Millennials continue to get the big shaft. massive rents, college debt, mcjobs etc..

[Spungo]

One needs to consider property taxes and their status-quo in this mix.

I'm not quite sure what you mean when you say "their status-quo"

Look at it in a more general level. As wages began to stagnate, people began to buy things on credit.

People always buy things on credit when credit is available. This goes back thousands of years. The bible and the koran both say that lending money with interest is evil. Someone wouldn't write something like that if it only applied to the Donald Trumps of the time. They wrote that down because it applied to a very broad audience. We've been borrowing things from each other for as long as people have been saying "I'll pay you tomorrow."

The infamous 1929 stock market crash was caused by people borrowing tons of money to buy stocks and then being forced to sell when a margin call is made. That was 86 years ago. We were the same back then as we are today. This isn't even limited to Americans. You can look at China's stock markets this year and see the same thing: google chart

It doubled in a year and then it crashed. That graph is everything you need to know about humans and how they use credit. There's never any restraint. People go full tilt no matter what. Is the interest rate 30%? Borrow the maximum amount you can afford to pay back. Is the interest rate 3%? Borrow the maximum amount you can afford to pay back.

Just a few years ago, people would actually borrow more than they could afford to pay back, and the only way to get the loan was through lying. They were called stated income loans ('liar loans'). You would just tell the bank what you get paid, and they didn't ask for paperwork because they were not the ones holding the bond; the bond would get sold to retail investors as mortgage backed securities or asset backed securities. China is seeing a lot of that same kind of wishy washy lending right now. This is their 1929 and 2008 combined. A growing middle class discovered investing and margin, they jumped in head first, and they'll all get broken necks.

Credit institutions "evolved." Before that, they would save whatever they could for major purchases. This extended to more expensive autos and mortgages.

Auto loans go way back to the 1950s and possibly earlier. The thing people need to realize about lending is that everyone can act like a bank to some extent. If you give something to your friend with the promise that he will pay you next week, you are effectively issuing him a loan. That's exactly what car and furniture companies do. They don't lend you cash like a bank. They just say you can drive the car away right now, and we'll only ask for X amount of dollars every month for the next Y years. Anyone can do that. A furniture store can do that, a car dealer can do that, your friend can do that, you can do that. Vendor financing has existing for probably thousands of years. The concept is not overly complicated. I'm selling some horse shoes and a saddle for a horse, you want to buy my products but can't at this time, so I agree to give you the shoes and saddle right now, but I want monthly payments for a certain period of time.

The true evolution of credit is the process of securitization and how the internet plays a part in this. This is where someone can issue a loan and then sell the loan to a third party. A few years ago, the big scam was subprime home loans. Subprime meaning borrowers with shit credit. Right now, the big scam is subprime car loans and junk bonds to energy companies. The bank issues a loan to some company claiming to be a shale oil producer, but the bank doesn't keep the bond on their own books. The bank securitizes these junk bonds and then sells them to retail investors. You can track how these are doing right now by looking at tickers HYG and JNK ('junk'). As you can see, subprime has been crashing for a few months, and the value of those bonds is closely tied to the price of oil. That makes sense. Loans are only worth as much as the assets backing them. Securitization is a game changer because this is effectively a type of crowd funding. Where is all of the money coming from to create these shale companies that never seem to be profitable? People like you and I. People like your neighbors. Anyone with a trading account can be involved in this crowd funding just by buying a junk bond ETF, and these things are extremely popular because the fed has interest rates pinned at 0% and people are trying to save for retirement. In the past, it was a lot harder to get funding for companies with no earnings because the bank was the bond holder. The bank cared about the quality of loans, so they only loaned money if they thought the loan would be paid back. When the risk can be dumped on senior citizens and other people who don't understand what a "high yield bond" is, who cares? Just lend money to everyone regardless of how stupid their idea is. If the bank gets stuck with a lot of these "toxic assets," the government will step in to socialize the losses. See Bush's famous Toxic Asset Relief Program (TARP, aka giving trillions of tax dollars to the people who financed your election campaign).

 

[pcgeek11]

Posting in another " Poor Little Millennials Got Screwed by The Boomers " Thread.


Better call a waaaaambalance. One thing for sure the millennials sure know how to bitch.

 

[JSt0rm]

Posting in another " Poor Little Millennials Got Screwed by The Boomers " Thread.


Better call a waaaaambalance. One thing for sure the millennials sure know how to bitch.

Time to die old man. Don't worry, we will clean up your mess.

 

[pcgeek11]

Time to die old man. Don't worry, we will clean up your mess.

Get off my lawn after you change my diapers whipper snapper!

