Former Secretary of Labor Robert Reich explains the forces driving the generational wealth gap between baby boomers and millennials. Watch More: The 6 Ways Millennials are Changing America ►► • The 6 Ways Millennials...
@1chumley1 I'm in the "right field", eecs, I worked extra hard, have all the right skills, good grades, good large portfolio etc, and it's still practically impossible to get callbacks ever, the job market is so saturated and distorted. there are plenty of dedicated cs graduates who have been living with their parents, broke and in debt unable to get responses more than a year on since graduating. The whole idea of getting good at something and then being able to enter the workforce is secondary to a lot of favoritism programs bullshit. Nothing makes sense. The amount of money I'd have to make to be independent seems basically impossible now that it turns out even doing all this means getting the run around and nothing else.
... And debt is so expensive you need lots of income, and income is so expensive you need a high paying job, and a high paying job is so expensive you need a degree. See, you end up right back to the beginning again.
Republicans: "Let's cut welfare and food stamps while paying the working class extremely low wages." Logical person: "Wouldn't the low wages force more people to rely on welfare and food stamps thus exacerbating the problem?" Republicans: "Nah. It's fine! They'll just be motivated to find a better job in an economy with record high student loan debt due to unaffordable college and a job scarce economy. Meanwhile, we'll continue to give tax cuts to the job creators including the ones on Wall Street who aren't business owners and thus create no jobs and celebrities like Lindsay Lohan and Kim Kardashians who literally do nothing for the economy or for jobs. Rich people earned what they have, you silly goose! What a silly question!"
Boomers: get a job with benefits, healthcare, a pension, and a salary large enough to buy a house, 2 cars and support a family straight out of high school. Millennials: need a bachelors and masters degree and 5 years work experience in the relevant field to get an unpaid internship.
@@Dave-yw2wc good for you. Like 98% of people will never get there though. You're either very clever or got super lucky, or most likely both. You're an anomaly, hence you're sort of irrelevant to looking at the system as a whole
@@AletheAce I just work the jobs no one else wants. Factory work in the midwest pays around 60-100k a year. Some of the prison jobs here you can make 150-250k a year granted that includes crazy overtime.
I was always told by my elders when I was a kid that if you go to work everyday, obey the law, and live an honest life, than I would succeed in life. I'm 37 now, and realize that I was lied to.
@@rahmansetiawan6052 Your not lying. These days you go to work just to make enough money to go back to work. If you want to upgrade your resume, then it cost a small fortune for education/training and it takes years for it to pay off. Its pretty discouraging.
I was always told to always have a job, no matter how menial it seemed to be, and you won't go wrong. Working since 16. Never went to college until 37. Truth
Right-wing "news" sources love to use pricey gourmet avocado toast -- yes, that's a thing -- as an example of an extravagance to which Millennials are allegedly "addicted." Like designer coffee, only even more trivial and able to be done without. They use it as an example of the Millennials' lack of discipline -- such that if they only quit whining and cut back on stuff like avocados, in time they could afford to pay their bills and buy a house (!).
50zcarsman Well... you moronic left wingers do overspend. I’m a right winger 34 year old college drop out Mexican who came here LEGALLY. Make 75K a year owning my own business, a house and 3 cars. No kids and single. Literally anybody can make money. You just have to work for it. And you moron left winger millenials keep spending your money on coffee, avocado toast, wine, new clothes, Apple products every year, fancy dinners and vacations all the time. Save your damn money. Vote democrat so they can tax you more and give it to the illegals. You morons deserve to be in debt until you croak.
I don't usually have this attitude, but please do go back to your own country if you want to just shit on the native citizens. Your attitude is a part of the problem for why honest, working class immigrants are seen in a bad light.
Talked to an old guy, he was a fork lifter in some warehouse. Worked for 30 yrs and retired at age 50 with $multi-million$ house. If you work as a fork lifter today, you won't even be able to rent apartment in my city.
God I can't wait to die, and the funniest part is Boomers complain I won't give them grandkids. Why the Hell would I want to bring kids into a world that is already so bad that the currently living doesn't want to even be involved with?
Depends how you measure wage growth. What’s interesting is he leaves out 1996 (assuming this is where mid 90s ends) to 2006. Picking 2007 as the start of the second category means everything falls off a cliff in 2008. Really wages have stagnated since about the mid-70s or so as measured against productivity, which is what we should be comparing against. If wages stay stagnant and productivity increased, it means all the money is flowing to the top instead of being more evenly distributed (and then spent on consumer goods as opposed to pumped into real estate and stock markets).
Another thing making it hard for us millennials in the workforce: boomers refusing to retire from leadership roles. My last boss was 70, not able to keep up his job performance, but showed absolutely no signs of planning to retire or transition leadership...he completely intended to just keep running the org into the ground until he either died or physically couldn't work anymore. This left everybody else completely unable to consider moving upwards (and was causing the org to fail, hurting everyone anyhow).
I agree I was training with a 67yo who said he couldn't retire because of all of his wife's bills he had to keep working. Trucking industry said 40% of drivers eligible for retirement last year but many are still working. If they could retire and volunteer time with a non-profit to help their communities as I've seen some do I think it would make a great difference.
I went to college just to graduate and get a 15$ an hour job that did not even cover my monthly loan payments. I actually had to file bankruptcy on the student loans and won, that's how messed up I was after getting my bachelors degree.
@@RoddyPipersCorneas We had to go through an extra step call an adversary proceeding. You can even look up my case in the PACER system, my loans are gone. They were private student loans.
@@angryzak4389 Too bad it's not a lie and it is possible. You can look up my case on the pacer system. I had private student loans and not federal. I consolidated all of mine into one loan and there were multiple technicalities where the judge determined it was indeed dischargeable. I am willing to send copies of my discharge letter to anyone who asks
@@angryzak4389 I had private student loans not federal. I also consolidated all of my loans into one loan that when the judge looked into it was technically a personal loan based on the interest rates and repayment plans. I also did not have a income-based repayment option which is standard and student loans. Because of these technicalities and also my financial situation where I was over 100k in debt but after filing bankruptcy I would still owe approximately 60K in student loans and still be in a situation where I was bankrupt after filing bankruptcy. The judge was able to determine that I truly needed a clean slate and coming out of bankruptcy still owing 60K was not a clean slate
I'm one of those 30 somethings living with my parents. Its honestly not the worst solution, its what people used to do ages ago before the "american dream" convinced everyone they need to own their own home. It wouldn't be uncommon for even 3 or 4 generations of a family to be living under one roof. The system is rigged so I'm going to lose out either way. If I have to pick giving up living on my own vs. living with a huge pile of debt? I'll prefer to stay out of debt, thanks.
Jason Slade My 31 year old daughter is still at home. We live in a very rural area with few jobs. Our county has only 1 hospital and it closed in June. That was about the only place in the county that paid decent wages, but even RNs could only get part time work. If you want to find better paying jobs you have to drive 75 miles one way. This keeps young people trapped. You are told to save money for a house, to add money to a retirement account, but there is no way for them to do it and be able to pay rent. Then they go to college and leave with massive loans to pay but cannot find employment in your chosen career. Both political parties do a lot of talking, but they never do anything. Once elected they forget their promises. Yes, it used to be common for the unmarried kids to stay home until they married. Grandma and grandpa lived there too. Personally, I think that was an ideal situation as long as everybody got along. Kids did not come home to an empty house. Someone was always there to care for them. If someone got sick, or had to leave town people were always there. If our daughter moved out the house would feel empty. Each person adds a spirit to a home and if they leave there is a loneliness that moves in. That’s my experience at least.
As a millennial, the only objection to this video I have I seeing a fellow millennial (Katie) refer to the climate crisis as "on coming". We need to stop talking about in future-tense. It's not coming, its here.
