Millennials Are Way Poorer Than Baby Boomers Ever Were

a reply to: face23785

It's a career. You're going to spend 33% of your life at it. Liking it is an important step in filtering out where you don't want to apply.

Where does Bilderberg and CFR Meetings and Corporate Globalism fit into your narrative?
That has a lot more to do with things today than anything.
Have you read the CIITGROUP MEMO to their wealthy global clients?

You are missing a big part of the picture if you fail to include these in it.

originally posted by: nerbot
a reply to: toysforadults

Can't say I care about millenials. They see further education as normal and expect to have a highly paid job right from the start and fall foul when they relise they have to actually work hard and promotions are not just around the corner.

Welcome to the real world.

My father in law (a baby boomer) got his bachelors degree and according to him was inundated with job offers. He chose to become a teacher and while he didn't make much, he could afford a house and cars with his wife not working and being a stay at home mom. It didn't take long for him to become superintendent and make a lot of money. Back then a teaching credential only required a bachelors, now it requires a masters degree. The teaching credential was for life then, now you pay hundreds of dollars per year to renew your license and pay for continuing education credits. California universities were FREE until the the mid 60s, and when tuition was first charged it was a tiny fraction of what it is today. He wasn't in debt and could pay his way through school with a small side job.
I get it, millennials are annoying AF, but damn if we aren't much MUCH worse off than baby boomers ever were. I worked as a supervisor making a couple dollars above minimum wage with my double major bachelors degree and guess what, more than half of my coworkers had their bachelors degrees and none of us had any hope of finding jobs in our fields and we were tens of thousands of dollars in debt spending 70% or more of our paycheck on rent and bills alone. We're #ed...I think our only hope is for the massive shift in our economy in the next 20 years when all the baby boomers die off

I'm always amused at the "Boomers were better off than Millennials" argument. I'm a boomer nearing retirement age. I was 22 when my wife and I married. She was 21. We bought a house. There were programs available then - just like they are available now - that allowed us to buy a house with almost no money down.

We had a house but no furniture. My mom told us about an overstuffed chair she saw at Goodwill for $8.25. We borrowed my brother-in-law's truck and brought it home. Another relative gave us a beat up old couch that was missing a leg. We brought that home too and used a block of wood to prop up the corner with the missing leg. In those days fruits and vegetables were delivered to grocery stores in wooden crates. Those became our shelves and end-tables.

As for groceries, we didn't eat healthy but we ate - mostly canned goods.

We owned two old cars that broke down a lot. I could not afford to pay someone else to repair them so I learned to do it myself. I probably spend a weekend every month under one or the other of those two cars keeping them running.

We had no television until someone gave us an old non-working TV. Fortunately I knew enough about electronics that I was able to fix it. I kept about 3 old TVs around for parts. It was several years before we could afford to buy a new TV - a 12-inch black and white TV.

And I know I'm not alone.

originally posted by: jacobe001
Where does Bilderberg and CFR Meetings and Corporate Globalism fit into your narrative?
That has a lot more to do with things today than anything.

Just add Club of Rome and you got it.

These elitist determine our macro economic enviroment.

I felt that I was fighting a losing battle financially when I was a young adult. It took me a long time to fully understand how to be successful and budget things. I imagine it is pretty tough, but I feel that I've worked very hard to be able to say, "Eh, quit your bellyachin' and get off my lawn"!

a reply to: Willtell

An A+ PC tech could get 50 60 grand, not anymore.

Down to $15 an hr in my area and it's all customer service now. An IT tech like you describe gets the same pay but it has to be in-house.

I'm working on mine , they want that certification!

originally posted by: Krakatoa
And how many Millennials have a cell phone (with accompanying monthly payment), Internet access to post their narcissistic rantings (with accompanying monthly payment), and monthly cable/TV payment that the boomers did NOT have to spend their money upon? That Boomer money went to essentials like food, housing, transportation.....things to help keep you and family alive. Not things that help you whine and moan about your lot in life all while expecting someone to fix it for you.

A cell phone and internet access are a must to do anything in this world.

How does one look for a job without either of these?

These are also 'essential' services.

originally posted by: Willtell
a reply to: ChaoticOrder

Root causes?

My friend a few posts up I went into the hidden causes of what you speak of(root causes) about the Club of Rome and their Limits to growth philosophy.

