millenials must be the most screwed over generation in history

You need to go back a little further for perspective. Boomers did not actually have a good economic climate in the 1970s. There were just too many of them competing to jobs. If you look at the chart going back to WWII you will see that there was high unemployment throughout most to the 1970s and the highest unemployment rate since the Great Depression was in 1982 not the so called Great Recession of 2009. The recession in the early 1980s was also quite severe.

Add to this high inflation, gas shortages/long gas lines, and very high interest rates (below). Are you familiar with the term stagflation?

Where Boomers lucked out was that the 1990s was a time of prosperity and and a stock market that went from under 2,000 in 1988 to over 11,000 in 2000. This occurred as they moved into their prime earnings years.

The luckiest generation were the Silents. They came of age in the 1950s and early 1960s in an era of prosperity. Since they were a small cohort they had their pick of jobs, and colleges in an expanding economy. And they were in their peak earning years during the stock market run-up of the 1990s.

If old people hate young people so much, then they should have raised their children better. I'm not sure how a parent can say "my kids are lazy, stupid, and ungrateful" and then take no blame for that outcome.

We are where we are because of the series of decisions we made to get here. As long as you are able bodied and mind, you have nobody to blame but yourself for your current circumstances, recession or not. Didn't choose a recession proof line of work? That's on you. Didn't save enough for retirement or an emergency fund in case things go south? That's on you. Doesn't matter your age, you can always figure out a way to take care of yourself financially through just about any economic cycle. Hard work and intelligent thinking is all it takes. 34, government job and derivatives trading side hustle specializing in forex markets. I worked hard to build the skills and experience necessary to be able to do what I do and be able to earn an income no matter what direction the economy is going. You can too!

I made it, so everyone else should have! Nothing can't be overcome! Yay!

I'm a millennial (born in 1980) and my first kid will be in college in three years. I went to a top business school, paid my dues in consulting, went into PE and now run my own fund. My kids are completely financially secure for life because I'm a responsible adult (and a millennial btw), not because I applied for a government handout and bought a car on credit. But keep telling yourself your generation is the hard-working one, boomer.

Only on letsrun would a gen x-er pose as a millennial.https://www.pewresearch.org/topics/generations-and-age/ Next...

The US Census Bureau uses a different definition the PEW, but someone born in 1980 is still GenX.

https://www.census.gov/newsroom/press-releases/2015/cb15-113.html

Word. Old people blaming young people is comically hypocritical.

Also, anyone else notice this is (maybe) the whitest thread ever? Things are definitely getting better over time for people with darker skin (albeit slowly). Imagine being born a slave...and having more than a dozen generations to go before emancipation...and then roughly 100 years after that for civil rights...or being born in a country that is "colonized" (occupied), culturally suppressed and economically exploited for hundreds of years.

Anyway, things are tense for humans these days, but we're all in it together and the vast majority of us are mostly decent.

The most screwed up? Yes, yes we are. Can't believe I'm in this group

Someone said millennials are the most manipulated. Tons of studies have shown them to in fact be the most critical, as a result of growing up with the internet and having to discern between real and fake on a daily basis. The most manipulated generation shouldn't shock you, given recent elections.. (It's boomers, by far).

https://www.simplemost.com/study-baby-boomers-most-likely-to-share-fake-news/

Personally I don't care about the whole issue. This isn't sports, you don't need to pick a team and fight about it. Truth is, people are people.

Switch their time periods and boomers would be doing the exact same thing millennials are and vice-versa. Everyone is a product of their environment.

People who use student loans to finance their spring breaks and Starbucks addiction wouldn't understand the math.

Hey man, if you can't subsidize the uninsured (35 million) and underinsured (50 million) with your own higher healthcare costs, you don't belong in America.

From your your post, it really makes it sound like it’s all about you. The mantra you slap on these kids reflects ageism and your generalized perception of a group of people. I do not agree with the creator of this thread, and comparisons only seem to bring about hateful, useless commentary. It’s hard to be young, and trying to make your way in the world as a young adult is difficult most everywhere. Maybe being young and unattached and told by your parents to study and focus on your future feeds a self-absorbed period. I feel that this period transcends time and is an aspect of youth in many cultures, which can of course be impacted by circumstances such as WWII and the Great Depression or a pandemic. Many young adults in my city have shown a great volunteer spirit over the last couple months. I’d be happy to provide you published example of this generous spirit.

As a millennial I know one thing is for sure. I'll never trust the government and I'm saving every dime. Can't wait to get this $1200 dollars to put directly into my savings account. STIMULATE THIS!!

The argument that it is impossible to accumulate wealth in the current economy is bogus. According to J. D. Powers, the average cell phone bill is $157/month. If you were to invest this money in an S & P 500 Index fund beginning at age 18, you would have $1,035,292 when you retire.

cdjdj9999999 wrote:

Someone said millennials are the most manipulated. Tons of studies have shown them to in fact be the most critical, as a result of growing up with the internet and having to discern between real and fake on a daily basis. The most manipulated generation shouldn't shock you, given recent elections.. (It's boomers, by far).

https://www.simplemost.com/study-baby-boomers-most-likely-to-share-fake-news/

Personally I don't care about the whole issue. This isn't sports, you don't need to pick a team and fight about it. Truth is, people are people.

Switch their time periods and boomers would be doing the exact same thing millennials are and vice-versa. Everyone is a product of their environment.

This isn't manipulation; it's confirmation bias. The boomers sharing fake news on facebook aren't being manipulated into changing their minds. They are sharing fake news that supports their already existing views. The effect of fake news, Russian trolls, etc. is far less than you think it is. No one is changing their minds because of fake news. People fall for fake news due to confirmation bias, and they are very resistant to fake news--or even real news--that contradicts their biases.

I like millennials, and they are hard workers. I have six of them working for me. They're generally in the 30-32 years old range. All of them have nicer cars than me. All of them pay more in rent than I pay for my mortgage. One is paying $2000 per month to rent a luxury apartment, and this is in the Midwest. None of them make more than $50k, and most are more like $40k. I fear they don't know how to save, and are more interested in spending every last dollar on whatever new whizbang device just came out, or on an upgraded apartment, new car, whatever.

I got ahead by buying a house at age 29, and then having my girlfriend (now wife) move in. Our living expenses dropped from a combined $1700 per month to splitting a $650/month mortgage. That's how you save and get ahead.

Thanks for shearing this post

Billy the Vic wrote:

The argument that it is impossible to accumulate wealth in the current economy is bogus. According to J. D. Powers, the average cell phone bill is $157/month. If you were to invest this money in an S & P 500 Index fund beginning at age 18, you would have $1,035,292 when you retire.

and note that the stock and bond markets have been outstanding for the last 11 years.

10 year returns for the US stock market are 10.5% per year, even during this bear market.

I say again and again that if people want to live a 1970s life with 1970s level expenses they can absolutely do it. No one is forcing them to have a bigger house, a bigger car, fancy tech, flying vacations, eating out, etc. And yeah $200 race entry fees.

Then you would benefit from today's higher wages and very low inflation - today's wages at 1970s expenses. Best of both worlds.