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Unlike most millennials, Norway's are rich

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Re: Unlike most millennials, Norway's are rich

#11
Affordable education is probably a big part of how they do this.

In northern Europe it is a clear political decision to invest in education. You'll politicians argue that we can't afford not to educate our teenagers, as it would make the welfare state unsustainable.

Also, huge credit to Norway for how it handled it's olie money :)

Re: Unlike most millennials, Norway's are rich

#12
post #10
post #9

While not as bad off as the US, we are still seeing similar trends. They still can't afford to buy apartments until their 30s if they have good jobs, while their parents bought houses at the age of 20 working as factory drones.

I think their parents got mortgages which they were paying off all their factory drone lives, not bought these houses.

And the kids get mortgages in their 30s too presumably

Re: Unlike most millennials, Norway's are rich

#13
post #10
post #9

While not as bad off as the US, we are still seeing similar trends. They still can't afford to buy apartments until their 30s if they have good jobs, while their parents bought houses at the age of 20 working as factory drones.

I think their parents got mortgages which they were paying off all their factory drone lives, not bought these houses.

Counterpoint, to take a loan you have to trust the system to both do right by you, and not collapse from under you. It might be difficult now to trust those two things.

Re: Unlike most millennials, Norway's are rich

#14
post #10
post #9

While not as bad off as the US, we are still seeing similar trends. They still can't afford to buy apartments until their 30s if they have good jobs, while their parents bought houses at the age of 20 working as factory drones.

I think their parents got mortgages which they were paying off all their factory drone lives, not bought these houses.

In most cities in western / northern Europe, it's completely impossible by now to get a mortgage for a home remotely large enough for a family, even with two factory drone salaries and even if you pay all of your life.

Re: Unlike most millennials, Norway's are rich

#15
As a Spaniard who has discussed this in lenght with many other Europeans[1], it really seems like the US is the main country with the University debt issue. I also really believe that "score inflation" is a big issue mainly in the US. If everyone can finish University, then having a university title becomes pointless! [2]

In Spain, Germany, France, Italy, etc if you get a degree in STEM it means you put a lot of effort. It is easier to study than for our parents, so there's a more competition. But the requirements to finish the degree have not changed so drastically as in the US so going to University is quite a good choice.

[1] oddly enough I have never discussed this with british people

[2] Edit: I'm not talking about a zero-sum game; I'm talking about degrees becoming easier. Sorry if that wasn't clear. Relevant: https://www.theatlantic.com/education/archive/2015/01/same-p...

Note: I'm talking about STEM, which is what I know best. Other degrees/no degrees is catastrophic in Spain as you can see on the news.

Re: Unlike most millennials, Norway's are rich

#16
post #10

Earlier quoted context omitted.

I think their parents got mortgages which they were paying off all their factory drone lives, not bought these houses.

In most cities in western / northern Europe, it's completely impossible by now to get a mortgage for a home remotely large enough for a family, even with two factory drone salaries and even if you pay all of your life.

Not really, the problem is that the average standard in a home is quite high and makes the average housing very expensive.

Re: Unlike most millennials, Norway's are rich

#17
post #11

Affordable education is probably a big part of how they do this. In northern Europe it is a clear political decision to invest in education. You'll politicians argue that we can't afford not to educate our teenagers, as it would make the welfare state unsustainable. Also, huge credit to Norway for how it handled it's olie money :)

In my not so humble opinion, it all comes down to a short- vs. farsighted culture and the resulting fundamental attitude towards kids.

In the US, kids are seen at worst a nuisance and at best a personal luxury.

In most of the northern/western EU, kids are seen as the future workers, decision makers and keepers of the whole economy 30 years into the future.

All of the symptoms you are seeing, be it maternal / paternal leave, financial support for parents, universal health care at least for kids, (mostly) free education — from child care up to college level — how teachers are selected and paid and much more are resulting from this attitude.

There's downsides, such as a high tax level, but observations like this one show that America is slowly coming into the age where you see the longterm effects of neglecting its treasure and letting inequality explode rampantly.

Re: Unlike most millennials, Norway's are rich

#18

As a Spaniard who has discussed this in lenght with many other Europeans[1], it really seems like the US is the main country with the University debt issue. I also really believe that "score inflation" is a big issue mainly in the US. If everyone can finish University, then having a university title becomes pointless! [2] In Spain, Germany, France, Italy, etc if you get a degree in STEM it means you put a lot of effo…

Can you share more information about score inflation for STEM degrees in the United States? This is the first I've heard of this phenomenon.

Re: Unlike most millennials, Norway's are rich

#19
post #10

Earlier quoted context omitted.

I think their parents got mortgages which they were paying off all their factory drone lives, not bought these houses.

In most cities in western / northern Europe, it's completely impossible by now to get a mortgage for a home remotely large enough for a family, even with two factory drone salaries and even if you pay all of your life.

Noticed how you added "large enough" restriction? Standards are changing, today it is not enough to buy just a house, it should be "large enough".

Re: Unlike most millennials, Norway's are rich

#20

As a Spaniard who has discussed this in lenght with many other Europeans[1], it really seems like the US is the main country with the University debt issue. I also really believe that "score inflation" is a big issue mainly in the US. If everyone can finish University, then having a university title becomes pointless! [2] In Spain, Germany, France, Italy, etc if you get a degree in STEM it means you put a lot of effo…

> If everyone can finish University, then having a university title becomes pointless!

I mean ideally, degrees shouldn't just be a zero sum game. Ideally, it should mean everyone is better off.

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