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Many of the younger millennials have never seen a recession as the zero-interest rate policies and federal reserve stimulated the economy by printing and purchasing it's own money.
Many young millennials are also incredibly pretentious and love to go on spending sprees at high-profit margin experience based restaurants and bars with $15 martinis. They like to take out student loans to live posh luxury lifestyles with the mindset that once they get their precious degree it everything will be magical and all the student debt will disappear into the sunset.
Will be interesting as many millennials are an a competition to see who can take on the most student loan debt. Many university students go to university and live off student loans for 6 years.
Many millennials take on massive amounts of debt to live a celebrity lifestyle because they are so optimistic that America will never have another recession.
Fact of the matter is, the young millennials will be graduating with their fancy graduate degrees in a environment of bloated housing prices, extremely high insurance costs thanks to Obama.
There is also going to a tidal wave of Social Security, Medicare and Medicaid spending as out seniors worked so hard and paid into the system for so long that debt will have to increase dramatically to honor their much worked for social security, medicare and medicaid benefits.
I have three sons -- 29, 27 and 20 -- they all saw the last recession first hand and they are milenials....who makes up this stuff.
They have their stories and their parents' to bear witness to the last BIGGEST RECESSION ANY OF US HAVE EVER SEEN.
Older generations act like Millennials were raised by aliens and then suddenly placed on earth from another planet.
Guess what? We (millennials) were raised by you- the Baby Boomers and older Gen-Xers. So, if we are all such weak snowflakes who are living life so incorrectly, surely you, the parents should shoulder some of the blame?
Older generations act like Millennials were raised by aliens and then suddenly placed on earth from another planet.
Guess what? We (millennials) were raised by you- the Baby Boomers and older Gen-Xers. So, if we are all such weak snowflakes who are living life so incorrectly, surely you, the parents should shoulder some of the blame?
The next twenty years will be interesting after this boomlet of an economy collapses of the weight of leaving all the wealth in the hands of the very wealthy. The difference between the coming crash and the real-estate fraud of 2007-8 is this time the banks and their owners will crash as well. When that happens even the college loans will have to be forgiven if there is any hope of restarting the economy.
I just read an article about how difficult it is now in the US to rise above the economic level at where you were born. Poor at 20 - still likely to be poor at 30.
Scary.
Quote:
Originally Posted by Lettuce Prey
The following recent article describes the potential inclination of Millennials in future US elections:
If the information in this article bares true, it would be fair to state that Capitalism has dismally failed this generation.
FYI, I'm a baby boomer with a good paying job. Hard work and a good paying job allowed me to raise a family in the suburbs. However, like many within my generation, I often categorized Millennials as spoiled children who wanted everything effortlessly handed to them. I wondered, "as smart as these kids are, why can't they stand on their own two feet as I did when I was their age?" I then stepped out of my bubble and took a very close look at the plight of Generation Y and Millennials. It was a stunning find. Capitalism may have indeed failed the [now infamous] 99.9% of this generation. It should be of no surprise to hear mentions of The Millennial Pitchforks at Capitalism's doorstep.
Lastly, a few weeks ago, following the painful Las Vegas massacre, I was shopping at a department store. The cashier was a 19 year old part-time student who struck up a conversation. She surprisingly stated, "My goal is to learn the culture and language of Denmark and move there with my boyfriend."
I wish her good fortune.
You know, I can't blame them. Unfettered capitalism is failing us all these days.
I see people that lived through the recession who are back to their old spending habits of bigger and better everything paid on credit. I guess their once bad credit is repaired by now.
I see people that lived through the recession who are back to their old spending habits of bigger and better everything paid on credit. I guess their once bad credit is repaired by now.
Dumbest thing anyone can do. But, most Americans are programmed to spend spend spend, and the Fed encourages that by depressing savings account interest rates
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