Economy Gen Z is making less than millennials made a decade ago at the same age.

[Madmick]

How come they can’t buy homes or amass wealth then? Each generation is worse off than the one that came before it because inflation gradually robs us of our buying power. The middle class has been hollowed out and the elites have us fighting amongst ourselves.

Wealth is accrued over time. That's why older generations are wealthier than younger generations. Respective to the same points in their lives, Gen X was better off than Boomers, and Millennials have been better off than Gen Xer's.

This is new, and focuses on a very small time period (a decade ago versus today).

 

[ThaiSexPills]

Wealth is accrued over time. That's why older generations are wealthier than younger generations. Respective to the same points in their lives, Gen X was better off than Boomers, and Millennials have been better off than Gen Xer's.

This is new, and focuses on a very small time period (a decade ago versus today).

Due to inflation, each generation’s money is worth much less. Wages have NOT risen anywhere near the rate of inflation. That is why the boomers were able to amass so much wealth. They had the best value for their dollar and stuff was cheap. Tuition, houses, food, cars.. literally everything. They also had pensions then where now, good luck getting a defined benefits pension.

You really think gen Z will amass the same wealth as boomers when they’re struggling to survive? I see a major shift in just 10 years lol. Mid 30’s. The routes I took now would be nowhere near as lucrative as they were when I took them. The door slammed pretty hard around Covid.

 

[JudoThrowFiasco]

Edit

 

[JudoThrowFiasco]

Due to inflation, each generation’s money is worth much less. Wages have NOT risen anywhere near the rate of inflation. That is why the boomers were able to amass so much wealth. They had the best value for their dollar and stuff was cheap. Tuition, houses, food, cars.. literally everything. They also had pensions then where now, good luck getting a defined benefits pension.

You really think gen Z will amass the same wealth as boomers when they’re struggling to survive? I see a major shift in just 10 years lol. Mid 30’s. The routes I took now would be nowhere near as lucrative as they were when I took them. The door slammed pretty hard around Covid.

Who do you think boomer and gen x wealth will be passed down to when they die?

 

[Helden]

Its weird how no one's actual experience ever seem to match these #'s.

That's because for the right, feelings > facts.

 

[Madmick]

Due to inflation, each generation’s money is worth much less. Wages have NOT risen anywhere near the rate of inflation. That is why the boomers were able to amass so much wealth. They had the best value for their dollar and stuff was cheap. Tuition, houses, food, cars.. literally everything. They also had pensions then where now, good luck getting a defined benefits pension.

You really think gen Z will amass the same wealth as boomers when they’re struggling to survive? I see a major shift in just 10 years lol. Mid 30’s. The routes I took now would be nowhere near as lucrative as they were when I took them. The door slammed pretty hard around Covid.

What I just relayed to you is adjusted for inflation.

 

[no fat chicks]

labor rights have gone backwards in this country. One party in particular is consistently attacking them. They do this because they know their base operates on Facebook memes and how they make them feel vs real world data.

 

[Kassitus]

Canadians just wishing we could make 45k of funny color money at age 22, let alone 45k USD.

 

[HockeyBjj]

They do buy homes, the article points that out. Also, the rate of first time homebuyers has been consistent since gen X days

That chart there cutting off at 2020 completely buries the whole point of this story. Yeah first time home buyers has basically fluctuated between 30 and 33 since the 80s… But then it jumps from 33 to 36 in just 2 years. Which is why this recent unaffordability of a home is considered a crisis.

It's taking Americans much longer in life to buy their first home

There are several reasons why it's taking longer for millennials to buy property, one of which is they're being outbid by boomers.

www.cbsnews.com

 

[PG29 red0 Jr]

Both parties are the same in this regard.

Which one is worse....is complicated.

"Nothing will fundamentally change"

-Joe Biden

The politicians have 50% of the population hating the other 50% when the politicians themselves are the real enemy.

I don't understand how anyone is a "democrat" or a "republican" when both groups have been raping you your entire life.

