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Because Roselle is exceptional. She's is the exception to the norm. If you were to bet money on how many Roselle's succeed in that situation, you'd be in debt up to your eyeballs. For every 1 Roselle, I'd imagine there are 20 Rosie's that produce more Rosie's than Roselles - making it even more unlikely that the next generation does better.
Another thing that's interesting is relativity. There are many first gen immigrants that become wildly successful, only to have that success dwindle (not even maintain) by the 3rd gen. Its like watching Michael Jordan's son, not be better than or as good as Michael Jordan even though they now have more resources than Michael had himself.
Because Roselle is exceptional. She's is the exception to the norm. If you were to bet money on how many Roselle's succeed in that situation, you'd be in debt up to your eyeballs. For every 1 Roselle, I'd imagine there are 20 Rosie's that produce more Rosie's than Roselles - making it even more unlikely that the next generation does better.
Another thing that's interesting is relativity. There are many first gen immigrants that become wildly successful, only to have that success dwindle (not even maintain) by the 3rd gen. Its like watching Michael Jordan's son, not be better than or as good as Michael Jordan even though they now have more resources than Michael had himself.
Exactly. People ignoring the probabilities of success is ridiculous. Just because YOU “made it” or know a guy who did doesn’t mean it’s normal. The system is absolutely broken. You need to be EXECEPTIONAL to achieve results that an average person could attain just a few generations ago.
The days of being average and making it are done. Finished.
My hometown is one of the most economically challenged places in this country. A dying rust belt town that saw absolute devastation. It’s one of the most violent cities in the nation. Neither of my parents went to college. We were homeless at one point. The odds of me becoming a CPA with a masters degrees working for one of the top 100 recognizable brands in the world is so exceptionally small that it’s irrelevent to point to my anecdote. I could point to 50,000 people swirling the drain from there with almost no hope for a better future.
Exactly. People ignoring the probabilities of success is ridiculous. Just because YOU “made it” or know a guy who did doesn’t mean it’s normal. The system is absolutely broken. You need to be EXECEPTIONAL to achieve results that an average person could attain just a few generations ago.
My hometown is one of the most economically challenged places in this country. A dying rust belt town that saw absolute devastation. It’s one of the most violent cities in the nation. The odds of me becoming a CPA with a masters degrees working for one of the top 100 Fortune 500 brands in the country is so exceptionally small that it’s irrelevent to point to my anecdote. I could point to 50,000 people swirling the drain from there with almost no hope for a better future.
Everybody wants a spot in the same space that now has twice the people it did a generation ago. Basic housing in a high-demand area is no longer considered basic housing. It's a luxury.
This is why corporations are interested in expanding their product and service offerings outside the US. It doesn't matter if there's not a lot of margin they can squeeze out of it right now. They see what growth has happened in the industrial revolution, the tech boom, real estate boom... and want to start somewhere a few decades behind the US and replicate that type of exponential growth in investment. Many industries in the US are very mature, with the occasional disruptor anymore.
The "free college for everyone" will basically guarantee employers a talent pool with a bachelor's degree baseline, with a surplus even in a good economy. There will be no bargaining power for candidates.
Though the concept might produce graduates without student debt, the mere existence of such fierce competition will keep all but the most steadfast just as desperate as if they had a looming student loan payment.
Exactly. People ignoring the probabilities of success is ridiculous. Just because YOU “made it” or know a guy who did doesn’t mean it’s normal. The system is absolutely broken. You need to be EXECEPTIONAL to achieve results that an average person could attain just a few generations ago.
The days of being average and making it are done. Finished.
My hometown is one of the most economically challenged places in this country. A dying rust belt town that saw absolute devastation. It’s one of the most violent cities in the nation. Neither of my parents went to college. We were homeless at one point. The odds of me becoming a CPA with a masters degrees working for one of the top 100 recognizable brands in the world is so exceptionally small that it’s irrelevent to point to my anecdote. I could point to 50,000 people swirling the drain from there with almost no hope for a better future.
Just to add to your point, the likelihood of you being the same CPA tends to increase as your upbringing changes.
Both parents with bachelors and its not unheard of for you to be a CPA. both parents with masters degrees and its almost an expectation that you become who you are.
The crazy thing is the tipping point at which someone with that upbringing decides to go off the rails and join the circus or something. Even then, they can be successful. Think Julia Louise-Dreyfus and how she became an actress even though her dad is a billionaire. Her success is almost expected vs someone that just "happened" to work hard and be good at something.
Because Roselle is exceptional. She's is the exception to the norm. If you were to bet money on how many Roselle's succeed in that situation, you'd be in debt up to your eyeballs. For every 1 Roselle, I'd imagine there are 20 Rosie's that produce more Rosie's than Roselles - making it even more unlikely that the next generation does better.
Exactly. I grew up with a guy who came from our small town in Tennessee to be a self-taught tech multimillionaire with no college education. His father died before he left high schools, and his mother died shortly thereafter.
