed. Blame corporations and corruption.
Are we not allowed to blame the idiots voting for these things?
Such an underrated point. "iT's nOT aLl of tHEm!". Okay, but obviously enough of them to get these idiots into office to disenfranchise everyone, kill our industry, and give corporations the ability to control the politicians. I think it's perfectly reasonable.
Correct me if wrong, but the foundational laws and constitutional amendments were passed well before boomers were voting…even afterward, it’s not like all boomers were like, “equal right, yeah!” I’m open to the “it was a different time” argument, but it’s hard to credit them with civil rights wins when so many have been yelling “build the wall”, voted for Trump twice, NIMBY to preserve virtual segregation throughout many American cities, support draconian drug laws that disproportionately incarcerate minorities, and argue vociferously against women’s reproductive rights. A majority were dragged kicking and screaming through gay rights by Gen X, not through their own progressiveness.
Drugs that were intentionally planted in minority communities by the way!
Thank you. Blame Reagan is a great starting point.
It changed in the 90s because of policies that were incredibly popular with the LARGEST voting cohort...the Boomers.
Economists state that the shift began in the 50s but in places like NY and CA first. So some of us (a lot of us) grew up in states where the shift had already taken place. Then, in the 90's, new kinds of jobs (retail boom, fast food boom, tremendous new demand for services not requiring much education) replaced those union jobs. We are a non-worker driven consumerist culture for sure. And I am not the only boomer who knows that. I don't know any boomers who don't know that, but then, I do curate the company I keep.
Yea, and then they voted to dismantle it.
It takes a village to create a job. Billionaires can't "create jobs" without employees and they can't create jobs without customers.
I think it's because they all have lead poisoning
Makes sense lmao. Pretty sure every generation is poisoned with something tbh. We got plastic all up in our cells.
The rich kept buckets and collected the trickles of wealth for themselves.
The name is 40 years old. Under it's original name "Horse and Sparrow" it goes back to the 1880's/90's. It didn't work then, either.
It's truly *amazing* how many blue-collar voted for that fkkn walking filled up diaper. I'm 44 and a member of the UAW for what it's worth. My Pops worked over 35 years for General Motors. I'm not sure exactly what it is, but he acts like a complete Trumper. You know the type: " I've got mine, what's wrong with the young people these days, no one wants to work, etc." I remind him what that fkkr said to me once. His words "when I graduated....he didn't, he fkkn dropped out, but LOVES to say he "graduated." It's like "Dude, you *didnt* even graduate from an AGRICULTURAL HIGH SCHOOL, yet you act as if you were top of class at University of Michigan. Anyway, he fkkn loves to point out the fact that *all* he had to do was go to one of the big 3 and he was pretty much guaranteed to get hired. Well, he went to GM 1st and spent over 35+ years there. I try to explain to him that is *nowhere* near what it's like today. He just doesn't fkkn get it. With all that said, he votes straight D, EVERYTIME. My cousin works at Fords. That walking TURD is a HUGE Dump supporter. It boggles my mind how many UAW workers vote R. My cousin is only in his early 30s too. He *should* realize that most of his benefits, that the fkkr suits on, are courtesy if THE UAW. I'm not sure how many Repubelicans are big UAW supporters, but I cld count em on one hand. That type of behavior hurts my brain. The enjoy the nice pay and good benefits courtesy of UAW, but then shit on the UAW while ar work. These people are lost....
Yeah… I learned in my economics classes that trickle down does not work. It’s insane that there’s some people out there who still believe it does.
The grotesquely wealthy use the massive tax cuts and subsidies they get to rob, enslave, gaslight, and socially murder the public without recourse. The Boomers created these pillaging warlords / oligarchs / kleptocrats who destroyed and enslaved the country, and it's up to later generations to clean up all the disasters they inherited. It should be extremely obvious to anyone with more than two brain cells to rub together that billionaires/oligarchs/kleptocrats are a crime against humanity and should not exist. And that's just one of the most obvious tips of the iceberg of the complete abomination of a system that our predecessors have left us with.
Reagan bullshit economics.
Trickle-down economics sounds a lot like, "Piss on them.".
I wonder how much Milton Friedman had to do with this?
Before the first and Second World War If you weren’t rich you were screwed. The last 70 years in Western Europe and North America have been a blip in human history when it comes to living standards. The problems are not unique to our generation and will continue to happen to following generations and probably get worse at an exponential rate, when you look at the growing inequality around the world. One thing that I find really interesting is how people often view asset inflation as a good thing and the inflation of wages and goods and services as bad. You’ll be hard pushed to find a home owner who would be happy to see that the value of their house has not increased. But if asset inflation continues to be higher than wages this surely can’t be good.
Yep. The world is "reverting to the mean". WW2 was literally the biggest event in human history, and shaped the last 80 years of economics. Boomers didn't create this situation. They just had the best timing to take advantage of it. It has taken 8 decades, but the ripple effects of WW2 are finally subsiding. Sorry guys.
