Posted on 07/16/2012 6:41:23 AM PDT by SeekAndFind
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.
The wealth gap today between younger and older Americans now stands as the widest on record. The median net worth of households headed by someone 65 or older is $170,494, 42 percent higher than in 1984, while the median net worth for younger-age households is $3,662, down 68 percent from a quarter century ago, according to an analysis by the Pew Research Center.
The older generation, notes Pew, were “the beneficiaries of good timing” in everything from a strong economy to a long rise in housing prices. In contrast, quick prospects for improvement are dismal for the younger generation.
One key reason: their indebted parents are not leaving their jobs, forcing younger people to put careers on hold. Since 2008 the percentage of the workforce under 25 has dropped 13.2 percent, according to the Bureau of Labor Statistics, while that of people over 55 has risen by 7.6 percent.
“Employers are often replacing entry-level positions meant for graduates with people who have more experience because the pool of applicants is so much larger. Basically when unemployment goes up, it disenfranchises the younger generation because they are the least qualified,” observes Kyle Storms, a recent graduate from Chapman University in California.
Overall the young suffer stubbornly high unemployment rates—and an even higher incidence of underemployment. The unemployment rate for people between 18 and 29 is 12 percent in the U.S., nearly 50 percent above the national average. That’s a far cry from the fearsome 50 percent rate seen in Spain or Greece, or the 35 percent in Italy and 22 percent in France and the U.K., but well above the 8 percent rate in Germany.
CLICK ABOVE LINK FOR THE REST
More BS. Their parents have been taxed to death and continue to support their children who can't or won't get off the nest and earn a living. Further, most people no longer have a defined benefit pension. At best, they have a defined contribution pension that is thinly funded with meager amounts of money left after high taxes and supporting those children who refuse to leave the house. It is necessary to continue working much longer to pay the bills.
The current generation wants it both ways. They want parents to leave employment and "make room" for them. At the same time, they don't want to pay the same social security taxes that these displaced parents are paying and that will supplement their meager income from the defined benefit plans.
I turn 56 next month. I have no intention of leaving my employment until I can either no longer perform or I'm room temperature. We have job openings that we can't fill with those whiners wanting job openings. You have to have the ability to do the work. Keeping a seat pan warm won't cut it. Our customers pay for performance not attendance.
Stuff I see with xers and millenials:
Cable bills are ridiculous. Cut that cable and save the 100 to 250 per month.
Smartphones are a major drain. Use the minimum plan.
Learn to cook.
There are way too many xs and ms with really expensive cars. Loans are frequently 700 per month and higher. Drive a used car.
Like we did when we were your age.
Expenditures on video games and video game services chew through lots of cash. Get a life. Go out and meet someone. Go fishing or hunting.
There is an easy way to transfer wealth tax free. All you have to do is pay your children’s bills. Make their mortgage payment, pay their utilities, the only necessity is that you never give the money directly to them. Anyone that dies and lets the government get their assets is an idiot. My great-uncle was an idiot, he let his nest egg get taxed to the tune of paying the state and feds 1.2 million. He was a fu¢ktard in this respect but otherwise a great guy. Still miss him.
I’m not quite old enough to WANT to think about it a lot, but I’m (we’re) old enough that we should’ve already been prepared for it. We are somewhat, I guess, but it is time we should have it all nailed down completely.
Thanks for the nudge.
Yeah but how many of us bought cars that went UP in value 30 yrs ago?
How many of us bought a new car every year?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.