It is not coming. It is already too late. We, everybody in the world, are putting carbon into the atmosphere at an increasing rate. Not only have we failed to halt rate we put carbon in the air, we have failed slow the rate of increase of carbon in our air. But don't worry, some people are talking about having a plan sometime in the future that we could, after long debate, commence to start putting it action. Of course, we will have to convince the right that there is a climate problem. Maybe Jesus will return and make all our problems go away after an end times war against the anti Christ. But today is not too bad.
Dennis Young. It’s not either here or not it’s more a question of how much does it currently affect us. It’s a matter of degree. We get more natrual disasters, but it can still get worse
It isn't JUST corporate greed. A huge part of the problem is rents being so high, and a big part of what caused that was the 90s idea of 'income properties'. In the past investing in realestate was always known as a good idea, but you did that via like, investing... In the 90s we decided to give home loans to middle class white families, not so they could improve their lives, but so they could become petty land lords. This caused about a 300% inflation in low cost house prices in many places, along side rents at least doubling. Now we are stuck paying 80% of a houses mortgage payment for half a house in rent every month. Home buying loans and tax breaks intended to help raise people out of poverty were instead handed out to the well enough off to help set them up for another generation.
Which explains, of course, average total real compensation at record highs (having grown in every decade since statistics have been kept), poverty approaching or having reached record low levels, record employment levels, increasing consumption levels particularly for lower income groups.... Er, maybe not.
I would like you to consider it's not corporate greed, which whitewashes culpability, but that it is certain greedy individuals who are in positions of power. They, not corporations, are the threats to life.
@@nevadataylor maybe you'd be happy to give up that affordable computer you are typing on or that smartphone you are streaming RU-vid on? I mean, if you hate Capitalism why not shun all of the things in life that were developed and brought to market by... ta dah, Capitalism. The free-market built the industries and technology of this country and the world, Capitalism is not the problem... CRONY Capitalism is what you speak of.
I'm 30 and instead of going to university I saved up a bunch of money throughout my 20's and invested it. I'm glad I didn't listen my parents' and society's recommendations.
It wasn’t hard to find a millennial, but I bet it was monumentally difficult to find a millennial who could afford time off from working two jobs and three side hustles.
Reiden Lightman are these the only people, generation, who have ever worked two jobs and a side hustles? Are they! Are these the only people who left college with student loan debt? The answers are a loud HELL NO! I’ve had to work two jobs to make ends meet, and a side hustle of photographing weddings on the weekends when I didn’t have to work at my other jobs. I finished up college with a degree in 1985 and had huge student loan debts to repay and at that time couldn’t claim any of the interest. But you know what, I didn’t walk around thinking that I was owed anything, I didn’t have a car that was imported from Germany, have a big screen tv in every room, dine out 5 days out of 7 for every meal, have a $7 cup of nasty coffee from some company out of Seattle everyday I go to work or have the latest cell phone because of design obsolescence, no none of this. What I was taught was to live within my means and be thankful for what I do have. Does your job, material wealth and possessions own you, or do you own them?
@@ES-tr5no live within their means until a major healthcare crisis and then they will never be able to recover from the medical conglomerate bills and insurance jack. The American people need help from our government. The government that is supposed to work for the people not the other way around 😒
R Robin a major health care crisis could have wiped me out then as it could now. So what’s new, even with insurance. I’m tired of this self-adsorbed generation belief that they are suffering. Suffering beyond all human understanding and beliefs. You’re not the first and damn sure will not be the last. You have more than any before you and still it’s not enough, more than anything your generations greed will be your downfall as greed has been to those generations before you and your parents, your grandparents.
R Robin that depends on where you live, even here in the southern United States rent and home ownership pricing can be high, Atlanta, Charleston and Charlotte. Housing is expensive especially in downtown Charleston since that city makes it income from tourist. Waterfront property in Charleston along the Battery starts well over 3 million. How many South Carolinians do think own that property being that South Carolina is a poverty state. The jobs here don’t pay that kind of money but there is that kind of housing here for those who can afford it. The jobs here don’t pay as well as the jobs in Manchester, New Hampshire. Rent and mortgage reflect that. So as to answer your question, my rate of pay has actually keep pace with my housing needs. Has it kept pace with the rest of the country, no. I’ll be the first to admit that but I still have a roof over my head too.
It's ok Robert. I read an article the other week that said millennials will have nothing to worry about financially after this decade. They said all of the boomers were going to start dying in the 2020s and that we were all going to inherit their vast wealth. And no, that's not a joke. Somebody actually got paid to come up with that instead of finding an actual solution to the real problems as usual.
According to my friend in the healthcare field- with Modern Medicine- Boomers are living well into their late 90s. So if Boomers are born between 1945 to 1964, that means in the year 2023- they’re between the ages of 59 and 78.
That's usually a sound strategy. FYI, when we had to have a plumber come over to fix an issue, he told us that his hours have been cut. So, even the skilled trades are being targeted.
Many trades require college. Sure, less than 4 years, but often they still take over a year. I was making jack shit for 3 years out of HS and finally went to college. In 1 year after that was making 45k before taxes and was able to save over 20k. Seriously, stop fucking around with these useless jobs. I regret those 3 years in retail so much.
The biggest lie my generation was fed was that college would be worth it no matter the cost and simply getting your education will make everything else work out. Fortunately I picked a career that pays decent compared to the education costs I put in and lived below the poverty line because I could (drove 90's used Honda cars, was single and lived with multiple roommates, etc.). But even what I did was "illegal" as we had 4 males live in the same house and city law stated no more than 3 adults who are not related could live together. There is no doubt the millennial generation struggles immensely. Unless of course you are born into a wealthy family. That does solve a lot of issues on the personal side.
One of the biggest problems I've seen is that rich people have been buying houses and then in turn rent the houses out thus making buying a house even harder. Literally know a guy who always bragged about owning ten houses and renting them out for 2k a month each.
@@stephenc2481 He did it the same way PS5 scalpers did it. He snatched up as much of the supply as he could, contributing to an artificial shortage, then inflated his prices. The biggest difference is that you don't need a PS5 to live.
That 'guy' is going to need someone to maintain those houses. Get a contractor's license and you'll never lack for work. I worked summers in my youth for a neighbor who was an electrical contractor, when I got out of college I took the electrical contractor's exam and passed (!!). I didn't do it full-time, but it served me well during two periods of unemployment and making extra $$$ doing side jobs for 40 years. I'm now retired but still do small simple jobs for folks that full-time contractors reject as they're not profitable enough.
@ASeasonedWitch Been living in small towns all my life. When I started paying rent around $250 a month. My highest rent ever was only $565. My current rent for the past 6 years has be only $450. Been doing this all my life and this year just bought a home for $40,062 in cash. Now I'm paying $0 rent, my property taxes a year will only be $251. Living the dream now. Just turn 56 a few months ago and will be retiring before the end of February of this year.
@@gimcrack555 , in which part of the country do you live? I'm in NJ, but lived in AZ from '04-'11. I'm putting money up now for another possible move out of state.
Even just a simple rent decrease would do so much. $2000-4000 for rent, when we can't buy houses to get a $900 mortgage. Home prices keep going up, while our rent keeps going up. It's like we're doomed to never make it..
Don't forget many of our parents got divorced in a way that didn't happen before. So parents spent the money they would have otherwise put into their kid's college, fighting it out for years, sometimes decades in the courts.
Roy_Thousand While that can be true for many people, a large proportion of Americans is also just too fucking poor to save up any money even without “luxury”.
Try comparing us to other countries: "The U.S. is ranked 39 out of 136 (with Sweden ranked 136 and the most equal). Some of the countries ranked most closely to the U.S. in terms of family income distribution include Rwanda (35), the Philippines (36), Uganda (37), Jamaica (38) and Iran (42). "More than 70% of the countries measured have more equitable distribution of family income than the U.S. That includes Cambodia (48), Russia (51), China (52), Vietnam (77), India (79), Egypt (90), France (98), Pakistan (109), and over 85 other countries. "Moreover, in 2007, the United States had the fourth highest rate of income inequality of all OECD countries. What’s even worse? We also had the fourth highest rate of relative poverty; over 6% worse than the average country." This is from United for a Fair Economy, and the statistics are from the CIA.
