• Light/Dark
  • Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
  • We have made minor adjustments to how the search bar works on ResetEra. You can read about the changes here.

WaPo: The unluckiest generation in U.S. history

WedgeX

WedgeX

Member
Oct 27, 2017
13,207
5c132749-4777-4958-anbjfz.jpeg

After accounting for the present crisis, the average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history.
Millennials will bear these economic scars over the rest of their lives, in the form of lower earnings, lower wealth and delayed milestones, such as homeownership.
Click to expand...
Click to shrink...

Thanks to the Great Recession, the average millennial lost about 13 percent of their earnings between 2005 and 2017, Rinz found. That's worse than Gen X's 9 percent setback and almost double the 7 percent loss faced by baby boomers. By the end of the period, baby boomer earnings had recovered, even as millennials remained well below where they should have been.
Why? Suffering through high unemployment during the recession made millennials less likely to work for high-paying employers and less likely to complete as much education as workers in places where the recession didn't hit as hard.
They had to settle for worse jobs early in their careers, depressing their lifetime earnings potential. The employer side changed, too, Rinz finds. Big employers in the hardest-hit areas consolidated their power over the local labor market and are thus able to offer less to young workers with few other options.
Click to expand...
Click to shrink...

Yet millennials are more likely to have spent within their means than Gen X or boomers were at the same age, Kent's analysis of separate Federal Reserve data shows. That is, they're more likely to spend less than they earn. And 52 percent of millennials were saving for retirement at age 34. At a similar age, just 42 percent of boomers had retirement savings.


"This narrative of, 'Oh you should just work harder, sink or swim by your own effort?' It's very American, but it ignores the fact that the tide is much stronger now and many millennials are swimming upstream," Kent said.
Click to expand...
Click to shrink...

f4bba972-378d-4ff0-9nujfm.jpeg



Time for a new Progressive era. We Millennials have been slandered time and time again while capital consolidated its power.
 
belairjeff

belairjeff

J->E Localization
Verified
Oct 25, 2017
4,120
Millennials will rise up!
#UniversalHealthcare #UBI #SocialJustice #GreenNewDeal #CancelStudentDebt
 
Hiphopopotamus

Hiphopopotamus

Banned
Oct 27, 2017
7,885
WedgeX said:
5c132749-4777-4958-anbjfz.jpeg







f4bba972-378d-4ff0-9nujfm.jpeg



Time for a new Progressive era. We Millennials have been slandered time and time again while capital consolidated its power.
Click to expand...
Click to shrink...

That means Millennials and later generations have to show up to vote in larger proportions than they have historically. You've got to overwhelm the more comfortable--but numerically smaller--previous generations that are looking to perpetuate a status-quo that they sit atop of.

VOTING.IS.NOT.TWITTER
 
lt519

lt519

Member
Oct 25, 2017
8,064
"Unlucky" would imply that Boomers weren't trying to outright fuck us at every opportunity. We were unfortunate that we had a recession, but so did a lot of other generations, we just got taken advantage of at the same time.
 
Illusion

Illusion

Banned
Oct 27, 2017
8,407
Damn Gen X did and is doing much better then I thought. Makes sense.

I wish we would stop fighting amongst ourself for wealth and notice. Hey, someone is becoming a trillionaire. That should never happen in any lifetime.
 
Wrexis

Wrexis

Member
Nov 4, 2017
21,253
John Kowalski said:
Wtf is transcendental generation, is that like a Stargate thing?
Click to expand...
Click to shrink...

I had to look it up, never heard of it.

The Transcendental Generation (Prophet, born 1792–1821), the proud offspring of a secure new nation, were the first American children to be portraited (and named at birth) as individuals. Coming of age as evangelists, reformers, and campus rioters, they triggered a spiritual paroxysm across the nation. As crusading young adults, their divergent inner visions exacerbated sectional divisions. Entering midlife, graying abolitionists and Southrons spurned compromise and led the nation into the Civil War, their zeal fired by the moral pronouncements of an aging clergy. The victors achieved emancipation but were blocked from imposing as punishing a peace as the old radicals wished. In elderhood, their feminists and poets (many with flowing beards) became unyielding expositors of truth and justice.
 
Steven

Steven

Member
Oct 27, 2017
3,175
Lmao shit is fucked out here. After finally starting to fully recover from all the effects 2008, 2020 happens.
 
Video Kojima

Video Kojima

Banned
Apr 5, 2020
2,541
How does this mirror with the rise of things like socialism, communism, collectivism historically speaking?
 
T0M

T0M

Alt-Account
Banned
Aug 13, 2019
900
Nothing will ever happen until young people get out and vote.
 
Ocean Bones

Ocean Bones

Avenger
Oct 29, 2017
4,725
This isn't luck, we make our own luck. We can still take the country back and tighten up laws so a piece of garbage like Trump can never happen again.
 
Fushichou187

Fushichou187

Member
Nov 1, 2017
3,314
Sonoma County, California.
It's not a surprise that Millennials have been getting shafted, first by the crash in 2008 and now in 2020 as many are coming into their "prime" years of their 30s, but having C19 put everything on hold.

