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re: How will young people ever get ahead?
Posted on 5/3/23 at 9:09 am to SquatchDawg
Posted on 5/3/23 at 9:09 am to SquatchDawg
This doesn’t work anymore. Not everyone will be millionaires or have trust funds. You need service oriented folks that will have lower wages. And then those in between. They have fixed it so the average person will likely not attain the American dream. Covid and lockdown were just a test run
I don’t believe in social welfare. Work or starve. Emergency assistance should be limited to 6 mos. and you’d better be working or have some sort of job within 2 weeks, or lose it. So I’m no progressive. But something is wrong here. Very wrong. And our kids and grandchildren are screwed.
I don’t believe in social welfare. Work or starve. Emergency assistance should be limited to 6 mos. and you’d better be working or have some sort of job within 2 weeks, or lose it. So I’m no progressive. But something is wrong here. Very wrong. And our kids and grandchildren are screwed.
1
Posted on 5/3/23 at 9:11 am to RogerTheShrubber
quote:
I have a 31 year old guy that works where I work, he's got almost 100k not counting retirement accounts, he's about to quit and travel the world for a year. Hes just got a history degree.
Having kids seems to be the financial backbreaker for many.
Posted on 5/3/23 at 9:12 am to SquatchDawg
quote:
My first job out of college was $30k back in 1996. A kid bagging groceries at Publix makes $15/hr now. Do the math.
$30K in 1996 dollars is the same as $57,712 in 2023. Minimum wage in 1996 was $4.75. If it had kept up with inflation it would be $9.14 today. It is $7.25.
Average income in the US in 1996 was $30,250. It is $58,563 today. Average rent in the US was $475 per month in 1996. That is equal to $914 today. Average rent in the US today is $1417. Average new car price in 1996 was $18,777 or $36,211 in 2023 dollars. New car average price in 2022 in the US was $48,519. Average home price in 1996 waas $141,000 or $269,324 in 2023 dollars. Average home price in 2022 was $392,000 but expected to drop to $380,000 by the end of the year. The average cost of a 4 tear degree earned between 1992 and 1996 was $10,415 or $20035 in 2023 dollars. That same degree costs $38,561 in 2023.
Since 1996 wages have increased (adjusted for inflation) by 3/5 of 1% while a 4 degree has increased by 192.5%, rent has increased by 155.18% and a new car has increased by 134.9%. Worker productivity has increased by about 23% since 1996 and corporate profits have increased by about 133%...while wages have increased by less than 1%. We were FAR better off with $30K a year salary in 1996 than a person is today making $58K a year. Things like electronics and appliances have held the CPI down over that time but housing, health care, transportation and education costs have stripped earners of buying power to the point where it is nearly impossible to survive on the average salary earned in the US today when just 27 years ago that average salary was pretty comfortable for most young people.
It has never been easy and kids have always thought they should have what their parents have out the gate. The economic reality is that it has never been harder in the US to live a basic lifestyle than it is today...and only going to get worse as wages continue to stagnate and the costs of things that are necessary to survival continue to cost way more than they have in the past. Worker productivity and corporate profits are at an all time high while wages have remained constant...workers are producing more and earning less while employers reap the windfall.
The only way it is sustainable is to continue to expand social spending OR mandate a decrease in quality of lifestyle....by reducing standards in automobiles, building codes and zoning ordinances, health care and a host of things which would impact the middle class to a far greater extent than the upper class...if your willing to do that young folks may have a shot. Very few are willing.
Posted on 5/3/23 at 9:13 am to SquatchDawg
quote:
My first job out of college was $30k back in 1996.
Average pay for first job out of college TODAY is less than $30k.
Your $30K is worth $60k today.
There is so much more wrong with your thoughts but I am smart enough to know I can't change your opinion.
Posted on 5/3/23 at 9:13 am to 777Tiger
quote:
it may take some sweat equity but you'd be surprised at how simple a lot of renovating/flipping is
They act like it's rocket surgery
Posted on 5/3/23 at 9:13 am to 777Tiger
quote:
it may take some sweat equity but you'd be surprised at how simple a lot of renovating/flipping is
I bought a very run down house for nothing back when credit wasn’t too bad and figured I’d just buy up the rest of the neighborhood and fix the rest up because they were all run down
Every house that came up for sale like a year later was at least 100k more for a smaller than mine fixer up house
At some point the housing market lost touch with reality and it never came back
ETA: not saying I couldn’t buy another one but the juice isn’t there
This post was edited on 5/3/23 at 9:14 am
Posted on 5/3/23 at 9:13 am to Sun God
quote:
I think you just bolstered pride’s argument
How so?
