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Old 05-10-2020, 01:20 PM
 
618 posts, read 202,341 times
Reputation: 1036

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Quote:
Originally Posted by bawac34618 View Post
Same, and now I have to do it all over again. Maybe by 2028, in my 40s, I'll be able to get on with my life and finally achieve the milestones I should have in my twenties.

My mind is almost blown by how bad my economic luck has been as an adult. We only have one life to live.
stop your pity party. the economy sucked for a couple of years, then it was great for a decade.

i'm a similar age to you. the world is billions of years old.you don't have bad luck. you have great luck to live at the time you do.
maybe you would rather have become an adult in the 50s or 60s (personally i'd rather live now as a young person) but then you're cherry picking one small time period in one country over billions of years and saying your luck sucks bc you weren't becoming an adult than. that is hilarious on so many levels.
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Old 05-10-2020, 01:23 PM
 
618 posts, read 202,341 times
Reputation: 1036
Quote:
Originally Posted by RJ312 View Post
Since we are close in age, a lot of the 1982-1988 births are in the same boat.

The 1982-1988 cohort is going to be produce one of the lowest birthrates ever due to the double recession beatings at sensitive ages. Child affordability is not going to be there for the group. You're going to see a group of perpetual renters due to home affordability not being there. This is a group of people that will be perpetually stunted and scarred from recessions ruining their 20s and 30s.
We have easily accessible birth control ,we don't need to pump out tons of kids like people did back in the old days and more and more people are realizing how archaic and foolish marriage is. There are many reasons for lower birthrates and frankly lower birthrates are a good thing.
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Old 05-10-2020, 03:57 PM
 
Location: Sydney Australia
770 posts, read 429,202 times
Reputation: 1192
Quote:
Originally Posted by djohnslaw View Post
We have easily accessible birth control ,we don't need to pump out tons of kids like people did back in the old days and more and more people are realizing how archaic and foolish marriage is. There are many reasons for lower birthrates and frankly lower birthrates are a good thing.
My kids in their thirties have had a very tough couple of months. But when I think what their great-grandmother went through, a child in WW1, having four kids growing up during the Depression, having her husband go to war in WW2, what is happening now is nothing comparable.

People are complaining they cannot get a visa to go to see a partner overseas. In the wars people here did not see their loved ones for literally years. They are complaining now that they cannot go overseas to attend a funeral. Almost none of the armed forces killed in WW1 was even brought back to Australia for burial. Their remains are scattered in cemeteries all over Europe.

I actually think some people would benefit from studying a bit more history.
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Old 05-10-2020, 05:28 PM
 
Location: Tennessee
27,624 posts, read 20,615,745 times
Reputation: 33477
Quote:
Originally Posted by Lizap View Post
The consumer is a big part of the problem. You can reopen businesses, but you can't force consumers to eat at restaurants, go to a movie, go to a sporting event, fly on an airplane, take a cruise, etc.. Yes, business will pop back, but it will NOT pop back to pre-virus levels until there is a vaccine, cure, or treatment protocol. Plus the government can only prop up the economy for so long. I wish the economy would pop back quickly (to pre-virus levels), I just don't see it happening.
The problem isn't necessarily the virus - it's fear.

Here in America, that big fear is that any of us could lose our jobs at any time, and be out on our asses before we know it. There's only a meager safety net, and even people who are still working are often spending only "just the essentials."

When this all started, I figured I would be in a good spot working for a healthcare organization. While we've certainly fared better than many, we have furloughed some staff, and who knows how long they will remain furloughed. Spending has been cut to the bone. While the revenue procedures are starting to come back, I'm under no illusion that I couldn't lose my job.

I'm buying little luxuries for myself, like a new keyboard today, and going out to eat, but any sort of big ticket purchase isn't happening for who knows how long. I might take a vacation this summer, but it will be on a budget and I won't be flying.

If the government backstopped 80% of my wages if I was unemployed, I'd have a lot more confidence.
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Old 05-10-2020, 06:14 PM
 
Location: Boston
12,976 posts, read 3,747,203 times
Reputation: 9239
Quote:
Originally Posted by bawac34618 View Post
Agreed.

I just hope I find love before I die. My chance to have a worthwhile career is likely gone forever. Best case scenario it would take me until I’m in my 40s to get back to where I was at 22. People don’t start lives and build careers when they are in their 40s. I’ll never own a home. Hopefully social security is still around when our generation reaches retirement age. I’ll be lucky if I don’t have to move back in with my parents.

