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-   -   Millennials earn 20% less than Boomers did at same stage of life (http://www.politicalwrinkles.com/economics/49631-millennials-earn-20-less-than-boomers-did-same-stage-life.html)

foundit66 01-13-2017 09:18 PM

Millennials earn 20% less than Boomers did at same stage of life
 
Millennials earn 20% less than Boomers
did at same stage of life

Quote:

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.
Millennials earn 20% less than Boomers did at same stage of life

These are the economic problems our country is facing.
And not only do I expect Donald Trump to have no real affect on this, Republicans aren't going to care when he doesn't either... :rolls

dabateman 01-13-2017 09:24 PM

Re: Millennials earn 20% less than Boomers did at same stage of life
 
Quote:

Originally Posted by foundit66 (Post 864589)
Millennials earn 20% less than Boomers
did at same stage of life


Millennials earn 20% less than Boomers did at same stage of life

These are the economic problems our country is facing.
And not only do I expect Donald Trump to have no real affect on this, Republicans aren't going to care when he doesn't either... :rolls

Actually, the Republicans are totally going to care!

"We told you getting an education wasn't important/worth it." At least what they will say aloud. Behind closed doors they will be celebrating because will have basically secured their base for a century by destroying education.

saltwn 01-13-2017 09:45 PM

Re: Millennials earn 20% less than Boomers did at same stage of life
 
Quote:

Originally Posted by foundit66 (Post 864589)
Millennials earn 20% less than Boomers
did at same stage of life


Millennials earn 20% less than Boomers did at same stage of life

These are the economic problems our country is facing.
And not only do I expect Donald Trump to have no real affect on this, Republicans aren't going to care when he doesn't either... :rolls

I know this. Thank you mr reagan :wave

FrancSevin 01-13-2017 10:15 PM

Re: Millennials earn 20% less than Boomers did at same stage of life
 
Quote:

Originally Posted by dabateman (Post 864590)
Actually, the Republicans are totally going to care!

"We told you getting an education wasn't important/worth it." At least what they will say aloud. Behind closed doors they will be celebrating because will have basically secured their base for a century by destroying education.

An education is of no value if no one wants to buy your skill set. The loss of entry level jobs an the part of private industry is as much a problem as the lack of enthusiasm by disillusioned grads to accept them. In order to have an opportunity to get ahead, one has to have a shot, and a loaded resume' but most important, they have to want to try.

Participation awards teach no one anything useful in the real world. Nobody is owed a job, much less a high paying one.

The last eight years have been tough on everyone. And the right has cared quite a bit about it. In fact we have complained daily about it.

Glad to see you're catching on.

dabateman 01-13-2017 10:23 PM

Re: Millennials earn 20% less than Boomers did at same stage of life
 
Quote:

Originally Posted by FrancSevin (Post 864599)
An education is of no value if no one wants to buy your skill set.

This is where you are wrong. IF education were only about employment, then perhaps you'd have a point. But education is about much much more than employment alone.

Quote:

The loss of entry level jobs an the part of private industry is as much a problem as the lack of enthusiasm by disillusioned grads to accept them. In order to have an opportunity to get ahead, one has to have a shot, and a loaded resume' but most important, they have to want to try.
Tell that to all of the people who have left the workforce because they spend YEARS trying.

Quote:

Participation awards teach no one anything useful in the real world. Nobody is owed a job, much less a high paying one.
WTF does this have to do with anything other than the flawed hypocritical snowflake mantra which has no bearing here.

Quote:

The last eight years have been tough on everyone. And the right has cared quite a bit about it. In fact we have complained daily about it.

Glad to see you're catching on.
I love how selective you are though... "the last eight years..." But let's not mention nine years ago how the economy went in the sh*tter and several industries were on the verge of collapse threatening a national and global depression...

:rolls

300 H and H 01-13-2017 10:26 PM

Re: Millennials earn 20% less than Boomers did at same stage of life
 
[QUOTE=foundit66;864589These are the economic problems our country is facing.
And not only do I expect Donald Trump to have no real affect on this, Republicans aren't going to care when he doesn't either... :rolls[/QUOTE]

This is the fall out of 8 years of no leadership on the part of the left. Government does not create jobs. It can only foster the conditions that let private individuals create business's that will need labor to perform.

Democrats for get this all the time, thinking Government is the job creator. :rolls

You choked out a good business climate with over regulation, and then wonder what went wrong. :rolls

In the mean time, under Obama leadership, the rest of the world has been catching up, and are now eating our lunch right out from under us.. :rolls

Most worthless 8 years economically our country may have ever gone through. :mad

So Trump will not even have to try hard to top the last 8 years. He is doing a pretty good job of it, and has not even taken office yet!

Regards, Kirk

ShivaTD 01-13-2017 10:59 PM

Re: Millennials earn 20% less than Boomers did at same stage of life
 
Quote:

Originally Posted by foundit66 (Post 864589)
Millennials earn 20% less than Boomers
did at same stage of life


Millennials earn 20% less than Boomers did at same stage of life

These are the economic problems our country is facing.
And not only do I expect Donald Trump to have no real affect on this, Republicans aren't going to care when he doesn't either... :rolls

Every review I've done comes up with the same conclusion.

The middle class of blue collar workers that developed in the post WW II economy of the 1950's and 1960's were a result of the FDR and Truman (Democratic)economic policies. Unions were strong with 35% of all private sector workers being union members in the mid-1950's and between 1948 and 1973 the wages increased at almost the same rate as productivity.

