[Puffer Fish]

As researchers from the Brookings Institution, the Harvard Kennedy School, and Johns Hopkins University summarized in late 2018:

"Millennials' careers have gotten off to a rocky start because of the financial crisis and Great Recession in 2007-9 and the ensuing slow (but steady) recovery over the subsequent few years. They will be employed in contingent workforce jobs (which have weaker retirement benefits than traditional jobs) to a greater extent than previous generations. They will be required to manage and navigate their own retirement plans to a greater extent than previous generations, while also likely having longer lifespans. They face an economic future with projections of lower rates of return and economic growth than in the past."

As a result, by a variety of measures, Millennials are behind where other generations were in saving for retirement. When Baby Boomers were the same age as Millennials, they held 21% of the nation’s wealth. Millennials own a meager 5%. And while about 45% of Boomers and Gen-Xers participated in a workplace retirement plan at age 31, just 33% of Millennials did. Moreover, almost half of Millennial households aged 25-35 have student debt.

Will Millennials ever be able to retire? - Big Think
https://bigthink.com/the-future/millennial-retirement/

So looks like they have to retire later with less wealth, and live longer like that.

[late]

So looks like they have to retire later with less wealth, and live longer like that.

There is a shortage of workers, and that will continue to get worse for about a decade. It's a small thing in a sea of bad news, but there will be good jobs out there for them.

When I graduated from college, my state was in an economic depression, and as a Boomer, applying for a job sometimes meant standing in line for an hour or two just to get an application to fill out.

Lots of people my age are still working, they have to. I am 71...

Save for retirement, don't forget to have some fun, it can work out.

[Steve_American]

With all due respect, every person on earth is going to be screwed, unless they die from natural/normal causes in the next several years. Maybe a few years, or maybe a not large (i.e., less than 16) 'many' years.

.

[Puffer Fish]

related threads:

Shocking historical statistics, "lost generations"
viewtopic.php?f=9&t=182483

Housing shortage spreads to Midwest and South
viewtopic.php?f=26&t=182463

New York Times complains about lack of affordable "starter homes"
viewtopic.php?f=9&t=182703

Minimum wage earners can't afford to live anywhere in America
viewtopic.php?f=9&t=180730

financially struggling younger generation
viewtopic.php?f=9&t=178801

lingering effects of Recession showing up in Millennial generation's health
viewtopic.php?f=26&t=177454

[MistyTiger]

It goes without saying that everyone needs to start saving on a regular basis and not to wait until you're 50 or 60 to start creating a VOYA account or do a reverse mortgage on your home or some other refinancing deal.

I was fortunate that my parents started teaching me about the importance of saving up when I was a child. So now in my 30s, I do not struggle with credit card debt because I have been spending too much on clothes, vacations or other unnecessary things. There is a lot of temptation out there.

Millennials in general are screwed because they are self-absorbed and they love to spend on themselves. They spend too much trying to look good for photos on Instagram or Facebook. And why? For what? Is that happiness? I am ashamed of my generation for being so shallow and not having much control over finances.

To turn this around, millenials need to cut spending and live lean as if it's another Great Depression. Resources are not always plenty. We are seeing the prices of utilities, food and rent going up.

[Puffer Fish]

To turn this around, millenials need to cut spending and live lean as if it's another Great Depression. Resources are not always plenty. We are seeing the prices of utilities, food and rent going up.

It doesn't help that there are many on the Left saying the economy needs inflation to help incentivize people to spend, rather than save, to help "stimulate" the economy.

And the government is not exactly setting a good example either, of how to save for a rainy day.

[ckaihatsu]

To turn this around, millenials need to cut spending and live lean as if it's another Great Depression. Resources are not always plenty. We are seeing the prices of utilities, food and rent going up.

It doesn't help that there are many on the Left saying the economy needs inflation to help incentivize people to spend, rather than save, to help "stimulate" the economy.

It's not exactly a *consumer*-based thing, though the retail sector *is* a considerable segment of the economy, and economic growth. It's more about the *cost of money*, which is itself a fairly simple and boring topic as a *concept* -- grade-school math.

I think a good way to think about it is as a gargantuan hulking figure, *miles* high in height, and that's the *government* in the economy, for better or for worse. There's no *ignoring* it, of course. (Think 'government contracts' here.)

It's bad-enough that the capitalist economy exacts its pound of flesh from every worker as a matter of course, but it's even *worse* when *past purchases* are rewarded with recurring monetary payments, just for *existing*.

