Posted on 01/15/2017 7:17:28 AM PST by Sir Napsalot
Baby Boomers: your millennial children are worse off than you.
With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles.
The analysis being released Friday gives concrete details about a troubling generational divide that helps to explain much of the anxiety that defined the 2016 election. Millennials have half the net worth of boomers. Their home ownership rate is lower, while their student debt is drastically higher.
The generational gap is a central dilemma for the incoming presidency of Donald Trump, who essentially pledged a return to the prosperity of post-World War II America. The analysis also hints at the issues of culture and identity that divided many voters, showing that white millennials — who still earn much more than their blacks and Latino peers — have seen their incomes plummet the most relative to boomers.
(Excerpt) Read more at cnbc.com ...
"Household income." If a person is single at an age when his parents were married, then the likelihood of a lower household income is almost 100%. If his parents were married and both employed, then (other things being equal), one would expect household income to be 50% lower.
In other words, it's entirely possible that this statistic measures nothing but the difference in marriage rates (or in "employed persons per household," which could include unrelated roommates).
Better educated sure isn’t the same as “smarter”. Look at what the “Greatests” did with a high school education in most cases.
That’s because the boomers stole everything they could (and still are) from their children, grandchildren, and great-grandchildren. It’s going to take generations to dig out of the debt hole that the Boomers dug for posterity.
“Time to find another way. Education is okay. But the Intellectual Class is a non-productive class and we have allowed it to get too big. People with degrees in Gender Studies are not getting ahead? It’s no surprise.”
You can see this in action in the workplace, with managers who have no discernible skills other than in coordinating email chains and creating PowerPoints. In terms they would understand, “zero value-add”.
“That’s because the boomers stole everything they could (and still are) from their children, grandchildren, and great-grandchildren. It’s going to take generations to dig out of the debt hole that the Boomers dug for posterity.”
Perhaps so, but they can’t take it with them.
> Perhaps so, but they can’t take it with them.
Yes but these are Boomers we are talking about. They intend to consume every last consumable resource possible on the way out, and to burn what’s left.
When asked what school I attended, my reply names a vo-tech school rather than a college. The usual response is: “...oh”. Thing is, when times were tough and my PHD brother was sucking wind I was constantly employed. When times are good he indeed makes more money, but times aren’t always good, and stuff always needs fixin’. I can fix things. He can’t fix breakfast! (But he’s my brother, and I love him anyway)
When asked what school I attended, my reply names a vo-tech school rather than a college. The usual response is: “...oh”. Thing is, when times were tough and my PHD brother was sucking wind I was constantly employed. When times are good he indeed makes more money, but times aren’t always good, and stuff always needs fixin’. I can fix things. He can’t fix breakfast! (But he’s my brother, and I love him anyway)
You’re wrong. Obama is Gen-X, not a boomer, and he ran the backhoe.
By reviving the manufacturing base, it also means reviving our middle class and put high demand on certain blue-collar jobs like carpenters, construction workers, electricians and plumbers. And these jobs don't need an expensive college degree, but a much less expensive training and apprenticeship program.
The focus of education combined with a stagnant economy where wages are also stagnant, a worse economy, combined with the influx of not only low wage earners but also STEM earners, in the form of H1B visas, are only partial reasons as to why everyonenot just Millenials are behind than a generation ago. The break up families, the redefining of marriage, the long rollout of Obamacare, Quantative easing quarter after quarter for almost the entire length of zero’s presidency has led to incompetent people who think they know better than the rest at the helm of something they should have never been steering. Education needs to get back on track with Reading, writing and arithmetic. It needs to get back to teaching civics and history of America. Values need to be brought back into the mainstream instead of the values that are oft putting. Values of the children of the Veterns of WW2 are somuch further than millenial values are today. We need to stop teaching that a value no matter how outlandish is supported by the majority. America, the leader of the world, and its children are inheritng the valueless and moraless society by those who have found ways to exploit the loopholes in our free society. These loopholes are the “politcally correct” views as to not offend anyone to please everyone. We all knows what happens when we try to please everyone - we piss off everyone. This is exactly why Trumpis our PEOTUS today.
Reverse mortgages ensure no real property transfer. Government debt has skyrocketed while real wages have stagnated. What passes for education costs exponentially more, while it’s actual value has decreased by the same function. A degree has become just a check box on an application.
All of the vile government debt incurred by Boomers will last for generations. We are still paying taxes instituted prior to WWI—taxes that were promised to sunset. As Will Rodgers said, “The difference between death and taxes is that death never gets any worse. Taxes get worse every time Congress meets.”
Nope, sorry - 1961 (Obama’s alleged year of birth) is still squarely within the Boomer generation, if on the tail end of it.
We have not seen any Gen X political leadership at the top levels - and aren’t likely to, as at no point with Gen X ever be the largest voting demographic. By the time enough boomers die off, the succeeding generation will have overtaken Gen X in numbers.
Gen X is an effectively politically powerless generation.
What? Sorry, Uhbama is officially part of the Boomers, more specifically Gen Jones (disco gen), albeit not much of the careless disco types.
>
It’s going to take generations to dig out of the debt hole that the Boomers dug for posterity.
>
Dig out? Cancel the illegal\unconstitutional Ponzi scheme and call it a wash. The only ones naive enough to believe they ‘paid something to get something back’ IS the older generation(s). No Gen-X+ even thinks that SS will be solvent to get $.01 of what was paid, I mean stolen aka taxed.
There is not one shred of logic that would allow the future to be held in economic slavery for the sins of the past (”But, we were *PROMISED*...”).
Wipe the slate clean and give our posterity the opportunity to rise, or fall, on their own. Grand-ma\pa should suck it up for their kids\etc. sake.
I think Gen X was the first to be pre-emptively killed off.
Sort of sad for Gen Reagan. I just glanced at a study indicating that age-wise, Gen X (or at least the first/middle part) tends to be more conservative like the elderly, and everyone else liberal. Guess that is part of the influence of growing up with Reagan.
Paul Ryan and others are in pretty top positions.
Gen X was the first generation to be subject to limitless and subsidized abortion as public policy.
Needless to say, trust issues abound.
It is possible as you stated, but I “assumed” the study took into account of the marrying vs. single status.
I know I presume a lot, without actually go into the numbers of this ‘original’ study. I haven’t tracked down the original study AP is basing its report on.
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