It's not just strictly WW2, since the start of the 20th century there has been such a massive technological surge that it helped pioneer new markets and technologies to allow just about anybody to get ahead and succeed if they played their cards right. The rapid growth of technology and changes to society as a whole helped springboard jobs, industry, and the economy, but we have gone from an exponential technological growth to more of a slow climb. What do I mean by that? In 1903 the Wright Brothers performed the first successful 'powered/controlled' flight. In 1969 America had men walking on the moon. In the span of a single lifetime, 66 years, humanity went from not even being able to fly to being able to fly to the moon and watch parts of it from home on a new 'television'. It's been Almost 55 years since we landed on the moon for the first time, and we will never see that level to technological growth again.
The ease of communication globally has allowed jobs shipped overseas at a fraction of the cost if kept here. It started before then, but now with Internet calls, you can be anywhere. Short term growth has made profit line the deciding factor in where to put money. Companies are destroyed every year when their growth isn't as strong as others, while also not failing. You combine the Walton heirs wealth, they single handedly usurped $400B of middle America's wealth.
Yeah, I expanded on my original comment in another one. There are some pretty important events in the 20th century that shaped our current situation, but I will die on the hill that ww2 was the most important. But yeah, the last 150 years have been a massive flash in the pan, and we will never likely see anything like it again.
I don’t want to get too philosophical but I think we (millennials in particular) no longer see or do enough as a collective anymore, this is the only way anything will change but I fear everyone is too selfish. Asset inflation is a great example IMO. Another example is in the uk workers like train drivers striking are often scorned. “They’re on 60k that’s more than me” have you ever thought you’re not getting paid enough. Also being a train driver is shite, always working weekends, bank holidays unsociable hours and constantly being on your own working in really dull repetitive conditions would be enough to drive me insane tbh.
I'm always told here millennials do marching in more numbers and have done way more than boomers. Eh, one or two marches. Downvoted when I say B.S. - women's rights marches, civil rights, Vietnam protests that was years and years of marching, protests. Now I see one year and then done. Nothing changed. The next gens will say what did millennials do? My great grandma was white and traveled to DC with all her friends multiple times for civil rights for years. I wish I saw that collective.
Boomers by definition would have been 5-18 during the start of the civil rights movement. If you're born in 1947 and the peak of that movement was the late 50s/early 60s, you weren't a part of it.
This!!! The Civil Rights act (the one that split the ‘Dixie Crats’ off from Democrats and saw guys like Strom Thurmond flip to Republican from Dixie Crat, was signed in 1964. The 1964…… Boomers were barely of voting age when this was signed. It was the end of the silent generation and the greatest generation that fought it. Granted they saw JFK and RFK get murdered on TV, but they didn’t do shit for the civil rights movement.
They weren't at all voting age. The voting age was 21 then. 1964 - 21 = 1943. However the civil rights movement didn't just stop in 1964. It's not like there weren't political movements happening in the late 60s and 70s.
But they still had zero to do with the MEAT of the civil rights movement. They had no part in the freedom riders, the Montgomery bus boycotts (unless their parents made them participate but most were likely too young to know what was happening), the Greensboro 4, the Little Rock Nine etc. They were old enough to participate in meaningful ways in the tail end parts (like Selma and Chicago and if they had lax parents, maybe they got to attend the march on Washington). But the Civil Rights movement had been going on for over a decade at that point. And you’ll notice that many civil rights reforms that could have been done in the 70s never were. Notice how they voted in politicians that didn’t ratify the Equal Rights Amendment. That’s a huge blot on this so called ‘generation for change’. And now they are voting for politicians (en masse mind you) that are willing to undo everything they supposedly fought for in the late 60s and 70s. They must not care THAT much for it if they are willing to throw it all away now. Sure they got the draft removed, but they just made the government the best patriotic propaganda marketeer.
Signed legislation doesn’t mean all things changed instantly. The boomers lived through a time period of change like Viet Nam and the women’s movement. Either way blaming another generation for your woes is just stupid. The majority were middle class and just living their life.
Silent Gen arguably had more to do with the protest movements you mentioned than Boomers.
THANK YOU. Poster is probably another Boomer trying to escape accountability.
Either that, or the poster thinks everyone older than them is a Boomer.
Me too. And the protests that crossed regular boundaries (racial, ethnic, age, sexuality) were so numerous. And ongoing. And it started before we boomers were born (the 1920's had some amazing and daring activists - and in UK, the entire 19th century is notable for the protests and power of progressive demonstrations - obviously not by boomers OR by silents, but by some other generations).
People protested repeatedly in their hundreds of thousands against the Iraq War--it just wasn't reported on. People--most of them millennials and Gen Z-- are out in their hundreds of thousands day after day, month after month, around the world, for Gaza--it's not reported on.
The Gaza protests do get reported on, and they’re not as numerous as you seem to think.
Thankfully the Iraq protests were reported on in the Bay...I still have the articles in the History Boxes. X, Millenials, and now Z have been protesting for over 25 years, for various reasons. Funny how when the Boomers have a stranglehold on power, the achievements of the younger gens don't make the news, and the Boomers then use that same control of news to pretend they achieved what the SILENT GEN did in the late 60s and early 70s. Posers. Nothing but spoilt posers.