Posted on 5/3/23 at 9:13 am to GetCocky11
quote:
Having kids seems to be the financial backbreaker for many.
I don't think this guy has ever been on a date. He's not handy either, but he's frugal.
His pop lives in Switzerland, he's awesome.
Posted on 5/3/23 at 9:14 am to RogerTheShrubber
quote:
I don't think this guy has ever been on a date. He's not handy either, but he's frugal.
His pop lives in Switzerland, he's awesome.
pics?
Posted on 5/3/23 at 9:14 am to GetCocky11
quote:
I don't care how many YT videos I watch, I'm not going to demolish a wall or install plumbing on my own. I'm sure you've seen plenty of shitty flips from YouTube-educated flippers in your job.
This x10000000. Can you imagine calling a repairman to come out and service your hvac or plumbing and he says "yeah, I checked out a few youtube videos on my way over. Let's see how this goes."
Posted on 5/3/23 at 9:16 am to el Gaucho
quote:
At some point the housing market lost touch with reality and it never came back
ETA: not saying I couldn’t buy another one but the juice isn’t there
this is true, timing is everything, buying a fixer upper/flipper at the right price is the major part of the equation
Posted on 5/3/23 at 9:16 am to RogerTheShrubber
quote:
he's about to quit and travel the world for a year
quote:
He's extremely frugal,
You sure?
Posted on 5/3/23 at 9:17 am to Dixie2023
quote:
I don’t believe in social welfare. Work or starve. Emergency assistance should be limited to 6 mos. and you’d better be working or have some sort of job within 2 weeks, or lose it. So I’m no progressive. But something is wrong here. Very wrong.
Government monetary policy is the problem. Conservatism is the correct approach.
Liberal economics like modern monetary theory preach you can keep pumping money into the economy and inflation shouldn't rise much, and you can remove that with taxation.
Covid was kind of a trail run and showed that MMT cannot work because the methods of correcting inflation are slow, and people don't have the stomach for it.
Thinking every problem has to be "fixed" has led us here. Utopians searching for perfection. Let the market settle by ending incentives NOT to work, killing off welfare for able bodied people and dismantling the bureaucracy.
This post was edited on 5/3/23 at 9:18 am
Posted on 5/3/23 at 9:17 am to JiminyCricket
quote:
Can you imagine calling a repairman to come out and service your hvac or plumbing and he says "yeah, I checked out a few youtube videos on my way over. Let's see how this goes."
HVAC work is a bit different
You don't think you could watch YT video and learn how to mount a sink and install the faucet? Or watch one and learn to wire a 3-way light switch? Remove and reset a toilet with a new wax ring?
Posted on 5/3/23 at 9:17 am to RogerTheShrubber
quote:
I don't think this guy has ever been on a date. He's not handy either, but he's frugal.
And he only has 100k saved up at 31?
Posted on 5/3/23 at 9:18 am to tiggerthetooth
quote:
It's not going to happen. Millennials are going to be on the opposite end of globalization from their parents.
Boomers got a super charged economy with the post-WW2 globalism, Millennials will have the demise of that system.
Anyone who says it all be the same as it has for the last 50 years isn't paying attention.
It ain't that they ain't paying attention...it is them being willfully obtuse. The data is out there. Wages have been stagnant since the late 1970s while worker productivity and corporate profits have skyrocketed. The difference in average people making their nut has come at the expense of social spending increases while tax rates have gone down significantly....and the nations debt increased accordingly.
Anyone who suggests it is possible to work one's way through college in 2023 and out of debt before retirement age is simply an idiot or a mean spirited, hateful fricker. 2023 America is VASTLY different than 1973 America.
Posted on 5/3/23 at 9:18 am to stout
quote:You act like a renovation home will cost 100k
They act like it's rocket surgery
100k gets you a lot
This post was edited on 5/3/23 at 9:20 am
Posted on 5/3/23 at 9:19 am to Sun God
quote:
And he only has 100k saved up at 31?
With a history degree, he worked 6 year at the university delivering mail.
I would say he's done well for himself.
Posted on 5/3/23 at 9:19 am to el Gaucho
quote:
That’s like 250k now and that same job still pays 30k today
Plus a house was 20k back then and a car was 5k
Not quite this extreme but certainly vastly different....
Posted on 5/3/23 at 9:20 am to Eli Goldfinger
quote:
You sure?
sounds like delayed gratification to me, my daughter takes at least one big trip at least every other year, and several "smaller" trips throughout the year, her goal is to go to all 7 continents, she's made it to 6 so far, she saves, budgets, plans meticulously
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