My life is over.
your parents don't want a needy whiner moving back in the house. Your failure to launch will be the subject of scorn and derision.
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Old 05-10-2020, 06:15 PM
 
Location: United States of Jerry Falwell
11,430 posts, read 5,322,644 times
Reputation: 9609
Quote:
Originally Posted by djohnslaw View Post
stop your pity party. the economy sucked for a couple of years, then it was great for a decade.
Which I didn't take advantage of because of personal circumstances. The 2008 crash devastated me but I also made some bad decisions afterwards which caused me a lot of misery. However, I finally get to the point where I'm in a position to improve my circumstances and coronavirus happens and we have Great Depression II. Now I'm probably going to be spending the next decade or more recovering from this.

Not everyone has shared my own misfortune this past decade and I'm glad for people like yourself who have done well.
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Old 05-10-2020, 07:01 PM
 
Location: On a Long Island in NY
7,796 posts, read 8,893,822 times
Reputation: 7295
Quote:
Originally Posted by djohnslaw View Post
We have easily accessible birth control ,we don't need to pump out tons of kids like people did back in the old days and more and more people are realizing how archaic and foolish marriage is. There are many reasons for lower birthrates and frankly lower birthrates are a good thing.
As a Millennial I am open to marriage but I'm iffy on kids. IMO having more than one kid is a bad idea. Less mouths to feed is always a good thing!
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Old 05-10-2020, 07:17 PM
 
3,042 posts, read 1,371,151 times
Reputation: 2563
Quote:
Originally Posted by Serious Conversation View Post
The problem isn't necessarily the virus - it's fear.

Here in America, that big fear is that any of us could lose our jobs at any time, and be out on our asses before we know it. There's only a meager safety net, and even people who are still working are often spending only "just the essentials."

When this all started, I figured I would be in a good spot working for a healthcare organization. While we've certainly fared better than many, we have furloughed some staff, and who knows how long they will remain furloughed. Spending has been cut to the bone. While the revenue procedures are starting to come back, I'm under no illusion that I couldn't lose my job.

I'm buying little luxuries for myself, like a new keyboard today, and going out to eat, but any sort of big ticket purchase isn't happening for who knows how long. I might take a vacation this summer, but it will be on a budget and I won't be flying.

If the government backstopped 80% of my wages if I was unemployed, I'd have a lot more confidence.
The virus is causing fear which is resulting in less demand for certain consumer products/services. This is not going to be easily remedied until there is a cure, vaccine, or effective treatment protocol. Sure, there will be some that will go out to eat, fly on an airplane, go on a cruise, etc., but consumer demand for these and other things is going to be much less until the previously mentioned occurs. It is those with the most discretionary income that have the money to spend that are waiting this out.
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Old 05-10-2020, 07:20 PM
 
10,554 posts, read 4,587,712 times
Reputation: 2164
Quote:
Originally Posted by bawac34618 View Post
A lot of people think this is going to be at least a 10-15 year ordeal much like the 1930s depression was. That's also assuming there are no other massive shocks to the system between now and recovery.

Do you think there's any chance that the economy recovers within five years or is this the real deal?
As a now retired doc I have high confidence that medicine will lead the way. And as a long term stock investor I hope to regain recent losses. More months of roughness and then 2 years max IMO.

Once we have better treatments and a vaccine or equivalent we will start coming out of the woods. Watching other countries for clues, since some are ahead of us on the virus time line.

I highly doubt anything on the order of the 1930's. Not in severity or duration. We have massive social backups now, and being poor in the this country today is not at all like the 1930's.
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Old 05-10-2020, 07:30 PM
 
Location: NE Mississippi
16,781 posts, read 10,064,355 times
Reputation: 23462
Quote:
Is there any hope for the economy to recover within five years?
Yep! Plenty!
It may happen that enough people are exposed to covid19 so that we develop herd immunity. Herd immunity stops most diseases when the immunity rate approaches 70%. So it's not a far fetched hope; it might happen very quickly.
Quote:
Based on early estimates of this virus’s infectiousness, we will likely need at least 70% of the population to be immune to have herd protection.
https://www.jhsph.edu/covid-19/artic...h-covid19.html
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