Are We Living in the Roaring 20s? • Hacker News Board

Re: Are We Living in the Roaring 20s?

#11

Post by mc32 » Wed, Mar 27, 2024, 1:20 PM UTC

ddorian43 wrote: post #6

Whatever it is, it doesn't look good for young people. Good luck to them buying a house with these prices & interest rates, or trying to save for a downpayment while renting. The previous generation is hellbent on maximum extraction & I got mine mentality & rent-seeking.

The people in charge want it both ways so they keep on printing money and funding several optional wars simultaneously. They've kicked consequences down the road and seemingly, the new budget approved, kicks it further down the road. That and you add 10MM new legal+illegal immigrants in the span of three years to the housing demand pool and it pushes citizens further away from housing attainability. It's nuts. Then you have lax enforcement for criminal activity and you get what we have now.

If the Biden admin wants to win the election, they will have to deal with the fact that foreign workers are pushing out perhaps lazier American workers who are also unwilling to work for devalued wages caused by inflation. Foreign workers are used to inflation and whatever we have is better than what they have at home. The Admin will have to deal with that tension -else they will have more traditional core supporters hold their noses and vote for the other guy once again.

I'm quite certain if we had a Ross Perot running as a third party candidate, he or she would win. Biden is decrepit and can't decide if he's for American workers or foreign workers more. Trump shoots from the hip too much and is too thin skinned and impulsive.

Re: Are We Living in the Roaring 20s?

#12

Post by ddorian43 » Wed, Mar 27, 2024, 1:20 PM UTC

asynchronous wrote: post #7

ddorian43 wrote: post #6

Whatever it is, it doesn't look good for young people. Good luck to them buying a house with these prices & interest rates, or trying to save for a downpayment while renting. The previous generation is hellbent on maximum extraction & I got mine mentality & rent-seeking.

The inevitable outcome seems to be the younger generation giving up altogether and then social security is going to dry up real fast.

Especially with real estate. Either rent indefinetily by paying their pension , buy the house for 2x-3x+ the monthly rent so you pay their pension in lump sum, or go 1+ hour away from city(also high cost in terms of time etc).

The politicians are also older people who can't empathize. The young also don't vote.

And if you do buy high now, who are you gonna sell even higher when you retire, since there are so few new kids being born?

Re: Are We Living in the Roaring 20s?

#13

Post by [deleted] » Wed, Mar 27, 2024, 1:21 PM UTC

gedy wrote: post #10

ddorian43 wrote: post #6

Whatever it is, it doesn't look good for young people. Good luck to them buying a house with these prices & interest rates, or trying to save for a downpayment while renting. The previous generation is hellbent on maximum extraction & I got mine mentality & rent-seeking.

> The previous generation is hellbent Previous generation is what, Gen X? Millenials? Yeah gee they had it so easy. Stop with the "generation blaming" stuff and blaming voodoo on them. Blame the people you vote for and who they kowtow to, nothing will ever change with petty envy and sour grapes for your neighbor down the street, etc.

[deleted]

Re: Are We Living in the Roaring 20s?

#14

Post by ddorian43 » Wed, Mar 27, 2024, 1:22 PM UTC

consp wrote: post #9

ddorian43 wrote: post #6

Whatever it is, it doesn't look good for young people. Good luck to them buying a house with these prices & interest rates, or trying to save for a downpayment while renting. The previous generation is hellbent on maximum extraction & I got mine mentality & rent-seeking.

Not just young people, those who missed the boat are left behind as well which is a considerable part of the population.

I agree, but people often try to demonize them like they had multiple chances (true & false, but still doesn't matter).

While young people never had a chance and it's easier to send the point across.

Re: Are We Living in the Roaring 20s?

#15

Post by pfdietz » Wed, Mar 27, 2024, 1:22 PM UTC

ddorian43 wrote: post #6

Whatever it is, it doesn't look good for young people. Good luck to them buying a house with these prices & interest rates, or trying to save for a downpayment while renting. The previous generation is hellbent on maximum extraction & I got mine mentality & rent-seeking.

My daughter just bought her first house.

Re: Are We Living in the Roaring 20s?

#16

Post by westmeal » Wed, Mar 27, 2024, 1:23 PM UTC

ddorian43 wrote: post #12

asynchronous wrote: post #7

Earlier quoted context omitted.

The inevitable outcome seems to be the younger generation giving up altogether and then social security is going to dry up real fast.

Especially with real estate. Either rent indefinetily by paying their pension , buy the house for 2x-3x+ the monthly rent so you pay their pension in lump sum, or go 1+ hour away from city(also high cost in terms of time etc). The politicians are also older people who can't empathize. The young also don't vote. And if you do buy high now, who are you gonna sell even higher when you retire, since there are so few new…

For sure but I gotta ask, even if the young did vote who is there to vote for? The bipartisan system here is rigged IMO. Even if you vote for a less popular candidate they're usually still beholden to the party.

Re: Are We Living in the Roaring 20s?

#17

Post by hsyehbeidhh » Wed, Mar 27, 2024, 1:23 PM UTC

ddorian43 wrote: post #6

Whatever it is, it doesn't look good for young people. Good luck to them buying a house with these prices & interest rates, or trying to save for a downpayment while renting. The previous generation is hellbent on maximum extraction & I got mine mentality & rent-seeking.

[flagged]

Re: Are We Living in the Roaring 20s?

#18

Post by ddorian43 » Wed, Mar 27, 2024, 1:24 PM UTC

pfdietz wrote: post #15

ddorian43 wrote: post #6

Whatever it is, it doesn't look good for young people. Good luck to them buying a house with these prices & interest rates, or trying to save for a downpayment while renting. The previous generation is hellbent on maximum extraction & I got mine mentality & rent-seeking.

My daughter just bought her first house.

What city/country, what total cost, what interest rates, how far from city center?

When you combine all these factors it's usually not a good place to be either renting or buying in most places.

Re: Are We Living in the Roaring 20s?

#19

Post by yetihehe » Wed, Mar 27, 2024, 1:26 PM UTC

pfdietz wrote: post #15

ddorian43 wrote: post #6

Whatever it is, it doesn't look good for young people. Good luck to them buying a house with these prices & interest rates, or trying to save for a downpayment while renting. The previous generation is hellbent on maximum extraction & I got mine mentality & rent-seeking.

My daughter just bought her first house.

One datapoint is not a trend. I've built a house 3yr ago. I earn almost twice more now but couldn't afford it if I wanted to do the same today.

Re: Are We Living in the Roaring 20s?

#20

Post by karaterobot » Wed, Mar 27, 2024, 1:26 PM UTC

The evidence offered is that the economy is doing well, people are traveling, and there is some technological innovation happening. As though that were unique. He then dismisses certain other, less convenient evidence, like consumer sentiment, and simply doesn't bring up any other changes in the macroeconomic climate over the last 100 years. I would like to know what about the balance of evidence is unique enough to draw an equivalence between the 2020s and the 1920s. Otherwise, this sounds a little like a kind of numerology where similarly numbered years must resemble each other.