My good man and hero, Robert: Food costs are also robbing budgets, including my own, and I'm 71 now. Every three months of eligibility, I am relegated to our local food pantry. I'm healthy, and w/ a meager S.S. income. Rental housing is a killer, as well. Chump, Republicans, and Centrist Dems are killing everyone. I'm with Bernie this election: caucusing for him in Iowa.
His Wealth Tax: you should look up the Templtons and FEE. Useless family, living on trust funds, who fund political propaganda to convince stooges to go along with actions that're against their own self interest. Bernie's wealth tax isn't perfect, and I see some major flaws with how it's set up, but it is aggressive enough that these third generation trust fund babies wouldn't have had the means to cause such havoc.
Go vegan when things get tight. You can get all the nutrients you need. Veggies are way cheaper than any meat you'd be comfortable eating. I can eat my belly's fill for a week and a half on 50$. AND I don't feel like a piece of meat myself afterward. For reference I am about 280 lbs.
I remember going on a job interview for a job that paid 15 bucks an hour. It was one of those 5 person in one room job interviews. The girl to my left had a damn masters degree
A couple points I’d like to add for consideration. 1. Wages have stagnated, but also, jobs have become rarer, less stable, and more demanding. Many jobs are contract, part-time, or seasonal. 2. Internships. Many college students apply for internships; majority are unpaid. Additionally, the company does not give them a job after milking them for free/ low wage/ stipend labor. It’s happened to me three times. 3. We’re not saving in 401Ks because, frankly, we prefer the money now. Millennials can’t afford to save for the future-50,60 years down the road. We believe the money will come eventually. Also, the cynic in me wonders if social security will be around when we retire. What will the retirement age be at that point? 4. Millennials can’t afford to get married because of debt, can’t own a home because of debt, can’t buy a car because of debt, can’t buy insurance because of debt, and the list goes on. So that means our taxes are done as individuals (costing us more), we have nothing to show for renting, have to lease a car or figure out another form of transportation, and are not covered with the basics of coverage. 5. The average national rent in 2019 was $1,500. A 40 hour work week with the average national wage of $7.50 does not come close to that. Not to mention utilities, car payments, gas, food, health, entertainment, and the essentials. And boomers still don’t grasp that we’re struggling as a generation to keep up.
"Rent" is actually higher than that. :) Most states don't have laws that require landlords or apartment complexes to bundle up all associated fees with renting a unit under the "rent" bracket. So they'll advertise/report the rent as one thing, but then add "administration fees," "hoa fees" (on *apartments,* not someone's condo that you rented out), the owner's insurance (not yours, theirs), trash fee, water/electric fee (not the water/electric you use, what they're using to illuminate the grounds or water the plants, including the *owners* electric bill if they live on site), pest control, facility maintenance (on top of the HOA, water, and trash), convenience fee (for the website), and probably a few others I haven't seen before. This is *before* your own water, electric, and cable/internet bill, and can add up to between $500-800 a month. ... on top of the portion of your bill that's called the "rent."
Bob, I've been one of the working poor since I started in 1981 when I got out of high school. I put my all into a startup unique technology R&D company for 37 years and have 11 patents with my name. Company sold to the Koch's and they kicked my ass to the curb because they have what they wanted from me, my patents that were owned by the company. I have wasted my life trying to get ahead by working hard. Now I'm 56 with a lot of knowledge but no formal training, thanks to my 37 years developing a unique technology, so I have little hope of finding new employment. Hell, I can't even get a paper route because print is dead. I wonder if I can get a Micky D job. Oh Boy, I can hardly wait. You want fries with that? We must change things back to hard work being rewarded with increased pay. The idea of stock market money making money has got to stop or at least be taxed to the max so average humans can afford to live.
Been working poor as well since I was 18, bust my butt for a company I've been with for over ten years and only make two bucks above minimum. Always an excuse or a hold up with any kind of pay increase, smh, it all starts at the top...
Grocery stores will hire anyone with a pulse. I only work at one because my only skills are tied up in landscaping and my body just doesn't want to work that well any more. I don't have kids because I can barely afford myself. Times are rough and it hasn't gotten better since 9/11 and the Fanny Mae/Freddie Mack housing bubble explosion.
I hear you loud and clear. The stock market might be OK for the rich but the working people do not have good paying jobs to choose from anymore. My Wife has been working a grocery store for close to 5 years now. They recently had a big strike you may have heard of. We just love (sarcasm) the 7 am - 10 pm swing shift, 7 days a week availability requirement. They only guarantee 15 hours a week at minimum wage unless you agree to travel whenever they want someone in another store 30 or more miles away. Then you get a .50c/Hour raise and get up to 20 -30 hours/week if they need you. When they are pinching pennies (yearly suit bonus season) everyone gets only 15 hours. Only Managers get a guaranteed 35 - 40 hours a week.
I'm beginning to understand why the suicide rate is so high in my age group. My brother took his own life nine years ago. Videos like this make me want to join him.
No come on don’t say that your life is very special, reading these comments is making me realize how bad it is. Maybe one day I can become president and help all you millennials (I’m only 15 btw) so it might take a while but maybe I’ll get there 😂
I’m 24. I have a college degree. I have no college debt because I worked in school and lived at home. Now I have a job, but I only get paid $42k a year. My rent is $871 a month and that’s the cheapest in my town. It’s a struggle. Pretty much breaking even.
Same! I’m disabled now and have cancer tho. Earning $1K/month I’m budgeting by the Dave Ramsey method, which, he’s sort of a douchebag but it’s working well. Just my 2 cents
@@fishingangler4315 this is 42k before taxes, insurance, 401k, etc although I did manage to find a little extra money averaging about $200-$400 extra per month now.
I'm 29, own a house, have a pension, no debt, and get a yearly 2% raise. This video makes me feel super lucky, but sadly, I question how other people are even able to survive.
Don’t feel lucky. You worked you’re ass off to get where you are. These same opportunities are available to everyone but no one wants to put the work in to get where you are. There is no reason for people to be held back like they are crying about. There isn’t racism like there was in the 60s there isn’t a major war the economy is good.
Picasso7028 Most idiotic statement hear, and I thought it couldn’t get worse than the video. I make 90K a year, didn’t go to college, no debt besides my mortgage, a sweet pension, and that’s not counting my wife’s income of 70K. 3 years ago I was making 11K, on food stamps and cash aid, living in a roach infested apartment and fighting about money every day. I hated my life so you know what I did? I left San Diego (because it’s too expensive and I was poor) and moved 5 hours away to the cheaper areas in the valley of CA. Worked shitty jobs for a year but kept applying anywhere that I could make more cash. 2 years later and here I am, you need to stop advising people that they’re victims of circumstance. Hard work and determination do pay off. You’re the entitled fuck who thinks a well paying job is gonna fall into your lap. At 27 years old, I feel on top of the world. So fuck you and the whining millennials living with their parents, splurging on their credit cards without realizing that just because you own brand name clothes or accessories or new cars...you are all delusional. You can’t afford any of that and you will pay for it in the long run when you have no retirement fund. You cannot live off social security. You NEED to change your habits. They typical millennial makes me sick; move out of the city you can’t afford, drive a piece of shit car (pay it off with CASH), and stop using credit cards. Work a full time job and go to college, stop getting loans. For the love of fuck, get YOUR heads out of your ASSES and make a future for yourself.
