re: Millennials earn 20% less than Boomers did at same stage of life

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Well, when a large chunk of people are still doing that at age 35, you have a problem

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What kind of degrees?

There are faaaar more frivolous degrees than there used to be. Those people are looking for white collar work with a less than blue collar skill

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Someone is mad.

Ya'll think he mad?

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Oh he mad


Sure hope he doesn't spill my drink he's serving me while he throws his little fit

It seems to be the tail end of our generation

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Whites still earn dramatically more than Blacks and Latinos, reflecting the legacy of discrimination for jobs, education and housing.

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This is the most, taken out of context statistic i have ever scene.

Very few entry level positions that dont require advanced degrees have negotiable salaries. The starting pay is set before the job is posted.

If a company actually started rank and file off at different pay levels according to race or sex it would have been on 60 minutes and nightly news.

This is a unicorn people are chasing.

Now if they showed the rankings the races and sexes have as to how prepared they are when leaving high school either entering the work force or college that would be more telling.

Ok so you enjoy manual labor and have a good work ethic ( considering your initiative as a teenager). Why don't you try starting your own company? You know grass cutting, could you build that into a business now? what about a manual labor position- even if you have to start at the bottom? Seems you'd move up soon enough.

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It usually takes a few years, champ. It doesn't get handed to you

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Well they used to give you a little more than they do now...





So productivity has gone up significantly, but average wages haven't kept pace whatsoever. Moreover, wages in the bottom 20 percentile - where you'd expect to find new workers with little to no experience - have actually gone down in real terms since 1979. Wages for the lower 40th percentile haven't grown since 2000 in real terms. Oh, and they're cutting benefits too...



Those Gen X college grads hit the sweet spot:



and income inequality is only growing over time:

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My generation generally sucks, but all of my close friends own their own home and make north of 70k.

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Most of your close friends probably have degrees too, but it doesn't change the fact that most - 2/3rds or so - millennials do not have bachelor degrees. For the umpteenth time in this thread, the little bubbles we all live in don't mean jack shite to the overall averages.

Well none of us came from money but we all seemed to make something out of ourselves. Laziness and lack of desire to work towards something better or more purposeful seems to be common.

Hammertime,
Just to let you know, many employees of all ages are what is referred to as "underemployed". It may be accentuated with the younger employee, but it's real across the generations. Companies have done a couple of things over the last decade or so (not all tied to Obama, don't want to make this political). What they have done is
A. learned to jsut layoff and cut labor costs from the top down. Any scalebacks affect everyone from the factory worker to upper white collar management types.
B. Offer no incentives to stay due to eliminating pensions
C. Generally reduced all benefits and overall pay.

I know plenty of folks in their 50's who can't find a job anymore, know some in their 50's who took massive paycuts when their jobs were eliminated, some that are now doing "remedial" type work, like working as a supervisor in a grocery store.

It just sucks all around of how we still are struggling with a tepid economy.

I think salaries are less of a problem for millenials than entitlement. Everybody thinks they deserve an iPhone, an expensive home, an expensive car, etc. Nobody saves money anymore. It's ridiculous.

FWIW it's not limited to just millenials. Americans in general are terrible with money. It's why we should remove arts from schools and make them electives, replacing arts with finance and business. Things that actually matter.