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Message
re: The Next Recession Will Destroy Millennials
Posted on 8/27/19 at 8:34 am to SlowFlowPro
Posted on 8/27/19 at 8:34 am to SlowFlowPro
quote:
these participants are stuck with no real shot at advancement due to boomers clogging up the lanes (b/c they won't just fricking retire)
Then look down the line and focus on doing something that is not so clogged up... You do realize that many working into their 70's is not by choice right? I know several that have grandkids living in their home with them and they have been forced to work longer because of shitty decisions made by their children...
You were discussing VALUE... Why you keep moving the target? Sad fact is I will have less trouble out of a 50 to 60 year old than I will a 25 to 30 year old... Less trouble = more value...
2
Posted on 8/27/19 at 8:35 am to SlowFlowPro
quote:
oh yeah, we will blame "millenials" but when we address the actual group responsible, we will ignore generation. that's fair
I didn't blame millenials. The chip on your shoulder needs to improve its reading comprehension.
And I DID identify the generations that made the problems. The ones who elected FDR and LBJ.
Posted on 8/27/19 at 8:36 am to OleWarSkuleAlum
Most of the macro guys believe a liquidity crisis will spark the next capitulation in assets. If that's the scenario that happens, boomers are the ones that will suffer the most. Of course, millenials will have to pay for the shortfalls in entitlements, pensions and retirement accounts (this is already the case but it will be multiples worse) so from that perspective Millenials will get raped by their parents 
Posted on 8/27/19 at 8:36 am to SlowFlowPro
quote:
for example, SS/Medicare. the system will not be able to handle the boomers clogging up the dole
Those programs are not entitlement programs, or weren't intended to be. Both were programs that an employee paid into for future retirement benefits. Allowing funds to be redirected to other programs and systemic abuse of the programs has turned them into something else.
Posted on 8/27/19 at 8:37 am to Y.A. Tittle
quote:
Thing is, I don’t anymore than I think we can pinpoint any other generation to specifically “blame” for any of it either. That’s all entirely too simplified.
well i do agree (why i'm talking about younger Gen X and older Gen Z). u can label the groups however you want and it's not like the people within these groups are identifying themselves within the actual group (like we are from the outside in this thread)
we can just say "old people" instead of boomers
old people preferred a bigger government and kept supporting politicians who made it bigger every year
old people over-extended themselves and/or are just living better as old people and are working longer than what our society was really prepared to handle. this is creating a major issues for all generations younger who are being denied these opportunities
and there is a very, very large population of old people who are entering Medicare/SS age who will clog up the drain, so to speak
Posted on 8/27/19 at 8:38 am to The Maj
quote:
You do realize that many working into their 70's is not by choice right?
I know three off the top of my head, and all three are because their kids got hooked on drugs and they had to spend their retirement in legal fees, rehabs, supporting their deadbeat kids, and the like.
Posted on 8/27/19 at 8:38 am to NikolaiJakov
quote:
So the experienced, productive, reliable employees who grew the business should just willingly give up financial incentive and their feeling of purpose and accomplishment so the next generation can slide into those positions and tear down what they spent their careers building?
i didn't say they had to
i'm saying the fact that they won't retire is creating a lost generation, economically
it seems that you're starting to agree so that's progress
Posted on 8/27/19 at 8:39 am to OleWarSkuleAlum
I'd wager a recession will suck the worst for the economic illiterates in their 50s and 60s who have less than $100,000 in retirement savings. Like the last time, they'll get wiped out and have to add 15 years to their working lives to recover.
Posted on 8/27/19 at 8:39 am to SlowFlowPro
Further, the focus on medical care shouldn't be how to pay for it. The problem with the medical/pharma industry is price. Fixing that would drastically improve everyone's standard of living.
Posted on 8/27/19 at 8:42 am to The Maj
quote:
You do realize that many working into their 70's is not by choice right?
actually it is by choice
quote:
I know several that have grandkids living in their home with them and they have been forced to work longer because of shitty decisions made by their children...
thank you for posting anecdotes. i posted some actual stats earlier and i can post more. while i'm not saying some aren't working due to family issues, that has always existed in all societies. the data shows that it's more than this and is more of a personal choice b/c they aren't ready to stop yet (Which isn't surprising considering that 65-70 today isn't anything like 65-70 of even 20 years ago due to medical advancement)
quote:
You were discussing VALUE... Why you keep moving the target?
i'm not. you're bringing up anecdotes that have nothing to do with value
quote:
Sad fact is I will have less trouble out of a 50 to 60 year old than I will a 25 to 30 year old... Less trouble = more value...
