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[The Atlantic] The Next Recession Will Destroy Millennials
- Thread starter Kieli
- Start date
This stuff scares me... I already work so hard to barely get by. No idea what I'd do if the economy went down and some of my income along with it.
Im a year and change away from 30, and it finally feels like ive made some tiny progress financially. If a recession puts me backwards, i'd just feel so utterly defeated by life.
Im a year and change away from 30, and it finally feels like ive made some tiny progress financially. If a recession puts me backwards, i'd just feel so utterly defeated by life.
Ah yes, because everything disappears into the ether unless there is capitalism, when everything disappears into Elon Musks rockets.
Dont worry, you will experience that set back sooner or later. Capitalism has recessions as a feature.
As if the world hasn't completely changed in the last few decades.
Time to get those great factory jobs in the suburbs where you don't need a degree!
Oh oh. And you can even support your entire family on single salary!
lol, our boomer parents bought houses for like 15k, just please quit talking dumb shit.
Destroy me, daddy!
Joke's on you, I'm already well acquainted with financial ruin for daring to educate myself.
Joke's on you, I'm already well acquainted with financial ruin for daring to educate myself.
One of the reasons I'm moving away from London to Wales. Property is 40% of the price and I can actually afford to pay off a mortgage before I'm an old man.
For better or worse I'd rather have control and autonomy- to some degree- than hoping a few scraps find there way to me after an 18 hour shift.
I think we can all agree capitalism is flawed so we should strengthen the social safety net and tax the fuck out of the wealthy to create an equitable society that works for us all, opposed to supporting one of the most oppressive economic and political systems ever conceived.
I strongly recommend for anyone who hasn't watch it yet to watch The Big Short, just to get an idea of what we're in for, and just how big that elite dick is that's fucking us and every generation after.
My parents also paid like 23 percent interest on their mortgage back in the 90s.
Problem is wages have stagnated and housing has exploded in urban centers.
Meanwhile better transport options that would allow people to live in suburbs and travel into cities for work dont exist, which further excacerbates housing crisis do not exist.
Yeah there will always be people struggling in a capitalistic society that just comes with the territory. That's where a strong safety net, infrastructure and fair taxation can elevate the most downtrodden to a life of dignity. Social democracy is the best path towards that society; not socialism.
Almost impulse-purchasing a 2 bedroom condo in Toronto for less than 150k back in 2013 was and will probably be one of the smartest financial decisions I've ever made in my millenial life seeing how things are shaking out.
Now most millenials I know are just holding out to inherrit wealth from their parents when they die off lol. Kinda makes the "boomerang" effect of millenials heading back to mooch off their parents' wealth justified.
Capitalism does have its pros and intrigues, but it always needs to be beaten back and kept on a tight leash because things can turn into cannibalisation of its own sources. I sure hope the next recession leads to more reforms.
Now most millenials I know are just holding out to inherrit wealth from their parents when they die off lol. Kinda makes the "boomerang" effect of millenials heading back to mooch off their parents' wealth justified.
Capitalism does have its pros and intrigues, but it always needs to be beaten back and kept on a tight leash because things can turn into cannibalisation of its own sources. I sure hope the next recession leads to more reforms.
This is a hilarious post considering it's coming from a Biden fanboy with gems such as
Capitalism cant be fixed. It can only temporarily be decorated with some band-aids. But no matter what you do, some rich fuckhead will come by and start throwing his wealth and influence around to remove those band-aids so he can earn some more dollars.
For what it's worth, social democracy was born out of socialism factions in the late 19th/early 20th century.
Bernie is more of a SocDem than full Soc but even if he was full Soc, getting a socialist in office is the fastest road towards soc-demness, especially a socialist that wants to regulate the hell out of megacorps.
So, even if you want to be Norway/Sweden, Bernie or Warren are your best shots of getting thing within your life time.
Bernie is more of a SocDem than full Soc but even if he was full Soc, getting a socialist in office is the fastest road towards soc-demness, especially a socialist that wants to regulate the hell out of megacorps.
So, even if you want to be Norway/Sweden, Bernie or Warren are your best shots of getting thing within your life time.
I'm African-American so economically we have nothing so will be great equal in this nation
Gen Xers are the fucking worst, they got all the benefits the Boomers had and more (smaller cadre with wealthy parents and a booming job sector), and the only thing of note they did was to whine aimlessly about it.
