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Are Millennials the Screwed Generation?
Daily Beast ^ | July 16, 2012 | Joel Kotkin

Posted on 07/17/2012 8:00:56 AM PDT by C19fan

Today’s youth, both here and abroad, have been screwed by their parents’ fiscal profligacy and economic mismanagement. Neil Howe, a leading generational theorist, cites the “greed, shortsightedness, and blind partisanship” of the boomers, of whom he is one, for having “brought the global economy to its knees.”

How has this generation been screwed? Let’s count the ways, starting with the economy. No generation has suffered more from the Great Recession than the young. Median net worth of people under 35, according to the U.S. Census, fell 37 percent between 2005 and 2010; those over 65 took only a 13 percent hit.

(Excerpt) Read more at thedailybeast.com ...


TOPICS: Culture/Society
KEYWORDS: boombers; boomers; economy; greatrecession; millennials; recession
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1 posted on 07/17/2012 8:01:07 AM PDT by C19fan
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To: C19fan

The whiniest generation weighs in.

Again.

2 posted on 07/17/2012 8:07:00 AM PDT by freedumb2003 (obozo could bring back literal slavery with chains and still he will get 85+% of the black vote)
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To: C19fan

‘Screwed’ is pretty much the nicest word that can be used to describe what the Boomers and GenX’ers have done to the next...oh....3 or 4 generations.

The Boomers and GenX’ers should be combined under one label: Generation Thieves.


3 posted on 07/17/2012 8:14:45 AM PDT by Psycho_Bunny (OWS = The Great American Snivel War)
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To: C19fan

IMO, they are becoming ‘entitle-ized’, via zero’s Socialist/Marxist policies.


4 posted on 07/17/2012 8:15:53 AM PDT by duckman (Dr Ben Carlson: Vision Not Division.)
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To: freedumb2003

Oh please...what we’ve done to future generations is a crime.


5 posted on 07/17/2012 8:16:09 AM PDT by Psycho_Bunny (OWS = The Great American Snivel War)
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To: Psycho_Bunny

Just curious why you group X’ers with the Boomers? I am an Xer and from I understand I will be lucky to get the money I paid into Social Security back with zero interest.


6 posted on 07/17/2012 8:19:43 AM PDT by C19fan
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To: C19fan

You have to lump the Xers with Boomers, otherwise it wouldn’t all be about the Millenials, and they can’t have that.


7 posted on 07/17/2012 8:24:10 AM PDT by Mr. Bird
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To: C19fan; Psycho_Bunny

>> I am an Xer and from I understand I will be lucky to get the money I paid into Social Security back with zero interest.<<
I am a Boomer and am 100% sure I won’t see a dime. It was the so-called “Greatest Generation” that screwed us all with the Ponzi schemes of medicare and Social Security (as well as the Welfare State).

The Boomers only sin is working to older age. The Millennials and Whiners should have learned how to work when they were young instead of getting awards for using the potty properly (God knows the kids I see coming out of College don’t know the meaning of the “w” word).

Anyone younger than 55 who thinks he/she will see a DIME of Social Security is delusional. SS is exactly zero in my retirement planning.


8 posted on 07/17/2012 8:31:47 AM PDT by freedumb2003 (obozo could bring back literal slavery with chains and still he will get 85+% of the black vote)
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To: C19fan

Elections have consequences. They voted for Obama. Now they can enjoy the fruits of their vote.


9 posted on 07/17/2012 8:35:39 AM PDT by pabianice
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To: Mr. Bird

I don’t really think it is necessarily a generational thing. The people responsible are the various criminals who vote for LIBs, DIMs and RINOs. By the way, I do feel that those voters are all societal criminals.


