Millenials (born 1980-2000) the new lost generation?

[mshan]

While you can correctly point out that people with degrees have a lower unemployment rate and a lifetime higher earning rate its important to compare that to the underemployment rate (almost half) and the wage:loan debt ratio. The last one is getting dangerously lopsided. Individual student loan debt rose ~70% since 2004 while wages are stagnant. Delinquency rates are increasing rapidly as well - likely signalling a difficult time paying off the loans with the job they got with their higher education. We are getting to a point where certain degrees are becoming financially irresponsible and not just the ones some would consider fluff degrees like art or drama but more mainstream ones like education and science degrees

http://chronicle.com/article/A-College-Degree-Sorts-Job/137625/#id=overview

http://newyorkfed.org/newsevents/mediaadvisory/2013/Lee022813.pdf

Good articles; thank you.

I am not trying to say that things are rosy for millenials now; just that their situation is probably substantially better than when the questionnaire that Pew survey used in OP's link (December 2011), or even BLS study I linked from October 2011.


Please remember:

1) during summer of 2011 Greece had just started to be all over our tv screens,

2) I believe inflation was spiking close to 4% (which Morningstar analyst Bob Johnson says typically triggers a recession),

3) the first debt ceiling debacle was taking place, with some wing nut Republicans in the House of Representatives seemingly intent on deliberately pushing a fragile economy back into double dip recession (despite the political rhetoric, there does appear to be some grudging cooperation in Washington to get things done now, but both sides have to make it look like they bludgeoned their political opponent, got beat up pretty badly, but ultimately have to concede a little for good of the country going forward)

4) we had an impending European Lehman Brothers apocalypse occurring at end of year (liquidity freezing up in European banking system: http://video.cnbc.com/gallery/?video=3000058679) before the first Long Term Refinancing Operation agreement was reached in early Decembe 2011.

5) Occupy Wall Street occurred in September 2011, which actually seemed to correlate with start of one time surge in hiring for several months (IIRC, 350k - 400k SAAR job hiring, vs 175k/mo average we have seen since that one time surge), which Ben Bernanke postulated was a one time reversal of the massive shedding of jobs that occurred when stock market crashed in 2008 (credit totally froze up, businesses said they had absolutely no visibility about their prospects going forward, and cut back to the bone so that they didn't go out of business if they ran out of cash because bank line of credit they used was no longer there).




Even if a domestic company was doing well then and was inclined to hire to continue growing, with so much uncertainty and talk about a repeat of 2008 occurring (near depression or global recession), they probably hesitate and wait and see what happens.

Just like Ben Bernanke has said, we really need a faster growth rate of economy so that companies that see definite increases in demand can't make more money unless they start hiring more people and can't be quite as picky as they could be in past.

 

[michal1980]

whats worse is those greedy boomers just want to bleed the system dry. For all the talk of them being the greatest generation, they sure can be the greediest fucks

 

[BoberFett]

whats worse is those greedy boomers just want to bleed the system dry. For all the talk of them being the greatest generation, they sure can be the greediest fucks

The greatest generation were the boomers parents.

 

[ShawnD1]

The greatest generation were the boomers parents.

Yep. Greatest Generation were the people who went through the depression and World War 2. Boomers were the people born after World War 2.

 

[OverVolt]

At this point I am considering to work for my father who owns a gas stations and has offered to train me and buy me a gas station of my own but I really don't want to do that. I don't want to ride on the coattails of my father I want to become something on my own that I can be proud of.

You honestly should do it. Basically SHTF for generation Y, and those whose parents can pass anything along to their children AND are willing to do so is a huge advantage. I know kids who either get the boot at 18 or go to college in an age where there is like a 50% chance they will have to move back. They're basically effed.

My dad used to have a sub shop/pizza business at a good location (in front of a bus stop, like literally you get off the bus and could walk into the sub shop) but he drove it into the ground. Man I'd love to help him run that as my job.

 

[sm625]

Millenials have no discernment. They sank into the matrix of their stupidphones and never cared as the top 1% conspired to steal not jsut their assets but any chance at acquiring future assets. Yet despite their certain lack of material wealth, you might think they have developed a wealth of spirituality to compensate. But you'd be wrong. They are as spiritually void as any people to ever walk this earth. They are mentally and morally bankrupt. Their minds drift from gangnam style to harlem shake and on to the next manufactured bout of stupidity until their spot in the gas chamber is ready for them.

 

[Exterous]

Good articles; thank you.

I am not trying to say that things are rosy for millenials now; just that their situation is probably substantially better than when the questionnaire that Pew survey used in OP's link (December 2011), or even BLS study I linked from October 2011.

Credit goes to unokitty for showing me the chronicle article.

You may be right that things are getting a little better for them but if the debt load keeps rising I think we'll see a brief period of stability before we have another 'Lost Generation' due to crushing student loan debt that pushes down consumer spending, pushes back consumer borrowing and obliterates retirement savings. The delinquency rate for those under 30 on their student loans is already 35% and climbing!

 

[Pr0d1gy]

Millenials have no discernment. They sank into the matrix of their stupidphones and never cared as the top 1% conspired to steal not jsut their assets but any chance at acquiring future assets. Yet despite their certain lack of material wealth, you might think they have developed a wealth of spirituality to compensate. But you'd be wrong. They are as spiritually void as any people to ever walk this earth. They are mentally and morally bankrupt. Their minds drift from gangnam style to harlem shake and on to the next manufactured bout of stupidity until their spot in the gas chamber is ready for them.

lol Typical old fart thinking quoted above.

 

[michal1980]

The greatest generation were the boomers parents.

my error, I meant to say the boomers.