Millennials aren’t “Stingy,” we’re Poor

Millennials aren’t “Stingy,” we’re Poor

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  1. ITT: “I’m not poor, how dare you call me poor! I’ll comment and show you how not poor I am!”

    Instead of thinking how fucking sad it is that so many people of the same generation are suffering economic hardship, unable to afford what their grandparents could easily buy on a one-person income.

  2. I’m a professor and I live paycheque to paycheque. I did everything I was supposed to and I feel cheated. Am I entitled? Perhaps. But I think it is not unreasonable to expect to provide a good life for my children as a productive member of society.

  3. They got us right where they want us. Poor and scared. It’s a system. Like for example the fear of not attending college greatly outweighs the fear of attending it. Now you’re stuck with crippling debt. Unless you’re pursuing a very complex degree, I’m fairly convinced that the cost of higher education is a scam.

  4. I love this narrative. Millennials are both, the generation that can’t afford a house because we waste all of our money on festivals and avocado toast. While at the same time not spending enough money to a point we are slowing down the economy.

  5. It baffles me the belief some people have. If you take “boomer” complaints about “millenials” at face value, it’s people believing an entire generation is simply not succeeding because they’re choosing not to.

    “I worked summers to pay my way through college. Millenials are just lazy.” If true, this means that hundreds of thousands of adults are simply choosing to go deep into debt at the very beginning of their careers simply because they don’t want to work.

    “Getting a job is easy. Just walk in and hand your resume to the boss.” If true, these same hundreds of thousands of people are simply passing up good jobs because they’re either too lazy or timid to participate in this foolproof strategy.

    At its base these complaints are our parents or grandparents believing that we’re so inept we’re failing at life. Our failure is our fault (true to an extent), otherwise we would be successful.

    All that said, I think a lot of these “Millennials are ruining the divorce industry” articles are just clickbait and few people actually hold those beliefs.

  6. Can we stop categorizing each other looking for someone else to blame, we all need to put some effort into our life and try our best.

    I feel like we’re looking for more and more people to blame on life not planning out the way we hoped.

    I’m keeping in mind that some people have a easier head-start than others, but we have to deal with it.

  7. It’s contradictory when people play the “it’s a free market” game and then blame a generation for ruining certain industries like they did something wrong. I’m not required to purchase anything that I don’t feel is necessary and/or affordable.

    It’s also interesting to see news articles about companies trying to change their marketing to draw a Millennial crowd. That’s great and all, but most people just want lower prices, lol.

  8. News sites have figured out that blaming millennials is great clickbait. Boomers click because they hate millennials, millennials click because they want to defend themselves. Stop clicking and we will stop getting articles like these

  9. These best quote from the entire video.

    > If people want us to spend like Boomers did in the 1970’s, then the economy needs to exist like it did back then. We need good jobs, we need stable jobs, we need pensions, we need benefits, we need good social safety nets.
    We need to feel confident that if we take those little luxeries, we take that extra vacation, you buy that new TV you buy that new car; you do all these sorts of things. That you wont be destitute 6 months later because of this systemic insecurity of the economy.

  10. I’m right at the cusp of Gen X and millenial (by some estimates), i’m 38 years old.

    I can remember my dad having profit sharing payments from ford every year that i lived with him growing up. He was mid-level, but a lifer over there – gave the company 37 years of his life, and took an early retirement at 63. His buyout was enough to buy him a decent house and his pension allowed him enough to live a decent life for the remainder of it.

    He also spoke to me candidly as he was approaching retirement – warning that the things he was getting probably wouldn’t exist for me, and they definitely wouldn’t exist for my kids. He said the SS payments and pool were drying up with his generation, that mine was paying in but would never get to payout. Lots of warnings, and it sucks that he seems to be right about that.

    I have had no jobs yet that have offered profit sharing, i keep looking but i think that era is over too. If your experience is 100% different/better i would consider your life exceptional and that mine is sadly more the rule all the time.

    Millenials are acting as really i believe anyone would act in the world we live in if they’re not able to find secure living situations and employment – CNBC or whoever is saying that they are lazy or stingy need to see this. Millenials should also know that they’re not the first to feel the clench of economic instability… it is widespread, and has been for too long.

    I have no solutions for any of us beyond finding any way you can to unify your purpose with others. We must get together and demand more. We need everyone in power to know the value and strength in numbers again. Only then will the pace of inequality slow, that the billionaire trend slow and the wage gap lessen. It will take years.