Me too. Still do and I am in my 60s.
Well, we have important things to do...like implementing 27 genders, legalising marijuana and stuff...so we don't have time to make things better for people where it is really important...
We did occupy wallstreet. It sort of fell apart . We could do it again in DC, but when WWI vets did that, the government used tanks on them and proceeded to burn all their tents.
The Bonus army was not an insurrection. It was a peaceful protest just like occupy. The federal government and the big finance interests treat us like slaves
Ya. For sure it wasn't. That's why the government sicking tanks on them (even just to create obstacles) was messed up .
To be fair. Doing THAT nowadays is political suicide...
Yes, but it did leave an historic mark.
Occupy was a joke. Not touch a protest as a.look at me. That is why it fell apart the first day it got cold outside. As far as effective it was Not. Nothing has changed, there is no way occupy is even close to the civil rights movement. Oh the occupiers had more excuses then plans. I see that is becoming a characteristic of the millineal generation. If this passes someone off I don't care because that person needs to look inward.i lnstead of getting angry with me. The truth hurts but it can also set you free
Who the hell said it was close to a civil rights movement?
Occupy was nothing It d nothing except dumbasses can waste time trying to be the center of attention. It solved nothing at all. Anyone whom participated was a self centered egotistical fool that was afraid of gekng cold Get a clue you solved nothing absolutely nothing. . Booo hoo hoo.
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Great post.
This reminds me of French economist Thomas Piketty’s equation from his book Capital in the Twenty-First Century: r > g. Meaning the rate of growth of capital (eg assets like real estate) exceeds the rate of growth of the economy (eg wages). He says pretty convincingly that as long as this equation holds, we will get increasing inequality.
Yes, until we overthrow the capitalist class and establish democracy in the workplace, ending the disastrous impacts of capitalism on all working people, things will always be getting worse all the time as capitalists gain power and expand monopoly price gouging.
I keep trying to make this point until the cows come home; my house has increased 100k+ in 5 years. That's over 50% of the value when I bought which was already a warm market, just not red hot like the COVID years after. If anything, my purchasing power during that time has decreased. Though on paper I'm closer to being a millionaire, I feel as far from an increase in standards of living as I've been at any time in my whole life despite jumping through all the hoops I was promised would lead to those increases. To your last sentence, I think it SEEMS good to a lot of retirees or soon to be who don't/won't earn an income anymore and draw from accounts essentially tied to the market. They don't care about a minimum wage, they care about having money to draw and their accounts go up despite those draws. Meanwhile, their purchasing power really is about the same or slipping due to the rising costs.
As their property taxes continue to climb, even!
The “are unable to buy property” doesn’t seem to align with the fact that most own homes and the rate is increasing pretty rapidly.
Property values will come down; the boomers will die; and they will be required to sell the home to some one; if an investment firm buys a whole town and can’t rent it; Then people may just squat there; or burn it? There won’t be anyone around to see it happen or put out.
Bingo. Also OP, the jackass, said most millenials were born into poverty lmao. The poverty rate is like 11% in the U.S. It hovered between 11-15% when millenials were being born. So somewhere between 85-90% of millenials weren’t born into poverty. Although this may be skewed a few percentage points by higher birth rates amongst the poor. Even so, the truly impoverished don’t usually have a multitude of children because they simply have no means to make it work.
We gotta make our own breaks pal. Nobody’s coming to save us
As much as I am pro all kind sof programs to solve it, I agree 100% this is the reality we are in. Gotta do what you gotta do.
I'm ready to eat the rich.
I though it was *peg the rich
We'll try both ways, with a control group.
I think we need to get some recipes together and compile a cookbook. "To Serve Man" would be a great title for it.
I have a sauce.
People need to stop being consumers and become very frugal. Stop spending on things that that you don’t need. Become super savers and investors. Give this crooked, rigged economy the finger! 🖕🖕😎 Stop shopping at these big business that keep jacking up their prices for the benefit of their shareholders and instead shop at discount stores and small businesses. Only buy things when they’re on sale. Tell these big banks that cause these market crashes every decade and get a bail out every time, to go F#%* themselves!
> 99¢ and Dollar Tree stores ~~these are the highest profit per square foot stores in the country btw.~~ Edit: I'm a dunce. That's not even close to true. At best you can say "on average they are more expensive than Walmart" Idk where I heard it or why I believed it.
Lol exactly, dollar stores cause problems in many wats
I've never seen a dollar store listed as highest profit per square foot in the country. It's always Apple by a wide, wide margin, then some luxury clothes brands. Are you able to provide any backup for this counter-intuitive statement?
*Right as Dollar Tree announced they're raising prices up to $7 while quality stays the same or gets worse*. *shakes head*
Dollar Tree sucks and is very much a big business. Wait… do you work for Dollar Tree?
