Do Millennials Have It So Bad?

[GURPS]

‘Playing Catch-Up in the Game of Life.’ Millennials Approach Middle Age in Crisis

American millennials are approaching middle age in worse financial shape than every living generation ahead of them, lagging behind baby boomers and Generation X despite a decade of economic growth and falling unemployment.

Hobbled by the financial crisis and recession that struck as they began their working life, Americans born between 1981 and 1996 have failed to match every other generation of young adults born since the Great Depression. They have less wealth, less property, lower marriage rates and fewer children, according to new data that compare generations at similar ages.

Even with record levels of education, the troubles of millennials have delayed traditional adult milestones in ways expected to alter the nation’s demographic and economic contours through the end of the century.

David Harsanyi of The Federalist poured cold water on this notion that millennials have it so, so much harder than previous generations.

He explained how some of millennials’ financial hardships can be attributed to their own spending and lifestyle choices, rather than the cruel fate of an economy in turmoil.

“As a group, they are prone to choose short-term happiness and independence over long-term wealth accumulation,” Harsanyi wrote. “Now, maybe millennials are leading more fulfilling lives than their parents and grandparents, and maybe not. Comparing themselves economically to generations that embraced a different set of priorities at the same age, and then wondering why the results are different, however, is disingenuous.”

A quick review of even recent history should tell us that we don’t really have it so bad.

https://www.dailysignal.com/2019/05...-generation-doesnt-have-it-worse-than-others/

 

[TCROW]

Couldn't possibly have anything to do with the fact that housing costs have been outpacing inflation for the entirety of their lives. Tack on to that the fact that wage growth, after inflation, has been stagnant for the entirety of their lives.

 

[Rommey]

Couldn't possibly have anything to do with the fact that many have a degree in "Underwater Basket Weaving", tens of thousands of dollars in school debt and they work at Strbucks? Couldn't possibly have anything to do with they weren't forced to be out on their own at 18 (i.e., still living rent free at Mom and Dad's house), were able to be covered on insurance until age 26, likely have an entitlement mindset, and somehow think gaming is a "profession"?

 

[GURPS]

IMHO This:

He explained how some of millennials’ financial hardships can be attributed to their own spending and lifestyle choices, rather than the cruel fate of an economy in turmoil.

 

[Hijinx]

I believe the problem is that most of them don't know how to work.
I was a farm boy, I learned early.

 

[transporter]

Couldn't possibly have anything to do with the fact that housing costs have been outpacing inflation for the entirety of their lives. Tack on to that the fact that wage growth, after inflation, has been stagnant for the entirety of their lives.

Sorry wrong...home prices historically outperform inflation by about 2%. Also, home prices began falling towards the end of 2006 beginning of 2007...they didn't recover until 2016.

No the problem with so many Millennials is really quite simple: their parents. Millennials have been raised to be entitled spoiled brats by their mommies and daddies. They haven't moved out because they aren't expected to. At the first sign of difficulty, mommie and daddy are their to pay for whatever and fix whatever problem their precious little baby is having.

 

[GWguy]

I believe the problem is that most of them don't know how to work.
I was a farm boy, I learned early.

Mostly agree. No one ever forced them to be responsible. I had my own lawn cutting business at 12. Bought my first motorcycle at 15 with my own money.

 

[GURPS]

I had my own lawn cutting business at 12.

Yep a classmate of mine in the 6th grade pushed his lawmower arond thje neighborhood

 

[DoWhat]

Yep a classmate of mine in the 6th grade pushed his lawmower arond thje neighborhood

I did the same thing.
But I always had to cut our own lawn, before my Dad allowed me to use it on other lawns.

 

[vraiblonde]

Mostly agree. No one ever forced them to be responsible. I had my own lawn cutting business at 12. Bought my first motorcycle at 15 with my own money.

My kids are smack dab in that demographic and most of their peers did not work as teens - Mommy and Daddy gave them everything. Most also weren't required to work in college, either. So you basically have a generation who graduated college having never had a job or responsibility in their life, and now they're expected to get out there and adult.

I wonder when I see these college kids out protesting and assaulting people instead of attending classes. Their parents are paying big money for that. For them college is just a daycare center.

It's not all young people, certainly. I do think the vast majority of them are responsible and their parents brought them up with the goal of adulthood in mind. But they don't get any press; instead the media focuses on wacked out kids in urban areas or wealthy enclaves, making us think this is the norm.

 

[Manny]

How much rent can parent’s possibly be charging for the basement?

 

[Kyle]

How much rent can parent’s possibly be charging for the basement?

Perhaps Sappy and Tranny will be nice enough to post theirs.

