Wealth Gap Increasing Among Millenials, Possibly Most Unequal Generation in History

[TeTe]

Otherwise capitalism needs severe regulations, of which the United States has rapidly destroyed since the 80s. So none of this is surprising in the slightest and completely expected to anyone who has been paying attention the last few decades.

Why does capitalism need severe regulation? Do you really think severely regulating business with help growth in this country? It seems like from everything you describe below, it isn't really regulation on capitalism you want, it's more social benefits. Cause we already have a blend of both.. the US isn't robber baron as opposed to what you think. Maybe you want full out socialism, which is completely different story.

But that’s not even the worst part. We are returning to an economic time more akin to the turn of the 20th century. No social safety nets, no health care, no benefits, low wages, high rent, and no workers rights. Our response to globalism, rather than shift to say a European model, is to return to our old third world approach. Because the United States is actually partially third world in many parts, where people don’t even have running water or sewers. We will try to compete with places like China by becoming more like them, and that’s a bad thing for quality of life.

But we do have social safety nets in place. Put down the communist manifesto and understand what we have:
Unemployment
Section 8 (or whatever they call it now)
SNAP
Social Security
Unemployment benifits
Free phone programs
Medicare/Medicaid (and what happened to revering Obama Care?)
Plenty more I didn't mention.

My lazy mother has gotten by on those things I listed above for 15 years. Phone minutes paid for, SSI disability, SNAP, medical programs that pay for almost everything she needs done, etc.

Also, low wages and high rent can be very subjective. Is minimum wage keeping up with the cost of living depending on the state and city? Sure, that's debatable, and you have a point to some degree. But why are people striving to make minimum wage? Are you in high school.. new to the US... A very small percentage of the US population makes minimum wage anyway.

Why would we compete with China? Are we becoming communist? China actually has improved their situation for workers over the past few years and that's why the price of Chinese goods (along with tariffs) has gone up so much. We've stopped doing business with a lot of Chinese companies in favor of other companies like ones in Bangladesh, Indonesia, etc.

But hey, people voted for it, and most people don’t even vote. When the crashes ands catastrophes come, and they will, it’s going to be hard to talk to my moron friends and family who never vote when they ask me who we have to blame for all of this. It’s you stupid, you let monsters take power, and this is the result. So suck it up and put that fucking eggo waffle hamburger sundae down bc you can’t afford health care any more stupid.

Can't argue with you about the voting things, but the thing that sucks here is that it doesn't really matter much who you vote in on the Federal level, you're going to get similar minded politicians who are all guided by their constituents. You don't get much different between R and D's on that level. Hell, that's why I voted third party in the past two presidential elections. Taking down the structure is a daunting task that is going to take more than just going out and voting.

 

[bubbleboyjones]

What do you think the implication of this has on society in a decade?

Well it's a debt nation so it almost is expected that we are seeing this.
There's a lot of unknowns but this along with the national debt makes me think of that ominous line from Catwoman in the Dark Knight Rises "There's a storm coming Mr Wayne...." I wonder if shit is really going to hit the fans and how long we can keep this bubble going.


The idea that someone has a phone that costs $1000 but couldn't actually buy one with cash seems crazy to me but thats a common thing. Add on this social media explosion in the past 10 years has changed a lot of things. It's keeping up with the Jones's on steroids. Back in the 90's people used to go on vacations. Somewhere along the line instagram turned this into a term called 'traveling' and somehow millennials are going on vacations left and right posting pictures to instagram calling it 'traveling' and it's a badge of honor whereas years ago people going on vacations left and right were not considered cool. People who wanted to see the world years ago joined the Navy. Now you join a credit card company.

It's a generation surviving on credit which is an extension of their parents but now the U.S. is less of a power than it was in the past and debt keeps growing.

 

[Hollywood Jack]

It probably boils down to a mismanagement of their money. They are spending more instead of saving.

Yes, but for the ones who are dealing with low wages relative to inflation, they basically never had a chance to save. And being indoctrinated into a consumer culture makes it even harder for most. I'm lucky to have had the chance to save money and buy my own home, which gives me options.

 

[TeTe]

True, millennials are much more likely than other generations to go out to eat regularly than other generations - even taking into account the eating habits of baby boomers, gen xers when they were younger. There are other factors that play into this of course - millennials are more inclined to prefer urban living to suburbs and countryside - so it isn't happening in a vaccum. Still, those $25+ meals add up when it's an almost everyday occurrence.

People in general don't know how to live within their means. It's pretty sad how many people have to buy cars and mcmansions they can't afford because they feel that it's just what they have to do as an American. Same people that spend $30,000 on a wedding. I guess it's great for the economy for a while, until you have to start paying that money back.

 

[cmw43]

This isn't really all that concerning.

The big issue is that robots and Algorithms are going to replace most jobs in the next 30 years or so. There will be new jobs created, but these jobs will require substantially higher levels of intelligence than most of the current jobs. Which isn't good for most of the people who aren't me considering that it's arguable that most average joes are actually getting dumber thanks to the welfare state.

If it got to the point where a significant portion of the workforce was no longer needed they would just have to start universal basic income.