Wow I'm glad you boiled my political ideology down to two posts on a message board all the while ignoring the context behind my statements.
As I have stated before this election is all about getting rid of Trump and beginning to reverse his policies. I'll support whoever I think will do that.
No they're not. Nobody in this election cycle is getting there.
And I dont think you know what socialism is.
Disagree. It will affect a lot but no more than it has before. A lot of millennials went through 2008 and the following years when they were newish to the job market, had to learn the hard way and have recent first hand experience from it and will be better prepared.
We all know a recession is coming it's the bush fire of the market, ideally have money put away to take advantage of it then by investing during that period rather when at everything is at a peak but most importantly don't live beyond your means and now is the best time to get that in order.
We all know a recession is coming it's the bush fire of the market, ideally have money put away to take advantage of it then by investing during that period rather when at everything is at a peak but most importantly don't live beyond your means and now is the best time to get that in order.
A full blown socialist isn't transitioning towards SocDem. Those two are completely incompatible. Socialism seeks to transition to communism and social democracy seeks to ameliorate the worst elements of capitalism. How are the two comparable.
Assuming moderators don't formulate every question with Ted Cruz's framing.
This shit is the reason i think the younger generations are going to vote in force. If they do not, the consequences may end up ruining their lives.
I dont even care about myself, i figure ill be ok one way or another. My kids though? Im worried sick of the world they may have to grow up in.
I dont even care about myself, i figure ill be ok one way or another. My kids though? Im worried sick of the world they may have to grow up in.
This world is built on misery, bloodshed, violence, and common people getting fucked over. And its gonna stay that way forever.
The fact is that some people even have hope to make a better place for this garbage world is rather laughable.
Thats a sad take. I'll always keep hope. It's what is and will drive us to fight for the future. Don't sit it out.
Millenials already don't vote so I don't see how formally disenfranchising them will make a difference.
It's funny that we've even distilled this problem down to class warfare. We're in this position because corporations have bought and paid for the show. Yes, boomers are responsible for electing people that enabled that, but they've also been spun tales that shaped their ideology and enabled it, and this isn't a simple bifurcation along party lines in terms of corporate influence.
Naw , most people don't know there is a recession coming and even then a good portion of Americans especially millennials aren't prepare for one.
Good news: If millennials live long enough America will experience 40 years of communism vs socialism just like the Trump BS boomers are putting us through.
This is actually right in line with what my wife and I do. Except we both work full time jobs to make ends meet. We also make about $20k-$30k less a year than our parents did if you factor in inflation. I make, after 15 years on the job, what my dad made in the early 90s.
People are severely underpaid in many places in the US...and struggle due to costs.
Regarding this, my Dad worked for ATT his whole career, retired in the early 90's, cashed out his pension and stopped working. About 5 years into his retirement ATT took away the Healthcare for all the retirees. Alot of people in that time had the same thing happen
Thank God I already purchased a place to call home. No rent and loan whatsoever.
But I'm just getting by month after month with very little saving.
But I'm just getting by month after month with very little saving.
Jeez, yeah blame the boomers.. not the transitional nature of a evolving capitalist society and how corporate power is seamlessly intertwined within contemporary political structures.
Once we came off the gold standard and started printing money on good word (debt) there was only really one conclusion.
We're very close to post-capitalism or a hard reset. Vast automation and AI will be the final push.
Edit: post above sums it up better.
Once we came off the gold standard and started printing money on good word (debt) there was only really one conclusion.
We're very close to post-capitalism or a hard reset. Vast automation and AI will be the final push.
Edit: post above sums it up better.
Very well said. I work with boomers all day and I'd say about a quarter of them are down right dismissive to me and the other millenials who with me. It's really off-putting and there's been several instances (not recently luckily) where they have tried to bait me or had conversations with older coworkers to elicit a reaction from me about how hard THEY have it and the politics/effort of younger people is shit. Actually I've kicked a few people out in the last two and half years of the store I work at due to their hostility towards millenials. It's weird!
Seriously - by all means we should be doing so much better than our folks, but even with 2 6-figure incomes we feel like we are just barely middle class.
Hopefully home ownership and the 35-45 year earning years sees us in a good place on the way out.