@@WhillieMan23 cash aid? You being serious? You read what I said and you have the audacity to mention cash aid. Nothing like that exists in third world countries you entitled fuck. Jobs barely exist because of overpopulation. You are such a fucking moron, please don't procreate, spare humanity
@@Bk1gamer That's bullshit Bk1gamer. Total bullshit. Sure, most workers who land good paying jobs have to work their ass off to get there, but the fact of the matter is, good paying jobs are not everywhere and available to everyone at the same time. You have to be lucky enough to be at the right place at the right time to even get a shot at a good job.
Lets not forget that nothing is free nowadays. You don’t buy once, you enter into contracts and agreements. Road tolls, public transport, parking, internet, phone, tv, insurance, healthcare... and the list goes on. When was the last thing that you purchased that didn’t require a ongoing subscription or need an account that had ongoing fees? No longer can you buy depending on what money you have in your pocket. You sign saying i buy this product knowing i will have cashflow forever. One stumble and you don’t stop, you literally go backwards. sucked into debts. With interest most never get out
@@adamlackey9677 true. Products and services should be paid for. But access to public land. Tolls to drive on roads even after RMS and insurance have been paid. There used to be a time that you could “choose” to enjoy remove yourself to find your footing or live to your budget. Now you need to predict your financial future.
Me and my dad have the same Alma Mater. When my dad went there it was 70$ a credit hour. When I went to that school it was 300$ a credit hour. Now 10 years later it is 700$ per credit hour. My kid is not goin* there.
A four-year B.A. program at U. Delaware cost me and my folks -- they paid 1/2 tuition and 1/2 room-and-board, while I paid the other half plus books & misc. living expenses -- something like $5000/year back in the early '80s. I paid my share with a $1000 annual National Merit Scholarship grant, plus the money I earned working summers and during Winter Breaks as a busboy/dishwasher (!) at an ice cream parlor in our hometown, and ended with very little student debt, which I paid off after only a year once I worked my first real job. The disparity between that day and this is astronomical.
@@50zcarsman It gets worse when you add the fact that there are more recent graduates now with the growing population plus the fact that the job market is shrinking as more jobs are being taken over by automation and AI programs.
When I attended the University of Oklahoma in 1972, tuition was $25 per credit hour. I had a part-time job earning $2.50 an hour, meaning I could pay off my entire tuition within half a semester. At the then-current minimum wage of $1.25 an hour, it would take working the entire semester part-time to pay for that semester's tuition. Last year, the same university charged $500 per credit hour. A student today would have to earn $50 an hour part time to do as well as I did.
@@maythesciencebewithyou just 1 avocado toast a day at 1.3% pa for 20 years will have enough for a home deposit. Throw in 2 Starbucks per day and you'd cut that time in half. A full time job at minimum wage in most places will get you subsistence living (until fate dealt you a bad hand like a serious illness or a car breakdown). Anything above minimum can technically be used to fund your home/retirement (but then subsistence living is not exactly good for you long term). The boomers probably have it easy, the post war period is very nice for most Americans, but I'd argue that it is an anomaly rather than the rule. Millennials have it better than every generation except for boomers.
I make less money today with a full time job then I did in 1998 and my rent is almost 5 times what I was paying in 1998... these are very disturbing and scary times we live in!
Blame the federal reserve devaluing the dollar. over printing currency devalues ever dollar in circulation causing inflation and since covid they ramped it up from x10 to x100. To sound like a conspiracy theorist i think its all part of the plan of the World Economic Forum and their slogan of "You'll own nothing, and be happy about it!" which to me sounds a lot like feudalism mixed with mercantilism
You know how I save money? I dropped out of college. Most of my coworkers at a grocery store had a bachelor's degree, tons of debt and were working barely over minimum wage. Now I work healthcare as CNA for a company that paid for the schooling, and one of the few places that has a union so my wage is decent. I also don't have any children. If I ever have a kid or get seriously sick, it's probably bye bye savings.
@yorcharturo housing prices are also pretty ridiculous. I mean, I feel like I earn decent money, but there's no way I can afford even a shitty apartment in my current position.
The real reason why this is happening to millennials and gen z is because we have a debt based fiat money creation system. Inflation causes all sorts of economic hardships to future generations. We should have never done away with the gold standard.
Gen-X is not immune to these problems by any means. I am working for less money than I did five years ago, which was a salary that hadn't changed in another five years. I can't beg my way to a raise from our company. They simply ignore me.
You got that right. I'm mid 40's living with my family to survive. And things are so bad for THEM, that if I move out, they won't be able to afford rent without me helping. How much worse are we all going to let this get?
I'm 22 and I make the same amount of money now as a cashier (9.25) that I made as a 16 year old at taco bell. The only difference is now I have to take care of my medical bills on a bare bones salary
I asked for a raise from minimum when I was working a management position, they simply fired me and hired a cashier to do it for without a raise, shit is NOT the same as it was. Most millennials live at home with their parents, those that don't are in poverty, or got lucky with bitcoin. Boomer's say "It was never easy" but the reality is it's progressively getting harder, it's borderline impossible to manage what boomers managed as a millennial, but the real generation that needs use to solve this is the zoomers, who will likely never know financial independence.
The average gen X just recovered from the market crash in 2008. Which means that half of them are still under water... And now we have another crash that's exceeding the Great Depression.
27 years old in NYC. Bought a house at 25, How? I drive an old car and bike when possible , eat at home, save money, my current phone is iPhone SE. Did not travel till I bought a home. Not saying I’m right and others wrong I just value financial stability more than travel and luxuries.
Congratulations on your success. However not everyone’s life is the same as yours. Please try to keep that in mind. A lot of people are doing what you are doing however certain life events happen that can wipe out the tenuous steps forward they are attempting to make. I think that is one of the central issues Rikers attempting to illustrate here
Their is a large portion of the rich in the west who are very interested in going back to the old system of massive wealth inequality, with the veneer of 'worthiness' since the wealth was 'earned' in a 'legitimate way', not like when the Nobility had all the money. The rich make the rules in the US, and oddly enough the tax and legal systems really seem to like to help them get even richer, while openly sabotaging the educations of the poor, to keep them ignorant and manageable (while leaving them very unable to improve their situation at all). Of course their are many rich people that say 'you don't to get an education' in countless talks, they want ignorant and desperate workers they can mold into whatever they need, and treat them as they see fit. This desire to rule over the poor is why populism is being pushed world-wide, to distract people from the actual issues with idiotic cultural irredentism about how much better their parents had it. They then take away the progress that has been made over the last 500 years under the cover of 'helping', and make us all effectively serfs again. Note, slave owners historically cared more about their slaves than serf owners cared about their serfs, since serfs were literally slaves you didn't have to pay for, and they were valued accordingly. The beauty of course is that if you have a serf, he can lie to himself and say he is 'free', even though he can't move, stop working for any reason (or he can be punished, even killed), refuse military service, choose to be single if fertile, etc. This is what they want to bring back, absolute power over the poor, and they are inundating us with propaganda to achieve this end, so that we will willingly embrace a slight variant that has been prettied up.
I'm glad you mentioned the legal system. Its just as corrupt and dysfunctional as the political system. The rich can buy lawyers and the poor can't. A lot of rich people don't even fear the tort system anymore. They routinely lie, cheat and steal without even worrying about it. This is because they know all they have to do is use some of their victim's money to pay their own lawyers to keep them out of trouble.
America is an Oligarchy: www.cambridge.org/core/services/aop-cambridge-core/content/view/62327F513959D0A304D4893B382B992B/S1537592714001595a.pdf/testing_theories_of_american_politics_elites_interest_groups_and_average_citizens.pdf
my gen x mom told me to just "apply to mcdonalds" if i cant find a job, then when i argued that likely being overly educated will probably lead to rejection of my resume and that the economy is vastly different from when she grew up, meaning i would barely be able to pay for groceries on that salary, she just frowned and said, "no. when i was your age...." like ok mom, and you also paid the other 20k of my college debt while complaining that you work too much and that i dont have to pay rent so i can save as much as possible. im incredibly grateful but she does not realize that her implication that the economy has stayed relatively the same is contradicted by the very sacrifices she made. its like the older gen makes all these sacrifices and guilts us about them, like "we let you in our house and feed you, but you dont want to wake up and do 9 to 5 plus unpaid overtime like i did for 40 years. we did everything for you, but all you do is complain" but doesnt understand that these sacrifices wouldnt have to be made at all if they were active to advocate for an improved standard and cost of living. its just frustrating to say the least.
