People born in the 1980’s may never be as rich as their parents

[OneChinTouch]

Class war in disguise, perpetuated by the rulers

Make the plebs fight eachother, right vs left, nationalist vs unionist, loyalist vs republican, it's a great way to fragment the greater issue

 

[Rusk]

88 model here.

poorer than my parents who lived in 90s Russia... Russia had a real free market back then, so my father made a LOT of money on restaurants but then financial crises of 98 came and we lost everything, and by everything i mean i was literally starving 3 days in a week.

I am making 40$ +/- in an hour now but since i live in Norway i pay like 40% in Taxes, so although i have everything i live a very modest life. The only time i feel rich is when i travel to Europe.

 

[Jorge Luis Borges]

I am wealthier than my parents were.

 

[White Whale]

Here is another article about it that goes into more detail.

People born in 80’s problem was they where to young to own a home, recession and debt hurt them from their expected earnings.

http://money.cnn.com/2018/05/22/news/economy/1980s-millennials-great-recession-study/index.html

 

[IDL]

Go into IT there are lots of high paying jobs

 

[kpt018]

Yeah, those damn republican universities charging up the ass for college and it's those damn red states like NY, HI, and CA with skyrocketing cost of living.

What the hell are you talking about? I am specifically commenting on Republican policy views which is to distribute wealth upward and actually increase income/wealth inequality.

Yes, university professors tend to be liberal but they have little to do with high tuition. And not sure why your comment about high cost states is relevant. Yes, it is more expensive to live in really great areas to live with lots of business opportunities.

 

[ralphc1]

Without a doubt you did not need college or university to get may jobs in the past. That said a good education has always been more of a safety net than a guarantee of success. There are many jobs you cannot even apply for without an education.

Yesterdays manufacturing jobs are todays Knowledge jobs. Programming and many more opportunities in that arena are filling that mold.

I've seen many businesses started and built by people who never went to college, run into the ground by college educated managers. The knowledge necessary can seldom be acquired in a school. Many of the uneducated workers at a business are much more qualified to run it than someone who went to college. There are also companies that only want people who have a degree, even if it's in an unrelated field.

 

[IndyCovaHart]

So you’re fucked.

Being debt free is the new status symbol these days.

lol no shit.

I always thought racking up debt was part of that whole "it takes money to make money" bit.

 

[ralphc1]

I feel that it's somewhat true. I'm 30 years old now, and working a middle management positions. I make around $80k a year in salary. In terms of career advancement, I'm roughly at the same level as my dad in 1987. He was promoted to hotel manager that year when I was born, and he said he made about $50k back then. That's roughly anywhere from $100k to $150k today if you take inflation into account. He retired three years ago, and the same position at that hotel pays $75k now. He and my mom bought their second house by the time I graduated elementary school, which cost $480k at the time. The same house sells for $1.8 million today, and about $2.2 million if it was brand new.

I have a decent income for my age, and I save habitually. Even in my case, I can't afford to put a down payment on a condo where I live. Two bedroom condos cost about $900k now, and increases by 15% to 20% per year. Just when you save up enough, the goal post shifts further. Rent has been skyrocketing as well too, experiencing about 50% increase in the past 5 years in my area. Real income for majority of working people have been steadily decreasing. With automation, the wealth gap is likely to keep growing larger.

Anybody live in San Francisco Bay area? I was told that it was even more expensive than Vancouver. A guy I know works as programmer there, and he said he felt poor as fuck making $80K.

 

[bushman505]

lol no shit.

I always thought racking up debt was part of that whole "it takes money to make money" bit.

I’ve done a lot of dumb shit in my life but I somwhow managed to remain debt free.

 

[nostradumbass]

What the hell are you talking about? I am specifically commenting on Republican policy views which is to distribute wealth upward and actually increase income/wealth inequality.

Yes, university professors tend to be liberal but they have little to do with high tuition. And not sure why your comment about high cost states is relevant. Yes, it is more expensive to live in really great areas to live with lots of business opportunities.

So by student loans, you really meant tax rates?

It says student loans and cost of living are 2 major factors. I didn't read in there "repulicans and tax cuts" are the reason. But me saying all the states with skyrocketing cost of living are blue states and republicans had nothing to do with skyrocketing tuition costs is out of left field? Is this thing on?

 

[MikeMcMann]

I've seen many businesses started and built by people who never went to college, run into the ground by college educated managers. The knowledge necessary can seldom be acquired in a school. Many of the uneducated workers at a business are much more qualified to run it than someone who went to college. There are also companies that only want people who have a degree, even if it's in an unrelated field.

oh without a doubt. University drop outs fill the ranks of entrepreneurs, myself included. There is a special motivation to succeed when you know you don't have that safety net of a degree to fall back on if you need a regular job. And I find there is a real bias amongst hiring managers towards those with degrees, even discounting someone who does not have a degree but might have been CEO of a company as not worthy. That real world life experience somehow just does not make up for not having a degree.

 

[kpt018]

So by student loans, you really meant tax rates?

Across the board. But to comment on student loans specifically, yes, they have no plan to help folks saddled with debt. If you believe that's the right view, fine, but there are clear differences between Rs and Ds. Ds want free tuition for everyone who can hack it, which is substantially different from Rs who don't have a plan.

It says student loans and cost of living are 2 major factors. I didn't read in there "repulicans and tax cuts" are the reason. But me saying all the states with skyrocketing cost of living are blue states and republicans had nothing to do with skyrocketing tuition costs is out of left field? Is this thing on?

