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The Next Recession Will Destroy Millennials
Posted on 8/27/19 at 7:47 am
Posted on 8/27/19 at 7:47 am
quote:
For adults between the ages of 22 and 38, after all, the last recession never really ended.
quote:
Millennials got bodied in the downturn, have struggled in the recovery, and are now left more vulnerable than other, older age cohorts. As they pitch toward middle age, they are failing to make it to the middle class, and are likely to be the first generation in modern economic history to end up worse off than their parents. The next downturn might make sure of it, stalling their careers and sucking away their wages right as the Millennials enter their prime earning years.
LINK
Are there people who really think this way in the real world? Or is it just a parody online? I’ve never met anyone who thinks this way in my personal life.
35
Posted on 8/27/19 at 7:49 am to OleWarSkuleAlum
I make fun of millennials on here because it is fun but all the ones I know are sharp to very sharp.
Posted on 8/27/19 at 7:51 am to OleWarSkuleAlum
I'd be more concerned about being in extreme debt during a recession.
The prolonged 0% interest rates encouraged people to load up on credit rather than save.
Now when a recession hits and these people lose their jobs in debt, that'll be bad.
The prolonged 0% interest rates encouraged people to load up on credit rather than save.
Now when a recession hits and these people lose their jobs in debt, that'll be bad.
Posted on 8/27/19 at 7:52 am to OleWarSkuleAlum
quote:
The Next Recession Will Destroy Millennials
A good portion of them are already destroyed.
A bunch of momma's boys with man buns , drinking latte's , eating avocado toast , pedicures , free college , student loan forgiveness on and on.
Posted on 8/27/19 at 7:52 am to OleWarSkuleAlum
What do you mean “thinks this way”? Thinks that millennials will be the first generation to live economically worse off than their parents? That’s not an opinion that someone thinks up, that’s observed statstical reality.
See Chetty et al (2017)
See Chetty et al (2017)
quote:
We estimated rates of “absolute income mobility”—the fraction of children who earn more than their parents—by combining data from U.S. Census and Current Population Survey cross sections with panel data from de-identified tax records. We found that rates of absolute mobility have fallen from approximately 90% for children born in 1940 to 50% for children born in the 1980s.
Posted on 8/27/19 at 7:52 am to OleWarSkuleAlum
C'mon. This is cyclical in all of mankind's history.
Why do people profess that we're any different than the past peoples? Arrogance or is it because you have a cell phone?
Why do people profess that we're any different than the past peoples? Arrogance or is it because you have a cell phone?
Posted on 8/27/19 at 7:53 am to BurningHeart
quote:
Now when a recession hits and these people lose their jobs in debt, that'll be bad.
No we’ll be good we will just do like Europe and go to negative rates.
Posted on 8/27/19 at 7:53 am to OleWarSkuleAlum
quote:
The next downturn might make sure of it, stalling their careers and sucking away their wages right as the Millennials enter their prime earning years.
They setting up the next round of hand outs because I don't give a damn how sharp they are, most haven't worked a hard day in their lives...
Posted on 8/27/19 at 7:57 am to The Maj
quote:
They setting up the next round of hand outs because I don't give a damn how sharp they are, most haven't worked a hard day in their lives...
Posted on 8/27/19 at 7:59 am to OleWarSkuleAlum
quote:
Are there people who really think this way in the real world? Or is it just a parody online? I’ve never met anyone who thinks this way in my personal life.
Millenials have been utterly fricked by the boomers and face real economic issues because of this
another major recession right now will just exacerbate the problem. it's going to be real bad
Posted on 8/27/19 at 7:59 am to OleWarSkuleAlum
quote:
Millennials got bodied in the downturn
This tells me a millennial wrote this. As a fellow millennial, all this is just doing what the generation does best. Come up with the excuse for failure before it even happens opposed to trying to get out in front of it.
Posted on 8/27/19 at 8:00 am to The Maj
quote:
most haven't worked a hard day in their lives..
Those of us who have worked hard before (34 yr old here) make them all look stupid. Office work is so easy. 10-11 hr in my office ergonomic chair is nothing compared to 12-15 in the elements or in a shop.
LOL at the downvoters. Come talk to me when you put in 3 classes in the morning then work night shift in a machine shop for 12 hours. Downvote away if you ever had to choose gas or food. Smash that red button when you remember how you lived out of a car for a few months before you saved enough for your own studio apartment. Sorry for achieving the American dream? Should I feel bad about it? Should I apologize to poor people because I am no longer part of that group?
This post was edited on 8/27/19 at 9:19 am
Posted on 8/27/19 at 8:01 am to Zanzibaw
quote:
Come up with the excuse for failure before it even happens opposed to trying to get out in front of it.
Posted on 8/27/19 at 8:02 am to SlowFlowPro
quote:
Millenials have been utterly fricked by the boomers and face real economic issues because of this
another major recession right now will just exacerbate the problem. it's going to be real bad
Jake please don’t tell me you believe this? That’s a load of nonsense. Boomers are terrible I agree, but they are in no way holding Millennials down.
Posted on 8/27/19 at 8:03 am to SlowFlowPro
quote:
Millenials have been utterly fricked by the boomers and face real economic issues because of this
How did boomers frick millennials ?
Posted on 8/27/19 at 8:03 am to BestBanker
quote:
Why do people profess that we're any different than the past peoples?
well there are a few novelties
first, Boomers have completely failed to address structural issues (SS, Medicare, other entitlements) and have actually made them much worse
second, Boomers are able to work longer than humans were able to properly, which has denied advancement for everyone below them
so Millenials (and young Gen X) are left to fix (1) a crumbling government that can't pay its debts and will demand larger portions of their checks each month while (2) being denied 10-20 years of economic advancement that would allow them to overcome the inevitable recessions
so yeah, it's approaching a lost generation
Posted on 8/27/19 at 8:06 am to 93and99
quote:
How did boomers frick millennials ?
look at that exponential debt increase when they gained political power in the 70s/80s
85% of boomers plan to work into their 70s
Posted on 8/27/19 at 8:06 am to OleWarSkuleAlum
I'm doing just fine and so are my peers on dual income. 1-1.2k/month in rent will crush most single millenials.
Posted on 8/27/19 at 8:06 am to SlowFlowPro
quote:
so Millenials (and young Gen X) are left to fix (1) a crumbling government that can't pay its debts and will demand larger portions of their checks each month while (2) being denied 10-20 years of economic advancement that would allow them to overcome the inevitable recessions
so yeah, it's approaching a lost generation
1. While I agree with this sentiment however the collectivistic movement in the country today is led by Millennials. Millennials want higher taxes and more handouts.
2. They are not being denied of anything. They obviously have less marginal value to companies than a boomer if that is what you are asserting.
Posted on 8/27/19 at 8:07 am to bmy
quote:
I'm doing just fine and so are my peers on dual income. 1-1.2k/month in rent will crush most single millenials.
You’re telling me $1000 a month in rent will crush economically a single millennial?
This post was edited on 8/27/19 at 8:09 am
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