10 posted on 07/17/2012 8:36:10 AM PDT by hal ogen (First Amendment or Reeducation Camp?)
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To: Mr. Bird

Got that straight. The millenials are the biggest bunch of whiners in history. Their parents mom and dad, yes the evil boomers and some older Xer’s, both worked so their little darlings could have everything they ever wanted without having to, gasp get a job. They went into debt to pay for pre-school, college, buy iPhones, iPads, and cars so their children wouldn’t be left behind. They paid for band and sport fees so their kids could participate in all the activities at school. They ran their little league teams and made sure that everyone got a trophy and now that things are little tough for the urchins it is all mom and dad’s fault that the world won’t give them a high paying job that they are not qualified for. I am tired of listening to these little sh*ts who have never lived with out A/C, cell phones, computers, big screen HD TVs with 400 channels complain about how hard they have it. Get over yourself nobody owes you anything and as my old man told me once when I was griping, “The world isn’t fair son and the sooner you learn that the better off you will be.” Geez.


11 posted on 07/17/2012 8:39:49 AM PDT by redangus
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To: C19fan
Disagree...I have 4 grandsons in college and I had talked to all within the last 3 weeks. They are happy to stay on their parents insurance and can't wait to start paying their fair share to assure all people have insurance and food. One is in final year med school; one final year undergrad(going to be lawyer) 1 grad this summer(going to be lawyer; 1 freshman(music major). Good for them. Hope they can afford to provide for all of us and the illegals.

What a disaster this generation is.

12 posted on 07/17/2012 8:41:40 AM PDT by captnorb
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To: C19fan

I’m an X, too.

As much as I’d like to sit back and blame our current problems on the boomers, I can’t. I have to be honest with myself.

All the crap that’s been passed by Congress the past few years required the votes of Xer’s who are now serving in Congress. All the state and local governments that are being mismanaged and financially destroyed have our hand in their destruction.

We’ve participated in - and even designed - some of the most fiscally irresponsible financial vehicles that have been bringing the markets to their knees. We embraced sub-prime lending, real estate flipping and etc...

And worst of all: it’s our generation that’s raising the current crop of whiners going through our schools. Those are OUR kids that we’re not educating to be self-sufficient, productive members of society.

Our hands aren’t quite as dirty as the Boomers, but they’re pretty dirty.


13 posted on 07/17/2012 8:44:34 AM PDT by Psycho_Bunny (OWS = The Great American Snivel War)
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To: freedumb2003
The Boomers will get their Social Security. They already are. Every single plan I have seen to deal with the SS problem always begins with, "those currently receiving Social Security and those within 10 years of retirement . . . "

The screwed generation, defined as the one generation to pay their whole working life into Social Security without getting any benefits, will either be the Millenals or Gen X'ers, depending on how long the politicians kick the can down the road. The taxpayer revolt will come after the benefits stop.

14 posted on 07/17/2012 8:44:55 AM PDT by sportutegrl
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To: sportutegrl

>>The screwed generation, defined as the one generation to pay their whole working life into Social Security without getting any benefits, will either be the Millenals or Gen X’ers, depending on how long the politicians kick the can down the road. The taxpayer revolt will come after the benefits stop.<<

That isn’t how I am planning nor is that how the numbers work out. Smart Boomers make it a zero in their planing.

So SS is another tax — deal with it. Social Security is so small anyone who planned on it for retirement is an idiot anyway.

Do what grown-ups do. Plan for retirement according to the probable scenario.


15 posted on 07/17/2012 8:52:09 AM PDT by freedumb2003 (obozo could bring back literal slavery with chains and still he will get 85+% of the black vote)
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To: freedumb2003

Amen! It wasn’t Boomers who gave us FDR.


16 posted on 07/17/2012 8:56:10 AM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: Psycho_Bunny

Nonsense. Boomers are the ones paying the exorbitant taxes that support all the goodies that the generation before them now receive. Boomers are the ones who are going to be left holding the empty bag when this Ponzi scheme collapses.


17 posted on 07/17/2012 8:58:25 AM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: freedumb2003
Social Security is so small anyone who planned on it for retirement is an idiot anyway.

I don't consider my $2400/month to be pocket money, FWIW.

18 posted on 07/17/2012 8:58:44 AM PDT by nascarnation
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To: freedumb2003
Amen!!