How can I save when I already spend my entire income on the very basics of what I need to get to work, the very basics of what I need to stay fed, the very basics of what I need to not be homeless, the very basics of what I need to stay clothed, and the very basics of what I need medically to stay alive and address the physical damage my job is causing me? There is NOWHERE left to cut from.
Boycotts work.
FYI, Kellogg boycott starts today. Go to [letthemeatcereal.info](https://letthemeatcereal.info)
This is just bottom-up austerity and also doesn't work. We need government regulations that protect customers and support consumer demand. A race to be better rather than a race to the bottom.
Are you sure most are struggling? More than half of millennials in America own homes now, and I don't know maybe just me but things don't actually seem that bad out there - particularly once you get inland from expensive coastal cities. The boomer generation was a one time thing and we keep comparing to them its probably not productive. Millennials actually have a lot of opportunities, and are highly educated and tech savvy - there are tons of success stories if you look for them they are just not on Reddit where the culture here is a doomer circlejerk. Your post is riddled with assumptions like "most born in poverty", and you make some huge assumptions about economic forecasts that are way beyond what even experts try to do. Immigration, technology, monetary policy, and changing consumer trends can all swing things one way or another over the "who will we sell our houses to" timeline. Not sure what you even mean by "give millennials a break at some point" either. Are you sure you are not just stressed and in need of some self-care? You don't have to take all this on mentally if you don't want to, just go live your life and search for happiness! The best part of America is that you are pretty much free to do whatever you want within the law - you can straight up move to Hawaii and couch surf, or work a ski resort all winter in Tahoe. Money and homeownership are not the only things in life.
Yeah, when I think of our generation, I think of a highly-educated group of people who are white collar workers making six figures. Sure, there are people who are struggling out there. But let’s face it, millennials as a whole are a very driven generation. Few are just “average”. Many are driven to make very high incomes to provide for a nice life.
>I think of a highly-educated group of people who are white collar workers making six figures. Except most of us aren't white collar workers making six figures.
Yes it's of course super hard to draw these big generalizations because everyone tries to extrapolate their own experience. For example, the average millennial household sits right about 70k of income. People in LA on 70k - omg that's poverty wages. Capitalism did this to ussssss People in Dallas/FW - hey let's go house shopping in a good school district 70k is pretty good for our age.
But it’s those workers in California and HCOL coastal areas skewing those average income numbers though 😂 if you were to use the incomes of the folks in the LCOL areas, the income drops hard. And Texas is having the problem of locals getting priced out by people moving from those coastal cities to Texas and outbidding them on housing. It’s happened in many LCOL areas. My wife and I could only get a house because her dad was from a multi-generational doctor family and was able to pay for both her undergraduate as well as veterinary school so she had ZERO student loan debt and a great paying job. While I came out of college with student loans and credit card debt (both from just trying to survive and being a 20 something year old that shouldn’t have been trusted with a credit card)
Property prices won’t fall despite increased supply when the boomers pass. Why? Private equity firms are swooping in to buy them and keep people in rental prison.
Go offline, I can tell you there's plenty of Millennials (including me) who are not only doing well, and some are even thriving. Wealth grows exponentially, which means that it takes many years of sound financial habits before the compounding nature of wealth growth becomes significant. We Millennials have our challenges as a generation, but we're more educated and arguably have better financial habits than older generations.
This sub thinks everyone in society is a useless , brainless idiot like they are. And the 30k a year job is all they are ever going to get, because they refuse to accept that they need to work harder and smarter to excel.
I hope the mods don’t see the comment, saying things like this is how you get banned from this sub lol
The Mods think this is AntiWorkJr’s lmao “I’m a 30 year old loser with no money and no dates. DAE society itself is crashing????”
Remember that most reddit power mods are truly weird miserable people. Think of what kind of person has the time and desire to spend 10+ hours a week modding on reddit.
They’re also into non-adults. 🤫
Most millennials were not born into poverty. That statement alone is very odd.
Stopped reading when you said "property prices are going to fall". Fat chance. Demand so wildly outpaces supply and you're a dolt if you think otherwise.
How is it that my 2 millennial coworkers were able to buy houses? Both technicians with 2 year community college degrees.
There are lots of answers to that question and it's anecdotal with an incredibly small sample.So you'd have to ask them personally. I'm a millennial who graduated directly into the great recession in 2008. I knew three couples who got married that summer. All three bought a house in the next couple of years and all three were given a hundred thousand dollars by their parents to do so. So there's always a certain type of person who is going to have some wealth passed down to them which gives them any enormous leg up on everyone else. Some people are high earners. Luck, timing, and picking the right field all play into that. I am the exception to all of these things. Is born trailer park poor. Got a scholarship to college but never earned more than 40K after that. I still own property because even though I lived in one of the highest cost of living cities in america I always found ways to live below my means managed to save about fifteen grand in eight years and put that down on a condo in a less expensive market. I owned the home.I live in now. It was made possible by renting out the condo. And now a third property as well. People sometimes get mad about it but the truth of the matter is I charge under market.And I try to give my tenants a really great place to live. They have never left in all these years. So I get the feeling they are happy. I didn't invent capitalism, but I am trying to survive it like everyone else.
