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re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
Posted on 12/5/19 at 4:03 pm to xxTIMMYxx
Posted on 12/5/19 at 4:03 pm to xxTIMMYxx
quote:
I always laugh when I see this line. I'm a programmer and 70% of the people quit by the end of the first year. It's like when people say if they had to do it over again they would be a doctor.
There are worse careers to be in. Pay is nice as well
0
Posted on 12/5/19 at 4:03 pm to cable
quote:
I'm a solid Xer. When I got out of college the economy was in the shitter and people were getting laid off left and right. This is probably the best economy the country has ever had. I'd love to see the Millenials face the kind of recessions that the Xs and Boomers both had to face. And it's always someone else's fault with this generation.
No, this isn't even close to the best economy this country has ever had. The last time this country had a GDP growth rate above 3% was 2005. Here's the average GDP growth rate each decade since WWII:
1950s: 4.2%
1960s: 5.2%
1970s: 3.7%
1980s: 3.9%
1990s: 4.0%
2000s: 1.9%
2010s: 2.4%
Since Trump took office (2016): 2.7%
The economy is doing growing faster under Trump than it did under Obama, but this is a long, long, long way from being the best economy this country has ever had.
Posted on 12/5/19 at 4:04 pm to LSUFanHouston
quote:
Indeed, at a median age of 35, Gen Xers owned just 9% of the nation’s wealth in 2008 — less than half what boomers had at that age. And millennials will have to triple their net worth in the next four years to catch up to Generation X at 35, and increase their wealth sevenfold to catch up to boomers at that age.
Aren't Boomers a bigger generation that is living longer? Boomer parents died early and passed down their wealth sooner. And there are more Boomers than any other generation.
Posted on 12/5/19 at 4:04 pm to hubertcumberdale
quote:
at a median age of 35, Gen Xers owned just 9% of the nation’s wealth in 2008 — less than half what boomers had at that age. And millennials will have to triple their net worth in the next four years to catch up to Generation X at 35
I don't think people realize how bad that is.
In 2008, we were in the Great Recession, Gen X numbers were really low. Since then they have nearly doubled their share of the wealth, in the last 10 years with this economy.
Even with the robust economy, millennials will still have to triple their wealth to reach Gen X's low point, and only have 4 years to do it.
Posted on 12/5/19 at 4:05 pm to xxTIMMYxx
quote:Scruffy is a doctor and if he had to do it again, he would probably do something else.
I always laugh when I see this line. I'm a programmer and 70% of the people quit by the end of the first year. It's like when people say if they had to do it over again they would be a doctor.
Love the job, but frick the route to get here.
Posted on 12/5/19 at 4:05 pm to hubertcumberdale
I would imagine the overwhelming bulk of that boomer wealth is home equity and retirement funds?
No shite someone on the verge of retirement would have more assets than someone just a few years out of college. One had 4 years of earnings with which to amass wealth, and the other had 40 years. Gee, I wonder which one is going to have more net worth?
No shite someone on the verge of retirement would have more assets than someone just a few years out of college. One had 4 years of earnings with which to amass wealth, and the other had 40 years. Gee, I wonder which one is going to have more net worth?
This post was edited on 12/5/19 at 4:07 pm
Posted on 12/5/19 at 4:05 pm to xxTIMMYxx
quote:
I was talking to mouth foaming Zip
I can barely use a computer?
How much of that $53 that you have in the bank would you like to put on that? Maybe Mom and Dad will loan you a little more of your sorry arse hasn't drained them dry yet.
Holy shite! Our country is doomed. The level of ignorance you entitled little jerks display is astounding. America is dead. No way the Millennial generation doesn't sink it.
Posted on 12/5/19 at 4:05 pm to TheCaterpillar
quote:
Aren't Boomers a bigger generation that is living longer? Boomer parents died early and passed down their wealth sooner. And there are more Boomers than any other generation.
As of 2017 Boomers and Millennials were just about equal in population
LINK
Posted on 12/5/19 at 4:06 pm to hubertcumberdale
Fixed pie fallacy much?
