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Post Reply Late but not lost the economic drag of millennials
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24 / M / USA
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Posted 10/1/15
Interesting reading:
https://www.pimco.com/insights/viewpoints/viewpoints/late-not-lost-the-economic-drag-from-the-millennial-generation

One of the lingering consequences of the financial crisis is that young adults are launching their careers in a historically weak economy with limited wage growth and high underemployment. Millennials are clearly facing an uphill economic climb that differs greatly from that of their baby boomer parents. The statistics are concerning: $1.3 trillion in student loan debt outstanding, 14% of 25- to 34-year-olds living at home and historically low purchase activity from first-time homebuyers.

While gains in housing-related assets have been material in recent years despite weak purchase activity among young adults, demand will have to shift from investors to young adults for prolonged strength in the housing market. As a result, we believe that a proper understanding of the financial trajectory of the Millennials is critical to housing market assumptions over the secular horizon (three to five years) as well as for the broader economy.

In our view, the problem is not that these young adults will never grow up, get married, have children and buy real estate. Instead, we believe this to be a timing issue, not a structural roadblock; the path to traditional adulthood has simply been delayed for many Millennials. But over time the economy will overcome the burden of student debt, and pent-up demand for housing could surprise to the upside.
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(´◔౪◔)✂❤
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Posted 10/1/15
History has proved that there are always fluctuations in the economy.
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Posted 10/1/15
Most of your parents are not Baby Boomers. Those were the children born from 1943-1960. Most of the people entering the workforce today, the 18-24 year olds, have parents who were born in the late 1960s-1970s.

A timing issue would be a small burp in the economy, like what happened from 2001-2003 due to 9/11 fallout.

Nope, I think Millenials are largely screwed. You're the product of the last thirty years of deregulation and a messed up immigration policy. We've sent our businesses abroad and have imported lots of cheap labor to fill the technical positions we need because they'll work for pennies. The notion of a college degree providing you a solid income for life is outdated; expect to jump around to different jobs at least 8 times during your working life. If you want a steady job, become a civil servant or learn a trade.
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Posted 10/1/15 , edited 10/1/15
[edit-removed: Trying not to care anymore]
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24 / M / USA
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Posted 10/1/15

easybob wrote:

[edit-removed: Trying not to care anymore]


Ah man I missed your post what did you say
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26 / M / Connecticut
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Posted 10/1/15
Well at least we're not Japan....This reminds of this documentary I watched on Japan's economy in 2007 (before the financial meltdown)

https://www.youtube.com/watch?v=y_kk-UpCmG0

Again this is before the crash, people in this documentary are probably in much worse shape and they've been going through this for 20+ years and there's no sign of improving
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Posted 10/1/15 , edited 10/1/15

biscuitnote wrote:


easybob wrote:

[edit-removed: Trying not to care anymore]


Ah man I missed your post what did you say


Yeah sorry.

I've been studying history, economics, politics, statistics, philosophy, etc etc etc etc for the last 15 years, and there's only one thing that has come from it:

People want to fit in more than anything else, logic be damned. It's pointless to fight it. You either travel with the herd or be trampled by it.
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Posted 10/1/15

Mugen417 wrote:

Well at least we're not Japan....This reminds of this documentary I watched on Japan's economy in 2007 (before the financial meltdown)

https://www.youtube.com/watch?v=y_kk-UpCmG0

Again this is before the crash, people in this documentary are probably in much worse shape and they've been going through this for 20+ years and there's no sign of improving


Great documentary thanks for the link.
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Posted 10/1/15

Akage-chan wrote:

A timing issue would be a small burp in the economy, like what happened from 2001-2003 due to 9/11 fallout.

Nope, I think Millenials are largely screwed. You're the product of the last thirty years of deregulation and a messed up immigration policy. We've sent our businesses abroad and have imported lots of cheap labor to fill the technical positions we need because they'll work for pennies. The notion of a college degree providing you a solid income for life is outdated; expect to jump around to different jobs at least 8 times during your working life. If you want a steady job, become a civil servant or learn a trade.


Pretty much my opinion on the situation as well...
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Posted 10/1/15

Akage-chan wrote:

Most of your parents are not Baby Boomers. Those were the children born from 1943-1960. Most of the people entering the workforce today, the 18-24 year olds, have parents who were born in the late 1960s-1970s.

A timing issue would be a small burp in the economy, like what happened from 2001-2003 due to 9/11 fallout.

Nope, I think Millenials are largely screwed. You're the product of the last thirty years of deregulation and a messed up immigration policy. We've sent our businesses abroad and have imported lots of cheap labor to fill the technical positions we need because they'll work for pennies. The notion of a college degree providing you a solid income for life is outdated; expect to jump around to different jobs at least 8 times during your working life. If you want a steady job, become a civil servant or learn a trade.


Yup.... pretty much this.

I'm 33. I WANT to have a stable job, work a "Normal" 9-5 job with enough money after paying regular expenses and a modest amount saved ($5K a year I think is modest) to enjoy some of my other, relatively modest, (costing about another 5-7K a year) hobbies. I WANT a modest home, with possibly 3 bedrooms, (on the off chance I find someone to spend my life with and I want a child), a basement that's finished enough to serve as a workspace, and about 1/4 to 1/2 acre of land to garden on, and possibly build a shed to house more "outdoor" work projects.

