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The best college in our area costs about $18,000 a semester, no way to earn that much while in school.
Exactly. It's a similar cost (last time I looked anyway) in my area and there is no way you'll earn that in school or as a summer job. If you can earn enough in the summer to pay for two semesters I'd question going to school if you've found a job that pays that well.
The oldest of Millennials has been dealt a bad hand in life.
A lot of the oldest Millennials were deeply affected by the Great Recession. The period of the late 2000s and early 2010s was a bad time economically and the Millennials born in the 1980s took the worst hits of anyone during that time. Most of the Boomers were barely affected by that since most were already on the verge of retirement. Most Generation X'ers were already established in their careers by 2008. The early Millennials were either graduating from school unable to get jobs or the last in, first out layoffs of 2008-2011. That's a bad way to start a career.
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Originally Posted by JOinGA
My daughter came out of college in 2008 with q job offer. She had been very proactive in locking up that job well before graduation. Fortunately for her, the offer stood. However, many of her classmates who started looking late found no jobs and even many who had offers saw their offers rescinded. We saw what you are describing first-hand.
Thank you for acknowledging this. No generation was more affected by the Great Recession than the Millennials. In the late 2000s/early 2010s, most of the Boomers were on the verge of retirement and most kept their jobs and retired quietly. Meanwhile, Millennials just graduating from X level of schooling couldn't get their first post-graduation jobs. Or, if they did get a job, it was underemployment. There's a reason that the Starbucks barista with a bachelor's degree became a big thing during the Great Recession.
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Originally Posted by mattja
Every generation gets screwed at least once. At least the Great Recession was relatively short. My formative years were during the recession of the 1970s. We had inflation, stagflation, and interest rates that topped 22% in the early 1980s. For my entire youth, the economy sucked. I didn't know a good economy until I was in my mid-20s. And then that was pulled out from under us in the early-1990s. Massive layoffs; an employer's market they took advantage of far worse than today.
The Gen X'ers and Boomers who were established in their careers during the Great Recession were by no means "safe." In fact, they're at the top of the list for layoffs due to their higher salaries. And there were tons of layoffs. Companies prefer young people because they can pay them less, they're willing to go the extra mile to establish their careers, and they are generally easier to manage (open to company propaganda.)
The elderly millennials did get screwed, but no worse than many previous generations and certainly less so if they had marketable degrees.
My father graduated high school in 1942. Talk about getting screwed.
There are so many Boomers out there who like to complain about graduating during the Ford, Carter, and the very beginning of Reagan administration. Millennials read these accounts and laugh out loud. The economy was far worse in the late 2007-2012 than anything from the Ford-Carter years. The Boomers had far more privilege over the course of their lifetimes than any Millennials ever had.
The early 1990s recession was also mild compared to the late 2000s/early 2010s.
The Boomers still hold most of the wealth now.
Gen X'ers and Boomers in 2008-2009 were keeping their jobs more than not while Millennials bore the brunt of 2008-2009. Yes, there were some Gen X'ers and Boomers that lost jobs in 2008-2009. It was not pleasant for those people. The Boomers at that time who lost jobs probably had to take early retirement. That wasn't the typical Boomer experience in 2008 and 2009. The Boomers largely kept their jobs in 2008 and 2009 while the Millennials had to deal with hiring freezes and last in, first out layoffs.
There's a reason why the oldest Millennials are in bad financial shape now and it is long term effect of the Great Recession.
Much of the problem is college debt. If you graduated before about 1995 you likely have no clue what it costs to go to college. The days of working a summer job to pay for school are LONG over. Unless you have a scholarship or wealthy parents you aren't going to college without loans.
Unless you're going out to eat on a frequent basis that likely has a negligible effect on saving for a house.
How many people are really buying designer clothing ir going on extravagant vacations?
You have to be very careful buying a car that's too inexpensive. If it's unreliable you have a whole 'nother set of problems.
I can't help but think you might be a bit out of touch.
One of the wildest pieces to me is how much college has gone up just in the last decade.