 

[Exterous]

http://www.washingtonpost.com/business/get-real-on-scholarships/2011/03/08/ABM4LfR_story.html

There are two really important things to keep in mind about that figure:
1) It includes room and board costs at the chosen University for 4 years despite the fact that many do not use university housing for the full 4 years
2) It is heavily weighted by out of state students. MSU tuition is $14,500 for instate but $37,000 for out of state. UofM is $13,500 for instate but $42,000 for out of state. This is a huge swing given that both have close to 55% out of state students. So if you are choosing to spend another $30,000 per year on college to go to an out of state University then the chances you are going to cover your entire education goes way down

 

[sm625]

You know not to sound like an aging cynic. But I remember going through high school and was lectured how my generation was going to have the worst time of it. College education wasnt worth it, we would be working at fast food restaurants with a bachelors degree ect ect. It is the same recycled argument every generation has had since probably the beginning of time. None of it came true.

Are you frickin serious? It sure as frack did come true. Wow what an ignorant ass.

 

[PricklyPete]

Noob. I'm a 10 year old with 5 degrees, 6 wives, 12 mistresses, 32 kids, 18 dogs, 4 mortgages, 1 gerbil, and I loan the Federal Government money.

What happened to your other gerbil?

 

[child of wonder]

What happened to your other gerbil?

He suffocated.

 

[purbeast0]

My lamentation for millennials starts when I see how society and parents continue to pile on the myth that only with MOAR school can someone be successful and the particular school you choose matters so greatly for the rest of your life.

The reality is, none of these are true and I know many, many people who are walking contradictions to that school of thought. What matters is work ethic, planning, drive, networking, and attitude. Education is certainly important and I'd strongly advocate my children attending college, but whether they go to Harvard or SmallTown Community college doesn't matter near as much as the aforementioned qualities.

Kids today are spoon fed the lie that college equals success, which leads them to accumulate infuriating amounts of life altering debt from a selection of schools that are driven by profit over their students' success. And we made that atmosphere for them, we perpetuate it, and hopefully we correct it before it gets any worse.

i'd say that more of my friends/people i grew up with are people who have degrees that they don't even use, than people who have degrees that they have jobs related to.

 

[Moonbeam]

Maybe the OP should separate out people like you from the millennial types that go to a $40,000/year school and study Punjabi charcoal art then cry about high rent and student loans when they cannot find a job other than starbucks after graduation.

So true. In any ecosystem where the rivers stagnate, it's always the pond scum that rises to the top chocking off the light creating putrefaction, the cream of self congratulatory goo. Suck those nutrients baby. Froth and bubble. It's a wise fungus that sets up shop on the dead fishes head.

 

[Mai72]

IMO, things are much different with this generation than with previous generations.

1) We live in a global economy now. In the past your only source of competition was local. Now? People are competing with other applicants from around the world. When a business needs to hire people do they look for applicants from America or abroad? South Korea, India or Indiana? This was never the case before.

2) The internet has changed how we do business. You need work done? Why not send it overseas and get it done for half the cost. This is now possible because we are all connected globally. In the past if a business needed work done they would have had to get it done locally. Not so anymore. In return, this has caused businesses to rely less on local talent.

3) Automation. This is still being played out as we don't really know what the outcome is going to be. But, I do know that automation has the potential to eliminate many jobs in America, and Millennials are going to be the first generation that will have to deal with these massive changes.

4) Everything is just more expensive. College tuition, rent, owning a car, food shopping, etc... It just seems that things are much more expensive than they were in the past. You expect things to increase, but they have risen so quickly that many young people are having a difficult time adjusting. This is why we have so many 20 somethings still living with their parents. They can't afford to move out and live independently. Add in massive student loan debt and it becomes nearly impossible to forge an independent life.

Finally, I had the unique experience to teach in Asia. I’ve also taught in America. The one thing that struck me was how much work my Asian students were willing to do. They are engaged in the learning process for 9-11 hours a day. American students spend much less time on their studies. In the end, the extra time studying will pay dividends for Asian students, while many young Americans are going to be left behind.

 

[piasabird]

In a lot of places all the McJobs are being done by non-citizens here illegally.

 

[CPA]

Posting in another " Poor Little Millennials Got Screwed by The Boomers " Thread.


Better call a waaaaambalance. One thing for sure the millennials sure know how to bitch.

Too bad they can't figure a way to monetize their whining. They'd all be rich.

 

[Fenixgoon]

IMO, things are much different with this generation than with previous generations.