So my little whiney boys and girls born after 1964, we are all in this boat together. The boomers have been screwed all our working lives supporting all the “greatest generation” with SS payments tied into the cost of living along with generations of welfare folks who never paid a dime into the system.

Those of us boomers still working know there in NOTHING for us after we supported all these guys on our working backs for decades!

Quit your b@tching! It is the Socialists who kicked this ponzi scheme down our throats. Time to pay the piper.

This generational demonizing that you fall for is pure bullsh@t!!!

19 posted on 07/17/2012 9:00:45 AM PDT by poobear (Socialism, in the minds of the elites, is a con-game for the serfs, nothing more.)
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To: C19fan

So stick it to the younger generations, from the day you tried to abort them to the day you cleaned out their bank account, then turn around and put them in charge of the Death Panels.

Way to go, Fellow Boomers, way to go!


20 posted on 07/17/2012 9:02:35 AM PDT by Buckeye McFrog
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To: freedumb2003

I agree with you completely-in this community, it is the “greatest” gen-ers, some of whom are my customers, who howl the loudest for free everything-and the ones who voted for Obama are really having buyers’ remorse. Most of them are financially very well off, too-be careful what you wish for...

The people complaining should try living as a widow who isn’t well off trying to make a living and pay bills in a stale economy, 21 year old vehicle, ramen noodles and all-just for one month.

It is like being a broke single mom going to college and working all over again for me-and I have never taken one dime of government assistance-not one loan, not one food stamp, no AFDC, etc-and I never will.

This boomer has always known that she would never see a dime-I will be working till I die, and that is okay-I love to work. The problem now is that Obama’s crap has made work scarce/non-existent work for most of us.

I wish I had more sympathy these younger adults, but I’m fresh out...


21 posted on 07/17/2012 9:03:24 AM PDT by Texan5 ("You've got to saddle up your boys, you've got to draw a hard line"...)
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To: nascarnation

2400.00 in social security OMG this surprises me!!!


22 posted on 07/17/2012 9:03:44 AM PDT by Kit cat (OBummer must go)
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To: Kit cat

I was pretty much at a max deduction level from the time I was 21 - in the early years it was due to overtime.

Between SS and Mediscare I’ve “contributed” over a quarter mil.


23 posted on 07/17/2012 9:06:24 AM PDT by nascarnation
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To: poobear

The best we can hope for is that there will be work available again for all of us if we change the regime in Washington-hopefully, we just have to hang on a bit longer...


24 posted on 07/17/2012 9:07:33 AM PDT by Texan5 ("You've got to saddle up your boys, you've got to draw a hard line"...)
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To: nascarnation
Between SS and Mediscare I’ve “contributed” over a quarter mil.

That'd be a handy stack of gold eagles.

25 posted on 07/17/2012 9:08:24 AM PDT by Stentor (Former free citizen of the US. Currently subject of the same.)
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To: nascarnation

>>I don’t consider my $2400/month to be pocket money, FWIW.<<

That is if you get to the $120K level after 30+ years.

And $48K that isn’t enough to keep even close to the lifestyle a $120K paycheck creates.

It is proportionally a small amount.


26 posted on 07/17/2012 9:10:48 AM PDT by freedumb2003 (obozo could bring back literal slavery with chains and still he will get 85+% of the black vote)
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To: Stentor

Personally I believe that I’ll get every dollar that was promised.

The problem will be 20 yrs from now a hamburger will cost 100 bucks.

Inflation and the Death Panels will pretty much guarantee that SS and Medicare are financially viable.


27 posted on 07/17/2012 9:13:14 AM PDT by nascarnation
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To: Psycho_Bunny
We’ve participated in - and even designed - some of the most fiscally irresponsible financial vehicles that have been bringing the markets to their knees. We embraced sub-prime lending, real estate flipping and etc...

This is the biggie in my opinion. The boomers at the top, who never quite got how it all worked, were quite content to rake in the profits (savings of others) without examining the sausage making process.

28 posted on 07/17/2012 9:15:07 AM PDT by Stentor (Former free citizen of the US. Currently subject of the same.)
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To: Texan5

Absolutely! We are all Americans here.