And by most standards I find that pretty god damned modest.

Chances of that actually happening in my lifetime? 0.001% (that fraction of a percent is only because technically two relatives have me listed as inheritors of their wills, of which each has only one other beneficiary, and both own their own homes.... BUUUUUUUT chances are said homes would have to be sold in order to cover expenses.... And I'll probably be fuck all old when it happens anyhow, which is kind of a good thing, because who wants your family to die?)

So I guess it's back to chain smoking and trying not to drink to deal with the fact that financially I am fuckedfuckedfuckedfucked....
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Posted 10/1/15

serifsansserif wrote:


Akage-chan wrote:

Most of your parents are not Baby Boomers. Those were the children born from 1943-1960. Most of the people entering the workforce today, the 18-24 year olds, have parents who were born in the late 1960s-1970s.

A timing issue would be a small burp in the economy, like what happened from 2001-2003 due to 9/11 fallout.

Nope, I think Millenials are largely screwed. You're the product of the last thirty years of deregulation and a messed up immigration policy. We've sent our businesses abroad and have imported lots of cheap labor to fill the technical positions we need because they'll work for pennies. The notion of a college degree providing you a solid income for life is outdated; expect to jump around to different jobs at least 8 times during your working life. If you want a steady job, become a civil servant or learn a trade.


Yup.... pretty much this.

I'm 33. I WANT to have a stable job, work a "Normal" 9-5 job with enough money after paying regular expenses and a modest amount saved ($5K a year I think is modest) to enjoy some of my other, relatively modest, (costing about another 5-7K a year) hobbies. I WANT a modest home, with possibly 3 bedrooms, (on the off chance I find someone to spend my life with and I want a child), a basement that's finished enough to serve as a workspace, and about 1/4 to 1/2 acre of land to garden on, and possibly build a shed to house more "outdoor" work projects.

And by most standards I find that pretty god damned modest.

Chances of that actually happening in my lifetime? 0.001% (that fraction of a percent is only because technically two relatives have me listed as inheritors of their wills, of which each has only one other beneficiary, and both own their own homes.... BUUUUUUUT chances are said homes would have to be sold in order to cover expenses.... And I'll probably be fuck all old when it happens anyhow, which is kind of a good thing, because who wants your family to die?)

So I guess it's back to chain smoking and trying not to drink to deal with the fact that financially I am fuckedfuckedfuckedfucked....


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Posted 10/1/15

biscuitnote wrote:


serifsansserif wrote:


Akage-chan wrote:

Most of your parents are not Baby Boomers. Those were the children born from 1943-1960. Most of the people entering the workforce today, the 18-24 year olds, have parents who were born in the late 1960s-1970s.

A timing issue would be a small burp in the economy, like what happened from 2001-2003 due to 9/11 fallout.

Nope, I think Millenials are largely screwed. You're the product of the last thirty years of deregulation and a messed up immigration policy. We've sent our businesses abroad and have imported lots of cheap labor to fill the technical positions we need because they'll work for pennies. The notion of a college degree providing you a solid income for life is outdated; expect to jump around to different jobs at least 8 times during your working life. If you want a steady job, become a civil servant or learn a trade.


Yup.... pretty much this.

I'm 33. I WANT to have a stable job, work a "Normal" 9-5 job with enough money after paying regular expenses and a modest amount saved ($5K a year I think is modest) to enjoy some of my other, relatively modest, (costing about another 5-7K a year) hobbies. I WANT a modest home, with possibly 3 bedrooms, (on the off chance I find someone to spend my life with and I want a child), a basement that's finished enough to serve as a workspace, and about 1/4 to 1/2 acre of land to garden on, and possibly build a shed to house more "outdoor" work projects.

And by most standards I find that pretty god damned modest.

Chances of that actually happening in my lifetime? 0.001% (that fraction of a percent is only because technically two relatives have me listed as inheritors of their wills, of which each has only one other beneficiary, and both own their own homes.... BUUUUUUUT chances are said homes would have to be sold in order to cover expenses.... And I'll probably be fuck all old when it happens anyhow, which is kind of a good thing, because who wants your family to die?)

So I guess it's back to chain smoking and trying not to drink to deal with the fact that financially I am fuckedfuckedfuckedfucked....




Yeah.. that's pretty much the attitude you face a lot...
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24 / M / USA
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Posted 10/1/15 , edited 10/1/15
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26 / M / Connecticut
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Posted 10/1/15
Your welcome, if you do a google search of "Net cafe refugees" there's more content and documentaries about how truly screwed up the Japanese economy has been.... Really makes me appreciate the relative stability of the U.S. (compared to anywhere else)... For now at least
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24 / M / USA
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Posted 10/2/15
Well the Japanese economy is facing a myriad of different issues. Mainly low birthrates and an aging population. I have full confidence that when there population stabilizes and hopefully they introduce no new immigrants that they will reemerge stronger than ever.
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