Having said that, GDP is an absolute garbage metric to measure a country's prosperity and overall quality of life.
 
refusi0n1

refusi0n1

Member
Oct 27, 2017
5,915
Tail end Gen x but basically in the millennial graphs. It's been a trip getting shit from all sides but whatever leave me alone
 
Enduin

Enduin

You look 40
Member
Oct 25, 2017
11,492
New York
metalfearsolid said:
Do Gen Z still have it better than millennials?
Click to expand...
Click to shrink...
We've been hearing this about Millennials for a while now with some studies comparing them to Gen Z and how they're out performing them based on available early metrics, but they're still quite young so it's probably hard to say. That said, with Covid situation their initial better start might be cut off at the knees a bit similar to how the 08' crash tanked Millennials. Depends on how badly the job market is in the coming years. Depression era levels of unemployment and a mass die off of small business and service industries isn't promising.
 
Evolved1

Evolved1

Member
Oct 27, 2017
2,619
The boomers are so far up their own asses they'll never accept this narrative, in fact they've destroyed public discourse to protect themselves from criticism and maintain their worldview. True narcissism.
 
schuelma

schuelma

Member
Oct 24, 2017
5,901
I'm a Millenial and while I agree with the general thrust of the article as far as looking at financial data, I'm not going to argue with a straight face that I'm "unluckier" than the GI generation.
 
SunBroDave

SunBroDave

Member
Oct 25, 2017
13,164
Typical old rich fucks thinking that they got where they are purely because of their own hard work.
 
WascallyWabbit

WascallyWabbit

Member
Oct 25, 2017
10,438
The headline is a bit baity, since it doesn't seem the author mentioned the unluckiest part. I mean there were generations that did get drafted and died in wars. And yet the article is really talking strictly economic issues

Otherwise it's got a lot of good points
 
efr

efr

Attempted to circumvent ban with alt account
Banned
Jun 19, 2019
2,893
metalfearsolid said:
Do Gen Z still have it better than millennials?
Click to expand...
Click to shrink...
only read the op, not the article but..
I think by default millennials are worse off because theyve also lived through what gen z has+more. Both are pretty fucked tho.

gonna be interesting what happens when Boomers die off and a bunch of overpriced mcmansions go on the market

Also, "luck" is a bullshit concept. You're either privileged or not
 
captmcblack

captmcblack

Member
Oct 25, 2017
5,066
Hopefully we and the generations younger than us turn out to vote, no matter what - in every election, even local. And for every representative, no write-ins, from the top to the bottom of every ballot.

Hopefully we keep getting involved in the system too and work within it rather than as an antagonist, even if it's just to be in the local PTA or to be dog catcher or something.

More importantly...hopefully we keep doing our best in an increasingly fucked situation. Things may suck, but I'm still here and I can't give up on the one life I have while I'm here.
 
entremet

entremet

You wouldn't toast a NES cartridge
Member
Oct 26, 2017
60,197
WascallyWabbit said:
The headline is a bit baity, since it doesn't seem the author mentioned the unluckiest part. I mean there were generations that did get drafted and died in wars. And yet the article is really talking strictly economic issues

Otherwise it's got a lot of good points
Click to expand...
Click to shrink...
This is America, baby lol

Of course, it's about financial outcomes.

However, there's a lot so other data saying younger generations aren't doing so doing well.
 
Lump

Lump

One Winged Slayer
Member
Oct 25, 2017
16,037
And to think our problems are going to be quaint compared to the next few generations that have to deal with the escalating consequences of climate change. Shit is dark.
 
WascallyWabbit

WascallyWabbit

Member
Oct 25, 2017
10,438
entremet said:
This is America, baby lol

Of course, it's about financial outcomes.

However, there's a lot so other data saying younger generations aren't doing so doing well.
Click to expand...
Click to shrink...
I agree with you.
Just the framing of the headline, probably by someone other than the author, is unfortunately going to get the most flak since it's really kind of silly just to throw that out there
 
evrythngwastakn

evrythngwastakn

Member
Oct 25, 2017
5,538
Wrexis said:
I had to look it up, never heard of it.

The Transcendental Generation (Prophet, born 1792–1821), the proud offspring of a secure new nation, were the first American children to be portraited (and named at birth) as individuals. Coming of age as evangelists, reformers, and campus rioters, they triggered a spiritual paroxysm across the nation. As crusading young adults, their divergent inner visions exacerbated sectional divisions. Entering midlife, graying abolitionists and Southrons spurned compromise and led the nation into the Civil War, their zeal fired by the moral pronouncements of an aging clergy. The victors achieved emancipation but were blocked from imposing as punishing a peace as the old radicals wished. In elderhood, their feminists and poets (many with flowing beards) became unyielding expositors of truth and justice.
Click to expand...
Click to shrink...

that explanation is just someone jerking off onto page.Bloody fluff writing.
 
You must log in or register to reply here.