May God help us and may God have mercy on the United States of America!


29 posted on 07/17/2012 9:16:16 AM PDT by poobear (Socialism, in the minds of the elites, is a con-game for the serfs, nothing more.)
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To: freedumb2003

What does the $48k in your comment refer to?


30 posted on 07/17/2012 9:16:21 AM PDT by nascarnation
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To: Psycho_Bunny

I read your post then I read your tag-line. Then I laughed.


31 posted on 07/17/2012 9:18:28 AM PDT by wtc911 (Amigo - you've been had.)
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To: Pining_4_TX
Amen! It wasn’t Boomers who gave us FDR.

___________________________________

P>Or LBJ, Nixon, Viet Nam, Roe v Wade, Feminism, third world immigration...

32 posted on 07/17/2012 9:22:07 AM PDT by wtc911 (Amigo - you've been had.)
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To: nascarnation
The problem will be 20 yrs from now a hamburger will cost 100 bucks.

Notice the beautiful job there doing of painting the COLA again this year. Somebody slipped up last year.

33 posted on 07/17/2012 9:25:28 AM PDT by Stentor (Former free citizen of the US. Currently subject of the same.)
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To: Stentor

THERE = they’re.


34 posted on 07/17/2012 9:26:31 AM PDT by Stentor (Former free citizen of the US. Currently subject of the same.)
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To: Pining_4_TX

lololol...Really?

So, when the boomers are dead and the next generations can’t borrow because the US is trillions of dollars in debt to 3/4’s of the planet, and paychecks are being engulfed to pay for projects and bonds issued 20 years before.......the boomers are left holding the bag how, exactly?


35 posted on 07/17/2012 9:27:29 AM PDT by Psycho_Bunny (OWS = The Great American Snivel War)
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To: poobear

Amen! I don’t really see how the in-fighting helps anyone-the “greatest” gen’ers have lapped up FDR’s crap for years without even thinking about the fact that ponzi schemes are not sustainable, and now we’ve got millions of riders of the purple wage with their snouts in that trough, as well, through ambulance chasers soliciticing largely bogus claims.

They also enabled LBJ to create the welfare state, while we boomers were way too young to vote. I agree with those who believe we need to de-fund and eliminate most government agencies and programs-it is the only way to get long term stability for all of us. I’m perfectly happy to keep working forever-but I want to see others doing it too. And for that to happen, we need a healthy economy.

Now that the yellow brick road is crumbling, too many of us in all generations want daddy government to “fix” it with anyone’s money but theirs. The cold, hard fact that no one wants to see is that their precious government has spent ALL of our money, and there is no one left with enough to sustain the goodies...


36 posted on 07/17/2012 9:38:45 AM PDT by Texan5 ("You've got to saddle up your boys, you've got to draw a hard line"...)
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To: Psycho_Bunny

Because we have paid the most into SS and Medicare and will not collect. And unlike the people who spit venom at the people who are their friends and family, I am all for stopping these programs if it will save our kids and grandchildren from crushing taxes in the future. Government programs pit groups of people against one another in a fight for the spoils.


37 posted on 07/17/2012 9:54:33 AM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: Texan5

The really dark side to all of these stories about one generation (Whatever that is exactly! Why do we let ourselves be defined by being lumped into groups?) is that they are preparing us for euthanasia. If you can convince the younger generations that their parents are useless old coots who screwed them out of their future, how much easier it is to convince them to pull the plug on the oldsters in order to save money.


38 posted on 07/17/2012 9:58:35 AM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: freedumb2003

The benefits may be minimal but the taxes aren’t.


39 posted on 07/17/2012 9:58:58 AM PDT by sportutegrl
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To: Pining_4_TX

And that is what sometimes happens if one gives someone else the power of life and death over them, even now. In this family, we don’t go to the medical estasblishment unless we are dying already, or need a bone set, stitches etc. We take no drugs, only natural supplements and eat fresh foods. Our legal directives are plain-do not bring us back, period. When God says time to go elsewhere, that is what I’m going to do-no way will I allow anyone but Him to be in charge of that.


