Millennials 'set to earn less than Generation X' • Hacker News Board

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

#51

Post by WalterBright » Tue, Jul 19, 2016, 4:22 AM UTC

jolux wrote: post #33

WalterBright wrote: post #32

Earlier quoted context omitted.

The rise in government's share of the economy correlates with the rise in the economic ills. What is the basis for thinking there is an inflection point where the correlation reverses?

Economic ills? Well consider that numerous other developed nations have large amounts of state-owned industry and that if anything their economies are stronger than ours.

Consider a 25 year return on investment in the economy. Adjusted for inflation and including dividends, it's about 9% for the S&P 500:

http://www.moneychimp.com/features/market_cagr.htm

Are there any developed economies with a higher figure?

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

#52

Post by bbcbasic » Tue, Jul 19, 2016, 4:24 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…

Stagnating wages, rapidly increasing house prices, bad terms for renters, increasing university costs.

If I were 20 I'd consider working remote and just go live in a much cheaper country. You could get a boomer lifestyle yet!

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

#53

Post by aioprisan » Tue, Jul 19, 2016, 4:26 AM UTC

meritt wrote: post #49

aioprisan wrote: post #42

Earlier quoted context omitted.

Well we could start with some common sense tax reform, like not letting anything above $112k not be taxable for social security, a system through which old people are living off the backs of the young and straddling them with debts for services they will never see themselves - a ponzi scheme

Wait are you for increasing the SS cap (which is 118.5k btw) or just eliminating it entirely?

I think having no cap on income for SS would make sense and make the system solvent - so basically, cut a tax only for the wealthy retired folks living off of backs of young folks, who are not exempt and they will never get there by subsidizing old folks in exchange for interest payments on private loans in the 7% range.

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

#54

Post by CorvusCrypto » Tue, Jul 19, 2016, 4:26 AM UTC

bbcbasic wrote: post #52

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…

Stagnating wages, rapidly increasing house prices, bad terms for renters, increasing university costs. If I were 20 I'd consider working remote and just go live in a much cheaper country. You could get a boomer lifestyle yet!

God yes, this is a big issue. The rent in cities alone is enough to make me want to GTFO of US and go somewhere else.

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

#55

Post by pasquinelli » Tue, Jul 19, 2016, 4:27 AM UTC

quadrangle wrote: post #17

Should be "get paid less". We really need to end the framing of whatever people are paid as assuming that it's equal to what they earn (as in what they actually deserve given actual work value etc)

What someone gets paid has to be, overall, less than what they earn, overall. Otherwise it'd be uneconomical for their employer.

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

#56

Post by openfuture » Tue, Jul 19, 2016, 4:29 AM UTC

bbcbasic wrote: post #52

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…

Stagnating wages, rapidly increasing house prices, bad terms for renters, increasing university costs. If I were 20 I'd consider working remote and just go live in a much cheaper country. You could get a boomer lifestyle yet!

Omg thank you for affirming my choices!

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

#57

Post by in_cahoots » Tue, Jul 19, 2016, 4:30 AM UTC

WalterBright wrote: post #32

jolux wrote: post #26

Earlier quoted context omitted.

That's not an argument. You're just asserting that it's not possible.

The rise in government's share of the economy correlates with the rise in the economic ills. What is the basis for thinking there is an inflection point where the correlation reverses?

The 'rise in the economic ills' also correlates with a rise in life expectancy. To make a modest proposal, does that mean we should start killing off the elderly and the very young?

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

#58

Post by trentmb » Tue, Jul 19, 2016, 4:33 AM UTC

bbcbasic wrote: post #52

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…

Stagnating wages, rapidly increasing house prices, bad terms for renters, increasing university costs. If I were 20 I'd consider working remote and just go live in a much cheaper country. You could get a boomer lifestyle yet!

It seems hard enough to establish credibility for an in-office job these days. I can't even imagine trying to get a remote gig.

Perhaps that says more about me though?

Granted, I've deliberately eschewed larger cities, and as a consequence I've had a harder time convincing people that just because my degree was in math I can still be a competent developer.

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

#59

Post by ACow_Adonis » Tue, Jul 19, 2016, 4:33 AM UTC

WalterBright wrote: post #32

jolux wrote: post #26

Earlier quoted context omitted.

That's not an argument. You're just asserting that it's not possible.

The rise in government's share of the economy correlates with the rise in the economic ills. What is the basis for thinking there is an inflection point where the correlation reverses?

Well, if the correlation exists because government spending is a lagging/sticky indicator, and what's actually happening is that globalisation is hollowing out the manufacturing/wage earning class,there's no evidence that it will reverse, but the causation of this phenomenon is the opposite direction: government expenditure is increasing as a percentage of the economy because the other private part is collapsing, not because government expenditure is crowding private expenditure. In this instance it is an early indicator of distress, but not necessarily the cause.

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

#60

Post by xapata » Tue, Jul 19, 2016, 4:36 AM UTC

eanzenberg wrote: post #47

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…

Why the stark contrast between bordering age groups? Difference in effort, intelligence, experience, drive?

> Difference in effort, intelligence, experience, drive?

Unlikely. Much more likely causes are technological change and systemic changes in international political economy that reduce wages and consumer investment earnings.