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The majority of 18- to 29-year-olds in the US are now living with their parents

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Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#161

Post by quaffapint »

Philip-J-Fry wrote: post #94

I'm my early 20s and in the UK. I earn more than my Dad who is in his 50s. He managed to get a house, have money left over for an expensive hobby, decent car, the odd holiday etc. I'm a 90th percentile earner. Will 95+ percentile earner in a few years time. Yet it feels like I am not as well off as I should be. I don't live in an expensive area either. Yet I need to save so much money to even have the opportunity to…

I chalk it up to things simply costing more. I make more than my dad did. I dont take any major vacations, go out much, or live in a McMansion, yet we struggle to save.As a kid we took lots of vacations, they saved a good amount of money (stock market was good for them) and are doing well for themselves.

I imagine it's only going to be worse for my kids.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#162

Post by pnutjam »

wonderwonder wrote: post #88
zpeti wrote: post #37

I think people need to start realising just how incredibly much the government is now stepping in at each of these crises to make them as smooth as possible. But there is a downside to this. You are not allowing the normal economic effects to happen because you are wanting to keep everything as it is, but then guess what, the status quo stays, and anyone joining the ladder is finding it increasingly difficult. What's…

"millennials shouldn't be arguing for more government intervention, but less" Your argument that government intervention is bad for millennials is flawed. Without government intervention such as eviction moratoriums, unemployment benefits and federal government stimulus checks there would have been massive homelessness. Prior to the pandemic 40% of americans could not cover a $400 emergency, all of these people would…

Burn it down is always a mistake in hindsight. There is alot of low hanging fruit to fix these issues; higher taxes; amendment to fix Citizen's United; revamp the Supreme Court..

All of these are easier then digging a shaft, jumping in, and trying to climb out. Speaking as someone who has no assets, no 401k, no home.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#163

Post by pnutjam »

yuxt wrote: post #159
zpeti wrote: post #37

I think people need to start realising just how incredibly much the government is now stepping in at each of these crises to make them as smooth as possible. But there is a downside to this. You are not allowing the normal economic effects to happen because you are wanting to keep everything as it is, but then guess what, the status quo stays, and anyone joining the ladder is finding it increasingly difficult. What's…

The issue is not really that the government is bad, the problem is it has become a proxy for ultra rich to push their agenda. You can probably make it more efficient by limiting corporate sponsorship and making it more transparent. Millennials don't have many options or tools at their disposal to influence the direction we are heading.

Just gonna' leave this here: https://www.movetoamend.org/amendment

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#164

Post by zeveb »

geofft wrote: post #107
zeveb wrote: post #61

Earlier quoted context omitted.

> Unless we just forgive rent until a vaccine is out, many people will never catch up. If 'we' forgive rent owed landlords, will 'we' also forgive the mortgages those landlords owe the banks? Will 'we' also forgive the obligations the banks which owe to other banks and their investors? Will 'we' also forgive the obligations those investors owe, for example to pensioners? Will 'we' then step up and pay for those pensi…

The fact that it's impossible to make good decisions doesn't change the fact that a decision has to be made, nonetheless. This isn't a computer game where there's an answer to the puzzle from the designer, where the COVID-19 monster shows up but it has a weak spot on the back of its tail where you can land a critical hit. There is no good solution. Our job is to find the least-bad one. I think there's a good argument…

> The fact that it's impossible to make good decisions doesn't change the fact that a decision has to be made, nonetheless.

Does it? Maybe the right answer is not to make all decisions in one place: maybe the right answer is to let every citizen make his or her own decisions. The one who is willing to trade the emotional cost of moving back in with his loving family in order to have more money for lunches with friends does so, while the one with abusive parents chooses to cancel cable rather than moving back in — and so forth.

> We might also want to consider why pensioners are living off of complex financial relationships instead of, like, cash

Because storing all of one's life savings under the mattress is susceptible to theft. Even taking a broader definition of 'cash' to include a bank account, would you at age 60, with another 20 years to live, rather be earning 0.06% (the current savings account rate) or 1% (or more) per annum? At 0.06%, one would need about $100,000,000 to earn the $64,000 median U.S. income in interest. Alternatively, if you figure that you will live a maximum of 50 more year, you will need over $3 million in order to retire and just spend the money. You gotta invest to have something to live off of.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#165

Post by tsjq »

mathattack wrote: post #22
_mkef wrote: post #10

Earlier quoted context omitted.

This has been the case in California for a long time. Unless we just forgive rent until a vaccine is out, many people will never catch up.