I got the same type of lecture from my parents when I was fresh out of college and couldn't find a job in my chosen profession. I did end up getting a part-time job at a fast food restaurant for a little over a year, but the money I made there wasn't enough for me to afford to move out of my parent's house. These days with automation taking over more and more low-end service jobs, I imagine it's just getting much harder for people just starting out to get their first job. That's one of the reasons I support UBI.
Total BS. McDonald's will hire you. It doesn't have to be a career but if you are over qualified it will still be a resume builder because you will become a crew trainer, supervisor or shift manager in no time. Cut the excuses and do something so your mom's investment in you doesn't go to waste...
Besides the competition between people applying for jobs at McDonald's, their workforce has been cut in half over the past five years, largely due to automation. (Source: www.statista.com/statistics/819966/mcdonald-s-number-of-employees/) Entry jobs like that won't last.
I disagree with student loan forgiveness because I think it would impact poor people negatively. It would take away money from the working poor people that didn’t go to college and give it to the middle class people that did go to college. This would create an even bigger wealth gap. What I do think we should do is make college affordable, invest in our infrastructure, make homes affordable, and give financial education in K-12 schools.
@rustydog0329 I'm confused. OP says they're grateful to not have children, possibly because the financial burden of children would have been too great from their birth or too great when helping them face the current economy. You seem to praise that as "intelligent, responsible," but then turn around and complain that because OP hasn't had children, the "uneducated, unskilled" workers with "5 kids in tow"-which from your address of OP suggests you view _these_ people as neither intelligent nor responsible-"breed without any consideration." Which means you're saying that if OP _had_ had children but couldn't afford to help them, then just like the workers with five kids, you'd be ridiculing OP as "uneducated, unskilled" and "breed[ing] without any consideration" as well. So is it okay to have children you can't support financially, or not?
Japan is showing us this future in realtime. The population ages extremely fast as newer generations aren't as populated. But since in this day and age if you have a child and can't provide it a home and food for it's lifespan then it's irresponsible, anybody born today will likely never stand a chance on their own, the economy may have been "hard" for boomers, like they will claim "it's never been easy", but the reality is we're just watching as it's getting harder and harder... and kids born today, it may be impossible without some kind of change.
Having fewer kids will mean they've got less competition in the job market when they grow up. My generation's screwed, of course, because we'll have no one to pay our way when it comes time to collect social security, but hopefully the next gen will have it better than we did. That's why I have chosen not to have kids even if I like working with them at my job. Also less of a drain on my finances. Plus, my sister has seven kids, so she's got the next generation of our family more than covered.
@@wordforger "My generation's screwed, of course, because we'll have no one to pay our way when it comes time to collect social security" I think I'll just go drown myself when that time comes. Save everyone a lot of trouble.
I hate how boomers bragg about paying their way through college, as if it's realistic for the kids today to do the same. Everything..healthcare, college, and housing have gone up much faster than what a waiter makes in a FANCY restaurant.
@passinthru My nephews are plenty responsible with money. Doesn't matter anyhow, they get through college on scholarships and will soon be making more than you probably ever have. Their parents are liberal and support full tax funded college for all the other kids. Yes that's right, rich liberals that vote in the interest of EVERYONE, not just themselves.
@passinthru I'm monumentally better at managing money than my boomer parents, making broad assumptions about the group is going to yield you little results, especially when this entire video points to the issues being rooted in the economy. Employers not paying enough, systems being more expensive to participate in. Boomers paying for college were able to pay for their college because working a part time job may be able to help cover what scholarships and family financial assistance could pay for it. The cost of school has tripled, and wages, basically, have not budged, millennials can barely generate a savings unless they live with their parents, or have otherwise found a cheap place to live like a share house. You can pretend that the millennials are lazy all you want, but the reality the statistics show the reverse... boomers are the lazy ones, millennials have to work two jobs just to make enough to eat ramen noodles.
I worked in denver in aircraft maintenance. Every job was paying 18-22 an hour even with years of experience. Not even enough to technically qualify for rent which is ~$1400 a month. My company paid me more but without benefits. The contracting company across the airport cut most mechanics making over $30 for cheaper new labor. After covid? Good luck I'm in software now, saw the writing on the wall. Not trying to lose my job like I did when I'm 35 with kids and a wife. All I can say is this: regardless of blue or white collar, get out of the service industry. These $10-15 an hour jobs have no upside. My first maintenance job was $15 an hour, same as my first software internship. The difference is that goes up in those fields. It never goes up in the service industry, those jobs are a complete waste of your time.
Two years on, but was that 'aircraft maintenance job' a janitorial job or actually maintaining aircraft, as an aircraft mechanic? I've got a neighbor who's an aircraft mechanic and (unless he's living beyond his means) he's living comfortably. He's got a 2-year degree in aircraft mechanics, a few FAA certs, and experience in the military.
@@crosslink1493 I make $41 an hour now as a mechanic in a MCOL area. Definitely hard to find good jobs though without 3rd shift. I work 2nd shift but I'm at the top of our shift's seniority and it works for me and my gf. I wouldn't plan to be a mechanic again but it's worked out pretty well for me all things accounted for. My coworker knows a Delta 2nd shift line mechanic making 150k in Denver. He had to work some overnights for a few years though. I can do years of 2nd but 3rds just...deal breaker for me.
I just showed my dad this video (he's in his mid fifties I'm in my mid twenties) he told me not to believe everything the man in the video is saying and not to let him convince me that those things are true. He's convinced that people need to get a house and are throwing away money renting and that they just need to stop overspending and getting "stupid and useless" degrees and they'll be fine. There are many people of older generations that simply won't hear the facts. They think they're manipulated or that these numbers aren't really that consequential. Most of the people I work with are families of people in their 30s and older and many are still in apartments because they haven't been able to save up enough to even afford a down payment for a house because rent is so expensive and their student debt won't be payed until they're in their 50s or older. Often times both parents are working full time and are still barely scraping by. For some older generations it's not a matter of needing to understand the financial struggles we younger generations are facing, they simply don't believe they are real with or without these facts presented to them. My father has already made up his mind and nothing anyone says will convince him otherwise, how then do we make dynamic changes in our society to help out our younger generations when so many are flippant to these problems and unwilling to help? I'm not saying all are this way but many are. I worry I will never be financially stable.
When my parents first moved to Denver houses were like 80k. Now it's almost impossible to find one under 300k an hour in any direction (and all new houses are 500k+). Sweet I can go make 20 something an hour and spent every penny on rent and other things. Boomers have the money and wealth because they have the assets. Every day they get richer and we get poorer. Never count on wages for wealth.
I can't believe your dad is in his 50's and does not listen to you! I know what your saying is true because my parents house is now worth more that twice what they paid for it 30 or so years ago!!! I think most of us under 50 need to increase our incomes to offset the increased cost of housing!!! Or we need to find a cheap way to survive for at least 10 years. Your quote: (I just showed my dad this video (he's in his mid fifties I'm in my mid twenties) he told me not to believe everything the man in the video is saying and not to let him convince me that those things are true. He's convinced that people need to get a house and are throwing away money renting and that they just need to stop overspending and getting "stupid and useless" degrees and they'll be fine. ......... Most of the people I work with are families of people in their 30s and older and many are still in apartments because they haven't been able to save up enough to even afford a down payment for a house because rent is so expensive and their student debt won't be payed until they're in their 50s or older. Often times both parents are working full time and are still barely scraping by. For some older generations it's not a matter of needing to understand the financial struggles we younger generations are facing, they simply don't believe they are real with or without these facts presented to them. My father has already made up his mind and nothing anyone says will convince him otherwise, how then do we make dynamic changes in our society to help out our younger generations when so many are flippant to these problems and unwilling to help? I'm not saying all are this way but many are. I worry I will never be financially stable.