I graduated in 2010 and remember distinctly being blown away that my full tuition scholarship was $38K a year - more than my town's average household income. That same college's tuition is now 60K a year, and with room and board and other expenses is over $80K a year. State public schools are cheaper, but still not realistic to pay for with summer wages or a part time job. Given the cost of living crisis, you can't even realistically afford to do that when paying for an off-campus apartment with half a dozen roommates!
There are so many Boomers out there who like to complain about graduating during the Ford, Carter, and the very beginning of Reagan administration. Millennials read these accounts and laugh out loud. The economy was far worse in the late 2007-2012 than anything from the Ford-Carter years. The Boomers had far more privilege over the course of their lifetimes than any Millennials ever had.
Let me dispel some myths for you. First, there is no monolithic "boomer" generation. The boomers consist of two recognized cohorts, early and late. You cannot easily generalize between the two. In fact, the late boomers were originally part of gen x before they were joined with boomers.
Secondly, unemployment peaked in 1981 at about 11%. It took a full 20 years for unemployment to reach a low point of about 4%.
The unemployment of the great recession peaked at 10% in 2011 and reached 4% by about 2017.
20 years vs. 7 years. And you say the great recession was worse? The great recession came on strong, sure, but the unemployment and pain that began in the 70s lingered on for two decades.
Student debt. It is true college students of the 70s and 80s had less student debt. That's because it was far more difficult to get student loans at that time and if you made just enough money to be ineligible for a loan, but not enough to pay for college, guess what? You didn't got to college.
Since Obama was elected, the idea of not going to college for lack of funds has become unfathomable. Not so in the 70s and 80s. No cash money, no college.
In fact, one of Tom Cruise's first movies, All the Right Moves, is about a high school football player from a failing steel town who is relying on a football scholarship to got to college. If he doesn't get that scholarship, he doesn't go to college. Period. But he screws up and is kicked off the high school football team, jeopardizing scholarship. Will he get it back or will he go to work at the mill with his father and older brother? Watch the movie to find out.
That story wasn't based on fantasy. It was a fact. So, yes, much student debt today, but more opportunities. But what happens when everyone with a pulse goes to college? A college degree becomes a glorified high school diploma, at least for the less quantitative majors.
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The early 1990s recession was also mild compared to the late 2000s/early 2010s.
Perhaps it was, but the 70s and 80s were one screwed-up, drawn out recession that lingered forever.
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The Boomers still hold most of the wealth now.
Of course they do. They earned it over a lifetime. When I was young, the WWII generation held all the wealth. They earned it as well.
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Gen X'ers and Boomers in 2008-2009 were keeping their jobs more than not while Millennials bore the brunt of 2008-2009. Yes, there were some Gen X'ers and Boomers that lost jobs in 2008-2009. It was not pleasant for those people. The Boomers at that time who lost jobs probably had to take early retirement. That wasn't the typical Boomer experience in 2008 and 2009. The Boomers largely kept their jobs in 2008 and 2009 while the Millennials had to deal with hiring freezes and last in, first out layoffs.
First rule of employment: When the SHTF, and the economy goes to crap, the highest paid people are generally let go first. Middle-management is often first to go. The lower paid young people are the people companies want to retain.
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There's a reason why the oldest Millennials are in bad financial shape now and it is long term effect of the Great Recession.
The only people in bad shape today are those who are unskilled or have unmarketable skills, which has always been the case for every generation.
No one will ever convince me that 1973 was not the best year in music.
I'm glad I was alive and the music of 1970 to 1990 was part of my life.
I agree, 1978 to about 1983 was prime!
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Originally Posted by notnamed
Thanks to TikTok mostly.
And a lot of them wandering around with Nirvana shirts and such.
But your favorite period of music is generally when you were most enjoying life and making associations of good times to the music.
True, for me it was 60's to mid 70s.
Those of my age were very aware and exposed to the music oof previous generations though TV and movies mostly as well as older entertainers such as Bob Hope.
