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re: The unluckiest generation in U.S. history
Posted on 5/27/20 at 2:15 pm to Bench McElroy
Posted on 5/27/20 at 2:15 pm to Bench McElroy
quote:
quote:
After accounting for the present crisis, the average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history.
Millennials will bear these economic scars the rest of their lives, in the form of lower earnings, lower wealth and delayed milestones, such as homeownership.
This recession steamrolled younger workers just as millennials were entering their prime working years — the oldest millennials are nearing 40 while the youngest are in their mid-20s. Millennial employment plunged by 16 percent in March and April this year, our calculations show. That’s faster than either Gen X (12 percent) or the baby boomers (13 percent).
Proportionally, the even younger generation, known as zoomers, suffered worse than all of them. A third of their jobs vaporized in two months in 2020. But Gen Z is only just entering the labor force — the oldest zoomers are in their early 20s — so their losses weren’t as large in absolute terms.
Gray Kimbrough, an economist with American University who we’ve previously and accurately branded a serial millennial myth debunker, points out the oldest millennials, such as himself, lived through the 9/11 terrorist attacks and entered the labor market in the recession that hit around the same time. They spent their early years struggling to find work during a jobless recovery, only to be hit by the Great Recession and another jobless recovery. And, of course, yet another recession.
LINK
Millennials have largely been fricked economically - that much is certainly true. We have experienced two catastrophic economic breakdowns at the two worst possible times: at the start of our careers and then right as we are hitting our peak earning years. Moreover, the albatross of unfunded - and overpaid considering what they put into the systems - Social Security, Medicare, and state- and municipal-level pension and healthcare obligations will grind away at our future earnings year after year after year.
However, to say that Millennials are the "unluckiest" generation in American history is dumb. It is true only in the narrowest sense of economic expansion and growth in lifetime earnings. It is not true in terms of quality of life, war, famine, plague, life expectancy, etc., etc., etc.
2
Posted on 5/27/20 at 2:16 pm to Bench McElroy
We didn't have to deal with the draft so we got a leg up there.
Economically there have been some struggles but that will only make us stronger.
Economically there have been some struggles but that will only make us stronger.
Posted on 5/27/20 at 2:18 pm to Bench McElroy
Civil War Generation says hold its beer......
Posted on 5/27/20 at 2:22 pm to Bench McElroy
Being born in 1900 would have sucked much worse
Posted on 5/27/20 at 2:27 pm to Bench McElroy
At least they had 8 years of Obama as president.
Posted on 5/27/20 at 2:31 pm to Bench McElroy
1986 here and myself along with 95% of the people I know are doing much better financially than our parents were at the same age.
Posted on 5/27/20 at 2:34 pm to Bench McElroy
Having to deliver pizza's for 6 months after graduating in 2009 with my masters was definitely a humbling experience. 
Posted on 5/27/20 at 2:39 pm to Bench McElroy
Thanks a ton, boomers. Cant wait to clean up this mess
Posted on 5/27/20 at 2:39 pm to Bench McElroy
If you go back to the turn of the century until today, there has been some obvious troubling times.. 9-11, the war that started because of 9-11 that continues to go on today, the 2008 recession, this "pandemic" and the economic problems it has caused and will continue to cause for months ahead and anything else I missed.
But no one can convince me it is worse than what people went through starting at the turn of the 20th century.
If we look at it in terms of someone born in the year of 1900 and compare it to someone born in 2000. Of course the person born in 2000 only has 20 years under their belt, but the person born in 1900.. Lets' say that person died at the age of 75. During their lifetime they experienced the great depression, which I would argue was worse than the 2008 recession (even if you factor in the way of life then compared to the way of life today. For example, back then, people used to wait in line at job sites waiting for people to fall to their death so they can take that person's place. People were willing to do work that had a much higher rate of getting killed doing).
The great depression last into WWII.. And while, bu the end of WWII, the country was no longer in a great depression, WWII had a big impact on how things were done here. Wives were left alone to work and take care of the family as their husbands went to war. But then the country completely changed after the war as we go into the 1950 (which in the background was the beginning of the cold war) It was a completely different economy. But then there is the 60s, which was pretty rough. A US president gets executed, the civil rights movement, and then Vietnam.
Vietnam had a pretty bad impact on this country especially when it came to drug use.
Its kind of hard to consider all of these things and then think that Millennials are the unluckiest generation.. And I am only a few years removed from being a Millennial.
But no one can convince me it is worse than what people went through starting at the turn of the 20th century.
If we look at it in terms of someone born in the year of 1900 and compare it to someone born in 2000. Of course the person born in 2000 only has 20 years under their belt, but the person born in 1900.. Lets' say that person died at the age of 75. During their lifetime they experienced the great depression, which I would argue was worse than the 2008 recession (even if you factor in the way of life then compared to the way of life today. For example, back then, people used to wait in line at job sites waiting for people to fall to their death so they can take that person's place. People were willing to do work that had a much higher rate of getting killed doing).
The great depression last into WWII.. And while, bu the end of WWII, the country was no longer in a great depression, WWII had a big impact on how things were done here. Wives were left alone to work and take care of the family as their husbands went to war. But then the country completely changed after the war as we go into the 1950 (which in the background was the beginning of the cold war) It was a completely different economy. But then there is the 60s, which was pretty rough. A US president gets executed, the civil rights movement, and then Vietnam.
