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The staggering millennial wealth deficit, in one chart
- Thread starter WedgeX
- Start date
Bitter and jealous of having a somewhat decent standard of living or being able to afford literally anything without relying on trust funds or hypothetical inheritance despite working full time, often with college degrees that put them in more debt than their parents ever had? I guess fucking so, dude.
Yup. Here's a fun article that paints a grim picture with a smile
We probably are headed towards a massive collapse at some point, yes.
Where we are at does not appear to be sustainable.
Why do you think everyone including investors are getting worried about this?
Right, this is why a lot of millenials are concerned. Their current trajectory is on a path of never having much wealth, a stable living situation, or any kind of real retirement plan.
Yeah, it's true. Sadly as everyone really knows, this boomer meme isn't even real, since actual boomers are in their late 60s to 70s.
It's just another form of generational warfare. We just expected a comparable quality of life, but instead realized - especially due to the 2008 recession - that the supposed stability of the economy, was not that at all.
Maybe I shouldn't be surprised considering nearly all countries have economies built on debt.
Bingo. And we haven't even discussed automation and robots yet. Yay.
I posted an article last month about the elder care crisis facing a number of states in the next few years. America literally can't afford to not have some form of universal health care + maternity leave + elder care in the next 5 years. We'll be Japan x10.
All of these expenses will be dumped on a generation with no savings at all, while the highest earners pay record low taxes.
Jealousy and bitterness? Interesting word choices.
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Absent a decently generous universal income plan economic contraction and severe deflation are inevitable. There won't be enough people with enough money to keep the status quo going. And that will be made all the worse if the boomers succeed at making sure immigration slows to a trickle.
Not entirely, it's being oversimplified but the system has to change, it won't collapse, and that change is what you're starting to see today. But, backing up, for one, baby boomers are not "rich." On average, baby boomers are middle class, with a median national household income of $77,000/year in the US. Baby boomers do, however, have a larger share of inherited generational wealth than millennials expect to have when they're at relative retirement age. It's a pretty common experience around here for older millennials (me, born in the mid-80s) that they have to think about their parent's medical bills as they age, and the primary vehicle most baby boomers are going to use to pay for medical expenses is their real estate wealth... E.g., you sell mom's house so that she can move into an assisted living facility.
For us, though, the reason the US is finally having these conversations around "medicare for all" is because we have to. We're getting to the breaking point because the enormous wealth transfer from Europe to America following World War II is (or has) reached it's logical end of growth. Europe introduced these programs in the aftermath of World War II, in their post-war rebuilding decades, because they had to. The US is coming to the same point because the post-war economic boom is reaching it's fitting end, and now we're actually getting serious about true universal care.
Hell, even 10 years ago talking about universal care for all americans was a third rail in mainstream politics. Obamacare -- literally a market-driven insurance guarantee program that was also on the GOP platform of 1992 and implemented by a Republican governor in 2006 -- was the contravercial health insurance program. Today, though, just 12 years later, "medicare for all" is not a third rail anymore, it's becoming mainstream. It's slow, and people are sloiwly being dragged along, but that's the result of the aging generation and the post WWII wealth transfer running out.
If it's not spent on vacations and bullshit, it'll get gobbled up by the health care industry near/at the end of their life
Boomers believe in 'capitalism' like Medicare and social security. It's just they bullshit themselves into ignoring all these socialist benefits they get/got.
Yeah, probably. I'm real curious what happens to the housing market. Like, millennials can't afford their parents houses as they're currently valued. Does it collapse? Does the industry get the government to back loans like we already do for college?
I mean, the entire system is financed by debt ATM. I'm morbidly curious what our economy would look like if we started tightening credit or even limited credit to like 30 years ago.
Yeah, this, along with the "Gig Economy", was some mind-fuckery Millennials were duped into so that they could be subjugated by the Boomer's Neo-feudalistic Rentier Economy. And it worked.
The Boomers' motto should be "We sap the lifeblood of our own progeny to live in perpetuity while they wither into lifeless husks..."
OP
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I decided to redo both his and the Post's chart to layer the Recessions on top of each trend line (and also did it straight by quarters, instead of smoothing it like the Post did). If anyone wants me to do a more complicated stacked bar chart for each generation compared to what the generations older and younger than them had, certainly can but it will take...time.I'm aware. There is no dip around 2008 for Boomers:
Boomers also had to contend with an additional nine years worth of recessions, but none of them nearly as bad as the Great Recession.
I don't think that's quite right for the Boomers. Note that their 2019 is aligned a little further right, so 10 years ago would be the flat spot parallel to the 50% line. It's infinitely better than the major dip for X, but there was a blip for sure.
Nevermind, I had not seen the new page. Can you right align each of them to 2019 on a real timeline, it seems like it would make the most sense to compare performance in each period. It's also very obvious that the relatively tepid growth of the last 10-12 years for Millenials is dramatically different from the mid 80s to dot com boom "starting" period for Boomers which is one of the reasons why aligning by age is not as important as aligning by years, and the economic realities of today. It was easier to build wealth in the 70s or 80s when education/housing/wage costs were wildly different.
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Exactly, This is why I always go "OK Zoomers" when they act like we should have "done more"
This is your best post ever. If I owned a Sizzler or Carrows this would be on every placemat
That’s because millennials simply need to work harder. Millennials are lazy, this is known.
It will also have the added benefit of less industries dying because of millennials.
It will also have the added benefit of less industries dying because of millennials.
You’re not going to get far with that cutting corners mentality millennial.