 

[Yooper]

Do millenials have it so bad?

Probably.

But if so, it's a situation of their own making. Crappy decisions (enabled by their innate belief in their right to full entitlement).

Numerous previous generations have had it much, much worse and handled it in a far better way (because coddling on the level seen today was the minute exception then rather than the too-often-seen rule today).

Just because times are tough doesn't mean you have to make stupid decisions. But when billion dollar cell phones, brand new cars, stupid degrees paid for by student loans, an insistence on living far above one's means, etc. rule the day, then what do these kids expect? Oh yeah, to be bailed out once again.

--- End of line (MCP)

 

[vraiblonde]

But if so, it's a situation of their own making.

See, I disagree with that. I think their overindulgent parents screwed them over. I started that other thread about whether people see their grown spawn as adults or children. The overwhelming response was "s/he is still my baby," which is why we have packs of adult babies in this country who can't get their chit together. If you constantly have Mommy and Daddy running interference for you and fixing your problems, you'll never learn how to do it on your own.

They make stupid decisions because they've never been taught to make good ones, nor have they ever had to suffer the consequences of making bad decisions which, if painful enough, will make you think twice next time.

 

[GWguy]

See, I disagree with that. I think their overindulgent parents screwed them over.

Only in part. The Millennial thing isn't a lot different than the "thing to do" as we each grew up in our respective eras. In the 60s it was the hippie movement. I see it as much more of a peer following, it's what everyone is doing and I want to be the same and accepted. Not saying parents weren't at fault too, but the kids are gonna do what they're gonna do.

We made some pretty bad choices as kids in the 60s and 70s, some of todays kids have to learn the hard way too.

 

[Yooper]

See, I disagree with that. I think their overindulgent parents screwed them over. I started that other thread about whether people see their grown spawn as adults or children. The overwhelming response was "s/he is still my baby," which is why we have packs of adult babies in this country who can't get their chit together. If you constantly have Mommy and Daddy running interference for you and fixing your problems, you'll never learn how to do it on your own.

They make stupid decisions because they've never been taught to make good ones, nor have they ever had to suffer the consequences of making bad decisions which, if painful enough, will make you think twice next time.

I don't disagree with you wrt indulgent parents. My original draft went somewhat in that direction, but I changed tack because I didn't want my post to be seen as giving these kids a perpetual excuse card.

This is one of the classic "problems" one sees in mental health counseling: where the client has made a lifetime of bad choices, but the blame is always on some external force. At some point, a person has to take positive control over the things one can take control of if one wants to be considered an adult. So kids (as I apply this counseling room dynamic to the OP), you've been misled by being over- & ridiculously coddled by idiot, helicopter parents. What are you now going to do about it? Work hard or whinge?

Perhaps we "disagree" because we are focusing on different points of the issue?

--- End of line (MCP)

 

[officeguy]

Sorry wrong...home prices historically outperform inflation by about 2%. Also, home prices began falling towards the end of 2006 beginning of 2007...they didn't recover until 2016.

No the problem with so many Millennials is really quite simple: their parents. Millennials have been raised to be entitled spoiled brats by their mommies and daddies. They haven't moved out because they aren't expected to. At the first sign of difficulty, mommie and daddy are their to pay for whatever and fix whatever problem their precious little baby is having.

Wow. Got to mark this day in my calendar. A 'transporter' post I can fully agree with.

 

[Yooper]

Wow. Got to mark this day in my calendar. A 'transporter' post I can fully agree with.

Don't entirely agree with the post like you do (as I've posted, my sense is that kids do need to own up to their own stupidity), but yeah. Wow!

Lucid. Made a point without being (too) condescending, arrogant, and discourteous.

Someone hijack the account? Straight out of "Men In Black."

--- End of line (MCP)

 

[TCROW]

No the problem with so many Millennials is really quite simple: their parents. Millennials have been raised to be entitled spoiled brats by their mommies and daddies. They haven't moved out because they aren't expected to. At the first sign of difficulty, mommie and daddy are their to pay for whatever and fix whatever problem their precious little baby is having.

This is a really weak effort. It's an easy thing to say and get wide agreement because virtually every shortcoming of any kid can be blamed on parents.

Thing is, millennials are well into their 30s and well beyond any reasonable blaming of any parents.

This is just more typical generation bashing -- "any generation that comes after mine is inferior in every way". Lazier, softer, etc., etc.

I'd think you'd know better.

 

[black dog]

How did so many of us make it leaving home through the 15-19% years of the late 70's-80's buying a first home and buying a VCR from Sears or Montgomery Wards that cost 700 bucks.