- Joined
- Jun 18, 2018
- Messages
- 54,930
- Reaction score
- 51,835
- Gender
- Male
- Political Leaning
- Progressive
Boomers have socialism. Why not Millennials?
The simple fact is that young people live and work in a very different economy from their parents. And one good way to see this is to walk, beat by beat, down the road to adulthood.
Start with college. Millennials are the most educated generation in U.S. history to date. They “did what they were told,” as Sanders once said. “They got an education and worked hard. But instead of being rewarded, Millennials are now being punished with crushing student debt.” ...Next, there’s the labor force. While the unemployment rate is low, wage growth has fallen behind its historical trend line, putting the American dream at risk. ...Finally, and perhaps most important, there’s housing. Even dutiful penny-pinchers who make their own morning coffee and avoid avocado toast may still find homeownership out of reach. Young people in their late 20s and early 30s today are about one-third less likely to own a house than their parents were at the same age, according to the Federal Reserve. The homeownership rate among young black Americans has fallen below 30 percent, its lowest rate in 60 years.
This gap is crucial, because houses account for almost all wealth for the bottom 50 percent of Americans. Without a home, Millennials are cut off from their most important source of wealth building. The Federal Reserve summed up their plight in seven words: “lower earnings, fewer assets, and less wealth.”
For young Americans, there is a mounting sense that whatever the ladder to adulthood is—or whatever traditional or normative markers of financial independence have been historically associated with adulthood—it’s been shattered by modern American capitalism. This is why Sanders appeals to young voters when he says, “If we don’t fundamentally transform our economy, we are facing—for the first time in the history of this country—the possibility that our young people will suffer a worse future than their parents had.” Whatever you make of their argument, it’s rich hypocrisy for beneficiaries of Social Security, Medicare, and housing subsidies to argue that a little socialism cannot help the U.S., when it has so obviously helped Boomers become the most financially secure generation in history.
How Capitalism Broke Young Adulthood - The Atlantic
While I doubt enough Americans are forward looking enough to respond positively to dragging our country into the 21st century after electing a president who want to take us back to the 1800s, it is our best hope for the future of this country.
How Capitalism Broke Young Adulthood - The Atlantic
While I doubt enough Americans are forward looking enough to respond positively to dragging our country into the 21st century after electing a president who want to take us back to the 1800s, it is our best hope for the future of this country.
How Capitalism Broke Young Adulthood - The Atlantic
While I doubt enough Americans are forward looking enough to respond positively to dragging our country into the 21st century after electing a president who want to take us back to the 1800s, it is our best hope for the future of this country.
I'm burdened with crushing car loan debt and a crushing mortgage. Do I get free money to pay these off?
I guess I'm a little confused on how this is arguing Boomers used socialism to build their wealth? Social Security and Medicare are benefits of old age, but it's not how most Boomers built their massive wealth. They built it by running up a federal deficit more than anything. I'm all for Warren or Sanders, but I'm a little bit confused by this argument.
I'm burdened with crushing car loan debt and a crushing mortgage. Do I get free money to pay these off?
How Capitalism Broke Young Adulthood - The Atlantic
While I doubt enough Americans are forward looking enough to respond positively to dragging our country into the 21st century after electing a president who want to take us back to the 1800s, it is our best hope for the future of this country.
Capitalism didn’t cause this, leftism did.
In Washington housing is unaffordable because of the state growth management act and regulatory bureaucracy.
It’s similar in most other states. So when the first argument is “well millenials can’t afford houses” that is the result of the (Un)Democratic Party and their policies
You are correct about housing and government, but its local government with its zoning laws, that cause much of the problem. Then, again, if you're Black, it's pretty much a social issue that could be mitigated by government action.
No, government action is, and always has been the reason blacks are not doing well.
ne
Car loan debt is without a doubt the stupidest debt to get into. If its crushing, quit spending money you don't have.
That is simply not true.
Redlining wasn't a government policy.
Charging black people more interest and more fees for loans than white people with the same financials.. was not a government policy.
The article is close, but corporatism is the problem. Wealth isn't being used as multipliers to generate more wealth, its being transferred to corporate coffers.
Wal-Mart and Amazon are the guiltiest but far from the only companies that think cutting labor costs is the only way to make more profit.
Car loan debt is without a doubt the stupidest debt to get into. If its crushing, quit spending money you don't have.
Capitalism didn’t cause this, leftism did.
In Washington housing is unaffordable because of the state growth management act and regulatory bureaucracy.
It’s similar in most other states. So when the first argument is “well millenials can’t afford houses” that is the result of the (Un)Democratic Party and their policies.
Also Medicare and social security are not purely socialism, nor are those very meager benefits (which the left uniformly refuses to even talk about paring back) the reason for the relative wealth of the boomers. The boomers came of age in a world without eco-fascists and so could afford houses and utilities and have middle wage jobs
It's hard to get by in most of this country without a car, and almost impossible to afford a car without a loan. Public transportation just isn't good enough in most places.
It's hard to get by in most of this country without a car, and almost impossible to afford a car without a loan. Public transportation just isn't good enough in most places.
I'm burdened with crushing car loan debt and a crushing mortgage. Do I get free money to pay these off?
Redlining absolutely was government policy.
Redlining as such began with the FHA.
Differences in mortgage rates are attributed to different behavior in shopping for mortgages.
It has been shown blacks are less likely to shop mortgages and less likely to walk about on a bad deal.
Also blacks and Latinos are more likely to live in cities where home values are higher generally, which skews mortgage statistics. And why are cities more expensive? Government policies. Central planners are neglecting road improvements in favor of transit which creates an incentive for monied people not to move to suburbs over the urban core.
And in addition to that they are disincentivizing middle price level development
You can say the same thing about a lot of college degrees. Take something like accounting, engineering or data science. Avoid art history.
I guess I'm a little confused on how this is arguing Boomers used socialism to build their wealth? Social Security and Medicare are benefits of old age, but it's not how most Boomers built their massive wealth. They built it by running up a federal deficit more than anything. I'm all for Warren or Sanders, but I'm a little bit confused by this argument.
'Redlining absolutely was government policy.
Differences in mortgage rates are attributed to different behavior in shopping for mortgages.
It has been shown blacks are less likely to shop mortgages and less likely to walk about on a bad deal.
Its really about how the boomer generation took advantage of many benefits that were given to them by the great society generation only to cut a ton of them off which made it harder for the millennial generation to find opportunities. Im pretty lucky to be born in a family that helped me build up to what i have now but i recognize there are a ton of my friends that arent as lucky, some living with their parents still not because they are lazy. Im not a fan of stirring conflict between generations though.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?