This is very complex. Where does this end? I’m a renter. Do I need to prove I’ve lost my job to not pay? Do I get to skip out on paying for a luxury apartment if I have money in the bank? Does my landlord get to skip her mortgage? Or only the portion paid by my rent? What about the bank who holds the mortgage? Or the retired bond holder who ultimately gets the mortgage payments? Every step along the way requires some…

That's an interesting point indeed. This podcast episode discusses the topic: (the first few minutes have tangential banter)

The extreme urgency of now

05/05/2020 by David McWilliams & John Davis

Web player: https://podplayer.net/?id=104174933

Episode:

https://media.acast.com/the-david-mcwilliams-podcast/theextr...

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#166

Post by dunce2020 »

wonderwonder wrote: post #97
School-Cotton wrote: post #78

Earlier quoted context omitted.

Sorry to nitpick but the social isolation and massive unemployment are being caused by our response to the pandemic, not by the pandemic itself. Lockdowns are a choice, with tradeoffs.

Exactly and by not locking down properly we have managed to extend the pandemic in the US and its associated quasi lock down leading to our current situation. I agree with your response.

I agree with your response- the BLM protests need to be more aggressively dispelled.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#167

Post by staticman2 »

Aeolun wrote: post #41
wonderwonder wrote: post #11

Millennials face a very real risk of being a lost generation financially. They have endured 2 major, years long recessions, and now the Covid pandemic coupled with social isolation and massive unemployment that does not appear to have an end date in sight. Housing is more expensive for them than prior generations, wages are stagnant, school is expensive and social conflict is also currently on deck. WW2 was of course…

Anecdotally at least, all of my friends around my age (32) have by now managed to buy homes at very reasonable rates ( Meanwhile my parents are stuck with their much higher 10% boom years interest rate, even though the absolute amount was much lower initially. Of course this is in Europe, not the states.

The relevant metric is monthly mortgage payment, not interest rate. When interest rates go down principle payments can be expected to go up as people can afford to bid more for the house.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#168

Post by geofft »

zeveb wrote: post #164
geofft wrote: post #107

Earlier quoted context omitted.

The fact that it's impossible to make good decisions doesn't change the fact that a decision has to be made, nonetheless. This isn't a computer game where there's an answer to the puzzle from the designer, where the COVID-19 monster shows up but it has a weak spot on the back of its tail where you can land a critical hit. There is no good solution. Our job is to find the least-bad one. I think there's a good argument…

> The fact that it's impossible to make good decisions doesn't change the fact that a decision has to be made, nonetheless. Does it? Maybe the right answer is not to make all decisions in one place: maybe the right answer is to let every citizen make his or her own decisions. The one who is willing to trade the emotional cost of moving back in with his loving family in order to have more money for lunches with friend…

> Does it? Maybe the right answer is not to make all decisions in one place: maybe the right answer is to let every citizen make his or her own decisions.

That is one of the possible decisions, yes. It does seem to be the decision the US is going with, for the most part.

(I'm a little confused what you mean by "cancel cable" - do you live somewhere where the cost of a monthly cable TV bill is comparable to the cost of a monthly rent bill?)

> would you at age 60, with another 20 years to live, rather be earning 0.06% (the current savings account rate) or 1% (or more) per annum?

It depends on the risk profile. If you can guarantee me 1% or more per annum without risk, then obviously I'll take it, but if you could make that guarantee, then savings accounts would just make the same investment and offer 1% interest too.

Also, if you tell me that my options are earning 1% on my savings and setting up a system of complex dependencies that leads to a thousand people becoming homeless over the rest of my life, or 0.06% and not doing so, that may influence my answer.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#169

Post by bryanlarsen »

pnutjam wrote: post #162
wonderwonder wrote: post #88

Earlier quoted context omitted.

"millennials shouldn't be arguing for more government intervention, but less" Your argument that government intervention is bad for millennials is flawed. Without government intervention such as eviction moratoriums, unemployment benefits and federal government stimulus checks there would have been massive homelessness. Prior to the pandemic 40% of americans could not cover a $400 emergency, all of these people would…

Burn it down is always a mistake in hindsight. There is alot of low hanging fruit to fix these issues; higher taxes; amendment to fix Citizen's United; revamp the Supreme Court.. All of these are easier then digging a shaft, jumping in, and trying to climb out. Speaking as someone who has no assets, no 401k, no home.

https://www.movetoamend.org/amendment

thanks pnutjam

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#170

Post by [deleted] »

qwerty1234599 wrote: post #116
Philip-J-Fry wrote: post #94

I'm my early 20s and in the UK. I earn more than my Dad who is in his 50s. He managed to get a house, have money left over for an expensive hobby, decent car, the odd holiday etc. I'm a 90th percentile earner. Will 95+ percentile earner in a few years time. Yet it feels like I am not as well off as I should be. I don't live in an expensive area either. Yet I need to save so much money to even have the opportunity to…

High tax rates are what causes this. You are effectively giving away half your wage to sustain a completely unknown person leeching off the government.

[deleted]
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