Posted on 12/5/19 at 4:06 pm to hubertcumberdale
I was responding to the Gen X comment more than anything. And the living long point still stands. Boomers are still alive and haven't passed their wealth down yet.
Posted on 12/5/19 at 4:06 pm to HT713
quote:
lazy arse boomers can't even finish a damn basement smh
You would think that with all the wealth that we have hoarded, we could get some go-getter millennial to do it for us.
Except they don't exist.
Posted on 12/5/19 at 4:07 pm to Grassy1
quote:
Work ethic.
And many boomers did not waste 4 years and $100,000 on a worthless theater, gender studies or sociology degree.
They got a job and worked hard at it and slowly moved up. Lived in a small house and saved money.
They also didnt have to spend $3k a month for family insurance (thanks a lot Obama), $150 internet\tv bill, a $600 truck payment or a $100 cell phone bill.
Posted on 12/5/19 at 4:07 pm to hubertcumberdale
Higher education has destroyed my generation straight up. I am confident that even despite entering the job market in the worst recession since 1929, my cohort would be just fine if its backs weren't collectively broken by student debt. And this is all while the degrees have become less valuable, both in absolute and relative terms--the classes are watered down more and more to accommodate the greater numbers of students, who by and large come from the less capable parts of my cohort, and when everyone has a degree the degree has no meaningful value in the marketplace.
Posted on 12/5/19 at 4:09 pm to kingbob
quote:
One had 4 years of earnings with which to amass wealth, and the other had 40 years. Gee, I wonder which one is going to have more net worth?
Bob, the one point on the graph is showing the disparity in wealth when the median age of the cohorts was 35 years
quote:
When baby boomers (born between 1946 and 1964) hit a median age of 35 in 1990, they collectively owned 21% of the nation’s wealth.
The millennial generation will hit that 35 median age in four years and they are nowhere near owning that percentage.
This post was edited on 12/5/19 at 4:11 pm
Posted on 12/5/19 at 4:10 pm to xxTIMMYxx
quote:
lol your generation can barely use computers
Our generation invented personal computers and cell phones, you moron.
Posted on 12/5/19 at 4:11 pm to alphaandomega
quote:
And many boomers did not waste 4 years and $100,000 on a worthless theater, gender studies or sociology degree.
The vast majority of millennials can say the same.
quote:
They also didnt have to spend $3k a month for family insurance (thanks a lot Obama), $150 internet\tv bill, a $600 truck payment or a $100 cell phone bill.
Insurance is a necessity, and internet/cell phone are damn near necessities. The only frivolous spending here would be the $600 car note, and (anecdotal, I know) I know exactly 0 millennials that carry that note.
Posted on 12/5/19 at 4:12 pm to alphaandomega
quote:
And many boomers did not waste 4 years and $100,000 on a worthless theater, gender studies or sociology degree.
To be fair this is mostly a grotesque exaggeration of what most millennials did, too.
quote:
They got a job and worked hard at it and slowly moved up. Lived in a small house and saved money.
Yeah, back when you either didn't need a college degree to get a good-paying job, or college was cheap enough that you could pay your way through by working. Millennials can still live in a small house and save money but that's become much more difficult now than it was back then.
And to be fair there's substantial overlap between millennials who don't do these simple things they need to do, and millennials who bitch about how hard things are. But the underlying conditions have changed, even if most of the messengers saying so have other issues they need to resolve.
Posted on 12/5/19 at 4:12 pm to LCA131
I'll do it for you but after like day 2 I'm gonna' start talking to the other guys working on it about forming a union, and you'll have to bribe me to keep demands low
Posted on 12/5/19 at 4:13 pm to cable
quote:
I'd love to see the Millenials face the kind of recessions that the Xs and Boomers both had to face
I laugh at your shitty economy argument. I graduated college in 2008 with a degree from the #1 program in the nation. Half of my class was lucky to find jobs, and most of us who did find jobs were laid off within a couple months. Posted on 12/5/19 at 4:14 pm to Zip Monkey
(no message)
This post was edited on 1/20/20 at 1:02 pm
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