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Millennials are the new lost generation (Atlantic article)

Pooh

Pooh

Member
Oct 25, 2017
8,849
The Hundred Acre Wood
Didn't see this posted.
The actual title is Millennials Don't Stand a Chance but I figured I'd just put the takeaway as my title.

Some choice quotes:

Hello, lost generation.

The Millennials entered the workforce during the worst downturn since the Great Depression. Saddled with debt, unable to accumulate wealth, and stuck in low-benefit, dead-end jobs, they never gained the financial security that their parents, grandparents, or even older siblings enjoyed. They are now entering their peak earning years in the midst of an economic cataclysm more severe than the Great Recession, near guaranteeing that they will be the first generation in modern American history to end up poorer than their parents.
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Millennials now are facing the second once-in-a-lifetime downturn of their short careers. The first one put them on a worse lifetime-earnings trajectory and blocked them out of the asset market. The second is sapping their paychecks just as they enter their peak-earnings years, with 20 million kids relying on them, too. There's no good news in a recession, and no good news in a pandemic. For Millennials, it feels like there is never any good news at all.
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emphasis mine, because oof :(
 
Wrexis

Wrexis

Member
Nov 4, 2017
21,692
Generation Thrift.

I'm 37 and was going to buy a house this year after spending a long time saving up a deposit. Now I have to consider moving back in with my 70 year old parents.
 
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Border

Border

Banned
Oct 25, 2017
14,859
Is it that much of a tragedy to be less successful than your parents? I say this as someone earning maybe 1/10th of what my dad ever did.

I also thought some part of the millenial ethos was about doing what makes you happy and fulfilled rather than being a slave to career and salary. It makes sense that they'd come out behind people with a more rigid work ethic.
 
Brinbe

Brinbe

Avenger
Oct 25, 2017
59,697
Terana
yep, we got fucked big time

Border said:
Is it that much of a tragedy to be less successful than your parents? I say this as someone earning maybe 1/10th of what my dad ever did.

I also thought some part of the millenial ethos was about doing what makes you happy and fulfilled rather than being a slave to career and salary. It makes sense that they'd come out behind people with a more rigid work ethic.
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LOL who says we don't have work ethic? what a dumb fucking claim

people need to actually read the highlighted articles before commenting.
 
chefbags

chefbags

Member
Oct 25, 2017
9,357
As a millennial I'm with this. We got fucked twice in a decade. Our generation is just that fucked.
 
jacket

jacket

Member
Oct 25, 2017
10,057
There's no good news in a recession, and no good news in a pandemic. For Millennials, it feels like there is never any good news at all.
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hVbeVSh.gif
 
Taco_Human

Taco_Human

Member
Jan 6, 2018
4,255
MA
It seriously feels this way. All we can do is keep bettering ourselves in our parents place or something.
 

Deleted member 46493

User requested account closure
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Aug 7, 2018
5,231
Border said:
Is it that much of a tragedy to be less successful than your parents? I say this as someone earning maybe 1/10th of what my dad ever did.

I also thought some part of the millenial ethos was about doing what makes you happy and fulfilled rather than being a slave to career and salary. It makes sense that they'd come out behind people with a more rigid work ethic.
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There's a difference between making less money than your parents and not being able to afford a home or being in debt for most of your adult life - from school (on top of debt from life's emergencies).

Also, pretty sure the generation before millennials was the one that started "do what makes you happy".
 
Brinbe

Brinbe

Avenger
Oct 25, 2017
59,697
Terana
Maintenance said:
A lazy, uninspired "Those lazy millennials" take, basically.
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yep, that's my impression. and that's probably what a lot of gen-x and older think too.

oblivious to how the economic disparity seen in the last 15 years has battered millenials the most. 2008 was a great time to graduate! would've been even better if we just had stronger work ethic
 
Border

Border

Banned
Oct 25, 2017
14,859
Brinbe said:
what does that even mean. and again, what does that have to do with the article in question
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If a worker places a premium on job mobility, personal fulfillment, and mental health, then they will likely end up earning less money but with a wealth of side-benefits that cannot be expressed in the way that income can. The further up the chain you go the more stressful and time-consuming work becomes, so some people just stop moving up the chain.
 

JasonV

Member
Oct 25, 2017
2,969
Border said:
Is it that much of a tragedy to be less successful than your parents? I say this as someone earning maybe 1/10th of what my dad ever did.
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Depends on your parents. If your family are "successful" by being working class and scrapping by to provide for you with a home, and education, and you can't even manage that because of the systemic flaws in our society... Then yes that is a tragedy.
 