Go live with roommates to keep rent low or live with family and save for a downpayment then only move out when you can afford it. Why live paycheck to paychck when you could live with family for 3-5 years and save for a downpayment?
There is very little upward mobility in corporations these days, and very little investment in people. New college grads find themselves competing for the same jobs as people with 10+ years experience.
Bob, Please do not use the word "access" to health care. When common folks lose their job, they lose their health care. And "Access" is useless if you have no money or little money. We want free health care (via tax system) !!!
Exactly! Also when changing jobs/careers, we are stuck with having to pay for cobra unless we get which is outrageous! Not to mention the high costs of premiums, how much we have to spend even if insured, and the costs of life-saving prescription medications. The "affordable care act " was a gift to the private insurance companies to force people to buy health insurance some way. We need healthcare regardless of our situations, not simply access to it!
I just changed jobs, me, my wife and 2 kids are uninsured until cover from my new job starts... because my employer offers coverage and I make more than minimum wage there are no temporary programs I can use.
@passinthru I still contend we all pay through out tax system. The more you make the more you pay (in tax), out of work NO PAY. As soon as you or I start paying (some skin) it is a slippery slope to start increasing it back to private (FOR PROFIT) health care. I worked in state unemployment bureau, I spoke with so many who had to chose between food or meds. That is no way to live. FOR PROFIT; most health care CEO's make $20 million a year. How many people who need health care could that $20 million pay for?
Nothing is free, and if you let the gov pay out of tax money you will end up with higher costs, just like we see with tuition costs now. They skyrocketed because the gov started paying and the so colleges raised the rates. Also, by giving free healthcare to unemployed, you create an incentive to not be employed.
1. We’re not paid enough 2. Were paid teenage wages for adult jobs and skillsets baby boomers dont have 3. Employers cant afford employees 4. We’re not paid enough…. Again.
More than half of our money goes in Rent, Insurances, cell phone bills, food and student loan etc. Most of us work two jobs to make our both ends meet. On top of that factors like inflation, competition levels etc makes our life more tough.
Why are people still seeing this problem as left vs right? The true enemy is at the top, and we are the bottom! How do capitalists take care of any given modern worldly problem?? Unemployment? Tax cuts for the rich. Failing education system? Tax cuts for the rich. Pollution? Tax cuts for the rich. Homelessness? Tax cuts for the rich. Retirement problem? Tax cuts for the rich. Environment degradation? Tax cuts for the rich. Failing infrastructure? Tax cuts for the rich. Medical coverage? Tax cuts for the rich. Veteran coverage? Tax cuts for the rich. Rise in mental illness? Tax cuts for the rich. Misogyny and mistreatment of women? Elect a pussy groping president, who by the way, loves to give the elite oligarchy plenty of, you guessed it, tax cuts for the rich! If you are minion capitalist, I urge you strongly to ask yourself, is this really a sustainable, viable system for all mankind for the future of humanity? Any rational individual will of course say NOOOOOOOOOOOOOOOOOOOOOO!
@@nevadataylor you need to stop blaming every rich person, company or anyone not involved in education and put the blame where it belongs. The board of education for forcing you to take classes that have absolutely nothing to do with your degree. The college for way over charging you for a worthless degree. Your high school teacher or counselor for convincing you to get said worthless degree. Take responsibility for your past actions and move forward
I almost entirely blame the home and garden network. Hear me out. Starting in the early to mid 90s a huge number of white middle class families discovered (Thanks to HGTV) that all they had to do was buy a shitty house with a loan, pay some contractors a few grand to fix it up, and then rent it out for 120% of the mortgage payment to be an 'investment property'. Look at the generations before that. How many of your grandparents owned a second home to rent out? A home that they had never lived in, and simply bought to profit from? How many people thought it was a better idea to invest in a second home than the stock market, a savings account, or anything else? Almost none. Not none, but it was what the rich did. If you wanted to be a land lord in the 50s and 60s you built an apartment building or some such, you didn't go buy up a few single family homes, split them in half, and turn a profit by renting them out. Also, even my parents, forget my grandparents, can point this one out. Rents are insane now. No longer is a basement suite something rented out because the kids moved out of home and you might as well get a few hundred for the space. No, fuck that. Now you make sure that rent is offsetting your mortgage payments! I mean, duh! So think about it. We, the millenials that is, are working for less money, paying a mortgage payment just to rent a home, AND have been forced into a 'gig economy' our parents can't even understand, let alone make ends meet with... So we should pay their mortages while saving up to buy one of their over valued homes, and working for a barely livable wage so their businesses can make their boomer investors more money. Fuck that noise. And its all because of white people flipping houses.
Oh, and the icing on the cake? The only solution would be a massive drop in the inflated housing values. They have been driven up for coming up on 30 years by rampant speculation. And sure, that SOUNDS good, but then you see the flip side of this shit pancake. Anything that fixes this problem wipes out the savings and thus retirement plans of an entire generation, that somehow got sold on the idea that when they want to retire they can just sell those homes for a huge profit and live off that for their golden years... Sadly, as many are starting to find out in Canada as the first wave of the silver tide hits retirement age... the only people buying houses are people looking to invest, and they don't buy nice renovated houses for top dollar. Basicly, an entire generation seemed to think they could undermine the things that let them buy houses (Reliable jobs, decent pay, benifits, stability in general), but still count on the next generation being able to buy houses.
Second home ownership should be forbidden. People who already own a house should not be allowed to comepete with someone looking for a place to live. Someone who is just starting his/her life won't be able to compete with a an old person who had his time to save money. The demand is only seemingly high because we have to compete with those guys, who'll snatch away the house we wanted for a higher price and then try to rent it out to us for a higher rent to make a profit from it, so that we who have little to nothing, to pay for their mortgages, so they can later sell it for even more than they payed. Because of this shit, the haves keep having more and the have nots will never be able to have something of their own.
@@maythesciencebewithyou Exactly. You can bet if I had a private lake full of fresh water during a drought the government would make sure people could drink from it... but when the basic human need of shelter is hoarded and commodified and speculated on thats all fine. The only good news is they really are shooting themselves in the feet. You can't sell your house and retire in huge numbers of towns all across Canada already, I know seniors who have been living off a bare bones pension in a 5 bedroom home they are trying to sell for five years. Nobody is willing to pay what the market says their homes are worth, because the only people buying homes are broke ass kids and investors looking for a steal, but try telling granny she needs to take a 30% loss on the home she has been paying taxes on... They arn't even getting the pay out they banked on because so many people did the same thing they broke the whole fucking system.
@@reidwallace4258 The idiots saw their neighbour or heard from stories how people sold their properties for millions to some chinese investors and now think they can do the same with their own shitty run down place, as if magically everybody looking for a home is some rich chinese investor. People blame the Chinese investors, but the ones to blame are the greedy aholes who sell the houses. And when the idiots manage to sell their house for a fortune, they'll soon realize that they can no longer afford a nice house in the same town becaus every other house has become even more expensive. Then they'll have to move to the shittier parts of town or move to some cheaper town, where they'll lead to a price increase and cause the people there to leave their homes. Most home owners do not profit from this bullshit, therefore I don't get it why so many people seem happy that their houses are now worth more on paper. Even if they could sell, they won't get something as nice in return. Not only do they gain nothing, everything around them gets more expensive, shopping items will be more expensive because the shops are now paying higher rent, or the shops will close down. Because there house is now worth more on paper, they'll have to pay more taxes. The only ones profiting are those who have more than one house.
