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Message
re: The Next Recession Will Destroy Millennials
Posted on 8/27/19 at 11:24 am to funnystuff
Posted on 8/27/19 at 11:24 am to funnystuff
quote:
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.
Because of diminishing returns.
People were MUCH poorer in 1940 so they have more room to grow, not to mention the literal baby boom that followed.
These sorts of comparative stats are very useful, but have their limits.
1
Posted on 8/27/19 at 11:26 am to OleWarSkuleAlum
Can't think of a more deserving group other than boomers.
Posted on 8/27/19 at 11:28 am to 93and99
quote:
That sounds like millennials who overpay for a crappy degree just so they can party..
No, that's your anecdotal, insecure opinion. People 40 and over, on average, are lazy and ignorant when it comes to saving for their future or finances in general. It was true back when those same people were in their 20s, and it's true now.
Posted on 8/27/19 at 11:31 am to LSUBanker
quote:
Our firm's reports show the exact opposite. Overall consumer debt is lower now than pre-2008. Granted it doesn't show by age bracket, but the next recession will be mild compared to 2008.
Depends how you look at the data. The chart I'm looking at shows that we surpassed 2008 debt levels a couple years ago.
LINK
Posted on 8/27/19 at 11:52 am to dafif
quote:
those not interested in gaming the system for their own wealth?
I don't think very many of these people exist
Posted on 8/27/19 at 11:53 am to ImaObserver
quote:
The current generation of young people do not want a "job" they want a "position". They have an extreme aversion to real "work" and getting their finger nails dirty.
As a business owner in the heavy equipment manufacturing, repair, and servicing industry, We find that in spite of offering well above average wages and benefits,it seems almost impossible to find qualified personnel to fill openings for mechanics, welders, machinists, etc. etc. Those few who are otherwise suitable candidates can seldom pass the required drug testing protocol.
ok i need to make a distinction that i thought was implied but it seems that it wasn't clear the past few pages
i am talking about professional jobs with advancement potential in bigger companies. this means a much more urban environemnt
people keep bringing up jobs that appear to be much more rural-based. that is something completely different entirely. finding "good workers" in non-urban areas is likely going to face issues of (1) population decline and (2) welfare/drug complications
also, this urban/rural distinction (Which has grown massively since the 2009 Stimulus) will have much different application in other areas like (1) rent/COL (2) requirement of a degree for entry-level work (3) student loan debt (4) bureaucratic issues within work, etc
Posted on 8/27/19 at 12:00 pm to SlowFlowPro
quote:
i am talking about professional jobs with advancement potential in bigger companies. this means a much more urban environemnt
Why are you limiting it to these jobs? Are blue collar or trades too beneath your position?
Posted on 8/27/19 at 12:06 pm to OleWarSkuleAlum
quote:
Why are you limiting it to these jobs?
there are always blue collar jobs (at least for a couple more decades)
quote:
Are blue collar or trades too beneath your position?
well if we're trying to have generations surpass the previous one, why would professional class parents be raising their kids to devolve? it sounds harsh but it's a serious question, especially in the richest country in the world whose economy is largely based around much more advanced economic output
professionals will also make more money and be burdened with the excesses of the older population
now if you want to say too many younger kids tried to escape to a professional life i won't say that you're wrong, but that's another discussion. the vast majority of college-educated millenials have their future in the professional class (Which is good or else we will be even more fricked in a generation when we're trying to devolve our economy to a physical (instead of intellectual) based economy)
Posted on 8/27/19 at 12:06 pm to OleWarSkuleAlum
I am of the opinion that things are going to be great for the Millenials over the next 30 years. Boomers will be retiring, opening up tons of jobs.
Posted on 8/27/19 at 12:09 pm to armtackledawg
quote:
Boomers will be retiring
Posted on 8/27/19 at 12:09 pm to SlowFlowPro
quote:
well if we're trying to have generations surpass the previous one, why would professional class parents be raising their kids to devolve?