Neo C.

Neo C.

Member
Nov 9, 2017
3,033
Z-ers are hit worse this time, I think. As an old millennial, at least I now have some work experience, Z-ers haven't.
 

QuigleyMcShine

Member
Jan 29, 2018
9,551
Yeah, it fucking sucks. And I'm one of the lucky ones.

How the hell do you maintain a good work ethic when you're constantly reminded that you're only going to get the tiniest of increments?
 
Lumination

Lumination

Member
Oct 26, 2017
12,731
Border said:
Is it that much of a tragedy to be less successful than your parents? I say this as someone earning maybe 1/10th of what my dad ever did.

I also thought some part of the millenial ethos was about doing what makes you happy and fulfilled rather than being a slave to career and salary. It makes sense that they'd come out behind people with a more rigid work ethic.
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When Boomers could afford homes on minimum wage and could go get a degree for virtually free, Millenials come into the workforce hundreds of thousands of dollars in the red. Homes also cost many, many more times what they used to. An unwillingness to work 60hr weeks does not quite measure up to these two factors alone, let alone mentioning wage depression and other things.
 
Serpens007

Serpens007

Well, Tosca isn't for everyone
Moderator
Oct 31, 2017
8,142
Chile
I call dibs on being the Stalin of this generation, I promise I'll only eat the rich this time
 
GatsGatsby

GatsGatsby

Member
Oct 27, 2017
2,282
West Columbia, SC
Border said:
Is it that much of a tragedy to be less successful than your parents? I say this as someone earning maybe 1/10th of what my dad ever did.

I also thought some part of the millenial ethos was about doing what makes you happy and fulfilled rather than being a slave to career and salary. It makes sense that they'd come out behind people with a more rigid work ethic.
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When your parents were either a truck driver who was slack as fuck and bonuced from truck service to truck service or a Kmart worker whos highest pay was 10.35 then yeah you feel like a fucking failure if your making less.

I make 11.25 manged to get a certification from a technical college. I have to be forced to stay home because the world I grew up in will sure as hell not be the world I fucking die in. All I want is to make enough where I can put back 600-1200 in case shit goes down or even maybe go on an actual trip once a year.
 
Dartastic

Dartastic

One Winged Slayer
Banned
Oct 25, 2017
3,779
Pooh said:
It's basically never happened before, and it's an absolute insult that the wealthiest nation on earth has only gotten richer by absolutely soaking its youth and mortgaging their futures
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yep. Exactly. I'm 35 and I got fucked so bad in 2008. I'm lucky that I may avoid the worst of it this time. A lot, and I do mean a lot of my friends won't be so lucky. This country is fucking over younger people so hard.
 
Saganator

Saganator

Member
Oct 26, 2017
7,337
Yep. Just spent over a year learning new skills so I could earn more, was just starting to utilize my new skills, about to get a nice raise, and then poof, company is pretty much dead.
 

Deleted member 8741

user requested account closure
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Oct 26, 2017
4,917
Neo C. said:
Z-ers are hit worse this time, I think. As an old millennial, at least I now have some work experience, Z-ers haven't.
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Worse yes. However, if they don't get hit again in their 30s to this extent they will fare better.

The point of this article is we were punched twice at critical moments.

davepoobond said:
My decision to not buy a house and live like a college kid for 12 years longer than I should have is certainly paying off right now.
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I did well buying a house in 2012 and then selling and stepping up again last year so far. I'm in a very reasonable place with a great interest rate.

We aren't having kids though - I can't imagine!
 
entremet

entremet

You wouldn't toast a NES cartridge
Member
Oct 26, 2017
61,504
Unfortunately, our social systems aren't really resilient to these new realities.

30-year mortgages when 2/3 of your take-home pay is going to having a roof over your head? Just not sustainable in the low paying service sector economy we've created.

Then add student loans.

The American Dream is cratering.
 
Zoph

Zoph

Member
Oct 25, 2017
2,541
Really does feel like nothing good has ever happened post 9/11 and it's only accelerating. Wait till it's clear we definitely aren't staying under the 1.5 c warming threshold.
 

Syril

Member
Oct 26, 2017
5,895
Border said:
Is it that much of a tragedy to be less successful than your parents? I say this as someone earning maybe 1/10th of what my dad ever did.

I also thought some part of the millenial ethos was about doing what makes you happy and fulfilled rather than being a slave to career and salary. It makes sense that they'd come out behind people with a more rigid work ethic.
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Uh when less successful is barely being able to fucking live because wages can't keep up with cost of living on a good day then yeah it's a fucking tragedy
 
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