    There’s a reason “Undercover Boss” is always the same sob story – business owners everywhere are seemingly disconnected to the struggle they often contribute to. It has been normalized to horde money, grow your company while your employees fight for scraps and again grossly normalized that it is expected that a human that wants to live alone and have a decent car should work 70+ hours a week if they don’t have lots of education and training. It is normalized still that our fellow citizens scoff at the idea that anyone at a service position would like $15-20 an hour… they don’t realize they’re contributing to the furthering of a wage gap, but they’re beating their fellow humans down with the gavel of a blind business-mind.

    It shouldn’t be political to say that everyone in this country or any country should be able to live comfortably without struggling to live and save for the future. I hope we can get back to that spot, and stop repeating the talking points of business owners and hugely wealthy folks use to keep the lions share of whatever is out there.

  11. A major culprit in my opinion to these poor circumstances is housing costs. Especially in the major cities. The shit that these real estate agencies and landlords are able to get away with is borderline criminal and evil. The real estate market in NYC has left the average earners in the dust, devouring a large part of salaries just to live in a decent place. It’s absolutely outrageous. There should not be such a massive disparity between housing costs and average income levels

  12. I’m 40, not very old bit old enough to see stagnant wages and inflation change the buying power and quality of life of the public.

    First, in my 25 years of employment, wages have largely been stagnant. The type of work and the pay off that work had changed significantly. There is a significant shift in need for higher collegiate education as a necessity rather than a luxury. Most unskilled and manual labor jobs have hardly adjusted at all in pay. In some cases it’s bad enough that I can go to a job I had 20 years ago as a general laborer, and I’ll get paid less today for that same job. In fact for a particular job I worked, I would be paid 60% of the wage I had 20 years ago. That’s pretty insane. I started out working in a grocery store like many kids. I can still find job listings at almost the same wage I had 25 years ago. While it’s true some companies are paying significantly more and embracing the need for a higher base wage, this isn’t true for every employer. Many still pay wages and the same as several decades ago. The market is incredibly stagnant.

    Second, inflation is a bitch. This is especially true during the Iraq war where the government was literally printing money to pay for it and so much money was introduced into the world market that the value of the dollar basically halved in 10 years. Yes, halved. The cost of goods and services went up to match the change, but…wages did not. Understand that companies NEVER take losses. If the dollar goes down or of taxes go up (tariffs, weeee!!!) the expense is passed on to the end consumer. You want to buy a car? It’s twice as much as it was 20 years ago. Companies will always make profit, or they stop existing. Everything that affects the dollar goes straight to you.

    Here’s an example of my life over recent years. I went to college, got $50k of debt, got a full time job doing general factory work. I made about $50-60k a year depending on overtime. I paid off my loans and bought a $15k car and paid that off too all in the span of 2.5 years. This was a little over 15 years ago. I had thousands a month to throw at anything. I felt upper middle class. My company had a pension and 401k with 12% matching (yeah), and I had money I didn’t know what to do with…if I wasn’t paying off loans.

    I went back to college again, got $50k more loans and then started my career as an engineer. It took me 8 years to exceed the wage I had as a general laborer in a factory. The problem is I very much so NOT have the buying power I had 15 years ago, nothing even close. I’ve worked for several employers and worked my way up to management twice. I make ok money now, but it took a long time to get there. Even so, in terms of buying power, I need something very near a six figure to get the same relative buying power I had 15-20 years ago. My $15k car is now a $30-40k car. My grocery bills are more than double. Gas had been ok after dropping from $4, but I was also driving when gas was $1. Everything is vastly more expense. It’s bad enough where the $15 minimum really isn’t good enough. This really needs to be $20/hr just to be reasonable.

    Oh, but this will raise the cost of everything. Yeah…a tiny bit. I’ve worked for two companies that have had transparent bookkeeping. One is a high volume, heavily automated manufacturer. The other is a relatively labor intensive industrial equipment manufacturer. If employees were making $15-20/hr to start and both companies DOUBLED their wages. How much do you think the selling price of the goods would be? Nope. For the labor intensive company, the selling price would increase by 2-3%. For the high volume manufacturer that’s heavily automated, it’s significantly less than 1%. Yeah…really. Wages are so disproportionately bad that they have almost no influence on the cost of most goods. As a fun reference on influence, tariffs have forced my current employer to increase selling prices by 10%. We would literally have to be paying everyone about $100/hr to have as much influence as tariffs so far. Labor is cheap. Buying power is absolutely necessary for a good economy and good quality of life. There is a tremendous need to raise wages, and huge swings in wages means almost nothing for most companies.

    TLDR: the younger generation is getting fucked. Demand higher wages, $20/hr minimum wage at worst.

  13. Also, what the fuck is wrong with being “stingy”? When you break the word “stingy” down into its motivatedly assumed definition, it really just means: Savings we don’t like because we do not want you to have the leverage that it offers.