@@maythesciencebewithyou Yep, and all the while they are looking down at the younger generations bitching that they don't work harder to pay boomer mortgages, make boomer corporations turn bigger profits, and support boomer pensions we will never see ourselves. And all along the right wing has been telling them it was a great idea, and their invested in it, so when it does blow up under them and the next trump says its socialism fault their houses sold for less than they paid for them after 50 years of economic neglect, we will take ANOTHER huge step backward as a culture. :D
People don't realize that we are the first generation that "side hustles" were marketed to via mainstream media. People were so infatuated with the idea of making extra cash that they forgot to examine the bigger picture. The fact that a side hustle is now necessary to get ahead is not a good thing. "Multiple streams of income" was not a popular term before the 2010s. Everyone used to work one job at a time and make enough at each stage of their life. Now people need to work 2-3 jobs, have investment/real estate income, own an online business, do youtube, only fans, and tiktok, just to pay rent and bills at the same time. I didn't even mention student loan debt because there are plenty of Gen Xers with degrees no debt and 25 years of experience that are getting screwed. Imagine having 2 degrees thousands in debt and 2 years experience. The same people that tell you to "just work and quit crying" are the same people that went to school when bread cost a nickel.
My Dad used to have a side hustle when he was young before he started his own business, he used to flip cars. My Dad has taught me to be very frugal, my daughter who is a millenial never buys groceries on sale, lives beyond her means and is not frugal like my parents and I are. At 35 it's her turn to make sacrifices.
No kid. I'm a later GenX (maybe millenial, depending) but I was able to afford to go to college out of pocket. Back then, (2000) In state tuition was $11,000 a year. Now, for that SAME SCHOOL, it's $22,000/year.
But it’s not to late i live in the netherlands and here you can get your BA for free if you fall below the poverty line. Your goverment has the money for free college just for them to spend it.
@@swimbait1 Um those "huge costs" are 2-3x today when adjusted for inflation and stagnant wages. "Ok Boomer" is the result of tone-deaf comments like that. It's not unlike "white male privilege". It's not that those folks didn't have to work or experience hardships, but they didn't have hurdles like racism and sexism stacked against them. No wonder "Equality" feels like an attack on those who fail to recognize or acknowledge the systemic economic, political, and cultural advantages they took for granted.
I found the millennials I hired were against Unionizing and I know most were ignorant to politics and voting. That is just what I found. But, as a Union Shop Steward before entering management, I found many of my Union people were shopping Walmart and not supporting the Union by rarely coming to meetings and complained about the Union not taking care of them. I had to remind them that THEY were the Union. If they did not participate thet would lose the Union wages and the job to anyone who would work for minimum. And they all did lose their jobs. 2 different companies I managed, I started as a Union worker and moved into Mgt. But, I always stayed true to my roots. The backbone of the machine was divided and we will all fell. Polarization is more apparent in all aspects of life then it has ever been. I was born in 1962. I was there during the end of the rise and the fall. The people must rise up against the machine that is killing them.
@youre An idiot Government works for corporations now. We are living in a corporatocracy. The super rich are the new royalty and we are all serfs in their fiefdoms.
@youre An idiot I don’t think you really know what the union is or how it functions. Some of the best jobs I had were all union. The worst jobs I had were non-union. Unions stand up for worker protections as well as worker wage increases. Without them without organized labor the employer will basically pay you pennies and work you longer for less. That’s just a historical fact. I mean look at Amazon. Richest company in the world and their high turnover rate is quite telling. Worker abuses are often common and Walmart as well as Amazon. The government is supposed to be a bipartisan entity but instead it works for corporate interests. And let me be the first to tell you because I have a sneaking suspicion you don’t know this… Corporate interests do not care about their workers at all.
We need to stop making young people think they NEED to go to college to be successful. We’re strapping youth down with insurmountable debts before they ever earn a penny in income. Talk about starting behind the eight ball.
MsMissX my youngest son is studying in the medical field, my middle son zoology. Ideally, Ireland, though having spent six months in Malta/Gozo, i kind of hope they can move me over there as their luggage handler!
@@allendean9807 I am sorry if you already know but I will suggest to apply for citizenship if you like to live there. EU allows any EU citizen to live and work in any country member of the EU.
MsMissX I’m non EU, and due to a severe spinal injury, disabled. As a non EU national, there are few options, unless you have a lot of disposable income. Malta, for example, has the GRP. After paying fees, per person, and a 15,000.00 annual tax, you must meet income guidelines, as well as rental/purchase guidelines. Added to this, the 15,000.00 annual tax is mandatory. You aren’t guaranteed a work permit, nor are you guaranteed citizenship after five years. Ireland has a Stamp F, whereby you can be a legal resident, provided you make 50,000 euro per year per person, and can provide health insurance, as well as conduct letters/clean FBI background checks. I’m not nor have i ever been a criminal, so that’s not an issue, however, my wife and i make less than 100,00 euro per year 110,000.00 dollars US, given the current exchange rates, so unless they change the rules to a combined income for married people, we are priced out. Now, if my children are employed in the EU, they can repatriate us, and after five years, we can apply for Irish, maltese, or EU citizenship this way, however, most gigs for the medical field are two year contracts, so it’s a gamble. Americans don’t have it as good as some believe. I was born and grew up in California, raised my kids here, and was priced out recently, to my sorrow. After spending a year in Europe, i fell in love. Once i help my boys with their educational needs, i plan to return, even if it’s to spend a few years letting from one shengen state to another, every 90 tp 180 days. Life is for living. Once you realize how easy it is to just go someplace, you get the urge to do it all the time..... Nothing is better than waking up to the church bells in Victoria, Gozo, heading to a corner market for fresh bread, a corner butcher for daily meats, and then having a white coffee over an English breakfast at a corner cafe. Six months in Gozo, never needed a vehicle.....
I have a law agree and some debt but I deal in traffic law and I do quite well. Not exactly the law I wanted to study but certainly important. It’s unusual because academics have this problem but then so do the trades. If you hear the lie “just learn a trade! We’re hurting for welders!” or whatever trade you should take that with a grain of salt. A lot of tradesmen have to take pay cuts because of non-unionization and also are out of work a significant portion of the year. Lawyers nurses plumbers and welders are very important however more often than not the market is full of them and us they’re negotiating power is almost nil.
That’s because law degrees are totally useless unless you’ve graduated from law school. Even then, they’re still pretty useless because lawyers, contrary to popular belief, don’t make sh*t.
Millennials also spend more on cellular phones, online movie rental, subscriptions. These expenses might not seen as much, but when you add them up; it could be a fortune.
and so much more. in Germany it was pretty common for bigger companies to pay a christmas salary, often called the 13th salary. I've been in the workforce for 15 years, never seen anything even close. My Mom still gets it, but she works for the government.
@LEO2001 Did you not notice that Nemo lives in Germany? (Therefore not a member of the Democratic Party.) Or did you just pick any old comment to hang your ugly, irrational post upon?
@LEO2001 nice try to derail a conversation before it can even start. come back when you are interested in an open and honest discourse about the topic at hand
Workers' time and skill creates revenue for the corporation. The executive board takes a huge chunk of that money away from the workers and gives it to shareholders, who in turn elect executive board to their $multi-million compensation packages. Shouldn't they be working/producing for society to earn their money instead of taking it away from other people? That's what they're always telling everyone else...
We have to understand the primary reasons why university tuition has increased so dramatically over the past 30-40 years. Speaking specifically about public universities, conservative governors and state legislatures who believe that education is a private rather than a public good, have drastically cut state general fund contributions to their public universities. This has been a major factor in forcing public universities to increase their tuition. In my home state (Michigan), the legislature has decreased state contributions to its 15 public universities by 34 percent since 1990. The largest public schools try to balance it out by increasing admissions of out-of-state and international students who always pay higher tuition than state residents. This has had the unfortunate result of the overall reduction in the percentage of state residents attending their state universities. That said, you are correct in that many public universities have been greedy. Just look at the emphasis on athletic facilities and sports programs that bring in rich alumni dollars.
