A recent article in The Wall Street Journal paints a very bleak picture for the long-term future of Millennials. Entitled “Millennials Near Middle Age in Crisis,” the article claims the Millennial generation is “in worse financial shape than every living generation ahead of them, lagging behind baby boomers and Generation X despite a decade of economic growth and falling unemployment.”
To prove this thesis, the article outlines a litany of demographic data, showing this generation has less accumulated wealth and property, lower marriage rates, and fewer children than previous generations, despite being the most educated (some may say indoctrinated) generation in American history. This is especially frightening as the social safety-net programs hurtle toward insolvency.
So why the disconnect?
According to Federal Reserve economist Christopher Kurz, Millennials had an average net worth of $92,000 in 2016, which, adjusted for inflation, is about 40% less at the same point in their adulthood than Gen X-ers, and 20% less than Baby Boomers. Millennial men who are heads of households also have wage rates 18% lower than Generation X, and 27% less than Baby Boomers.
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9 comments:
They will soon drain their parents retirement savings and then be a lifelong burden on the few left working and paying taxes. What ever happened to facing the consequences of your actions?
Boomers inherited a rich country and bankrupted it by cutting their own taxes and borrowing money with no concern for the future. The difference in GDP to debt ratio is 70% higher now. We have an abysmal infrastructure and they still resist any forward progress on the climate change front.
Issues can't be fixed with tax cuts. They require money. Boomers and gen xers inherited a trust fund country they failed to create and thus have let gone to crap. Ironically Gen Xers call millenials snowflakes for having too many feelings yet they operate solely on feelings and disregard fact.
We are cutting taxes left and right while increasing the burden on social security and medicare. People are living much longer which means more time sucking up public funds from medicare. Public coffers need to be replenished.
Gen Xers are as delusional as the baby boomers.
9:38 lowering taxes at the public's expense is what happened. Don't bitch about the state of your country when you refuse to contribute to it.
still waiting for trickle down to work 950
950 it's their constimatutional right to deny paying any taxes with one hand and demand better services and infrastructure from their govt with the other
I cannot believe the ones here married and struggling and still opting to have kids too like the American dream is prospering . Even if you have a degree you'd have to leave here to earn enough to start a family now.
9:50
Let’s be clear: the Boomers did not borrow money (as a society) in America.
No
The Federal Reserve Bank counterfeited the US Dollar and made it worthless. Then, when other Countries refused to trade their natural resources for US Dollars, the US military bombed them. Each and every one of the so-called axis of evil.
If you don’t accept the worthless US Dollar, you get bombed.
Period
omg 514
we are gonna die
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