 

[JudoThrowFiasco]

That chart there cutting off at 2020 completely buries the whole point of this story. Yeah first time home buyers has basically fluctuated between 30 and 33 since the 80s… But then it jumps from 33 to 36 in just 2 years. Which is why this recent unaffordability of a home is considered a crisis.

It's taking Americans much longer in life to buy their first home

There are several reasons why it's taking longer for millennials to buy property, one of which is they're being outbid by boomers.

www.cbsnews.com

Your article also omits the rising age of immigration and them being first time home buyers. The median age of immigrants is now 10 years older than domestic (37 vs 47) and the US has seen a sharp increase from 2020 till now in immigration population.

Still, the point of the story is that it takes a 3 year sub segment out the workforce that spans 9 years and says that aspect is doing less well than when millennials were the same age.

 

[ColemanwastheGOAT]

The US is pretty clearly in decline. It's a just that everywhere else is declining even faster so it's harder to notice.

 

[Law Talkin’ Guy]

“Gen Z have been relentlessly mocked for spending money they don’t have on avocado toasts, designer bags and luxury holidays—and then complaining that they’ll never be able to save up enough for a house deposit. ”


Pretty sure Millennials were mocked in the exact same fashion for the last 10 or 15 years, right down to the avocado toast. Why are we pretending that didn’t happen?

 

[ThaiSexPills]

Who do you think boomer and gen x wealth will be passed down to when they die?

I think a lot of the boomers are doing a really good job of pissing it all away on purpose before they die. Plus it will have to get split up what’s left between multiple kids.

Either way, nobody had a better situation than the boomers. The world they grew up in had a very strong middle class, pensions, tons of good jobs and a lot could ne done with no education.

 

[JudoThrowFiasco]

I think a lot of the boomers are doing a really good job of pissing it all away on purpose before they die. Plus it will have to get split up what’s left between multiple kids.

Either way, nobody had a better situation than the boomers. The world they grew up in had a very strong middle class, pensions, tons of good jobs and a lot could ne done with no education.

Lol, no

The Great Wealth Transfer From Baby Boomers To Millennials Will Impact The Job Market And Economy

The wealth handover will have a significant impact on the economy. Millennials are expected to hold five times as much wealth as they do today by the 2030s.

www.forbes.com

 

[gspieler]

A democrat in the white house means working stiffs will struggle as sure as you'll get wet going outside in the rain. Its just a result of that party.

Ironic then, that most(all?) economic crises that have occurred over the 100 years, have been under a Republican administration(directly following a period of deregulation).

 

[blackheart]

What the hell? The average millennial between 22-24 was making $51,000? In what fucking universe? When I was that age I was probably pulling in just over $20k GROSS working full time. Everybody that I knew at that age was making 7 or 8 bucks an hour in retail, fast food, or was a waiter doing slightly better.

 

[USA!USA!]

What the hell? The average millennial between 22-24 was making $51,000? In what fucking universe? When I was that age I was probably pulling in just over $20k GROSS working full time. Everybody that I knew at that age was making 7 or 8 bucks an hour in retail, fast food, or was a waiter doing slightly better.

Obviously depends a lot on what field you're in. Computer programmers and engineers make dough immediately.

 

[blackheart]

Obviously depends a lot on what field you're in. Computer programmers and engineers make dough immediately.

Yeah but millennials being salaried programmers by 22-24 was absolutely not the norm. The norm for us was being extremely low paid service, retail or construction workers.

 

[Seano]

Ironic then, that most(all?) economic crises that have occurred over the 100 years, have been under a Republican administration(directly following a period of deregulation).

Democrat policy takes money from the average joe. Everything the Biden admin has done has taken away from us.

Reagan economy was pretty strong. I was doing fine with the Trump admin. I lost a lot during the Obama admin, mainly because of ACA. The past few years have been an absolute train wreck for the working stiff and I'm pretty sure its a democrat in office.