I agree there are forces trying to limit economic growth but you are completely wrong about the causes. You cite "tax cuts for the rich, trickle down economics, deregulation" as methods used to harm the economy. However the U.S. had a liberal president for 8 years and he was opposed to concepts such as trickle down economics, where was all the rapid growth in wealth we should have expected to see under Obama? Now that Trump has cut some regulations and lowered taxes for businesses we're already seeing businesses increase wages for employees, hire more people, move their facilities back to the U.S., and invest very large sums of money into the U.S. economy. Unemployment is down and the economy is picking up.

Your entire understanding of the problem and what methods you believe can fix it are utterly backwards and a very large part of the reason why many liberal nations around the world are going downhill at a rapid pace. This is what I'm trying to explain, the root cause of the problem is in the way our debt based money system is designed, and the natural reaction most people have when they see how corrupt the system is, is to blame free market capitalism for everything when that really has nothing to do with the problems. Embracing heavily socialist or communist ideals is only going to make the problem much worse and that is what truly scares me, because that's exactly what I did when I was younger.

originally posted by: cenpuppie
a reply to: Willtell

An A+ PC tech could get 50 60 grand, not anymore.

Down to $15 an hr in my area and it's all customer service now. An IT tech like you describe gets the same pay but it has to be in-house.

I'm working on mine

, they want that certification!

Yeah I know

I passed A+ test in 10 minutes

Go for networking or Cisco routers or security or sofware

a reply to: ChaoticOrder

All your saying is not been proven. In-fact trickle down and deregulation in the past has produced utter failure: 2007-8 massive recession.

Alan Greenspan himself, a deregulation freak went public and apologized that he was wrong in those policies when he led the fed.

Trumps policies are too early to judge; right now this is still the Obama economy.

All serious economists say this

Trump policies, I’d be willing to bet, wont work

a reply to: Willtell

In-fact trickle down and deregulation in the past has produced utter failure: 2007-8 massive recession.

No what caused that was a flood of toxic mortgage assets caused in large part by the governments affordable housing policy, leading to a housing bubble. So ultimately the cause comes down to banks taking on too much risky debt and the government even encouraging them to do it through a virtuous program aimed at helping the less wealthy. And I would hardly call Alan Greenspan a "deregulation freak", anyone who leads the federal reserve must be Keynesian at heart because the fed is the ultimate tool of economic regulation.

right now this is still the Obama economy.

No... no it's not.

a reply to: ChaoticOrder

No what caused that was a flood of toxic mortgage assets caused in large part by the governments affordable housing policy, leading to a housing bubble. So ultimately the cause comes down to banks taking on too much risky debt and the government even encouraging them to do it through a virtuous program aimed at helping the less wealthy

Yeah but that was because they were deregulated from traditional banks to doing investment banking.

That's what started them on the toxic derivatives--deregulation of banks

a reply to: Willtell

There is nothing wrong with banks doing investment banking, many developed nations have never had a separation between commercial banks and investment banks so you cannot blame it on that. The thing you are overlooking is that none of this could occur without the type of debt backed money system we use now, all money is debt created through fractional reserve banking and quantitative easing. Many Austrian economists such as Peter Schiff and Ron Paul warned that the housing bubble would burst despite artificially low interest rates and adjustable rate mortgages. It wasn't deregulation which caused the problem at all, it was regulations put in place by the fed which were an effort to stop the housing market from collapsing, it was government programs which flooded the market with toxic assets and the private market had to deal with it.

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of the voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. ~ Ludwig von Mises

What I find really ironic is that Keynesians try to frame the collapse some how as a fault in Austrian economics or free market capitalism, when the collapse happened under their debt based Keynesian system, and it could easily happen again. The job of the federal reserve is to regulate the economy and stimulate it when necessary by creating new money, but ultimately all it does it prop up the bubble and make the final crash worse. Just saying "we need more rules for banks to follow" is once again a simplification of the issue and a solution which doesn't attempt to solve the core of the problem.