1) We live in a global economy now. In the past your only source of competition was local. Now? People are competing with other applicants from around the world. When a business needs to hire people do they look for applicants from America or abroad? South Korea, India or Indiana? This was never the case before.

2) The internet has changed how we do business. You need work done? Why not send it overseas and get it done for half the cost. This is now possible because we are all connected globally. In the past if a business needed work done they would have had to get it done locally. Not so anymore. In return, this has caused businesses to rely less on local talent.

3) Automation. This is still being played out as we don't really know what the outcome is going to be. But, I do know that automation has the potential to eliminate many jobs in America, and Millennials are going to be the first generation that will have to deal with these massive changes.

4) Everything is just more expensive. College tuition, rent, owning a car, food shopping, etc... It just seems that things are much more expensive than they were in the past. You expect things to increase, but they have risen so quickly that many young people are having a difficult time adjusting. This is why we have so many 20 somethings still living with their parents. They can't afford to move out and live independently. Add in massive student loan debt and it becomes nearly impossible to forge an independent life.

Finally, I had the unique experience to teach in Asia. I’ve also taught in America. The one thing that struck me was how much work my Asian students were willing to do. They are engaged in the learning process for 9-11 hours a day. American students spend much less time on their studies. In the end, the extra time studying will pay dividends for Asian students, while many young Americans are going to be left behind.

on this point i will disagree that this always pays dividends. not that it doesn't pay off, but there is a reason why the US is able to generate unique IP and so much new technology. letting people pursue what they want instead of having an extraordinarily rigid educational structure can have its benefits.

 

[JSt0rm]

The whole point of globalization is to lower our standard of living and raise the worlds standard of living. This is what the ultra wealthy want - more consumers. And they will kill us to get there. So every generation is more fucked then the last until we are at parity with the rest of the world.

 

[MongGrel]

The whole point of globalization is to lower our standard of living and raise the worlds standard of living. This is what the ultra wealthy want - more consumers. And they will kill us to get there. So every generation is more fucked then the last until we are at parity with the rest of the world.

This.

 

[Mai72]

[/B]

on this point i will disagree that this always pays dividends. not that it doesn't pay off, but there is a reason why the US is able to generate unique IP and so much new technology. letting people pursue what they want instead of having an extraordinarily rigid educational structure can have its benefits.

You have a point. Could FB, Google and just about every other business flourish in Asia? I don't think so. The education system in Asia is very rigid. You're not allowed to pursue your dreams as well. There are very few avenues where creative people are allowed to pursue. You either fit the mold or you're an outcast. I get that.

I wasn't talking about that though. I was talking about the willpower that comes from sticking to a very disciplined program, and this is where Asian students shine. Instead of complaining they are willing to sacrifice. Compare that to many young Americans today. Many want to make the big bucks out of college without putting in their time. Many whine and complain that life is hard. Many are the products of our liberal education system. We all know that life is much different than what's taught in public education. Life is hard. It will beat you down if you let it. Many young people feel entitled today. This is what I meant when I said that the countless hours that they study is going to pay dividends in their future.

I remember a study that was done a few years ago. An unsolvable math problem was given to a group of American and Japanese students. The American students had spent a total of 5 minutes on the problem before giving up. The Japanese students spent over an hour on the same problem. They tried everything in their power to solve the math problem before quitting. It was only one study, but it beautifully captured the difference between Asian and American students.

Here is an interesting article on young people and the global economy today.

http://www.ibtimes.com/can-young-americans-compete-global-economy-well-you-know-whatever-1537590

Ignorance in the United States is not just bliss, it’s widespread,” he wrote, citing a survey of teenagers by the education advocacy group Common Core that revealed, among other things, that “a quarter could not identify Adolf Hitler, a third did not know that the Bill of Rights guaranteed freedom of speech and religion, and fewer than half knew that the Civil War took place between 1850 and 1900.” The Common Core survey also unearthed that almost one-fifth of respondents did not know who the U.S. fought during World War II.

When I compare our high schools with what I see when I’m traveling abroad, I am terrified for our workforce of tomorrow,” he stated.

By obsolete, I don’t just mean that they are broken, flawed or underfunded, though a case could be made for every one of those points. By obsolete, I mean our high schools -- even when they're working as designed -- cannot teach all our students what they need to know today.

 

[Mai72]

The whole point of globalization is to lower our standard of living and raise the worlds standard of living. This is what the ultra wealthy want - more consumers. And they will kill us to get there. So every generation is more fucked then the last until we are at parity with the rest of the world.

Why do you think they were behind the TPP?