Republicans had already fired the first shot across the bow with the Taft Hartley Act of 1947, over-riding a Truman veto, to significantly reduce the power of the unions but impact was slow to materialize.

The 1960's found the Democrats addressing the problem of organized crime in the unions that diminished the power of the unions somewhat because organized crime didn't limit their activities to lawful activities (go figure that one LOL) and with the removal of their illegal coercion, alone with the beginning impact of Taft Hartley Act, and old contracts expiring and new one being negotiated, the unions just didn't have enough power to counteract the never ending downward pressure of the Market. Starting in 1973 wages lost their relationship to productivity.

As productivity increased without the increase in labor compensation the additional wealth created went into the pockets of the "owners" and upper management and we begin to see the beginning of income inequalities rise after 1973. Investors were making more as were the key corporate officers compensation.

Republican economic policies began to take over with Nixon and Ford that left Carter to deal with double-digit inflation during his short four years in office. The back roared the Republicans and Ronald Reagan. The first thing Reagan did was plunge a dagger in the heart the unions by invoking Taft Hartley to fire the air traffic controllers. Reagan proved to the corporate world that the unions had become a paper tiger under Taft Hartley.

Reagan also ushered in full scale supply side (trickle down) economics. Huge tax cuts for the super-wealth of over 20% with a small "throw the dog a bone" tax cut of less than 6% for working Americans. The "Supply Side" belief is that if you dump enough money on the wealthy at the top of the economic ladder that a little bit will flow down. A little did but it didn't flow down below about the top 20% of income earners while the wealthy watched their net income and net worth soar turning them into the super-wealthy class. While the wealthy were becoming the super-wealthy the bottom 50% of workers, the blue collar working class that had developed during the 50's and 60's, watched as their real wages declined. The less you made the more you lost under Reagan's trickle down econonics with the bottom 10th percentile watching as their real wages plummeted by over 14% between 1979 and 1989.

The die was now cast. Reagan set the standard for the Republican economic policies that reaped wealth on the already wealthy by cutting taxes and going all out to erases the unions, and they ability to negotiate compensation as an essential opposing force to the market's downward pressure on compensation. Things had become so bad under the Republican economic polices that wife's could no longer afford to stay at home and take care of the kids. They had to go to work because the husband no longer earned enough to support the household alone. The labor participation rate soared from about 59% to about 67% under the Republican economic policies.

There was a short reprieve during Clinton's eight years, mostly due to the tech boom, where the economy did pretty well and Clinton was also able to get tax reform that would fully fund. Clinton set the country up for balanced budgets going into the Y2K.

Then Republicans took control with Bush and the first thing they did was roll back taxes, always giving the biggest piece of the pie to the wealthy, throwing a 'balanced budget" under the bus. Adding this Bush got the US involved in two unnecessary wars and never even considered raising taxes to fund the expenditure. When leaving office Bush left the economy in a shambles and a national debt that should have declined to about $2-3 trillion based upon the Clinton taxes instead left Obama with a $10 trillion national debt, the Great Recession, and the wealthy with the lowest tax burden relative to income in America.

Obama, unable to make any significant changes starting in 2011 when the GOP took control of the House, was mostly stuck watching as the economy came back but the jobs were all in the service sector and with unions almost non-existent the wages were so low that most people couldn't live on.

No, Donald Trump couldn't turn 70 years of dominate Republican economic polices around nor will the GOP let him but he doesn't want to. He wants to shovel more money to the super-wealthy because Republicans won't rest until everyone below the 90th percentile is on welfare assistance.

foundit66 01-16-2017 08:41 PM

Re: Millennials earn 20% less than Boomers did at same stage of life
 
Quote:

Originally Posted by 300 H and H (Post 864606)
This is the fall out of 8 years of no leadership on the part of the left.

:no :no :no
This problem predates Obama.
It actually predates Bush as well.
The working class wage has been stagnant for decades now and the only interest people like you have is to blame the Dem and ignore what happened under the Repub.

EXACTLY like I said.
So I guess I should thank you for being an example of what I was talking about.


Quote:

Originally Posted by 300 H and H (Post 864606)
So Trump will not even have to try hard to top the last 8 years. He is doing a pretty good job of it, and has not even taken office yet!

And this furthers what I was talking about.
NOT ONE IOTA of improvement on what I was actually talking about, and you're already trying to give Trump credit. :rolls

cnredd 01-16-2017 08:57 PM

Re: Millennials earn 20% less than Boomers did at same stage of life
 
Quote:

Millennials earn 20% less than Boomers did at same stage of life
ObamaCare cuts "full-time" to 30 hours, then forces companies to provide healthcare for all "full-time" workers...Companies, in turn, cut 11 hours off of their employees schedule to relieve them of their "full-time" obligations...

That and the fact that students are coming out of college with fresh degrees and nothing but waitress jobs available...:yes :(

foundit66 01-16-2017 11:21 PM

Re: Millennials earn 20% less than Boomers did at same stage of life
 
Quote:

Originally Posted by cnredd (Post 865342)
ObamaCare cuts "full-time" to 30 hours...

:no :no :no
Knock off this crap.
The earnings loss has been around a LOT LONGER than Obamacare.
Precedes even Bush.

THIS is why I know the right aren't serious about dealing with such problems.
They just want to blame it on their political opposition while giving absolutely no look at the actual underlying problem or its history.

http://www.epi.org/files/2013/middle...income.jpg.538


http://www.epi.org/files/2013/ib388-figurea.jpg.538
Wage Stagnation in Nine Charts | Economic Policy Institute


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