I am surprised though at the 21 year olds I work with being very familiar with the music I listen too though their parents are my kids age.
Let me dispel some myths for you. First, there is no monolithic "boomer" generation. The boomers consist of two recognized cohorts, early and late. You cannot easily generalize between the two. In fact, the late boomers were originally part of gen x before they were joined with boomers.
Secondly, unemployment peaked in 1981 at about 11%. It took a full 20 years for unemployment to reach a low point of about 4%.
The unemployment of the great recession peaked at 10% in 2011 and reached 4% by about 2017.
20 years vs. 7 years. And you say the great recession was worse? The great recession came on strong, sure, but the unemployment and pain that began in the 70s lingered on for two decades.
Student debt. It is true college students of the 70s and 80s had less student debt. That's because it was far more difficult to get student loans at that time and if you made just enough money to be ineligible for a loan, but not enough to pay for college, guess what? You didn't got to college.
Since Obama was elected, the idea of not going to college for lack of funds has become unfathomable. Not so in the 70s and 80s. No cash money, no college.
In fact, one of Tom Cruise's first movies, All the Right Moves, is about a high school football player from a failing steel town who is relying on a football scholarship to got to college. If he doesn't get that scholarship, he doesn't go to college. Period. But he screws up and is kicked off the high school football team, jeopardizing scholarship. Will he get it back or will he go to work at the mill with his father and older brother? Watch the movie to find out.
That story wasn't based on fantasy. It was a fact. So, yes, much student debt today, but more opportunities. But what happens when everyone with a pulse goes to college? A college degree becomes a glorified high school diploma, at least for the less quantitative majors.
Perhaps it was, but the 70s and 80s were one screwed-up, drawn out recession that lingered forever.
Of course they do. They earned it over a lifetime. When I was young, the WWII generation held all the wealth. They earned it as well.
First rule of employment: When the SHTF, and the economy goes to crap, the highest paid people are generally let go first. Middle-management is often first to go. The lower paid young people are the people companies want to retain.
The only people in bad shape today are those who are unskilled or have unmarketable skills, which has always been the case for every generation.
Thanks for your post and for clearing up some of those inaccuracies. I'm a Gen X that was moved to a Boomer (which I don't like) but one statement you made that was really spot-on was the college stuff.
People need to look at the rates of college attendence back then. In 1982, only 37% of my graduating class attended college. I'd venture to say those numbers are closer to 90% now. Same with my kids' schools--most of the entire graduating classes went to college.
Money was a huge issue in the 1980s. I was an onlyl child of two working parents (one a cop and one a bank teller). They always worried about college for me and my mom saved and saved all my life. When it came time to go, they applied for various loans but qualified for none of them and there was not the student loan programs where you could borrow to go. It just wasn't done. So if you did not have means, you did not go. I can't remember when it changed. I think the reasoning would was good: college should be available to all and "not just those with means." That's were all the loans came in and, sure, everyone got to go but there are a lot of unintended consequences from this: crippling debt and soaring prices for college. Our colleges in the 1980s also had pretty crappy dining facilities/food, no fancy amenities etc. Colleges today are enviable--almost like resorts, lol! Honestly, if you had a good summer job and could manage to work a little during the school year, you could afford to pay your way through to some degree. Not the case today.
As for jobs: I agree that in 2008/2009, when some of the college grads got out of school, there was nothing for them. Heck, my daughter was in high school and couldn't get a job at the mall for all the older people getting priority in there. Those who graduated college then certainly got a tough deal, but by 2014, it seemed to be completely over with--at least in my cohort. The 70s/80s problems dragged on forever.
No, it was worse in the 70s - high unemployment and inflation peaking at almost 20%, - and high inflation lingered for a long time (20 years)
People born after 1970 have no idea how miserable the latter half of the 1970s were. The Misery Index was invented in the 70s.
Lifestyles were so much different. If your children had their own bedrooms and there was more than one car for the entire family, that was BALLER in the 1970s. Two TVs? Baller. Staying at a Hotel and not a motel? Baller.
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