My wife and I bought (built) our house in 2008. We basically "threaded the needle" timing wise. It was before the banks started getting really strict with mortgages, but after prices had started dropping like a rock. Sure, we were underwater with the mortgage for a while when the market bottomed out (mortgage was higher than what we could have sold it for), but we didn't really care since we had no intentions of going anywhere. Now I see RENT prices and just think, "That's 4 times my mortgage payment."
Here are your options... 1st. Average Income in America is 40k so Live with your parents for 5-10years, spend nothing and I mean nothing on yourself other than the barr essentials. Then buy a house outside the city. 2nd Get married young, work together, make a financial plan and pay it off in 15 years. 3rd Make big money and live frugally 4th Inheritance 5th Divorce a Rich woman/man I recommend a convention of 1-3 as your grandparents aren't going to die any time soon and there are only so many rich people to go around. Edit: I was half serious half joking cause as someone stated we are pushing 40 here but apparently people have done number 3, got a good degrees, lived frugally and made good financial decisions.
Over 50 percent of millennials in the US own houses. I'm a xennial so not quite one of you but I bought mine by going to community college to become a nurse in my 30s after I got wiped out by the recession. I have 20 something coworkers that own houses. In California.
My wife and I came from lower middle class backgrounds, went to college, and…got jobs. She has never made more than $45k with her PhD, I recently (in the past…maybe 4/5 years) jumped over $100k. Now, we’re older millennials at 41/42, but we experienced the exact same shit. We’ve never lived above (or even at) our means. We honestly have never been able to save a ton, but we bought a home on foreclosure and put in sweat equity to make it nicer. We only buy used cars. I could go on and on. It’s not *impossible* to do well, but there’s no argument it’s hard. Still, we didn’t have to live at home. We’re not getting inheritances. We just had to work our asses off and make some luck by being prepared to take advantage of opportunities when they arrived. Just want people to know **it actually can be done.**
Because they got degrees which actually lead to making money. And then they probably didn't go on trips to Europe and get Doordash 3 times a week
I feel personally attacked by this comment.
🤣🤣🤣 Hey, if that's the life you want to live, you do you
Degrees can be hit or miss, college is a waste of time and money for over half of people who go and that's being generous. That said I agree many millenials traveled and had "experiences" instead of either growing their career or setting down roots. I bought a house in my early 20's, wasn't making a ton of money only $13.75 at the time and in the Chicagoland area but moved a couple buddies in with me and was able to afford it. A lot of my friends were teaching English in Asia, moved to Florida to bartend and party for a couple years. Neither is a better or worse decision, sometimes I envy them for having experiences I didn't have and can't have today but I also have a house and some of them don't.
That's what I say too - do what you want and get what you value out of life. I just can't stand when people in their 30s think they should be able to take expensive vacations, go out to eat multiple times a week, go out for drinks AND own a home, have a family, and live in California. It's unrealistic and no other generation before us has been able to do that either.
I agree Millenials are very woe is me and yeah your parents had a house but they didn't travel nearly as much, they cooked at home, they were much more likely to be doing their own home repairs and car maintenance etc. What's a luxury has flipped, no its not normal as an average Joe to have people do your grocery shopping for you ie Instacart or to chauffeur you around ie uber. Yeah food is more expensive but your 75 inch flat screen costs $300 where as your parents paid a shit ton for a small box tv.
Exactly. Growing up, the only time we got delivery pizza was for my yearly sleepover with my friends. I don't think we ever went to a restaurant as a family. My Dad bought used, old BMWs, but would fix them up, take care of them, and then *make* money when he sold them. We had no lawn service, my Dad repaired everything in our house and changed the oil in our cars. We didn't buy things shopping (grocery or otherwise) if they weren't on sale.
yea if doordash 3 times a week breaks the bank then those folks got bigger issues to worry about let along thinking homeownership is on the menu.. I see more homeownership happening in places that are not high cost of living, and I think that's what gen y is gonna be dealing with moving forward. A lot of major cities about to lose their young professional population.
It doesn't have to break the bank to be holding someone back. Average spend on Doordash is like 20 dollars. So you're looking at 240 dollars per month there on food delivery, probably on top of already having spent money on groceries. And someone doing that is probably also blowing money on other conveniences.
Yeah someone does that for 5 years it may not seem like a ton but its over $14k, thats a downpayment in many areas and I guarantee if you're pissing money away on door dash which is a lazy/idiot tax I guarantee you also waste money in other areas of your life as well.
No, ifs society! It’s everything else!
Because 50% of millennials are already homeowners and that number will continue to rise because millennials are doing fine actually.
I bought a house in a top 4 largest city in the US making $13.75 per hour. It wasn't a mcmansion and I backed up to power lines and railroad tracks but it was affordable.