you know how i brought up priming earlier? i would imagine, IF your statement is even true, that what you see as "trouble" is a major issue for discussion, as well as things you let pass for those 50-60 year olds that are objectively negative but you sympathize with (due to your age, expectations, etc that are priming you)
Posted on 8/27/19 at 8:43 am to wutangfinancial
quote:
Of course, millenials will have to pay for the shortfalls in entitlements, pensions and retirement accounts (this is already the case but it will be multiples worse) so from that perspective Millenials will get raped by their parents
CANNOT WAIT
Posted on 8/27/19 at 8:44 am to whocares1
quote:
Those programs are not entitlement programs
yes they are
quote:
or weren't intended to be.
yes they were
this whole "Medicare isn't an entitlement" is pure mythology
Posted on 8/27/19 at 8:44 am to GRTiger
quote:
I'd wager a recession will suck the worst for the economic illiterates in their 50s and 60s who have less than $100,000 in retirement savings. Like the last time, they'll get wiped out and have to add 15 years to their working lives to recover.
yup
Posted on 8/27/19 at 8:46 am to SlowFlowPro
quote:
i'm saying the fact that they won't retire is creating a lost generation, economically
This would be true of every generation that ever lived, except for one point.
Life expectancy. They're working longer because they're living longer.
It's time for us (the younger generations) to either create new avenues or get used to working in a supporting role and wait our turn. We can't expect people to go against their personal best interest for the sake of a generation of people they owe nothing to.
And I'm saying this as someone who's been waiting on positions to open most of my career. If it meant that much to me, I'd find places where those opening exist.
Posted on 8/27/19 at 8:50 am to SlowFlowPro
quote:
actually it is by choice
Let's see... kids making shitty decisions, retirement drained or weakened previously, needing to work for better health insurance than is available otherwise, etc... Nope, not a choice putz...
quote:
more of a personal choice
See above dumbass... very few people are working in their 70's because they want to, sure some are but most are not...
quote:
have nothing to do with value
Let's see, they are not chronically late / absent, they are not constantly asking when they will get a raise or the corner office, they are not bitching when asked to work an occasional Saturday, they are not bitching because their bonus was not big enough... All this aside from the fact that they are already trained, know how the company likes things done, pretty in tune with the customer base, and actually value their job...
I can actually picture your snot nosed self now... it is funny too...
quote:
things you let pass for those 50-60 year olds
No one lets things pass for them... if anything, they are scrutinized even more than the new kid BUT they value their job...
You don't even know my age... So keep talking out of your arse...
Posted on 8/27/19 at 8:50 am to whocares1
quote:
Those programs are not entitlement programs, or weren't intended to be. Both were programs that an employee paid into for future retirement benefits.
It was never intended to be that. That's why it's actually called "social security insurance".
Why else would they set the retirement age at 65 when the average life expectancy at the time was 62? It was insurance in case you lived past your ability to be productive.
It was never supposed to be a retirement program. It was a lie and sadly, Americans were desperate to vote for anything during the depression.
Posted on 8/27/19 at 8:51 am to The Maj
quote:
most haven't worked a hard day in their lives...
This is such an asinine statement.
Posted on 8/27/19 at 8:51 am to SlowFlowPro
It'll be interesting to see how the population reacts to austerity. Will millenials and Gen Zs figure out that massive public spending isn't a net benefit to young people? Or are they going to go full retard and double down on wanting a larger public "support net?" My guess is the later unfortunately. Right now their idea of how government should operate will absolutely crush the dollar and make consumption way more expensive. Should be interesting next few decades.
Posted on 8/27/19 at 8:52 am to NikolaiJakov
quote:
This would be true of every generation that ever lived, except for one point.
Life expectancy. They're working longer because they're living longer.
no shite. i've said this at least 3 times in this thread (including my first post on this tangent)
quote:
It's time for us (the younger generations) to either create new avenues or get used to working in a supporting role and wait our turn.
there can only be so many silicon valleys, especially when we have an actual silicon valley
quote:
And I'm saying this as someone who's been waiting on positions to open most of my career. If it meant that much to me, I'd find places where those opening exist.
the data shows this simply isn't as fruitful, especially in the historical context. it's just how the slack is working itself out from a major societal change (people working much longer than what our economy was really build to handle)
Posted on 8/27/19 at 8:54 am to wutangfinancial
quote:
wutangfinancial
If they say it, you know it's gotsta be true
quote:
Should be interesting next few decades
Unfortunately, it's going to be painful, and America hasn't experienced painful since the Carter administration.
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