Millennials the new poor in the USA, while seniors are the new rich - Is there any hope for those 18-34? (make money, salaries)

[thatguydownsouth]

Originally Posted by alphamale

Different economies. A dollar in China is much more valuable than a dollar here.

See.....college doesn't teach you these facts!

I don't have the time to pull up as many sources to refute your statement as the guy above did, but a quick google search will silence your...."fact"

[sware2cod]

Originally Posted by scottkuzminski

...I am 52, so this is my generation cohort..X.....we older X's(45-54ish)

If you are 52, you are a Baby Boomer, not Gen X.

The oldest Gen X-ers were born in 1965 and just started turning 50 years old as of 1/1/2015.

In your posts you are starting to sound like a modern day Confucius, but you don't even know what generation you are in.

[Seafood Junky]

Originally Posted by North Beach Person

Which unions did Reagan "bust". Do you mean PATCO, who, as with most government unions/employees then and now, were not allowed to strike but did anyway? Who were then given a chance to return to work and didn't?

So, which unions did Reagan bust.

Unions have declined in membership and influence because the jobs those members had are gone.

An example would be GM. It used to have hundreds of thousands of employees in the US. Now it has less than 100000.

Wow have not heard that term (PATCO) in a long time. Dad was one of them. They actually called him back afterward. Made him a supervisor and gave him his choice of airports. These guys were the folks keeping commercial air travel safe for you and me at all major US airports. If anyone deserved a raise, they did (very high stress job). Thanks for the blast from the past. I used to love when dad would take me to work for the day. Split our time between the Tower and the RADAR room. Good times..

By the way, my 2 cents: I created a saying about 15 years ago: You write your own prescription.. (feel free to use it). YOU have to PLAN your LIFE.
Maybe I am lucky. My folks left us some $$, but more than that, they educated us to make good decisions in life to create our own destiny (and mine was not without its speedbumps and potholes).

My dad kept telling me "save your $$". It took a while for me to catch on, but I am glad I did.

Two words: Compound, interest

Also "Keeping up with the Joneses" is for the birds.

I am 52, wife is 55. We are on track and not counting on SS..

OK on with my reading of this thread..

Mike G

[s1alker]

When you have an economy based on people working minimum to near minimum wage service jobs it will be nearly impossible for people to gain wealth.

[Weird Tolkienish Figure]

Originally Posted by s1alker

When you have an economy based on people working minimum to near minimum wage service jobs it will be nearly impossible for people to gain wealth.

People will have to learn skills and then build a career and build wealth. The days of getting a well paying job with no experience are over.

[Opin_Yunated]

.....you mean the wealth won't trickle down?

[Weird Tolkienish Figure]

Originally Posted by Opin_Yunated

.....you mean the wealth won't trickle down?

To those that have valued skills it will. To Lesbian Feminist majors it probably won't.

[randomparent]

I have not read all the responses, but I did read the OP. I am an actual Gen-Xer, having come of age in the late '80s. When I look around at my peers, we all seem to be doing pretty well. Some obviously have it easier than others, of course, but our suburban, family-oriented lifestyles are comfortable. With children attending middle school all the way up through college, we are active spenders -- such is the requirement of family life -- but we are also good savers. Raised under the dual specters of a potentially bankrupt Social Security program and vanishing defined benefits, we were religious about putting money aside for future needs, including college expenses for our children. Our fellow Xers who seem to struggle the most are those dealing with the expensive consequences of divorce. Alimony and child support are killers. However, those who married well and stayed married seem to be doing just fine, even with the ups-and-downs of the economy over the last decade.

[Gtownoe]

Originally Posted by Weird Tolkienish Figure

People will have to learn skills and then build a career and build wealth. The days of getting a well paying job with no experience are over.

If everybody learns skills, there still would be a shortage of jobs.



I don't think some understand Economics.


The only way to change the current trend is for better income equality and to get the Middle and Lower classes spending again.

That's it.

[Serious Conversation]

Originally Posted by randomparent

I have not read all the responses, but I did read the OP. I am an actual Gen-Xer, having come of age in the late '80s. When I look around at my peers, we all seem to be doing pretty well. Some obviously have it easier than others, of course, but our suburban, family-oriented lifestyles are comfortable. With children attending middle school all the way up through college, we are active spenders -- such is the requirement of family life -- but we are also good savers. Raised under the dual specters of a potentially bankrupt Social Security program and vanishing defined benefits, we were religious about putting money aside for future needs, including college expenses for our children. Our fellow Xers who seem to struggle the most are those dealing with the expensive consequences of divorce. Alimony and child support are killers. However, those who married well and stayed married seem to be doing just fine, even with the ups-and-downs of the economy over the last decade.

Divorce is one of the biggest causes of financial ruin. Divorce is going to be a financial hit, no matter what generation you were born in.