    ​

    Ability to save money is by definition what causes this shitty amount of wealth inequality, We literally have to save our way out of it. Even if there was a 1 times wealth redistribution tax that somehow worked perfectly, or some other wealth redistribution program that is not as immediately extreme, you still have to SAVE that wealth, you can’t just spend it on consumption, because that is why having wealth in the first place is a good thing: you can leverage it for dividends. Also become unionized and leverage your labor for income that can actually allow you to do this and not die. If you do the later, wealth inequality will at least eventually come down. If you don’t do either of these things in a way that will enable your wealth to grow at inflation, you will contribute to wealth inequality in one direction or another. If everyone saved and invested, the prices of every investment would move down towards inflation, so differences between outcomes would tend to become less extreme.

    ​

    What does this mean? Well, it isn’t really just about the one percent. Through assumed similarities between people of different incomes, statistically, if you make more than GDP per capita, your ability to accrue value through savings will go down. This is because by definition, your ability to accrue the wealth that you do is based on your material circumstances. The difference between you and the mean is an indicator of a disparity between leverages within the systematic material circumstance that is contemporary capitalism. If you are making more than the mean, you are, by definition, statistically more likely to accrue wealth above the average wealth inflation than people who make less. Sure, there is probably statistical noise between incomes and savings rates, because of differences in tenacity between people, but the average thrust is: more income means more savings as a percentage and total of income.

    ​

    If you make less than the mean and are against increasing your savings above the average savings rate, you will, by definition, are contributing to wealth inequality. This is not necessarily shaming you, just reminding you that you are in a circumstance where it is in your material interest to politically agitate for increased, after tax income. Political agitation can be at work or with the central and state governments. In reality, it is all political.

    ​

    Companies are, themselves, literally just bylegal governments, with more specialized interests built around their areas of production. Companies are, without a union that is able to effectively enforce company expenditures to some extent through political involvement in that company are, in effect, bylegally autocratic tyrannies: they will force you to do anything that the people in power feel like they can get away with that is profitable under the laws and markets cost to them at their rate of enforcement.

    ​

    If you do not vote for more social programs and/or unionize, whichever is necessary to decrease the distance between you and the mean, you are literally just giving up all of your leverage so that those above you can use it on you. They are using the same violence to take it as you would be using to take it from them: the violence of the state, enforcing property rights. Now, if you arbitrarily believe that their use of leverage is somehow different because they just slapped a tacky sticker of “moral because it happens to be currently legal” on their leverage, I can’t really change your mind, because where you slap the sticker of morality on is completely arbitrary, and if you have somehow convinced yourself that not slapping it where your material self interest is is impossible, I cannot cut the gordian knot of your faith based adherence to your notion that that morality is somehow more real than looking out for yourself and your tribe of those with similar economic interests to yours.

    ​

    For all of the sane people: Save at the mean society wide savings rate, AT LEAST. If that hurts too much, that pain is a signal that you need more money, and, since pursuing your self interest is the spirit of capitalism when the other side calls you bad names, they are just playing their hand: They are just saying whatever they need to in order to trick you into doing what they want in order for them to maintain their power. Their use of leverage is good because it helps them, yours is bad because it hurts them. They will never make it that obvious, but that is what it coherently reduces down to: when your justifications are never consistent: zoom out and see the commonalities between the consequences. The commonalities between all of the consequences of what the rich argue for are the same: The rich get richer and the poor get poorer, which means that their REAL justification is simple: we can take from the weak and stupid because they will either happily let us or fail to stop us. And you can’t succeed at stopping them until you stop accepting their dishonest propaganda.

  14. Something that I feel needs to be said:

    Boomers are constantly outsourcing labor to countries with few or no labor laws and using cheaper and cheaper materials that are purchased in the same way – cheap and foreign.

    Boomers are sending so much of our wealth and so many of our jobs to other countries. It doesn’t matter what degree you’re getting when there aren’t enough jobs to support the workforce.

    One day, these boomers are going to be in nursing homes, hospice care and have more and more mounting medical bills. Remember which generation it is that you keep cheating out of a better future, both in policy and practice. When you’re too old to take care of yourself and can’t afford for someone to change your diapers, just do what you’ve told us – quit bitching about it and get a better job. You’re on your own.

  15. In 1950 a manager at an autoparts store could afford a house, a car, a couple of kids, and be the sole provider of the family.

    A manager at an auto parts store today is lucky to get a dollar above minimum wage, afford a bus ticket to work, and an apartment with less than three roommates.

    What the hell went wrong?

  16. Drawing a generational line by pigeonholing people in either Boomer, Millennial, etc, is like an astrologist reading a horoscope and saying that’s such a Leo thing to say – bullshit in both cases

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