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Millennials Fall Behind Their Boomer Parents

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Millennials Fall Behind Their Boomer Parents

Post by Deleted User 8570 » Sat Jan 14, 2017 6:27 pm

I'm a millennial and fortunate enough to be ahead of my parents at this point but many are not so lucky... The AP had a nice write up on this:
SOUTH MILWAUKEE, Wisconsin (AP) — Baby Boomers: your millennial children are worse off than you.

With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles.

The analysis being released Friday gives concrete details about a troubling generational divide that helps to explain much of the anxiety that defined the 2016 election. Millennials have half the net worth of boomers. Their home ownership rate is lower, while their student debt is drastically higher.

The generational gap is a central dilemma for the incoming presidency of Donald Trump, who essentially pledged a return to the prosperity of post-World War II America. The analysis also hints at the issues of culture and identity that divided many voters, showing that white millennials — who still earn much more than their blacks and Latino peers — have seen their incomes plummet the most relative to boomers.

Andrea Ledesma, 28, says her parents owned a house and were raising kids by her age.

Not so for her. Ledesma graduated from college four years ago. After moving through a series of jobs, she now earns $18,000 making pizza at Classic Slice in Milwaukee, shares a two-bedroom apartment with her boyfriend and has $33,000 in student debt.

"That's not at all how life is now, that's not something that people strive for and it's not something that is even attainable, and I thought it would be at this point," Ledesma said.

Her mother Cheryl Romanowski, 55, was making about $10,000 a year at her age working at a bank without a college education. In today's dollars, that income would be equal to roughly $19,500.

Romanowski said she envies the choices that her daughter has in life, but she acknowledged that her daughter has it harder than her.

"I think the opportunities have just been fading away," she said.

The analysis of the Fed data shows the extent of the decline. It compared 25 to 34 year-olds in 2013, the most recent year available, to the same age group in 1989 after adjusting for inflation.

Education does help boost incomes . But the median college-educated millennial with student debt is only earning slightly more than a baby boomer without a degree did in 1989.

The home ownership rate for this age group dipped to 43 percent from 46 percent in 1989, although the rate has improved for millennials with a college degree relative to boomers.

The median net worth of millennials is $10,090, 56 percent less than it was for boomers.

Whites still earn dramatically more than Blacks and Latinos, reflecting the legacy of discrimination for jobs, education and housing.

Yet compared to white baby boomers, some white millennials appear stuck in a pattern of downward mobility. This group has seen their median income tumble more than 21 percent to $47,688.

Median income for black millennials has fallen just 1.4 percent to $27,892. Latino millennials earn nearly 29 percent more than their boomer predecessors to $30,436.

The analysis fits into a broader pattern of diminished opportunity. Research last year by economists led by Stanford University's Raj Chetty found that people born in 1950 had a 79 percent chance of making more money than their parents. That figure steadily slipped over the past several decades, such that those born in 1980 had just a 50 percent chance of out-earning their parents.

This decline has occurred even though younger Americans are increasingly college-educated. The proportion of 25 to 29 year-olds with a college degree has risen to 35.6 percent in 2015 from 23.2 percent in 1990, a report this month by the Brookings Institution noted.

The declining fortunes of millennials could impact boomers who are retired or on the cusp of retirement. Payroll taxes from millennials helps to finance the Social Security and Medicare benefits that many boomers receive — programs that Trump has said won't be subject to spending cuts. And those same boomers will need younger generations to buy their homes and invest in the financial markets to protect their own savings.

"The challenges that young adults face today could forecast the challenges that we see down the road," said Tom Allison, deputy policy and research director at Young Invincibles.



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audiophile
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Re: Millennials Fall Behind Their Boomer Parents

Post by audiophile » Sun Jan 15, 2017 9:22 am

They probably could dramatically improve their income if the signed off from Facebook, Twitter, avoided constant texting, and stopped paying attention to the Kardashians every move.

It would help to have common sense, and good work ethic - in other words...make yourself useful.
Last edited by audiophile on Mon Jan 16, 2017 4:09 pm, edited 1 time in total.


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Deleted User 8570

Re: Millennials Fall Behind Their Boomer Parents

Post by Deleted User 8570 » Sun Jan 15, 2017 10:07 am

audiophile wrote:They probably dramatically improve their income if the signed off from Facebook, Twitter, avoided constant texting, and paying attention to the Kardashians every move.