 

[Hollywood Jack]

I wonder if all these broke millennials had studied IT instead of basket weaving or feminist studies, whether they'd really all be solvent.

Or would there just be a glut of IT pros panhandling on the medians with cardboard signs saying "Will code for food?"

Somehow it seems like it's more complicated than people studying subjects that there's no market for...

Not everybody has the aptitude for STEM. It's not just a matter of intelligence, but a specific type of intelligence, plus an interest. I'm much more verbal myself, and chose a college and major based on that. But yes, you need something practical at least, if not STEM.

 

[gonads20]

I blame it on peoples ignorance of personal finance.

Read personal finance for dummies when I was 22 and now Im one of those dick heads with more than a hundred grand.

 

[bubbleboyjones]

When you count income relative to inflation, they're worse off. And even the early 2000s weren't ideal in that regard. We peaked in the 50s and 60s. The day when a high-school educated man could support a wife and kids with an average manufacturing job and go on vacations and pay his kids' college tuition are over.

This. To add on I would say based on our current projection the idea of retirement will be a thing of the past at some point in the future just like how now the idea of a high-school educated man could support a family is a thing of the past today. Social Security is doomed long term and retirement will be an exclusive thing for few and we'll start to revert back to how we we're living prior to the 1950's which is families will be force to shack up and the kids will take care of their parents when they get old. We are already seeing this with more adult kids living with their parents.

 

[Reyesnuthugr]

The politicians that like to preach about the wealth gap (as were the ones before them) are the same ones who are ruling over the areas with the widest discrepancies income by far, ever-widening as they take power. Coincidence? Nah...

I think some things need to be done but this is also a massive opportunity for politicians to offer radical false solutions calculated to make the population even poorer as they benefit from the chaos, cementing power, all the while looking like the good guy (so they can't be blamed).

If it works sustainably on a small scale, then maybe it can work on a larger scale, because at least it's proven in a micro setting. If not even functional on a small scale (city, state, region) there's no chance it can work in an even larger, more complicated setting.

If it sounds too good to be true, it should at least be proven first in a smaller setting, showing stability over many years if not decades. If it can't even do that (or manifests the opposite) then it's clearly worthless. Seems like common sense but you wouldn't be surprised

 

[SugarKrok]

I blame the boomers who raised the millennials to spends like them, despite most not making the cheddar they did, or building the equity that cheaper housing insured.

 

[Agent Mulder's Hair]

1 in 6 have over 100k? that doesn't sound right

 

[Loiosh]

Ummmm --- I'm Gen-X and I can tell you there are an astounding number of GEn-X turds who have no idea how to cook. Probably the first generation of women who have no cooking skills.

High school lunch consisted of a schmeer of purple gel between two pieces of bread for many GEn-Xers. No snacks, no drink just two pieces of the most nutrion-less bread with purple dye in the middle.

Add some brown sugar paste to that sandwich and we're talkin'.

 

[Pride23]

I am sure the graph in the first post was put there to illustrate how shockingly little millennials have been saving, very shocking, find it hard to believe but seems like it is atleast trending in the right direction from 2016-2017. Less people have savings under $1,000 in 2017 than 2016 and more have savings greater than $5,000 in 2017 than 2016.

 

[AznTrojan]

I blame it on peoples ignorance of personal finance.

Read personal finance for dummies when I was 22 and now Im one of those dick heads with more than a hundred grand.

lol.. i read the same book when i was my 20s.. i'm now 39.. and my son's 529 has more than most millenials' bank of account

 

[Steven_Universe]

Meh. The diffeeence is that some millennial s get help from their parents and some are independent and start from scratch like me.

 

[IIIIIIII]

lots of people shit on millennials, but when you take into consideration the lies they're told by academia, you have to feel for them somewhat. yeah, lot's of them feel entitled, but it's not all their fault.

 

[therealdope]

lots of people shit on millennials, but when you take into consideration the lies they're told by academia, you have to feel for them somewhat. yeah, lot's of them feel entitled, but it's not all their fault.

Also the coddling by their nutty parents.

Is anyone surprised that recent fMRI studies show that autistic kids have fucked up reward centers in their brain. Looks like giving everyone participation trophies, and subscribing to 'everyone's a winner' may not actually be beneficial to kids.

 

[Mangar]

It's sad, but people would rather waste their money on things they don't need rather than save for their future.

 

[Philo-Publius]

Yes, but for the ones who are dealing with low wages relative to inflation, they basically never had a chance to save. And being indoctrinated into a consumer culture makes it even harder for most. I'm lucky to have had the chance to save money and buy my own home, which gives me options.

I wasted a lot of money renting when I was young, but eventually I was also able to buy my own home.

 

[Hollywood Jack]

1 in 6 have over 100k? that doesn't sound right

6 figure salaries are standard in STEM jobs. Even Shane Carwin had a 6 figure salary as a mechanical engineer outside of the UFC. Dana offered him a TON of money to quit his day job and he still kept the steady salary and built up experience on the job which leads to better pay later. But even older Millennials like me who don't have STEM jobs have been able to save money and buy property. I used to have over $100k in savings. I still have more than that in assets which gives me options.