Millennials the new poor in the USA, while seniors are the new rich - Is there any hope for those 18-34? (taxes, income)
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Exactly. And then people will blame the wealthy for the "income inequality". I call bull****. I MAKE my opportunities. I have been all over the income spectrum. And I am SOLELY responsible for the choices I made that either brought me more money than I could spend, or put me in the position where I ate ramen noodles 7 nights a week.
Oh, jeez. The bootstrappers are out in full force today.
There's just too many workers and not enough jobs. There's also too many people with degrees, which has devalued the worth of a college education. Twenty-five years ago you could graduate from college and find an entry level job fairly easy. Now even the "entry level" positions want you to have five or six years of experience.
Exactly, eevee.
The Boomers (even the younger Boomers) were a blessed generation, simply because they were born during the right time and in the right place.
I'm in my late fifties so I guess I'm a "younger boomer."
My tuition costs, adjusted for inflation, through graduate school exceeded $130,000.00. I'm not including living costs. My FEDERAL student loans were 8%.
My first house purchase, adjusted for inflation was over $250,000.00. I was happy to get a 12% mortgage. I had to put down 20%. In the late 80's I saw my home value fall 25%. I don't recall any bank/government programs adjusting my principle or interest rate downwards. In fairness though I think I was only paying around 10% interest at that time.
The job market was tight circa 1980, and notably a few times before and since then.
The "Great Recession" was a blow, to be sure, but it was at least the second time my 401 became a 201.
I'm just curious how I was a member of a "blessed generation?"
Did I whine? Don't think so. I'm well-educated, skilled and smart. And I'm an immigrant to the US (I'm also the child of immigrants). Immigrants have a hell of a lot of chutzpah, and it is a well-documented fact that they are overwhelmingly more hard-working and ambitious than are the native population.
That is exactly how it was in the little suburb of Chicago, Dolton, I grew up in.....
It was working class, and most parents worked at factories and such....to make a specific point, my neighbor worked at SEARS in the catalog department, in shipping and receiving, and bought a 3-bedroom tri-level, while the wife stayed at home as a homemaker(raised 4 kids as well)......try imaging that happening now...you would struggle to rent an apartment now, even with the wife working, if you were in retail now...
Here is a video of my town growing up.....keep in mind this was a factory town, and look how prosperous it was..
The factory towns and industrialized areas have really suffered. You don't see this kind of prosperity in the blue collar suburbs anymore. Look at Hammond and Gary, also suburbs of Chicago that have fallen a long way. Wages for jobs have fallen off the cliff in the past 30 years. You can't live alone in Chicagoland on minimum wage, even if you worked 60 hours a week, the poor are forced to huddle together with roommates and family members to make ends' meet. And it's not just the minimum wage earning people either, life on $15 an hour in Chicagoland is still pretty tight.
Exactly. There are those who will "make it", and those who will whine about how unfair it is that they didn't.
When did I whine about not making it? As an immigrant, I've done pretty well, thank you, as has my immigrant former spouse (we're both from another wealthy western country). I'm going through a bit of a rough patch right now, professionally speaking, but I know I'll land firmly on my feet once again, as I always do. I could easily return to my native country, but I love a challenge, and I'm determined. Most immigrants are.
But to suggest that there is no drastic income inequality in the US, or to shrug at it, is foolish. But that topic is for another thread.
Did I whine? Don't think so. I'm well-educated, skilled and smart. And I'm an immigrant to the US (I'm also the child of immigrants). Immigrants have a hell of a lot of chutzpah, and it is a well-documented fact that they are overwhelmingly more hard-working and ambitious than are the native population.
Nice try, though.
So you should be all set, and make a comfortable living if you have that work ethic.
When did I whine about not making it? As an immigrant, I've done pretty well, thank you, as has my immigrant former spouse (we're both from another wealthy western country). I'm going through a bit of a rough patch right now, professionally speaking, but I know I'll land firmly on my feet once again, as I always do. I could easily return to my native country, but I love a challenge, and I'm determined. Most immigrants are.
But to suggest that there is no drastic income inequality in the US, or to shrug at it, is foolish. But that topic is for another thread.
Oh, there is definitely income inequality. Those with the skills and drive will be on the right side of it. I don't shrug at it, or deny it. But it is up to the individual to decide what side of it to be on. To blame outside factors is foolish.
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