NYU professor Scott Galloway says young Americans today are struggling and ‘have every reason to be enraged.’

Moneywise ^ | 25 April, 2024 | Jin Pan

[anthropocene_x]

In a recent interview with MSNBC, Galloway discussed the current challenges facing young adults, remarking, “For the first time in our nation's history, a 30-year-old man or woman isn't doing as well as his or her parents were at 30, that is the social compact breaking down.”

According to a 2016 study from Harvard-based research initiative Opportunity Insights, over 90% of children born in the 1940s grew up to earn more than their parents at age 30. However, for children born in the 1980s, only half managed to outearn their parents.

Galloway, said the economy is "purposely" transferring money to the super rich from the other classes and from the young to the old. About the tax system he said: "Two biggest tax deductions — capital gains and mortgage interest. Who owns homes and stocks? People my age. Who rents and makes their money from current income? Young people."

One pressing issue for young people, according to Galloway, is housing. He highlighted the rapid increase in housing prices, and the impact of economic policies that inflate asset values, like housing and stocks. According to the Census Bureau and the Department of Housing and Urban Development, the median sales price of houses sold in the U.S. was $327,100 in Q4 of 2019, prior to the pandemic. By Q4 of 2023, that figure had risen to $417,700.

[deport]

and we voted with our wallets.

***********

That isn’t abnormal in the long run. If the country
can’t provide the jobs with adequate pay for the workers
then people will find places & things that can. Pretty
much been going on since time began.

[TwelveOfTwenty]

What? When I say we voted with our wallets, I meant we chose cheap foreign labor over our own kids and Vets to save a few pennies.

[deport]

Thanks. I miss miss understood what you meant. my bad.