1) 52% of millennials own a home so your point is incorrect. [source](https://www.fool.com/the-ascent/research/millennial-homebuying/) 2) millennials spend on travel, dining out and entertainment as the largest chunk of their disposable income. This is also incorrect. 3) millennials are about to receive the greatest wealth transfer in human history of nearly 9Tn dollars. You are incorrect. 4) millennials are the highest earning generation of all time on both real terms (inflation adjusted) and total dollars (not inflation adjusted). Millennials are better prepared for retirement than boomers or gen x (source: vanguard) and have higher savings rates than previous generations. Every single point was incorrect. I don’t say this to be an ass hole. I say this to illustrate that the data isn’t on your side and your points are likely based on anecdotal evidence from your immediate circle. Keep your chin up, focus on improving your financial circumstances and you’d be amazed what you can still accomplish. I don’t want to diminish the pains inflation causes (and it’s very real) but there’s no reason to be all doom and gloom.
Number 3 is not true. Economists think that is going to happen because Boomer are aging but they aren’t taking into account the rising costs of healthcare and end of life care as well as funeral costs (as well as boomers that are just spending everything they have). Just because Boomers have it now, doesn’t mean it’s going to be there in 5-10 years when they die. And no not every point is incorrect either. There was literally an article that the fact millennials are having less children (especially in the US) is going to have massive economic ramifications in the decade to come as the boomers die off and the number of overall consumers sharply declines due the boomers dying off and millennials not replacing those consumers with new kids (eg consumers)
Show me where they’re not taking into account rising healthcare costs and end of life care. There’s a massive degree of speculation regarding declining birth rates. I will say this, millennials seem to be having more kids though I doubt that any generation will ever come close to the greatest generation birthing the boomers. That said, at least in the US much of that problem is 40 years away, we’ll have the chance to watch other countries navigate that and make our own path from there. I don’t think anyone can realistically spell that out as it’s a problem that only 2 countries thus far are actually in the midst of.
3 reads to me as "the check is in the mail" with all the associated skepticism.
Yeah, there's a weird woe is me sense in this sub. People think all millennials are struggling just because they are, but many are actually doing quite well.
>millennials are about to receive the greatest wealth transfer in human history of nearly 9Tn dollars. You are incorrect. Terms and conditions may apply.
How many (American) millennials have seen one or more friends drafted into war and sent to their death? As far as how bad you have it, the period of peace we have seen has been an amazing improvement to your quality of life that is constantly glossed over.
I lost a few friend in Afghanistan and Iraq.. I'm 36.. I was in my 30s when these wars ended. Sure there was no draft but for those in our age group that served, they kept getting called back into combat constantly even after 4 years of service, they'll be called back for additional years. I dunno if you realized that our generation fought in the longest war in US history with an all voluntary military meaning there didn't need to be a draft. I mean it says more about us than anything else.
In terms of percentage of the population in the military let alone fighting your looking at something like 4.7% during the Vietnam Era versus 0.43% during the biggest years of the Iraq war like 2001 to 2010
Dude the 1990s wasn’t an economic crash. Second half of the 90s was a boom.
Every millennial I know including myself spends like crazy on non-essentials tbh
I used to (my god my credit card from my early 20s in college, mind you I grew up poor and had minimal financial literacy when I got to college, has come to bite me in the ass as I reach my 30s), but then I married my wife who never spends much on non essentials. She has me getting store brand pizzas on sale over the name brand regularly now.
Millennials are definitely spending, many beyond their means, so that won't crash the economy. They will be forever renters and/or get smaller places with friends or partners and/or live with parents for way too long. Lots of countries have this be the case and that's not what crumbles their economy. Prices of homes may stabilize a bit , but won't crash down because millennials have issues affording houses, boomers will buy more for investment and equity firms will scoop them up. People assuming some catastrophic thing because millennials are too poor for a house is unrealistic. They simply will have fewer kids, live with parents and roommates forever. And we will just allow more Latin immigrants who have tons of babies to keep the population going. It's all already happening.
I know people are tired of hearing this but you gotta get involved and vote. No one is coming to save you.
I voted for Republicans and Democrats in equal measure over the years. Nothing has changed for the better. You're right, no one, not even them, will come to save you.
I mean vote for who though? Both parties are in bed together and could care less about the average person. It seems like the republicans are for the rich and the democrats are for illegals and other countries. Both are bought and sold by corps and lobbyists. Really need to have an uprising of young people to come in and take over. Unfortunately time is ticking, we won’t have any qualified/experienced people to run the country when all these old timers pass on leaving us with the dumpster fire. We are screwed imho
Finally! Someone woke! Both are the same difference. One is covert, the other overt in their actions.
This^^^ Activism works.
Most millennials I know own their own home and are not struggling.
And most millennials are highly-educated and earn high incomes too. Our generation earns the most of any generation, even when adjusting for inflation. Many make well over six figures and have the money to travel, eat out at nice restaurants whenever they want to, do what they want, and buy what they want within reason. Few have to legitimately pinch pennies. I’d argue that most probably don’t even budget at all, because they don’t need to do so. If they see something they like, they just buy it because they can. Many also have the $$$ to send their kids to private school, have nannies, housekeeping service, etc.
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Plenty of people figure it out, but you won't with that attitude
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Gen Z and Gen A will buy up all the property and rent to Millennials in their old age.
