Millennials are Screwed

[redqueen]

FML

Why millennials are facing the scariest financial future of any generation since the Great Depression.
BY MICHAEL HOBBES

(snip)

What is different about us as individuals compared to previous generations is minor. What is different about the world around us is profound. Salaries have stagnated and entire sectors have cratered. At the same time, the cost of every prerequisite of a secure existence—education, housing and health care—has inflated into the stratosphere. From job security to the social safety net, all the structures that insulate us from ruin are eroding. And the opportunities leading to a middle-class life—the ones that boomers lucked into—are being lifted out of our reach. Add it all up and it’s no surprise that we’re the first generation in modern history to end up poorer than our parents.

...

https://highline.huffingtonpost.com/articles/en/poor-millennials/

[doc03]

1. Also there are almost no defined benefit pensions.

I see them working until they die. They sold everyone on the 401k but very few people can save enough to live on. Reagan destroyed the defined benefit pension when he made pension benefits an asset not a liability.

[redqueen]

2. He did so much to start this country on a downward spiral. nt

[doc03]

3. Yep it all started with Reagan. nt

[redqueen]

4. Ot you could say Thatcher, who inspired him. nt

[appalachiablue]

14. A joke employers used to tell, ''what's a four letter word that starts

with 'F' and means screw over your employee?" Answer, "401 K" as told by David Cay Johnston.

[Squinch]

5. Hey, old friend! Great to see your name!

[redqueen]

6. Hi Squinch!

Good to be back, and good to see yours as well

[Blue_true]

9. I don't know about that. The handle Redqueen sound pretty scary to me. nt

[Dirty Socialist]

7. Unless they're born rich

Then the sky is the fucking LIMIT, here in the land of privilege.

[Blue_true]

10. I believe that there are enormous opportunities that are ahead.

But the point that you made is totally valid, it will take money to realize those opportunities. We, as a society, must somehow figure out how to get money into the hands of talented people instead of the fortunate ones.

[Wounded Bear]

12. Most wealthy people got their riches the old fashioned way...

they inherited it from their parents.

[ffr]

8. If millenials don't gravitate en masse to the democratic party, we're all screwed.

They need to see beyond pettiness and greed.

[redqueen]

16. That applies to everyone, not just millennials.

Wish Reagan Dems had done so. Things might have gone very differently.

[Hoyt]

11. I bet there aren't many here who didn't worry about finances at that age.

And I know my WWI grandparents and WWII/Depression parents sure did.

I know the current generation has different problems, but it’s just wrong for this guy to believe his generation has been singled out.

Forget about the nice house in the suburbs, look at how Europeans live.

And vote like your future depends on it.

[emmaverybo]

27. Agree. Not all boomers "lucked in." Many went into careers in helping professions that were not

well paid. And as young people, sure there was economic insecurity for a lot of us. Quite a few lost some years (and lives) serving in the Vietnam war or service at home because of the draft. Or fleeing the country never to be able to return, fulfilling CO community service. Many spent time in unpaid activism.

We have to recognize the particular areas in which the economic future is tougher for a large slice of millennials—jobs without benefits, rising housing costs etc. but, on the other hand, due to opportunities in tech and other industry, many young people are making money their parents never saw and especially at such a young age.

[Newest Reality]

13. Rec...

This article is essential if you want to get a grasp of what is going on and what "booming economy" really means.

You could add current seniors at or near retirement age who don't have any assets or pensions as another sector that is going to be severely impacted in large numbers. Not ALL boomers got the boom.

[2naSalit]

15. +1

[emmaverybo]

28. No, not all. Glad you brought these elders up. Danders does talk about long term care. But as

a group, especially one that votes, pretty much an afterthought because, hey, no future in aging.
Why invest in people who will die soon or get sick?

[NCLefty]

17. It's a shame they don't like voting then.

[Celerity]

24. Gen Z, Millennials and Gen X outvoted older generations in 2018 midterms

https://www.pewresearch.org/fact-tank/2019/05/29/gen-z-millennials-and-gen-x-outvoted-older-generations-in-2018-midterms/

[redqueen]

32. Thank you so much for posting that.

Really appreciate anyone pushing back on any effort to try to blame young people for the situation they're facing.

[Skittles]

18. it is sickening how they are stacking the deck against young folk

seriously demented

[Efilroft Sul]

19. The deck has been ever stacked against Gen X, too.

I graduated college during Bush the Smarter's recession, bounced from crap job to crap job for six, looooong years, and FINALLY found somewhat decent employment and held that position for 12 years. I got drummed out of the company after a fallout with management, but was lucky enough to find similar employment during Bush the Dumber's financial meltdown in 2008. I was in that job until I got too old and was kicked to the curb again in 2014. Mind you, for both jobs, I was one of the best there is in the industry and made my company and clients billions of dollars. Billions.

Since then, I've been flying by the seat of my pants with freelance assignments to somehow keep a roof over our heads. But between aging and dying parents and having children of our own much later in life, I'm practically guaranteed to never, ever have a "real" job again. And truth be told, I was sick of corporate shenanigans before I was forced out for good five years ago, so this may be a positive development in the long run.

But I'm sure I'm not the only one at the mid-century mark eating this shit sandwich. And I can totally relate to the plight of Millennials.

Thanks, yuppies.

[DangerousRhythm]

20. Another Gen-Xer here, also screwed.

We are all in this together. I don’t see a retirement for me, nor do I see healthcare. The future terrifies me.

[Efilroft Sul]

21. The thought of a dystopian future pisses me off to no end, DangerousRhythm.

If the current race to the bottom continues without any pendulum swing our way, but I somehow maintain my good health, I am going to become the world's most dangerous septuagenarian in 20 years. Because by then, I will have nothing left to lose.

[DangerousRhythm]

30. Maybe you should run for office.

I’m only barely kidding, btw. We need more representation in our government from people who understand the struggle! 😬

[Skittles]

22. ...

I can at least say I knew good times, or perhaps "normal" times - you young folk, you have not received ANY breaks, and I swear they are actively TRYING to trash you - I do NOT understand why

[DangerousRhythm]

31. They were trying to trash us since around 1992.

I remember all the “whiny Gen-X” articles well, haha. Especially this one: https://www.google.com/amp/s/www.newsweek.com/whiny-generation-194042%3famp=1

[Skittles]

36. meh, every generation goes through that nonsense

imagine what it was like being judged by Depression and WWII survivors

[redqueen]

33. Gen X here and I agree. nt

[AwakeAtLast]

23. Once again, Gen X is overlooked

We came before millennials to face harsh economical realities. We have endured 4 recessions in 32 years! All our adult lives!

[Polybius]

25. I know a 26 year old lawyer

She worked hard, got good grades, and is doing well. Not that she's the norm, but others who take similar paths can earn good pay.

[rusty quoin]

26. My wife and I survived in so many ways when maybe we should've. We help our kids, in 20s best we

We can. We had many opportunities, but it’s been taken away. It’s been screwed for them and their children as we watched and laughed at caddy shack on the big screen.

[Celerity]

29. HuffPost Highline's Video: Michael Hobbes Discusses The Millennial Financial Crisis

[redqueen]

34. All the whataboutery in the world doesn't change the facts nt

[sl8]

35. ... and tatooed.

https://theharrispoll.com/tattoos-can-take-any-number-of-forms-from-animals-to-quotes-to-cryptic-symbols-and-appear-in-all-sorts-of-spots-on-our-bodies-some-visible-in-everyday-life-others-not-so-much-but-one-thi/?mod=article_inline