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The Fleecing of Millennials

nytimes.com

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Re: The Fleecing of Millennials

#21

Post by SketchySeaBeast »

rnernento wrote: post #4

It's cute that they call it a fleecing, as if millenials could really have done anything about this. Sadly (I guess...) I suspect the generation responsible for all of this is going to end up paying some unexpected prices when the time comes as they age out of power and have to look to millenials for care.

> I suspect the generation responsible for all of this is going to end up paying some unexpected prices when the time comes as they age out of power and have to look to millenials for care.

Are they going to age out? It seems as though politicians are staying politicians as long as possible - I feel like they last dying gasps of that generation will be clinging to power with shaky palms all the way into the grave. There's new blood, absolutely, but look who is still running the houses. "Cold dead hands" comes to mind.

Re: The Fleecing of Millennials

#22

Post by pm90 »

snikeris wrote: post #7
rnernento wrote: post #4

It's cute that they call it a fleecing, as if millenials could really have done anything about this. Sadly (I guess...) I suspect the generation responsible for all of this is going to end up paying some unexpected prices when the time comes as they age out of power and have to look to millenials for care.

No, the millenials will be paying for the older generation's retirement and healthcare via Social Security and Medicare.

Not unless the GOP gets its way and privatizes both.

Re: The Fleecing of Millennials

#23

Post by systematical »

There is an income gap that continues to grow. I think that is the real culprit. Those at the top continue taking more slices of the pie. Bad capitalism is amazingly resilient. After decades of being pushed back on things like unionization, pensions, monopolies and taxes. Capitalism has begun pushing back and winning.

The problem with this beyond the wealth gap is you're going to see an over correction with hard left policies. This is going to be yet another interesting election cycle. I just hope enough moderates remain to create reasonable solutions to these problems.

Re: The Fleecing of Millennials

#24

Post by kpwagner »

Federal debt and surface temperature charts are telling because they include 20+ year projections periods--and of course those projections are dire (and bullshit). It's clear the story this "opinion columnist" (bullshit artist) is trying to craft.

To me, net worth by age group is the troubling chart. If I read this correctly, median net worth for all age groups under 44 years old is significantly negative. The scale isn't clear since the chart is indexed. What do you think is the source of so much debt? My guess: student loans and home mortgages.

Re: The Fleecing of Millennials

#25

Post by pm90 »

tinktank wrote: post #12
kleborp wrote: post #9

This is an honest question I have that's tangentially related to this article (everyone on this forum is a lot smarter than I am so apologies if this is a stupid question): What is the catalyst for any action/change in regards to reversing these trends? I feel like I've been reading versions of the same article for the last 10 years with negligible change.

The people in power have to start representing the interests of the millennials. This will only happen when people of that generation are in power, or people in power are being influenced by them.

This.

One of the reasons I suspect AOC gets so much attention (apart from her very unabashed personality) is because she represents the Millenial generation, always ridiculed as being "lazy" and "coddled". Finally someone in Power who:

* is a millenial and

* understands millenial priorities

Ironically, the policy proposals that the most outspoken Millenials embrace would actually strengthen programs that help the older generation.

Re: The Fleecing of Millennials

#26

Post by oftenwrong »

jgalentine007 wrote: post #14
kleborp wrote: post #9

This is an honest question I have that's tangentially related to this article (everyone on this forum is a lot smarter than I am so apologies if this is a stupid question): What is the catalyst for any action/change in regards to reversing these trends? I feel like I've been reading versions of the same article for the last 10 years with negligible change.

In all seriousness, probably something that baby boomers can't escape - death.

And then the children of the dead, wealthy baby boomers will pick up where they left off.

Re: The Fleecing of Millennials

#27

Post by diogenescynic »

11thEarlOfMar wrote: post #15

The fleecing affects millennials in that they cannot save and invest their income. Once they've paid their health care and education [1] payments, they have nothing left to save. Per capita, in 2017 dollars, 1970 Americans spent $1,797 on health care. In 2017, $10,739 [0]. In return on that $9,000 annual investment: Life expectancy rose from 74.7 to 78.6, adding 3.9 years. In 1993, the annual cost for tuition & fees…

Housing and childcare are also outpacing inflation and wages. It’s crazy how much more things cost as a percentage of income than in the ‘90s. We’re going to have an inevitable retirement crisis when most millennials are forced to work until they die since they won’t have anything left to put into savings. 70% of Americans can’t even put together $400 in an emergency. I see things getting even worse unless something significant changes.

Re: The Fleecing of Millennials

#28

Post by DataWorker »

tinktank wrote: post #12
kleborp wrote: post #9

This is an honest question I have that's tangentially related to this article (everyone on this forum is a lot smarter than I am so apologies if this is a stupid question): What is the catalyst for any action/change in regards to reversing these trends? I feel like I've been reading versions of the same article for the last 10 years with negligible change.

The people in power have to start representing the interests of the millennials. This will only happen when people of that generation are in power, or people in power are being influenced by them.

Millennials don’t seem to have a clue what’s in their best interest so I’m going to disagree with you. If there were any solid ideas coming from anybody in terms of helping millennials those ideas would have political traction. To think that only millennials can represent millennial interests is stupid.

Re: The Fleecing of Millennials

#29

Post by pm90 »

stronglikedan wrote: post #10
mschuster91 wrote: post #3

> Medicare and Social Security have been spared from cuts. Programs that benefit younger workers and families have not. This is a political incentive problem. Retired people tend to have free time to engage in politics (or at least watch TV all day and get fed "news") and they turn out to votes in droves (as they don't have to e.g. take a day off to vote!), while young people mainly have the power to pull off a shits…

While I agree that older people tend to vote in greater numbers, the excuse that they do so because they have more free time is just that, an excuse. Early voting and absentee ballots render that excuse irrelevant, regardless of the number of jobs worked. EDIT: Thanks for educating me regarding some states not offering those options. Although, in those states, I would think most employers would make it easier for the…

> Early voting and absentee ballots render that excuse irrelevant, regardless of the number of jobs worked.

Except if you don't have those. Or they exist but are deliberately too hard to get right (e.g. Georgia's Exact match laws where they discard your ballot if it doesn't exactly match your known information, or Ohio's practice of purging voter rolls etc.)

Re: The Fleecing of Millennials

#30

Post by lucozade »

kleborp wrote: post #9

This is an honest question I have that's tangentially related to this article (everyone on this forum is a lot smarter than I am so apologies if this is a stupid question): What is the catalyst for any action/change in regards to reversing these trends? I feel like I've been reading versions of the same article for the last 10 years with negligible change.

That's pretty straightforward in principle. What they need to do is the same as older folk i.e. vote in large numbers for their own financial interest.

Politicians are fairly simple people at heart. If pandering to you will get them (re-)elected then they'll pander to you.

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