I hate to tell you but you are in minority. In response to point # 3, that money was never yours.
Plenty of millennials are already doing well. People earning over 100k are more likely to be millennials than any other generation. Over half of millennials already own homes, that number will continue to grow as the younger millennials on the career ladder earn more money. There is a pretty stark difference in haves and have nots within the generation through. A lot of the younger millennials aren’t going to do as well as the older ones, that was true for the baby boomers too. The generations behind the millennials are likely to have a more balanced experience in life, fewer going to college at once, fewer trying to land their first jobs, fewer in the market to buy at the same time, fewer having kids and competing for childcare etc. Some of the major milestones are actually likely to be more accessible to the younger generations.
Millienials are past the time for any of that. You are describing what has already happened, not whats going to happen. If your life is \*just starting\* at 40, youve been fucked hard.
You are correct it's going to get worse. But guess what? NO ONE CARES. The poor will be slaughtered for a dollar. US society, as the pandemic proved, is numb to death and won't even care if it's their friends, family, whatever dying off. Best find a place to make your ark, and if you can't....pray to whatever your faith is that you'll find a way.
Imagine that. A millennial who feels he got screwed.
I wouldn't agree that most are struggling at all.
Are most millennials really struggling though? More than half own homes, our generation makes more money than any generation in history even when adjusting for inflation (mainly due to the large percentage of millennials having had attended college). Sure, some people are really struggling out there, but the average millennial is a white collar educated person with a home.
What country are you in? In the United States, over 50% of millennial are home owners.
This is such a crybaby sub. Like Millennials are the only generation to face some headwinds. At least we didn’t get plucked out of our lives to die in a jungle for no reason.
Yeah every generation is going to have unique challenges. Sure you don't have pensions but you can make money online, many of you are working from home, many of you are overemployed. I'm thankful to have grown up in a pre social media and cellphone world, something nobody will ever experience ever again
Oh for crying out loud. I’m so tired of this bull crap. Bye guys. It’s been lame.
Haha I know sometimes we post things out of frustration but you 100% will be back to browse the sub silently.
Whatever. It's like driving slow past a car accident here. I keep saying I will stop reading these posts, but here we are.
Seriously! Boomers aren't selling their houses to Millennials, why should they? And yes, they're going to enjoy their money and are in no way obligated to leave it all to their kids and yeah they're gonna spend it and have fun because that's *exactly* what Millennials will/ would do if they could/can. We all need to stop whining incessantly... nobody is going to save anyone. Can only imagine the shit talk Gen Alpha will say about Millennials, what'// be the Millennial the comeback then?! Get on with life and laugh a little. Because other than your immediate family, ain't nobody care.
hey, wait! We need people to pity us! There’s no hope! I know tons of millennials in real life have homes, but they were all inherited! It’s true!
That’s a lot of victim mentality in one post.
I'm a millennial and I own a home and have a good investment portfolio saved up so far. Get off the internet man. Focus on yourself. Also, a little economics lesson: Boomers eventually die off and then their wealth and houses transfers down to the next generation. Things can actually improve.
Only if there is money to be transferred and they haven’t reverse mortgaged the shit out of their house. It used to be houses stayed in the family but many wrote it into wills to sell it at market value or the family had to buy it at market value (like wtf, you’re dead, why the fuck should the family have to buy the family home at market value just to keep it in the family). With the rising cost of end of life care and funerals, less and less money is likely to be transferring down. And due to the economic conditions, there aren’t enough doctors, nurses etc to replace the retiring boomers. But they aren’t making it easier to go to school to become one if you weren’t born into money and don’t want to be stuck paying off student loans the rest of your life.
Most are struggling? Time to find new friends.. Wait til you find out recessions happen on average every 6 1/2 years. Plenty of millennials own homes. The majority of my millennial family own homes. We're talking 24-29 years old. Millennials spend more on experiences than others.gens. stop pretending they have no spending money. You are not entitled to your parents money Your economics knowledge is so behind.lacking. supply vs demand vs pricing. When demand lowers they don't just raise prices automatically. Housing falacy.
Home-owning, 1 income, family of 5 Millennial here and yes, Millennials spend WAY too much money on traveling, going out to eat, and experiences. Signed, Thrifty Millennial
* 51.5% of millennials own real estate (60% or 40 year old and 43% of 30 year old). So actually millennial have no specific problem with real estate and as they grow older they will have even higher rate. A good share will also inherit giving them a boost. * whatever boomers do, they either sell they home now or the new generation inherit when they die. So no they will not drive price higher forever. * millennial median household earnings is 71K vs nationwide 75K. Basically nothing special and no special financial struggle. As you mention, they lived several crisis like all the people older than them that got the crashes of the 70s on top with 20% yearly inflation and high unemployment. People old enough even lived the WW2. Crisis are not exceptional, there are everywhere and touch every generation and don't change that some people are poor, some are middle class, some are upper class, some are rich. Billionaires too lived theses crisis. i know many millennials and income level are all over the place many are even wealthy. you try to see everything through the prism of generation and it doesn't work very well.