40 posted on 07/17/2012 10:27:02 AM PDT by Texan5 ("You've got to saddle up your boys, you've got to draw a hard line"...)
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To: freedumb2003

truth hurts.


41 posted on 07/17/2012 10:30:38 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: freedumb2003

“The Boomers only sin is working to older age.”

ORLY? What about that massive debt that you managed to create? The debt you got from your parents was around 40 percent of GDP. You’re giving us 120 percent.

Thanks boomers!


42 posted on 07/17/2012 10:32:18 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: Texan5

Keep preaching the truth FRiend and may God Bless you!


43 posted on 07/17/2012 10:34:02 AM PDT by poobear (Socialism, in the minds of the elites, is a con-game for the serfs, nothing more.)
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To: Pining_4_TX

“The really dark side to all of these stories about one generation (Whatever that is exactly! Why do we let ourselves be defined by being lumped into groups?) is that they are preparing us for euthanasia. If you can convince the younger generations that their parents are useless old coots who screwed them out of their future, how much easier it is to convince them to pull the plug on the oldsters in order to save money.”

No. I think killing your own babies because they are inconvenient and get in the way smooths the path for euthanasia. Boomers managed to kill 1/4 of my generation. All of us, post 1972 are the survivers of the greatest holocaust ever, committed primarily by those who would have been having children back then. Folks born in ‘45 would have been 27 in 1972.

Are boomers supposed to be absolved for all the abortions they committed?


44 posted on 07/17/2012 10:36:08 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: Texan5

You’re willing to end social security outright?


45 posted on 07/17/2012 10:37:30 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: Psycho_Bunny
Yes, and while I agree the most current generation is whiny, it is true that we have mortgaged their future. That is why I consider deficit spending not only foolish but immoral. Of course just like we can't call ALL millenniums whiny, we can't blame ALL boomers for the debt we are in. Still it was the taxpayers and citizens of the Great Society generation that have put this nation in this fiscal mess. It also is the fault of politicians and economists that embraced the foolishness of Keynsian economics. That included George Bush, who cut taxes on the backs of future generations by running deficits. That is like a public corporation paying dividends while running a net loss.
46 posted on 07/17/2012 10:39:48 AM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: captnorb

“What a disaster this generation is.”

Indeed. We’re going to have to dismantle all this crap because the money isn’t going to be there to pay for all of it.


47 posted on 07/17/2012 10:39:48 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: Psycho_Bunny
Yes, and while I agree the most current generation is whiny, it is true that we have mortgaged their future. That is why I consider deficit spending not only foolish but immoral. Of course just like we can't call ALL millenniums whiny, we can't blame ALL boomers for the debt we are in. Still it was the taxpayers and citizens of the Great Society generation that have put this nation in this fiscal mess. It also is the fault of politicians and economists that embraced the foolishness of Keynsian economics. That included George Bush, who cut taxes on the backs of future generations by running deficits. That is like a public corporation paying dividends while running a net loss.
48 posted on 07/17/2012 10:40:06 AM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: Sam Gamgee

“Still it was the taxpayers and citizens of the Great Society generation that have put this nation in this fiscal mess”

Boomers inherited a debt of around 40 percent of GDP. Since Clinton, Clinton, Bush, Bush, Obama (5 straight terms of boomer presidencies), that’s jumped up to 120 percent.

Boomers passing the buck is no different than Obama saying that it’s all Bush’s fault.


49 posted on 07/17/2012 10:43:03 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: Pining_4_TX
What is interesting actually is that there are actually TWO sets of boomers. There is the oldest segment, I think born from 1946 to 1950 or so. Then the second set born between 1950 to 1955 or so. The first set of boomers got to be the CEOs and got to see their real estate investment skyrocket. The second set of boomers got to work for the first set as janitors and be priced out of the real estate market. Of course all this is generalization, but is generally what occurred. I fear the younger set will be the ones left holding the social security and medicare bag.
50 posted on 07/17/2012 10:44:27 AM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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