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Millennials 'set to earn less than Generation X'

bbc.com

91–100 of 203 posts

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

#91
post #31

Earlier quoted context omitted.

Bernie Sanders is a social democrat, not a socialist. It's insane that social democrats haven't rebranded considering how common the confusion is.

Bernie Sanders has been branding himself as a "democratic socialist" (not social democrat) for decades.

You are 100% correct, and I'm wrong. Thanks for the correction!

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

#92

Earlier quoted context omitted.

Obama had filibuster-proof majorities for his first two years (when they passed the ACA with only one republican house vote and none in the senate) then a split congress for four. When measured by party control, Clinton, GHW Bush, and Reagan all faced more opposition in congress than Obama has.

None of the past administrations faced such partisan Congresses, they've only gotten more extreme over the years.

None of the past administrations faced such partisan Congresses,

This is unthinking lack of research. You only need to go back to Clinton to find a congress that vociferously was against him, to the point they impeached him. Clinton handled it because he was very good at handling compromise and the politics game.

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

#93
post #50
post #22

Earlier quoted context omitted.

Do you have any evidence that increased government spending harms economic growth? It seems like an a priori certainty in right wing thought, but what evidence I've seen suggests that the effect is minimal or even beneficial (within the spending ranges that we see in modern developed nations).

I recall this is a well-known fact from introductory macroeconomics

Evidence is the standard that I think that statements like Mr. Bright's should be held to - not vaguely remembered economic theories.

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

#94
post #22

Might want to consider the increasing drain on the economy that the government takes. http://www.usgovernmentspending.com/spending_chart_1900_2020... One way or another, it comes out of our pocketses.

Do you have any evidence that increased government spending harms economic growth? It seems like an a priori certainty in right wing thought, but what evidence I've seen suggests that the effect is minimal or even beneficial (within the spending ranges that we see in modern developed nations).

[deleted]

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

#95
post #33

Earlier quoted context omitted.

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?

To be fair, most other developed nations don't have the American military or a worldwide reserve currency either...so comparisons are kinda moot...

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

#96
post #40

Earlier quoted context omitted.

I can't tell if you're being sarcastic, but I think it's important to note that if you make the reductio ad absurdum argument that a tax rate of 100% has strongly negative effects, sure I'll go with that, but if there's a claim that what we have right now is either too much or too little, then there needs to be some sort of evidence to support that claim.

> "a tax rate of 100% has strongly negative effects" Could you elaborate?

I'm saying that I wouldn't argue that communism (in the sense that all value produced is publicly owned) is a good economic system.

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

#97
post #8

Earlier quoted context omitted.

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.

I think a lot of us are. My parents are Boomers and we were born between 78 and 82. Technically being born in 78 makes you GenX. Yet if you have a brother born only 4 years later, it's another generation? We had the exact same experience, Atari 2600 on a TV that is now weird to even think existed. No TV remotes, walk up and change the channel. Rotary phones, city directories and phone books. Need the time and temp? Y…

From a technology standpoint, there was a real break around 1995 or so. It's not so much the consumer tech itself. Oh, it's incrementally advanced in a lot of ways but a 2016 laptop, for example, would be clearly recognizable as such to someone in 1995. A smartphone less so but it would have existing analogs in devices like the Palm Pilot.

What would be vastly sea-change-levels different is the pervasiveness of connectivity and access to a vast store on even real-time information and data about almost everything.

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

#98
post #49

Earlier quoted context omitted.

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.

But the super wealthy -- the ones the Sanders crowd really dislike -- don't tend to have earned income anyway. They primarily benefit from capital gains which are entirely exempt from SS and Medicare entirely.

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

#99
Millennials do value work ethic less than other generations: "Asked who has the better work ethic, about three-fourths of respondents [edit: Millennials] said that older people do" (http://www.pewsocialtrends.org/files/2010/10/millennials-con...). This can be good or bad but either way it might have some effect on the relative earnings.

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

#100

Might want to consider the increasing drain on the economy that the government takes. http://www.usgovernmentspending.com/spending_chart_1900_2020... One way or another, it comes out of our pocketses.

Considering that the U.S. economy has been a long term bull run since 1900, it seems increased government spending actually help economic growth. But anyway, the percentage of government spending on GDP has been stabilized in the last 30 years.
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