Vietnam had a pretty bad impact on this country especially when it came to drug use.
Its kind of hard to consider all of these things and then think that Millennials are the unluckiest generation.. And I am only a few years removed from being a Millennial.
Posted on 5/27/20 at 2:43 pm to Bench McElroy
Grow up crybaby.
Posted on 5/27/20 at 2:49 pm to Bench McElroy
Posted on 5/27/20 at 2:52 pm to Bench McElroy
Well, what do they expect? They don't want cars, homes, or children- WTF do they think the economy is? You can't attain 6% annual GDP growth from artisanal pretzels and Slate.com memberships.
Posted on 5/27/20 at 2:57 pm to Bench McElroy
quote:
The unluckiest generation in U.S. history
The generation that has to pay for the stimulus
Posted on 5/27/20 at 2:59 pm to Bench McElroy
I've learned to adjust to only making in the low six figures.
Posted on 5/27/20 at 3:07 pm to Bench McElroy
Gilded Generation
The Gilded Generation (Nomad, born 1822–1842) lived a hardscrabble childhood around parents distracted by spiritual upheavals. They came of age amid rising national tempers, torrential immigration, commercialism, Know Nothing politics, and declining college enrollments. As young adults, many pursued fortunes in frontier boom towns or as fledgling “robber barons.” Their Lincoln Shouters and Johnny Rebs rode eagerly into a Civil War that left them decimated, Confederates especially. Having learned to detest moral zealotry, their midlife Presidents and industrialists put their stock in Darwinian economics, Boss Tweed politics, Victorian prudery, and Carnegie’s “Law of Competition.” As elders, they landed on the “industrial scrap heap” of an urbanizing economy that was harsh to most old people.
LINK
The Gilded Generation (Nomad, born 1822–1842) lived a hardscrabble childhood around parents distracted by spiritual upheavals. They came of age amid rising national tempers, torrential immigration, commercialism, Know Nothing politics, and declining college enrollments. As young adults, many pursued fortunes in frontier boom towns or as fledgling “robber barons.” Their Lincoln Shouters and Johnny Rebs rode eagerly into a Civil War that left them decimated, Confederates especially. Having learned to detest moral zealotry, their midlife Presidents and industrialists put their stock in Darwinian economics, Boss Tweed politics, Victorian prudery, and Carnegie’s “Law of Competition.” As elders, they landed on the “industrial scrap heap” of an urbanizing economy that was harsh to most old people.
LINK
Posted on 5/27/20 at 3:21 pm to Bench McElroy
Luck has nothing to do with it. They are lazy shits who think they deserve $100K/year as a receptionist
Posted on 5/27/20 at 3:31 pm to Bench McElroy
quote:
Millennials will bear these economic scars the rest of their lives, in the form of lower earnings, lower wealth and delayed milestones, such as homeownership.
That statement strikes me as untrue. Many boomers were roughly the same age as millenials are now in 1987 when the stock market plunged far more as a percentage than it did this year. Housing prices plunged too with some areas seeing 50%+ wiped off the value. Combined with mortgage rates rising to 14%+ (and don’t forget mortgages used to adjustable) there were an enormous number of foreclosures. Another aspect was that pension plans disappeared for the private sector after this and were replaced with 401K’s. There was no restarting with a lower number, folks lost what they’d contributed into already.
Boomers in general recovered fine in the next 30 years after that crash and so will millenials after this one if they stop constantly feeling sorry for themselves, And also if they decide to ever get careers instead of jobs as shown by this:
quote:
Millennial employment plunged by 16 percent in March and April this year, our calculations show. That’s faster than either Gen X (12 percent) or the baby boomers (13 percent).
Of course those statistics probably also don’t take into account that there are likely far more self-employed / business owner boomers and Gen X than there are millenials.
The generation imho that will get shafted the worst are Gen X who in all likelihood will see another recession in their lifetime right after most of them retire and don’t have a generation behind them that is productive enough to support them.
Posted on 5/27/20 at 3:43 pm to Bench McElroy
I dont know....my wife's KS grandparents talked having to wipe down dishes before putting food on them because of the dust. Having clothes made from flour sacks. Then...joining the Navy and being on board ship docked at Pearl Harbor on 12/7/1941..then having 4 kids all making do in a 2/1 940sq ft house while working night shift at boeing
I would take being anything today over that. Millenials can afford homes....they just might be "beneath" them to star. The house I grew up in is 47k today....40 yrs after we moved out
I would take being anything today over that. Millenials can afford homes....they just might be "beneath" them to star. The house I grew up in is 47k today....40 yrs after we moved out
This post was edited on 5/27/20 at 3:44 pm
Posted on 5/27/20 at 3:45 pm to Bench McElroy
.
This post was edited on 4/16/21 at 10:38 am
Posted on 5/27/20 at 3:46 pm to Bench McElroy
Millennial here. Sitting pretty.
But I do see lots of folks my age still struggling to get to where they should already be 5-10 years ago when compared to the previous generation.
But I do see lots of folks my age still struggling to get to where they should already be 5-10 years ago when compared to the previous generation.
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