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We are entering a new feudal system where Millennials are the serfs and Boomers are the lords.
From the article: "It’s time for millennials to demand politicians abandon the policies that have enriched the wealthy and stolen their future. That means removing barriers to lots of new housing in cities and, crucially, embracing Frank Lloyd Wright’s notion of Broadacre Cities, with expansive development along the periphery."
The article also points out that all the redundant shopping malls, strip malls and office buildings could produce an opportunity for increased housing. I believe the mortgage interest deduction should be limited either to a certain amount or to first and second time home buyers. It has outlived its usefulness and contributed to high housing costs.
if the people around you are that bad at raising children, that's a socioeconomic problem.
well it was wrong. incorrect. made up.
and all it illustrates is how badly older generations have screwed up the housing market for younger generations.
So why won't you answer? Which socioeconmic class is responsible for 1/3 of these Millennials living at home? You do seem to like avoiding answering up to your own claims.
And the housing market being screwed up? Oh that's funny. Ask some of these Baby Boomers what it was like to try and buy a house in a housing market where there mortgage rates were 12%. I'm glad I didn't have to go through that like they did.
So why won't you answer? Which socioeconmic class is responsible for 1/3 of these Millennials living at home? You do seem to like avoiding answering up to your own claims.
And the housing market being screwed up? Oh that's funny. Ask some of these Baby Boomers what it was like to try and buy a house in a housing market where there mortgage rates were 12%. I'm glad I didn't have to go through that like they did.
Buying a house at high interest rates is a benefit, not a drawback, because when interest rates fall the value of property skyrockets. It's an idiot-proof way to build wealth.
Now that the federal funds rate is near 0%, there is no more monetary stimulus possible due to the zero-bound. Boomers used all up all our country's monetary stimulus in the 80's and 90's, trying to artificially boost their housing and stock markets.
It's really cute how y'all think all that was somehow a burden.
I had said working/middle class where I live so that poster probably decided it was a trash area of morons or something.
In reality of course a lot of rich spoiled trust fund kids do nothing all their lives, it has just extended to middle classes whereas previously this was not acceptable. Everyone worked, and people who were not trust fund wealthy simply had to work, particularly young healthy people. It was an exciting time to look toward your future. The waste of potential is sad in these kids (some even gifted) with no ambition or desire to discover their skills and talents, instead taking advantage of those who love them the most.
I would say that poster does know of people in this situation, just may not be aware. Parents cover for them.
I'm both in and was raised in an upper class situation but that's why I wanted him to answer the question without having that knowledge. You see, if he found out we were both upper class, he would say it was that. If lower class, he would say it was that. That's why he didn't want to answer though because he didn't know and had no way to prove it either way.
I've seen this behavior like you've talked about in many different socioeconomic classes. Based on my finances, I'm considered upper class and I've seen it there. My daughter has friends she met in college who were at the opposite end of the spectrum and have seen it there and in the middle class as well. This does not seem to be a problem attributed to a specific socioeconomic class. So the root problem behind this issue with Millennials isn't in class at least.
I was quite careful to not give my daughter everything she wanted growing up in order to ensure she understood earning something is quite important in life. She's doing quite well now and is financially intelligent and doesn't appear to have the dreaded entitlement attitude. So I'm assuming it's about values instilled in these children when young but it is important to figure out the why so it doesn't happen again but people acting like it isn't happening at all doesn't help either.
The average Baby Boomer isn't rich. A large percent is wealth is held by a tiny number of people and most of them are Baby Boomers. If just a couple super rich people were not Baby Boomers that wealth gap would go away.
Yes exactly.
Blaming all Boomers for massive inequality is just silly.
IMO, all of this "generational warfare" needs to stop. The real war is between the billionaire Class and everyone else. We the 99.9% need to stop fighting amongst ourselves based on race, gender, sexuality, religion, and age. If we don't unite against the billionaire class, America will continue to become like a Third World country.
Buying a house at high interest rates is a benefit, not a drawback, because when interest rates fall the value of property skyrockets. It's an idiot-proof way to build wealth.
Now that the federal funds rate is near 0%, there is no more monetary stimulus possible due to the zero-bound. Boomers used all up all our country's monetary stimulus in the 80's and 90's, trying to artificially boost their housing and stock markets.
It's really cute how y'all think all that was somehow a burden.
Newsflash, I'm not a Baby Boomer. But nonetheless, I sure as hell wouldn't have been able to buy a home with 12% interest rate starting out. Glad I didn't have to. I did buy homes which needed work, a lot of sweat equity work, and 'traded' up from there. Somehow I managed to build wealth but am not a baby boomer. Hmmm. I did make an effort to live below my means, make good choices like understanding location is critical in real estate, and make choices which would lead to building personal wealth despite not having this so called monetary stimulus in the 80s and 90s available to me. So what are you doing wrong?
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