Millennials 'set to earn less than Generation X'

I think for many millennials, the conclusion of this article doesn't come as a surprise. As a member between the Gen X and the millennial crowd, I've certainly seen how much harder people just a few years younger than me have it as well as how much easier for those slightly older.

Older generations don't realize that their wealth is primarily built up in what is really an elaborate ponzi scheme of sorts, money which is really borrowed from future generations.

Re: Millennials 'set to earn less than Generation X'

#5

Post by pmiller2 » Tue, Jul 19, 2016, 3:40 AM UTC

OTOH, Gen X might earn more than their parents, but they have less wealth than their parents did at the same age: https://www.bloomberg.com/view/articles/2015-07-10/economic-...

(Link from 2015)

Re: Millennials 'set to earn less than Generation X'

#6

Post by aioprisan » Tue, Jul 19, 2016, 3:42 AM UTC

naaaaak wrote: post #2

Looks like 8 years of "hope and change" really helped those who voted so heavily for him. Article might be about the UK but it's true here as well.

Obama is not a socialist and there is very little that he could do with such strong opposition and control from the GOP in the house, and until recently, the senate.

Re: Millennials 'set to earn less than Generation X'

#7

Post by 58028641 » Tue, Jul 19, 2016, 3:43 AM UTC

naaaaak wrote: post #2

Looks like 8 years of "hope and change" really helped those who voted so heavily for him. Article might be about the UK but it's true here as well.

The US president cannot do much without congress yet people never fail to blame the president for every problem.

Re: Millennials 'set to earn less than Generation X'

#8

Post by dleslie » Tue, Jul 19, 2016, 3:43 AM UTC

drchiu wrote: post #4

I think for many millennials, the conclusion of this article doesn't come as a surprise. As a member between the Gen X and the millennial crowd, I've certainly seen how much harder people just a few years younger than me have it as well as how much easier for those slightly older. Older generations don't realize that their wealth is primarily built up in what is really an elaborate ponzi scheme of sorts, money which…

I'm in the same boat, born on a cusp year of the two generations, and I have long felt like a surfer who is struggling to ride the crest of a wave but who knows that the crash to shore is fast approaching.

Re: Millennials 'set to earn less than Generation X'

#9

Post by hiou » Tue, Jul 19, 2016, 3:45 AM UTC

Young people in developed nations are the next wave to get hammered by globalization. The capital markets aggressive search for efficiency will leave no developed world worker unscathed until they are all at parity with developing nations. But if it's any consolation they aren't the only ones. The only difference is that most of the baby boomers made it into the asset class before globalization was in full swing.

Re: Millennials 'set to earn less than Generation X'

#10

Post by hkmurakami » Tue, Jul 19, 2016, 3:48 AM UTC

>Its research found that some of the pay squeeze was due to under-35s entering the job market as the recession hit, but it also concluded that generational pay progress had ground to a halt even before the financial crisis struck in 2007/8.

Interesting. I graduated into the worst of the financial crisis (Lehman brothers went under the month after I finished my studies), and I remember reading a lot about the former -- that those graduating into a recession make less in their lifetimes -- but was unaware of the latter part of this statement.