People like that are so many standard deviations from the norm that regular people can hardly relate to them.
The truth is the clinton era bred a lot of complacency and boomers were very poor at steering their children into meaningful work.
My parents taught me to work hard but said "just go to college and get a degree, it doesnt matter" I don't need to tell you the future of that story. However I think it was sort of true till 2008.
I got my masters in 2005. I bought my first house at 30. My daughter turns 1 today. The only way I could accomplish this was BEING A DUAL INCOME FAMILY WITH MY WIFE WHO HAS BEEN MY PARTNER FOR 10 YEARS
I think the truth is though society isn't invested in millenials and millenials aren't invested in society. Most of them don't want to take on the responsiblities of raising a family. Most have nothing, and those that have are only consumption oriented.
The boomers inherited the fruits of the US being the #1 economy in the world. I dont have an article but the asset appreciation on their holdings like a mortgage total subsidizes their lifestyle compared to younger generation
HOW MUCH WAS A HOUSE 30 YEARS AGO COMPARED TO TODAY
...and I got the hell out of there! Sorry, when you live in a rural area with lots of farming and you go to college, you don't stay there. There is no better time to move than when you are just out of college. Why even try to work in your hometown? You're not married yet, you have the ultimate freedom. If that is not the time to move on, then what is?
This. Grew up in rural America and dropped out of college. My soon to be wife and I knew we did not want to work in grocery store, be farmers, or work a shop floor. So we married, and moved three days later to where the jobs were. We knew if we stayed we would end up stuck. We wanted more opportunity. We wanted that for us or our future family.
Now we both have exploded in our careers the last 30+ years and our kids have very promising futures. Not bad for a three year college drop out. Would not change a thing.
Meanwhile my classmates from the 80's that stayed in our home town are still doing the same thing they were in high school and blaming "The Man" for keeping them down. We even offered many of them a chance to come stay with us for a month to look for work. They had the opportunity and passed.
No time better then in your twenties to seek the life and jobs you want. They are not going to come looking for you.
The truth is the clinton era bred a lot of complacency and boomers were very poor at steering their children into meaningful work.
My parents taught me to work hard but said "just go to college and get a degree, it doesnt matter" I don't need to tell you the future of that story. However I think it was sort of true till 2008.
I got my masters in 2005. I bought my first house at 30. My daughter turns 1 today. The only way I could accomplish this was BEING A DUAL INCOME FAMILY WITH MY WIFE WHO HAS BEEN MY PARTNER FOR 10 YEARS
I think the truth is though society isn't invested in millenials and millenials aren't invested in society. Most of them don't want to take on the responsiblities of raising a family. Most have nothing, and those that have are only consumption oriented.
The boomers inherited the fruits of the US being the #1 economy in the world. I dont have an article but the asset appreciation on their holdings like a mortgage total subsidizes their lifestyle compared to younger generation
HOW MUCH WAS A HOUSE 30 YEARS AGO COMPARED TO TODAY
Why would they, though? People today are smart enough to understand you don't HAVE to do something just because of some outdated or frankly bizarre sense of "responsibility." We have 7 billion humans, we certainly don't need any more, and we need quite a few less. The accidents alone will keep the population existent, anyway, so planning to take on a big burden like a bunch of kids isn't really a great idea on any level, on a societal level, on a personal level, or a worldwide level. It's just not desirable.
As for the rest of the comments, why is it a bad thing that you have to offer something exceptional to live an exceptional life? That kind of makes sense, doesn't it? Why should you be living anything more than a basic life if you don't really have anything more than basic skills? There is only so much to go around, and every neighborhood can't be stack full of luxury homes, every car can't be a hand-made work of art, every seat can't be a first class seat on an airline, unless the expense of travel were way higher, so yes, if you want to be average or ordinary, expect a very mediocre life befitting your very mediocre intellect and skills.
I got my masters in 2005. I bought my first house at 30. My daughter turns 1 today. The only way I could accomplish this was BEING A DUAL INCOME FAMILY WITH MY WIFE WHO HAS BEEN MY PARTNER FOR 10 YEARS
Funny, My wife and I raised two kids these last 15 years on a single income in a major metropolis with no college degree... So no, you do NOT NEED a dual income. You drive 20 year old cars, you don't have cable, You have the most basic of flip phones, you buy cloths at Goodwill (which much of the clothing is never worn btw)... It's that most wont do without today.
Hard to believe the median income in America hasn't changed at all in 39 years!! Home ownership has dropped by 9%. The median debt has increased by 330%! WTF. Where has all the prosperity gone? We know it hasn't ended up on paychecks.
Big Money restricts wages, keeps us in debt and takes the interest to lend mortgages to people that can't afford it then orchestrates a global financial catastrophe. The wheel just keeps on turning. Nothing changes. The rich 1% of the world get richer and take more and more of the power. Congress makes laws that support it. The prez just proposed a tax cut for the rich which he expects people to believe the money will trickle down to American workers.
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