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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

#811

Post by nostrademons »

Retric wrote: post #351
nostrademons wrote: post #335

Earlier quoted context omitted.

Timeline and geography doesn't work out for your hypothesis. The Green Revolution began in earnest in the late 50s; at that point, the post-war expansion in the U.S. was alread 10-15 years old and slowing down. It also started in developing nations like Mexico, India, Bangladesh, and the Philippines - there's perhaps some influence through international trade, but if that's the cause you'd expect Mexico and India to…

The US also saw a short term boom after WWI just look at the 20’s. That doesn’t explain why the boom continued for so long after WWII. Also, the green revolution was more a global phenomenon, the US saw significant agricultural productivity growth in the 1940’s from increased mechanization and fertilizer usage. For comparison I would suggest you look at how common and large US recessions where from 1800-1900. https:/…

The 1920s boom was partially global - the U.S, France, and Great Britain boomed, along with non-belligerents like Venezuela. Weimar Germany had one of the worst economic collapses in history. Additionally, the Ottoman, Austro-Hungarian, and Russian empires disintegrated, with widespread hardship (revolutions, civil war, economic problems) occurring during the early 20s and then subsequent trajectories defined by how stable and how market-friendly the successor states were.

See a pattern there? It's really awesome to win a war, particularly if it was never fought on your territory or you got reparations. It really sucks to lose a war. Over the short term (~10-20 years), this effect dwarfs the normal peacetime business cycle. Over the long term (~50-100 years), it's dwarfed by things like the political-economic system, technological development, alliances, population growth & demographics, etc, which tend to set up the winners of next war.

(The U.S. experienced a similar boom after the end of the Cold War in 1991.)

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

#812

Post by novok »

Havoc wrote: post #806
novok wrote: post #778

Earlier quoted context omitted.

Why not move to SF or NYC if your in tech or finance?

> SF or NYC That solves my property too expensive problem how? More seriously...not super keen on living in the US to be honest. Could probably do it practically, but given my life circumstances it would be a net loss.

Well you would probably make $300k, so your income:price ratio would be more favorable.

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

#813

Post by petr_tik »

tchaffee wrote: post #736

I remember our family of five children, two cars, pool (but above ground), most vacations were camping but we did make it to Disney World. We had lots of nice stuff as kids, but it was solidly middle class. My mother stayed home while my father worked an eight hour day as an engineer at the local factory. He never worked overtime or weekends. All this with a bachelor's degree. My mother eventually went back to work s…

I wholeheartedly sympathise. My interpretation is slightly different. The working class aren’t giving up earning power as much as the western central banks are inflating it away with endless money printing and support of Wall Street that is supposed to trickle down to Main Street. It seldom does. Instead it’s used for stock buybacks and further entrenchment of inefficient firms that would have long collapsed in genuinely free market conditions.

I interpret the “capitalists are screwing the working class” as a) erroneous b) long-term dangerous c) convenient way for those bureaucrats to divide and conquer. Meanwhile they take risks with our economy without accountability.

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

#814

Post by pydry »

mensetmanusman wrote: post #766
Havoc wrote: post #456

Earlier quoted context omitted.

I think you're missing how pervasive & broad the issues are these days. You mentioned you had a house. I'm fast approach the top 1-2% by income and think I can maybe swing a 1 bed apartment. It'll be borderline. Not house...apartment. ...no idea what the other 98% of my peers are doing but they sure as hell aren't buying houses. Meanwhile all the landlords I've rented from thus far where a generation older and had en…

Note that millennials only have 5% of the US wealth. The boomers passed laws to help raise their pensions and lower their taxes. The young are paying for it.

The 0.1% passed those laws.

Then they blamed robots, immigrants, demographics and boomers.

"The can kicks back" wasn't bankrolled by a millenial, after all.

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

#815

Post by jbay808 »

throwaway0a5e wrote: post #361
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…

Your house has smoke detectors and a dishwasher. Your car has airbags. When you decide you want to build a garden shed behind that brick box you need to get permission from the town and pay for that permission. Your dad didn't have any of that stuff. You more or less need a smartphone to function in modern society. There's more wealth sloshing around and more (in terms of quantity, probably not proportion) of it come…

My dad did have a dishwasher and smoke detectors... Actually, I'm less likely to have a dishwasher than he was, because of space constraints.

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

#816

Post by petr_tik »

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…

If you are London based, you should also factor in that London real estate’s qualitative transformation in the last 40 years. It used to be real estate, you know, local people buying homes to live in. Now it’s one of the best performing asset classes in the world. You aren’t competing for property with your mates with a big inheritance. You are competing with dodgy oil money that needs to be laundered and more honest international investors told to diversify. The rule of law is a precious and rare component of legal infrastructure, so a lot of money is diversified into jurisdictions with strong guarantees.

I’m generally a pro-market person. In the case of UK real estate, I support a ban on non-residents buying property similar to what Canada have.

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

#817

Post by Datsundere »

Funnily enough, there was a thread on hacker news where this guy was saying that his friend who lived with his parents was a coward and therefore everyone that lives with their parents are cowards.

I guess majority of 20 year olds are cowards then

https://news.ycombinator.com/item?id=24158219

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

#818

Post by refurb »

nradov wrote: post #703
kelnos wrote: post #553

Earlier quoted context omitted.

It's also useful to note that the "nuclear family" is a very Western thing, and the US takes it to an extreme. In other parts of the world it's abnormal for adults in their 20s to be living anywhere but with their parents, often even with a fiance or new spouse in the mix. The idea that having a multi-generational household means that the younger members haven't "grown up" and need to "learn to live on their own" is…

I was fortunate enough to be able to attend boarding school starting from age 13, and getting out of my parents' home early was a huge benefit in every possible way. I wish more young people had the same opportunity. My parents are good people, there was nothing wrong with my home environment. But it's more important that youth learn to act like independent adults and take responsibility for their own lives. Staying…

I had a similar experience. I moved out at 19 years old, in my own apartment, with no financial help from my parents (beyond 2-3 home cooked meals a year).

It might not be the same for everyone, but for me, there was a definite pride in being independent, making my own decisions and having nobody to answer to but myself.

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

#819

Post by petr_tik »

ArkVark wrote: post #517
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…

You are paying for your Dad's pension, and for the Government services consumed by millions of migrants. Those same migrants increase labor supply (thus lowering the equilibrium price) and increase demand for land and real estate. The end result is high taxes and high real estate cost. Of immense benefit to your dad (and other Baby Boomers) who receive risk-free pensions, and supercharged capital gains for their own…

I don’t understand why you are downvoted. Millions might, not necessarily though, be an overestimate, but I agree with the analysis in principle.

Disclaimer: I’m an immigrant.

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

#820

Post by throwaway0a5e »

krakatau1 wrote: post #617
zzapplezz wrote: post #275

Earlier quoted context omitted.

Sure, but post-WWII the federal government injected billions (in 2020 dollars) into the pockets of mostly white veterans to build millions of homes. The federal government also provided generous home loans and unemployment insurance. Today, these policies would be viewed as socialist by the very people who benefited from it the most.

USA in 1945 was 91% white so it kinda makes sense that government did it. Homogeneous countries have no political issues with welfare because everyone is alike.

People find differences. Back then the places that didn't have a ready supply of colored folks (might as well use the adjective of the day) were treating the Irish and Italians and eastern Europeans like crap in their place.

1945 is kind of different because by then it was pretty clear we were all in it together but in 1940 or so there was still plenty of "white on white" bigotry targeted floating around. 20+yr later it was considered novel that JFK was Catholic.

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