They both are. Jobs drive the inflation for the need for a degree, which the colleges then use to their advantages to hike up the price on the new "necessity." It's a symbiotic relationship.
Universities add amenities like clubs, student facilities, etc. to make campus life more appealing there in competition with other universities. It rises the costs. Like credit card rates are 17% even though Fed rate is nearly 0%. They run so many points and cash back programs competing for customers it raises the fees they need to charge.
@@TheGroovyJones Workers are free to buy shares in any publicly traded company and share in the weath in addition to earning dividends, if they are issued. Some even have programs by which they will match shares.
The first Millennials were born in 1980 which means they'll be 40 this year! When showing Millennials for programs like this, it would be nice if the whole age spectrum was shown not just the 20-somethings.
It's also like most people believe that millenials are those who are now in their teens and early twenties, in other words many people seem to think that gen z are the millenials. It's almost funny how many millenials don't know that they are millenials.
I was just commenting on this. There's a small group of people (myself included) that bridge the gap. None of the benefits of Gen X, too old to be Millenials, yet children of Boomers. We're lost.
1. they were never taught about monetary policy, the way credit works or debt 2. they are convinced government intervention works 3. they are raised to believe everyone is a winner 4. they were taught that individualism is bad
Wait. I though that feminism exists mostly to create more workforce so that the average salary can drop even lower, which causes people to be unable to afford a home
Women in workplace reduced men's wages by 50%+. Globalism flooded jobs market with foreign labour willing to slave all hours for illegal pay and no ability to negotiate because no English language. The corporations got what they wanted, there are no men, women or countries anymore, just wage slaves fighting to survive with no respect and an ever richer superrich.
In a country were the majority of states let you vote via a mail in ballot, something tells me it's not the lack of a day off that is preventing them from voting.
@@woodchuck003 Of course not. People are apathetic, and we all continue to get rolled over on. In my state, some people view the absentee ballot as too much of an ordeal. It isn't. That aside, people have got to go vote. There's well over 300 million of us here. Yes, not all can vote, but those who can, absolutely should.
@@CrystalBrightz if people choose not to vote then that is also there choice, trying to engage those who wish to be disengaged is a losing game. I think the far-left would succeed more if it didn't always have the illusion that mainstream shared their political views. Only 8% of Americans consider themselves progressive, the majority is independent.
@@woodchuck003 Yes, Independent, like myself. I think more people will turn out if they see a lot of people already doing so. People must see it for themselves.
My wife and I worked 2 jobs each while we finished our degrees, without any support AND paid a mortgage...and we thought we might lose everything and rarely went on vacation or out to dinner...what happened?
What happened: Every year the country overall makes more and more money (adjusted for inflation). Around 1970 the few people with authority to make decisions decided to keep all that new growth each year all for themselves (that's where the widening wealth gap comes from). Regular people's purchasing power has stayed nearly the same since then, while relative costs keep going up and up and up. 2008 happened partly because there was SO MUCH money at the very top after 40 years of taking all the new growth for themselves. In a country of 300 million, a few thousand players had oceans of money to make the housing bubble. It physically couldn't have happened that way if the new growth had been spread out proportionately like (most of) the 150 years before 1970. What's Next (probably): Underpaid employees are customers that can't afford to buy what business needs to sell. Business is carrying unpayable loads of debt now. Stocks keep going up because since September the Fed has been pumping $billions into Wall Street *every day* to stop it spiraling into collapse. At some point, corporate/retail/credit/college/auto/mortgage debt will default too much, light the derivatives on fire and get something bigger than 2008. Showing how hourly workers' income got separated from how much we produced www.epi.org/productivity-pay-gap/ List of how many $billions Fed dumps into Wall St. every day to keep stocks going up/prevent mass corporate debt defaults apps.newyorkfed.org/markets/autorates/temp If you read this far thanks for making the effort to find out something new.
21 year old here that grew up with illegal immigrant parents, paid for my own college with NO DEBT, worked 40+ hrs a week plus having a life. Currently married and with a 5 week old child making $60K a year and just got debt free. If my dumbass could do it, you can too. YOU SIGNED THE PAPERS, NOW PAY IT BACK. NO EXCUSES.
I'm millenian, I have a small family and I'm paying my home, use a 20 yrs old car, don't have any money at all but I'm practically debt free, I don't have any luxuries, barely drink on weekends, don't buy things that I don't need, not owning an iPhone or any of the expensive items, but consider myself happy. freedom has its price.
Unfortunately a Civil War in the only solution. People who have been brainwashed to believe in trickle down should be killed in the war alongside their masters on Wall Street and in the Republican party. Millions must perish!
@@savenetneutralityanti-repu7029 a general strike would be the route (not armed civil conflict). If 60-70 percent of people just stop working suddenly... they would have to cave to our demands for basic economic rights and equitable policies. Left and right mainstream media will do ANYTHING to make sure that 2/3 of people will never openly align their political views toward a class focus
Kind of, but at the same time there comes a point where excessive poverty also hurts large corporations. You lose your buyer base and have to fork up the cost to basically pay for an entire class of people in poverty to avoid an all out revolution.
@@merritt2014 The large corporations don't care, they don't think long-term, it's all about making as much money as possible right now. And now these corporations and 1%ers have enough wealth to where they could survive thousands of years of luxury without having any income
Save Net Neutrality Anti-Republican both parties flood the job market with millions of immigrants which drive down wages. The Democrats used to be the party that was against open borders. Now they are bought out by corporate elites ( it’s called corporate welfare)between that and outsourcing, business doesn’t need you blue collar workers
The higher wages is why everything else is so inflated right now. The robots will take over those jobs where they think a fast food worker should get paid 600. a week.
If I could get a decent salary, I would be very confident in saving and managing my money. But I'm finding it very difficult to find something that will pay a living wage
@@paigejane173 I understand that sentiment, but it might be a tad unfair. The Gen Xers were crowded out in material wealth and political power by the Boomers, just like we are. It's not their fault - the Boomer grip on America was too strong for them to break alone. But now, with help from the younger generations, they can make a difference.
Gen X is not the same as boomers you fucking cell phone addicted baby. You're not going to be any different from the "boomers" you're angry about if you don't want to work together. The basic problem with boomers is that they see a system that worked for them, they don't get why a millennial working two jobs is different from when they worked two jobs, they don't get the problems because instead of trying to work together, they hide in their generational politics and throw stones. Gen X worked through the worst of the problems and need help too, and they can help solve the problems too. They're not Boomers, who are retired and directly benefit from the system staying the same, they're in the shit with us and might have better political pressure to focus on the change we need.
Mr Reich, i've been following you for ten years & i agree with most of what you say, but I disagree with your implication that pensions are good & 401ks are bad. Most of those top 500 companies are contributing to employees 401k. I would not feel safe working at a company who has a pension only. What's the likelihood a company is in business 40 years from now. When the company goes under you take a huge hit to your pension benefits. With a 401k every cent they gave you is yours. A pension is one of those archaic things that believe post ww2 america could last forever.
This is very accurate. It seems that things are harder everyday, we're always behind in everything, you're never good enough and competition is growing at an insane pace. Everything is so expensive, even trying to spend less money on trivial things is not helping.
I agree having dependable people to cut major expenses is key in my mind!!! But finding those who can pay a lot who don't make a lot is extremally difficult to do!!! It is really not easy to find clones of yourself if you want to save on the basics because so many make too little or buy too much. Saving on the big things should be your first priority. Your quote: (This is very accurate. It seems that things are harder everyday, we're always behind in everything, you're never good enough and competition is growing at an insane pace. Everything is so expensive, even trying to spend less money on trivial things is not helping.)