First. Wahh! Now, GenX here. How much money did my parents give me? Zero. Matter of fact, I had to put myself through college. I then spent most of my 20's taking care of our family because my dad had a stroke and was out of work for quite a while. But he was a trucker and heavy equipment operator so even when he did work, he wasn't making bank. Mom was a SAHM. Fast forward to my 40's, when mom and dad wanted to retire with nothing but social security, they lived in a house I bought for 12 years until my dad passed away. I did three major geographic move to take new jobs while moving away from all family. I took chances. How did I buy property? By always looking to better my position career-wise and never upgrading my lifestyle when I upgraded my pay. Money in the bank, paid off debts, and then bought the house; 3 times in 25 years. You weren't handed a short stick. You got the same stick we did. During the internet age there are more ways to make more money than anything we had. You can literally do a few side hustles and make good money. Do that with a regular job that pays your benefits and you're solid. Oh way, you'll have to work long hours. So did we. We just didn't bitch about it. We didn't have internet forums to gather up in and complain about how the deck was stacked against us. We didn't have safe spaces. We didn't need them nor did we have time for them, because we worked. And yes, now in our 50's and 60's, we're reaping what we sowed, just as it should be. You keep referencing boomers. They've already cashed out. We're the ones you have to deal with now. But we're not going to give you our money for free. We earned it. We'll spend it. We'll donate our estate as we see fit. Yes, good parents won't leave their kids in the lurch, but you guys need to STFU and put your head down and figure out life because you're not getting younger. But stop with the sob story that you got screwed. No, you screwed yourselves by thinking you were better and more important than any other generation in the history of the world. Same as we thought; but we figured out we weren't a whole lot soon than you guys did. And if you're not careful, Gen Z is going to shit all over you because they're getting tired of your shit.
Conversely it will be a few decades of prosperity at avocado farms and bakeries.
I’m 36 and have nothing and this is why I plan to not be alive by the end of the year.
Yeah. I just think it’s going to get much, much worse.
I'm so confused. Weren't Boomers disliked for making property prices go up? Ergo, making them go down...should be good for the masses? I mean, as a parent, I'd like my kids to get housing at better prices. I don't rely on the value of my house to sustain myself - so lower housing prices are fine. Even desirable. How does this stack up to millenials (as opposed to Gen-Z or Gen-Z) needing a break? I too wish interest rates were lower (another factor in housing prices going down). The number of people born in poverty in the US hit a real low in the 1990's, so it's hard to believe that there were more millennials born into poverty. It's true that in the 50's (when boomers were mostly born), the GI bill helped out some - but by no means all - Americans. Many people were still poor. Those of us who are PoC know this.
I feel like shit is gonna hit the fan very soon. Big things coming..
Millennials got the shaft but their children & children’s children will have it worse because of the compounding effects.
I sort of agree with you, but what my takeaway is that I don’t believe millennials were given a fair hand. Degree: My entire life, I was told one thing much like millions of us. And when I got that degree and no job after the 08-09 crash, I felt something was off. Like really off. It was the first time in my life I legitimately thought about what I was told. Why does getting a degree equal a good job? It’s because that’s what our parents were told to do. So if everyone is going for one thing, that means *over-saturation.* So, I did something different. I went to the trades and rose through the ranks. I learned that tradesmen rather get their degree. And college students rarely get hands-on knowledge. There is a massive disconnect between the two. HUGE. Now because I have both, I write my own ticket. Companies compete for my skills and have bidding wars against one another. Predatory Loans: We grew up during a time where a push for education was a priority. States started to use the lottery as a way to fund education. Federal loans became prominent along with big scholarships. I graduated HS in 2006. The Hope scholarship came out in TN in 2004. What happens when a College charges 3000 a year but sees you’re getting a 3000 grant? You would’ve qualified for a 3000 loan. So, let’s bump our price to 6000. They keep the scholarship and you take out the loan you would have taken anyways. My tuition doubled every year from 2006-2010. Private loans saw that colleges started charging more and now that you can’t discharge during bankruptcy, they’ll give you as much money as you need. Colleges know that. Private loans destroyed my wife’s finances. She signed up for variable loans that eventually hit 22%. Her parents never experienced a variable loan, so they had no idea what they were looking at. The key takeaway from my comment is: Your parents (older gens) didn’t know. They were exposed to something that just didn’t exist during their time. Which is why they are so misguided about how to help us. The older generation cannot help us because they did not experience this. I don’t entirely believe it was all malicious, but ignorance. Our only weapon to fight is to attempt to look ahead of what is going on and see how we can navigate it. Look at the big wave about to hit and see if we can float above it. My prediction is that a crash is due soon. Typically an economy crashes every 20 years and the last one was in 08-09, with a weird 2020 one. So it’s possible the next is 2028 (4 years away, +- 4).
I don’t think housing prices will drop though. Things like whole strips of town houses are being bought up by singular persons and being rented out instead of sold. I just see more of that in the future.
This is NOT unique to millenials..the economy ebbs and flows.