You don't think they get excited when they think of India, Vietnam, and other Asian countries purchasing and developing their products. The population in India alone is 1.2B! 4x the population of America. I'd shift my focus to India and China as well. I don't blame companies for following this approach. The only issue is it is going to cause issues back home. Loss of jobs, wages, etc.

 

[Moonbeam]

I believe the baby boomers protested the Viet Nam war and made withdrawal a political imperative. Where are the brave souls protesting the destruction of their own people from within? Where's the fucking revolution, the folk in the street, who is shutting down Wall Street?

Somebody said Millennials can bitch, I'd say it's more like they whimper. Get a job at Amazon and become a killer for the God Bezos. There's a dude who has a pathological fear of stagnation

 

[davmat787]

Nah I'm good. I have three university degrees, a wife, two dogs, two cars, a mortgage, and no non-mortgage debt.

I'm not going to list material achievements but lets just say I surpassed your list in my 20's, and I'm not special or unique, many others did too.

Except for your 3 degrees I should add, I got mine with a high school diploma and fortuitous timing.

Late 80's to late 90's dot com and internet boom FTW.

Glad to hear you're doing well and appear happy with your lot in life.

 

[werepossum]

The whole point of globalization is to lower our standard of living and raise the worlds standard of living. This is what the ultra wealthy want - more consumers. And they will kill us to get there. So every generation is more fucked then the last until we are at parity with the rest of the world.

Pretty much. Problem for us is that there are metric fucktons of desperately poor people world wide, so those moving jobs can simply move them from place to place if places like China get too uppity. Of course, they may well find that China, having possession of their IP, manufacturing knowhow, and customers doesn't actually need them either. Good luck getting that new Nike factory in Buttfuckestan up to competitiveness with the new Chike factory making the exact same product.

 

[brianmanahan]

The whole point of globalization is to lower our standard of living and raise the worlds standard of living.

if this is what it takes to make stock prices rise, i'm all for it

they just need to keep going up until i die

 

[michal1980]

Why do you think they were behind the TPP?

You don't think they get excited when they think of India, Vietnam, and other Asian countries purchasing and developing their products. The population in India alone is 1.2B! 4x the population of America. I'd shift my focus to India and China as well. I don't blame companies for following this approach. The only issue is it is going to cause issues back home. Loss of jobs, wages, etc.

then you liberals will label Americans lazy, and declare the need to import even more illegals.

 

[Smoblikat]

Wow add insult to injury now they get to pay record rents. http://www.cnbc.com/2015/08/17/rents-are-rising-but-there-are-ways-to-stretch-your-dollar.html

So High college debt, rents going through the roof, cost of living going up, unpaid internships (vs back in the days paid apprenticeships) College degree required pretty much for any job, house ownership getting harder to attain, Mcjobs (all the good jobs are being contracted out to H1B over time) and robots.

It seems like for Millennials, the music stopped and they are left without a chair to sit on.

Im 21, and have been working a full time coorporate job since 18.

I have no college debt (never went)
I have lower rent than anyone else I know
Gas costs too much, but my car takes 93 so its partly my fault
I did my internships in high school
No degree required for IT, and ive worked for Dell, Fidelity, and a school district
Probobly cant/wont get a house
My job is fine
Robots are cool

Before you ask, I never had anyone on the inside of a company pulling me in. Every job I got was 100% on my own.

The moral of the story is that if you apply yourself, try harder than the next guy, and have some legitimate talent then you will have no problem living a comfortable life.

 

[werepossum]

Im 21, and have been working a full time coorporate job since 18.

I have no college debt (never went)
I have lower rent than anyone else I know
Gas costs too much, but my car takes 93 so its partly my fault
I did my internships in high school
No degree required for IT, and ive worked for Dell, Fidelity, and a school district
Probobly cant/wont get a house
My job is fine
Robots are cool

Before you ask, I never had anyone on the inside of a company pulling me in. Every job I got was 100% on my own.

The moral of the story is that if you apply yourself, try harder than the next guy, and have some legitimate talent then you will have no problem living a comfortable life.

Congrats on your success and figuring out so early what so many people never figure out.

Self-defeating: I can't get a good job because I don't have anyone influential to get it for me and it's all about connections.
Successful: I will work hard and get the qualifications I need to get the good job I want without anyone influential to get it for me.

Self-defeating: I found the home I deserve, but other people need to make it affordable for me.
Successful: I have examined my preferences in light of my means and selected a compromise home that maximizes my overall happiness.

Self-defeating: I can't get raises and promotions because I'm not a brown-noser.
Successful: I will do the work to become good at my job and I will work harder than the other guy, and therefore I will get raises and promotions.

I know people in their sixties who have never figured out these things, so congrats.