Here's my recent take on *deflation*, which is what people are calling for if they explicitly or implicitly support the interest rate hike:

Rentier capital is an everyday subtractive *expense* for both equity capital and labor, and the entire economy is currently *rewarding* rentier assets and resources with a raised interest rate regime (rewarding *non-productive* assets and resources with *inflated* interest rates and rent payments, just for existing).

So if the world's political-economy / polity can reward rentier capital ownership *redundantly*, with *monthly* payments on its valuation that was created *once* historically in the past, then certainly a *live human being* should be able to *likewise* cover *their* monthly fixed-costs of *living* and/or *employment* (which is *commodity-productive* economic activity), since the rentier-capitalist enjoys that very treatment for their *inert property*, increasing its valuation over time while collecting dust.

viewtopic.php?p=15258104#p15258104

If TTP's *monetarism* is ever allowed to win-out it's tantamount to *human sacrifice* since bulk labor value would be directly transferred to (rentier) asset valuations, without any corresponding *reciprocity* in material (goods and/or services) quantities, as to the tenant.


material-economic exploitation

Spoiler: show

Spoiler: show

The '80s sucked *materially* growing up (I was a kid then), but pop music and culture were *phenomenal* (prosumer music-making tech -- more democratic / accessible).

The economic-crisis-ridden late '70s saw the U.S. turn *inward*, to its 'internal colonies', with premium production-value mass culture content produced at the expense of cultural-minority cultural-exploitation / cultural-commodification. (Blacksploitation, etc.)

Humanity / civilization shouldn't have to *belt-tighten* here, not for any valid *material* reasons because of capitalism's advanced productive prowess, etc.

[ckaihatsu]

War, it will be seen, accomplishes the necessary destruction, but
accomplishes it in a psychologically acceptable way. In principle it would
be quite simple to waste the surplus labour of the world by building
temples and pyramids, by digging holes and filling them up again, or even
by producing vast quantities of goods and then setting fire to them. But
this would provide only the economic and not the emotional basis for a
hierarchical society.

http://gutenberg.net.au/ebooks01/0100021.txt

https://en.wikipedia.org/wiki/Nineteen_Eighty-Four

viewtopic.php?p=15258784#p15258784

[late]

https://www.amazon.com/Price-Inequality-Divided-Society-Endangers/dp/0393345068/ref=sr_1_1?crid=3NFDPX8G2XHTA&keywords=the+price+of+inequality+joseph+stiglitz&qid=1670882955&sprefix=the+price+of+in%2Caps%2C121&sr=8-1

[Puffer Fish]

9 Million Millennials Moved Back In With Their Parents This Year

About 15% of millennial renters say that they’re spending more than half their after-tax income on rent.
50.9% of millennials who moved back home said it was to save money, 39.3% said because they couldn't afford rent, in survey
only 21.4% because they lost their job
As Bloomberg's Alex Tanzi writes, about one in four millennials are living with their parents.
A September 2020 survey by Pew found that for the first time since the Great Depression, a majority of Americans aged between 18 and 29 were living with their parents.

https://www.zerohedge.com/economics/9-m ... rents-year - December 2022

[BlutoSays]

It goes without saying that everyone needs to start saving on a regular basis and not to wait until you're 50 or 60 to start creating a VOYA account or do a reverse mortgage on your home or some other refinancing deal.

I was fortunate that my parents started teaching me about the importance of saving up when I was a child. So now in my 30s, I do not struggle with credit card debt because I have been spending too much on clothes, vacations or other unnecessary things. There is a lot of temptation out there.

Millennials in general are screwed because they are self-absorbed and they love to spend on themselves. They spend too much trying to look good for photos on Instagram or Facebook. And why? For what? Is that happiness? I am ashamed of my generation for being so shallow and not having much control over finances.

To turn this around, millenials need to cut spending and live lean as if it's another Great Depression. Resources are not always plenty. We are seeing the prices of utilities, food and rent going up.

From what I read, millenials are among the most conservative of any generation when it comes to budgeting and spending. Don't take my word for it. Search and read.

[Godstud]

No They are no more screwed than any previous generation before them. Every generation has its challenges.

[ckaihatsu]

Humanity / civilization shouldn't have to *belt-tighten* here, not for any valid *material* reasons because of capitalism's advanced productive prowess, etc.