This is where millennials like you, Jake, go wrong. A working class person is not demoted or devolved. It’s simply a service or trade that is needed and they are filling a market need. Many, many tradespeople will out earn attorneys in this country by leaps and bounds.
Posted on 8/27/19 at 12:12 pm to SlowFlowPro
quote:
why would professional class parents be raising their kids to devolve
Seriously, this is the entire problem with you and people like you... The same mentality that everyone should get a fricking trophy and everyone should go to college...
quote:
professionals will also make more money
Dr's might if you are referring to that type of professional but overall when you factor time and expenses there are plenty of blue collar jobs that a kid can start right out of or within two years of HS that will put them in a position to make as much or more money than many so called "professionals"...
Welders working shutdown and traveling are easily pulling in six figures within 5 years if they are worth a damn...
Posted on 8/27/19 at 12:16 pm to OleWarSkuleAlum
quote:
A working class person is not demoted or devolved. It’s simply a service or trade that is needed and they are filling a market need.
weren't you preaching at the alter of "value" earlier?
why do earnings not reflect your argument?
quote:
Many, many tradespeople will out earn attorneys in this country by leaps and bounds.
sure, and many, many more attorneys will make 6 figures (per capita)
if your argument were strong, this graph wouldn't exist
and i'm not talking shite about non-professional workers. i have no ill will against them. i'm not saying i'm better than them. i'm not saying they're below me. i'm talking about our economy and where people fit in, and what goals we have for ourselves and others within that economy
Posted on 8/27/19 at 12:18 pm to The Maj
quote:
Seriously, this is the entire problem with you and people like you... The same mentality that everyone should get a fricking trophy and everyone should go to college...
as opposed to your myopic view of keeping people (as well as their kids) in the lower and blue collar classes stuck there?
quote:
Dr's might if you are referring to that type of professional but overall when you factor time and expenses there are plenty of blue collar jobs that a kid can start right out of or within two years of HS that will put them in a position to make as much or more money than many so called "professionals"...
Posted on 8/27/19 at 12:19 pm to SlowFlowPro
Most people with a HS degree of less are unmotivated. They're generally fatalistiic.
If you're motivated, there are great jobs out there.
If you're motivated, there are great jobs out there.
Posted on 8/27/19 at 12:22 pm to SlowFlowPro
That chart is extremely skewed and misleading.
Posted on 8/27/19 at 12:24 pm to OleWarSkuleAlum
quote:
That chart is extremely skewed and misleading.
ok. show me some legitimate data that shows the opposite
show me where the professional class earns equal/less
Posted on 8/27/19 at 12:24 pm to OleWarSkuleAlum
Gen Xer here checking in.
It's the boomers that will be destroyed since they have saved little for retirement and have no family support because of their legacy of divorce and destruction of the family unit.
All you stupid old folks have nothing but social security that will probably be reduced once the recession hits and our trillion dollar deficit goes up to 1.5 or 1.8 trillion a year.
Millenials will be fine.
It's the boomers that will be destroyed since they have saved little for retirement and have no family support because of their legacy of divorce and destruction of the family unit.
All you stupid old folks have nothing but social security that will probably be reduced once the recession hits and our trillion dollar deficit goes up to 1.5 or 1.8 trillion a year.
Millenials will be fine.
Posted on 8/27/19 at 12:28 pm to SlowFlowPro
quote:
weren't you preaching at the alter of "value" earlier?
quote:
why do earnings not reflect your argument?
Sorry that you do not realize that value to a company and individual earnings can be and often are two different things... Good grief you are a dumbass...
quote:
where people fit in, and what goals we have for ourselves and others within that economy
You used the term "devolve" earlier, as if "if Jr doesn't get a professional degree, he is less"... So, yeah you are...
Why doesn't you graph include trade degrees or trade school or certification completion? Did I just miss it?
Posted on 8/27/19 at 12:29 pm to gthog61
quote:
I make fun of millennials on here because it is fun but all the ones I know are sharp to very sharp.
My experience suggests that too many millenials are shockingly ignorant or unaware of some basic truths.
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