As one of the world's leading international financial centres, Hong Kong's service-oriented economy is characterized by its low taxation, almost free port trade and well established international financial market.[13] Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks,[14] and pegged to the US dollar.[15][16] Interest rates are determined by the individual banks in Hong Kong to ensure it is fully market-driven.[17] There is no officially recognised central banking system, although Hong Kong Monetary Authority functions as a financial regulatory authority.[18][19]

According to Index of Economic Freedom,[23] Hong Kong has had the highest degree of economic freedom in the world since the inception of the Index in 1995. Its economy is governed under positive non-interventionism, and is highly dependent on international trade and finance. In 2009, Hong Kong's real economic growth fell by 2.8% as a result of the global financial turmoil. The 2017 version of the Economic Freedom of the World Index lists Hong Kong as the number one nation, with a score of 8.97.

Hong Kong's economic strengths include a sound banking system, virtually no public debt, a strong legal system, ample foreign exchange reserves at around US $408 billion as of mid-2017, rigorous anti-corruption measures and close ties with the mainland China. Despite the downturn, these strengths enable it to quickly respond to changing circumstances.[24] It has the most efficient and a corruption-free application procedure, the lowest income tax, the lowest corporate tax as well as an abundant and sustainable government finance. The government of Hong Kong consistently upheld the policy of encouraging and supporting activities of private businesses

Economy of Hong Kong

Baby Boomers grew up and got jobs ? Worked hard for their money ? (I think there is a song in that)
Now , their occupation is permanent students ?
?

a reply to: Gothmog
I'll bet a lot of us had jobs well before we grew up. I began earning and saving money when I was seven years old. An elderly neighbor paid me to exercise and groom her dog when she didn't feel up to it. My brother had a paper route at seven and collected a lot of cash in summer mowing yards and cleaning out flower beds for ladies in the neighborhood.
I would venture to guess that the majority of the kids in my class at school had some sort of job by the time we were in junior high. By that time we were getting serious about saving money for a car.

In the past couple of decades at least, I've noticed that students who participate in any sort of extracurricular activity can't hold a job. At least that's what I hear from parents who are going into debt to finance the extracurricular activities. I wasn't alone in holding a couple of jobs while participating in sports and civic organizations during high school. Our parents didn't think idle teens were a good idea.

The Millennials I know personally who are doing well in their careers and life in general were raised by "old fashioned" parents. They may have collected the participation trophies in school but they were taught by word and action that working toward a goal is enriching experience. They were given the opportunity to fail at home and the opportunity to learn from their failures.

Our biggest desire was for a transistor radio that it would take us 20 hours of work (at $1/hr.) to earn. Or a $30 record player and a few $1 singles.

originally posted by: diggindirt
a reply to: Gothmog
I'll bet a lot of us had jobs well before we grew up. I began earning and saving money when I was seven years old. An elderly neighbor paid me to exercise and groom her dog when she didn't feel up to it. My brother had a paper route at seven and collected a lot of cash in summer mowing yards and cleaning out flower beds for ladies in the neighborhood.
I would venture to guess that the majority of the kids in my class at school had some sort of job by the time we were in junior high. By that time we were getting serious about saving money for a car.

In the past couple of decades at least, I've noticed that students who participate in any sort of extracurricular activity can't hold a job. At least that's what I hear from parents who are going into debt to finance the extracurricular activities. I wasn't alone in holding a couple of jobs while participating in sports and civic organizations during high school. Our parents didn't think idle teens were a good idea.

The Millennials I know personally who are doing well in their careers and life in general were raised by "old fashioned" parents. They may have collected the participation trophies in school but they were taught by word and action that working toward a goal is enriching experience. They were given the opportunity to fail at home and the opportunity to learn from their failures.

Our biggest desire was for a transistor radio that it would take us 20 hours of work (at $1/hr.) to earn. Or a $30 record player and a few $1 singles.

I was working at a company at 11 during the summer.
You are correct.

Baby boomers didn’t have to settle for low wages for long. Regular pay raises and union jobs lifted many of us out of poverty. Then Reagan came along and started the process of destruction in favor of the corps and rich. Now millennials get to Pay for tax cuts to the rich, corps taxes, wars, a wall, the deficit and never ending trump golf vacations. And their health care system is go die.

a reply to: toysforadults

Im a poor "millenial" or resident punching bag for the alarmingly high percentage of #ed up sociopaths in this world.

Yes, simply waiting for the news to drop. You know. Those big truths that will leave a lot of those people frothing at the mouth, convulsing on the floor.

Yup. Can't. #ing. Wait.