It would help to have common sense, and good work ethic, In other words make yourself useful.
You have to have the jobs and paths available the way they do in other countries... our educational culture (religious/charter/public at all levels) is based on flawed and outdated concepts. People should automatically enter into tracks of their choosing for a specific career at the start of high school like they do in some European countries. But we never take notes from others... ever.



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Re: Millennials Fall Behind Their Boomer Parents

Post by Circle Seven » Mon Jan 16, 2017 10:57 am

audiophile wrote:They probably dramatically improve their income if the signed off from Facebook, Twitter, avoided constant texting, and paying attention to the Kardashians every move.

It would help to have common sense, and good work ethic, In other words make yourself useful.
I agree that if the time spent doing the above activities was redirected to using the same device to better yourself would be beneficial. YouTube is a good example. Someone at the bottom of the ladder, with a perceptive eye, could use YouTube to climb the ladder.

Let me give an example. I'm shoveling dirt on a conveyor belt. The belt breaks down. Technicians making more than me come fix it. I pay attention to what they do, get on YouTube and learn all about conveyor controls, learn and ask questions about the conveyors and other controls at work, and dazzle and baffle my way to a better job. So now I'm a maintenance technician. I start paying attention to what my boss's job entails, and so on up the ladder.

Same thing with any job. Store managers hire in running a register. They pay attention. They watch and learn. They move up. You would be suprised how many CEO's started at a company as labor.

And one of the easiest ways to move up at a company is don't be a minute man. Get there 15-20 minutes early. Laugh and talk with the bosses before the rest of the lackeys arrive. Make the coffee. Bring the ladies in the front office (the real power at a company) a box of donuts every Monday. Some call it brown nosing, but if it gets ya off the shovel, it is what it is



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Re: Millennials Fall Behind Their Boomer Parents

Post by jry » Mon Jan 16, 2017 1:38 pm

They can thank Obama for this.



Deleted User 8570

Re: Millennials Fall Behind Their Boomer Parents

Post by Deleted User 8570 » Mon Jan 16, 2017 2:08 pm

jry wrote:They can thank Obama for this.
It was headed this way before Obama came on the scene.



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Re: Millennials Fall Behind Their Boomer Parents

Post by MWmetalhead » Mon Jan 16, 2017 8:36 pm

They can thank Obama for this.
They can thank NAFTA, CAFTA, WTO, a ridiculously high federal corporate tax rate, Wall Street corruption (particularly during the 00's), and misguided monetary policy for this. The issues are far larger than any single politician.

This is what happens when millions of good paying jobs are exported out of the country.

In fairness, though, median income is an incomplete method for assessing overall standard of living when comparing two generations against one another.



Deleted User 8570

Re: Millennials Fall Behind Their Boomer Parents

Post by Deleted User 8570 » Mon Jan 16, 2017 10:36 pm

MWmetalhead wrote:
They can thank Obama for this.
They can thank NAFTA, CAFTA, WTO, a ridiculously high federal corporate tax rate, Wall Street corruption (particularly during the 00's), and misguided monetary policy for this. The issues are far larger than any single politician.

This is what happens when millions of good paying jobs are exported out of the country.

In fairness, though, median income is an incomplete method for assessing overall standard of living when comparing two generations against one another.
Couple the above several things with automation which is somewhere around 85% of our job losses since 1979 in manufacturing and you get a mess...

The U.S. produces more goods than ever though so figure that out...



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Re: Millennials Fall Behind Their Boomer Parents

Post by tapeisrolling » Tue Jan 17, 2017 11:06 pm

Along with the automation part of the job loss is the move that I saw when the company saw it could get things out the door with fewer people than before the 'crash'. So why increase the payroll.
I saw that when a body left it wasn't replaced and the one's left behind were told to suck it up.

Another item is that some the younger workers I see are working more not less. My two college educated children are on the phone texting but half the time it's work related. Evenings and sometimes weekends, and all off the clock for that $12 to $17 an hour job. This generation was brought up in the digital era.
If you work on say a factory floor when punch out your done. This may be the reason France passed a law that after work hours you don't need to answer the text or e-mail.



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