I know what the article says but it's fair game to bring up other relevant factors not covered in the article. It's pretty obvious to me that if we are comparing wealth between generations it's quite relevant to bring up that workers are getting a smaller piece of the pie than the wealthy as compared to the previous generation or two. Combine that fact with rising cost of living and yes, many people struggle to make ends meet.

You brought up liberal cities but people living in those areas have higher incomes. And it's their choice to live there and that aside, rent/home costs are not the only factor in cost of living.

 

[Squall Leonhart]

I feel that it's somewhat true. I'm 30 years old now, and working a middle management positions. I make around $80k a year in salary. In terms of career advancement, I'm roughly at the same level as my dad in 1987. He was promoted to hotel manager that year when I was born, and he said he made about $50k back then. That's roughly anywhere from $100k to $150k today if you take inflation into account. He retired three years ago, and the same position at that hotel pays $75k now. He and my mom bought their second house by the time I graduated elementary school, which cost $480k at the time. The same house sells for $1.8 million today, and about $2.2 million if it was brand new.

I have a decent income for my age, and I save habitually. Even in my case, I can't afford to put a down payment on a condo where I live. Two bedroom condos cost about $900k now, and increases by 15% to 20% per year. Just when you save up enough, the goal post shifts further. Rent has been skyrocketing as well too, experiencing about 50% increase in the past 5 years in my area. Real income for majority of working people have been steadily decreasing. With automation, the wealth gap is likely to keep growing larger.

Anybody live in San Francisco Bay area? I was told that it was even more expensive than Vancouver. A guy I know works as programmer there, and he said he felt poor as fuck making $80K.

You live in San Francisco? That is a high salary where I'm from. I make 60k/year in new england, and it seems to be slightly above average. I know San Fran is crazy expensive

 

[HatchetHarry]

The higher costs of living, recession and high college tuitions are some of the things that make people born in the 80’s the lost generation.

https://amp.businessinsider.com/1980s-millennials-wealth-the-great-recession-2018-5

I was born in the 80s and will surpass my parents wealth. Tuition is cheap if you are smart about it. Having a partner with a good salary helps as well.

 

[nostradumbass]

Across the board. But to comment on student loans specifically, yes, they have no plan to help folks saddled with debt. If you believe that's the right view, fine, but there are clear differences between Rs and Ds. Ds want free tuition for everyone who can hack it, which is substantially different from Rs who don't have a plan.



I know what the article says but it's fair game to bring up other relevant factors not covered in the article. It's pretty obvious to me that if we are comparing wealth between generations it's quite relevant to bring up that workers are getting a smaller piece of the pie than the wealthy as compared to the previous generation or two. Combine that fact with rising cost of living and yes, many people struggle to make ends meet.

You brought up liberal cities but people living in those areas have higher incomes. And it's their choice to live there and that aside, rent/home costs are not the only factor in cost of living.

Of course I don't think the gov't should shell out a ton of money because people borrowed money they can't pay back. Wanting free tuition and able to give it are 2 separate things. The bloating of administration and useless departments and wasteful spending are what have made college so expensive. That is what has to get under control, not just say "don't worry, there's some rich guy we can shake down no matter the cost."

Workers get a smaller percentage because there are more of them. If a CEO gets $50 million/year and there are 1M employees, you could dissolve his entire salary and that would give each worker a whole $50 for the year.

I brought up the entire states with the highest cost of living. They don't necessarily have higher incomes because NY and CA are near the top of both that and income inequality. How is democrat rule working out there?

 

[kpt018]

Of course I don't think the gov't should shell out a ton of money because people borrowed money they can't pay back. Wanting free tuition and able to give it are 2 separate things. The bloating of administration and useless departments and wasteful spending are what have made college so expensive. That is what has to get under control, not just say "don't worry, there's some rich guy we can shake down no matter the cost."

As I said you're free to disagree about what is the right move here but my original post was that Rs don't want to do anything about tuition and Ds do. It's just obviously true, hence my first post. You analysis is shit here, though.

Workers get a smaller percentage because there are more of them. If a CEO gets $50 million/year and there are 1M employees, you could dissolve his entire salary and that would give each worker a whole $50 for the year.

This is irrelevant. I am talking about who gets a bigger share of the pie and it's plainly true that owners of capital are getting larger and larger chunks and works are getting less (although we are finally seeing wage growth, which is a good thing). I am just saying this partially explains why there is the view that workers today are less wealthy than previous generations. Again, we're comparing generations.

I brought up the entire states with the highest cost of living. They don't necessarily have higher incomes because NY and CA are near the top of both that and income inequality. How is democrat rule working out there?

Well the entire states don't have high costs of living. For example, rural upstate New York is a super cheap place to live, which is why people downstate owning second homes upstate.

Your sarcasm is annoying because you're so badly informed. I mean, NY and CA have lots of great places to live and are among the best in the country in terms of business opportunity. So democrat rule is working pretty great I guess.

 

[7437]

So many people made their money without a college education. Many people with college educations never got a job in their field of study. Life is more a case of being in the right place at the right time. Growing up in the 50s and 60s gave me many opportunities that people born in the 80s don't have. Manufacturing jobs are going fast.

Manufacturing is just different. Easy to get a job as an electrician for example. There are still unskilled spots but far less than before and we work to automate them.

 

[Cooz]

We just need to found new cities. For some reason 100 years ago we stopped building new cities and now everyone over pays to live somewhere old. Save money and build something new.

Lol. That’s crazy talk. What do you think suburbs are?

 

[ShinkanPo]

If your parents weren’t “rich” you’re likely going to have to spend a very significant amount of your own income/savings towards the end of your parents lives to make sure they have proper care.

This is painfully true.