I'll elaborate, to say that (with the following diagram), the [1] *infrastructure* and *raw materials* haven't changed, the population of [2] *laborers* hasn't changed, and the pace of [3] *consumption*, pre-pandemic, hasn't changed, so the only remaining unknown quantity here is the [4] *administration*, in the context of those other three components:


Social Production Worldview

Spoiler: show

[ckaihatsu]

While the US economy was in better shape than Europe’s or China’s, America’s relative economic strength could prove a problem for the rest of the world. As it continued to aggressively raise interest rates, lifting the value of the dollar, it would oblige “other central banks to keep up.”

In other words, the effects of interest rate hikes over the past nine months, on both the financial system and real economy, are going to rapidly intensify in the coming period.

https://www.wsws.org/en/articles/2022/1 ... m-d07.html

[MistyTiger]

If you look at the rates of home ownership among generations, you can see the disparity. Millenials are behind.

When it comes to home ownership, the most populous generation is also the one that trails older generations, with some 47.9 percent owning homes in 2020, vs. gen-X home ownership enjoying an ownership rate of 69 percent, baby boomers, 77.8 percent and the silent generation, 77.8 percent, according to the Census Bureau. In fact, home ownership has been on a diminishing path with each successive generation.

Forbes. https://www.forbes.com/sites/nigelwilso ... ac1c854987

[ckaihatsu]

Increasing number of people in United Kingdom go hungry because of price spikes

[ckaihatsu]

“Reducing inflation is likely to require a sustained period of below-trend growth,” Fed Chairman Jerome Powell explained in an August speech. “Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.”

This policy, including the propaganda lie of the need to combat “inflation” and a “wage-price spiral” used to justify it, is consciously modeled on the US monetary policy of the late 1970s, known as the “Volcker Shock,” after then-Fed Chairman Paul Volcker. In 1979, Volcker explained the policy even more bluntly than Powell when he demanded, “The standard of living of the average American has to decline.”

The Volcker Shock was the beginning of a massive, decades-long redistribution of wealth from the bottom up. While wages and living standards for workers have stagnated or declined for the past 40 years, profits, share values and income inequality have risen to their highest levels on record. This was a global process, but it found its most extreme form in the United States, the center of the world financial system.

https://www.wsws.org/en/articles/2022/1 ... s-d10.html

[MistyTiger]

It doesn't help that there are many on the Left saying the economy needs inflation to help incentivize people to spend, rather than save, to help "stimulate" the economy.

And the government is not exactly setting a good example either, of how to save for a rainy day.

They don't want the economy to tank and go into a major recession. They want to keep up positive spending and stimulate the job market. During the 08-09 recession, the job market was rocky and spending was down. Luckily the economy bounced back fairly quickly.

If no one spent money, that would be bad for the economy. The saying is correct that you got to spend money to make money. It's like a cycle. But if you spend what you have so quickly, how can you make the big purchases or big transactions? So it's just as well that most people are not stingy as Scrooge.

[ckaihatsu]

They don't want the economy to tank and go into a major recession.

*Or*...

The other critical element in this policy is the sharp increases in interest rates by the Federal Reserve. For all of their professed concern about the potential damage to the economy from a railroad strike, the ruling class is deliberately trying to engineer a recession through its monetary policies.

https://www.wsws.org/en/articles/2022/1 ... s-d10.html

[RhetoricThug]

Earth is the ultimate dictator.

With all due respect, every person on earth is going to be screwed, unless they die from natural/normal causes in the next several years. Maybe a few years, or maybe a not large (i.e., less than 16) 'many' years.

.

Yes, interestingly and incidentally, the employment conundrum will not resolve itself by tried and true or well-practiced strategies. This economic climate is fueled by an unforeseen and unmentioned existential angst felt by all employees (fueled by the Covid disruption). In an integrated world, we're exposed to other ways of life, thus we conceive of different or better ways of living. These ways of living may or may not be better, but it's the conquest or anticipation for a better path that guides opportunity.

If you want to attract employees, offer PTO, a work-life balance, and a progressive promotion hierarchy. Most countries, outside of The United States, offer 20 days paid time off. Profits over people doesn't attract quality workers. Unions need to organize if corporations don't understand this economic environment.

Productivity continues to increase, following technological innovation. But wages haven't kept pace, and this is due to ever-increasing profit margins. There'll be a time when organizations are unable to generate a profit. The margins can't possibly adjust to the supply/demand chain and levels of employment. Unless we fully automate, all publicly traded companies will hit a growth/profit wall. With few exceptions to this rule.

Many generations will feel the pain. At least we're adaptable and these changes will prompt fundamental restructuring in the global company. Space ventures could interrupt this predication, but I don't foresee any promising technological changes that would enable us to colonize the stars in the next fifteen years. Perhaps Aliens? Don't get me started on public debt.



-RT