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42% of adults rely on their parents for financial support

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Re: 42% of adults rely on their parents for financial support

#181

Earlier quoted context omitted.

Same in Austria and other old wealthy EU countries that have since economically stagnated or even declined. All that seems to matters today, is that the GDP number keeps going up at any and all cost, regardless of long term externalities and second order effect to society. Kina like Saturn devouring his children. Like sure, now you need to wait 4 months to see a public healthcare specialist compared to only 2 weeks 8…

If GDP rises the country is not economically stagnating though.

If people are practically poorer and less well off than before, does it matter to them that the country is on paper NOT economically stagnating?

Shoving a graph in their face with a made up number won't change their economic situation.

Sure, let's say GDP went up 5%, but then everything that matters like housing and healthcare went up 10-20%. Average workers aren't the winners of this mythical economic growth we're told we need to keep prioritizing.

What use is GDP growth if most of it just gets concentrated in the top 10% of asset holders and everyone else in the trenches keeping society going, ends up worse off in a decaying society.

That's how we are now massively outputting homeless junkies who gave up on society and Luigis who want to shoot the elites responsible for this, because the system does not work for them.

Now, the elites can avoid the homeless junkies their economic policies create, by living in gated communities in the suburbs and chauffeuring their kids to private schools, but the Luigis are more tricky to dodge because they're smart and motivated, that's why the like of the EU, UK, AU, etc are expediting privacy invasive laws under the guise of "protecting kids" to make sure any future Luigis will be preemptively dealt with the moment they speak ill of the king and the nobility.

Re: 42% of adults rely on their parents for financial support

#182

Earlier quoted context omitted.

I'm thinking that very few folks, these days, have the mindset & skill set & finances & timeframe to build their own houses. And it wouldn't be just the currently-active NIMBY's who fought tooth and nail against any "simple changes" that might halve the average cost of a house overnight.

A house doesn't have to be fancy. Live in a tent on a grassy lot? Why not? But you can't, because the lot is unaffordable

Last I checked 5 or so years ago a lot big enough to drop a yurt on in San Francisco was only like 100k. Legally unbuildable, but perfectly usable and sanitary with an incinerator toilet, solar, and hauled water. Maybe 200k all in, in roughly the most expensive place in the US.

Re: 42% of adults rely on their parents for financial support

#184

Earlier quoted context omitted.

No, it mentioned 816 out of more than 4500 respondents had net worth over $1M. That's quite different to your claim.

That's also incorrect, it's not net worth > $1mm, it's "those with total household investable assets, excluding pensions, retirement plans and property" over $1mm, which is a much smaller number. The sources I saw said about 4% of US households meet this criteria, but 18% of survey respondents did.

Ah, indeed, I read that line backwards ("excluding" got transmuted to "including").

Right you are.

Re: 42% of adults rely on their parents for financial support

#185
post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

> We don't, as a matter of intentional policy, build enough housing. Or maybe we do, but just couldn't keep up with the enormous influx of immigrants for a few years a that ended a couple of years ago. The housing costs have risen due to unforeseen demand, not supply.

This was a problem long before that, the trajectory has been clear. Is immigration a factor? Sure. The suggestion that it’s the key issue is complete nonsense. This is happening all over the world, even places with low immigration. There’s really no economists claiming that immigration is the main driver. This is reactionary right wing rhetoric and not much more.

Re: 42% of adults rely on their parents for financial support

#186
post #30

Earlier quoted context omitted.

Maybe you're not familiar with the entire economy? There are a lot of households that depend on retirement checks of the oldest members and households that don't have traditional work but may have family homes, businesses and farms still in the name of the oldest relatives. Different groups would have different results as far as whether they will inherit independence or become destitute if parents die.

I'm the last of the Boomers, and my parents are in their 80s and I was a prom baby (meaning "young parents"). There's no way 17% of Boomers are sponging off Mom and Dad, because the overwhelming odds are: Mom and Dad are dead, and have been for a while now. OTOH, I guess that doesn't mean someone isn't still cashing that retirement check.

Looks to me like the older generation amounts to roughly 30% of the boomer generation. A couple has 4 parents and half of people are bellow average.

Sure maybe its wrong and people are counting inheritance similarly to living parents, etc, but I'm not surprised at all if the lowest quartile is reaching retirement age broke getting money from any relatives that can help and that are inclined to help.

Re: 42% of adults rely on their parents for financial support

#187

Earlier quoted context omitted.

A house doesn't have to be fancy. Live in a tent on a grassy lot? Why not? But you can't, because the lot is unaffordable

Last I checked 5 or so years ago a lot big enough to drop a yurt on in San Francisco was only like 100k. Legally unbuildable, but perfectly usable and sanitary with an incinerator toilet, solar, and hauled water. Maybe 200k all in, in roughly the most expensive place in the US.

If it's legally unbuildable, does that mean you're spending 100k just to get yourself imprisoned for having an illegal structure?

Re: 42% of adults rely on their parents for financial support

#188

Earlier quoted context omitted.

Last I checked 5 or so years ago a lot big enough to drop a yurt on in San Francisco was only like 100k. Legally unbuildable, but perfectly usable and sanitary with an incinerator toilet, solar, and hauled water. Maybe 200k all in, in roughly the most expensive place in the US.

If it's legally unbuildable, does that mean you're spending 100k just to get yourself imprisoned for having an illegal structure?

Yes

edit: as a comment, there are a lot of people in places like big island hawaii for instance, that do something like this under burner LLCs with shipping containers, then just move them when caught and do the same thing over again.

Re: 42% of adults rely on their parents for financial support

#189
post #123
post #9

Whenever I see a claim that "x% of adults do y", my brain goes: - "x% of what? what is the denominator?". Without that number, the claim is meaningless. - surely it cannot be the entire population, so it has to be a survey. - how many people participated in the survey? what was the distribution? Here is that info for this study. I found this in the PDF version of the study report [0] referred to at the end of the Nor…

I love mental rule of thumbs / heuristics that we can install into our brain to avoid getting caught up in cognitive biases or other mistakes. An easy one that I would expect most HN readers probably do already is: When shopping, always round up to the nearest dollar before even mentally storing it or operating on it. The usual cognitive bias is that many people end up storing the listed price of $4.96 in a lossy man…

it blows my mind when anyone ever reads $x.99 as $x out loud. i often cant keep myself from muttering "$x+1" and its taken decades of practice to keep myself from looking at them like they have 2 heads

figured it out since i learned to read so it seems so childish to hear adults make it

turns out ppl like me are the weird ones and most people just truncate at the period

Re: 42% of adults rely on their parents for financial support

#190
post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

Housing is flexible. Lots of poor people in some places live in RVs or trailers. It can't be that nice but they have to save a lot of money (or not, because RVs are expensive too). You have tent cities in non-totalitarian cities but their biggest downside is being illegal and therefore everyone who lives there gets periodically ransacked by police and sent to prison. People used to live 10 to an apartment, which also sucks, and were extorted by landlords but if we remove that part it's better than being homeless, but that's illegal too. It's starting to sound like the root of the problem isn't even a shortage of housing, but the fact that cheap housing is illegal.
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