Author Topic: Why Millennials See the Economy Differently from Older Generations  (Read 494 times)

mj4

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If you are of a generation that thinks that because the stock market is doing well the economy is flourishing, take a look at why younger generations may see things differently:

https://www.youtube.com/watch?v=Sbt0ZDI1v4I

Rev Geminn

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Thanks for posting this.  I watch Krystal and Saagar on a regular basis, I enjoy them very much.  I find that they are on point in ways that the MSM (including Fox) never are, they are a blessing.

As a borderline Millennial/GenXer as I look out on the future I am filled with a certain modicum of trepidation, not just for myself, for my kids, but for everyone below the upperclass and below the age of 65.  It is as if we are in a constant state of illusion, the best example of which is the current state of the stock market, which is ultimately driven by transnational corporations that donít give a rip about you or me or some concept of the common good.  For proof of this Iíd simply point you to their use of BLM for marketing purposes.  Talk about pure cynicism and hypocrisy.  Nike, a company with a horrible track record concerning sweatshops, claims to with BLM and has capitalized on accordingly.  Same with Amazon, who refuses to allow its workers to unionize.  Meanwhile for the past 40+ years wages have stagnated while the cost of living has increased greatly and weíve become a nation that runs on debt.  The problems of trickledown economics have been on display during the pandemic as companies like Amazon have grown by 11% while the small mom and pop shops have been forced to shutter.  Say what you will about Karl Marx, but I am afraid he was correct about late-stage capitalism and how it ultimately turns on itself and destroys everything.  If profits are the ultimate goal and not working towards the common good than the results will be tragic.  This is, in part, why the left continues to fail because instead of focusing on issues of class and income inequality they go to identarianism.  It is hard to take the words of politicians, commentators, and media personalities seriously concerning dismantling oppression when they themselves are millionaires.  The disconnect is on full display.   Because of this I am not convinced that Trump wonít win in November despite Bidenís recent bump in the polls (which have been shown to be unreliable anyways).   But still, it leaves many feeling like they do not have advocates where it really matters.

That said, the riots that we are witnessing are about much more than police brutality.  Those like Krystal and Saagar as well as Chris Hedges have been warning us for a while that we were on our way to a breaking point.  The pandemic combined with the murder of George Floyd was the needed spark.  The militarization of the police coincides with the money that was dumped into cities like NYC that ultimately turned into a Disneyfied version of itself where the average workingclass/middleclass person is consistently challenged to make ends meet.  Donít get me wrong NYC is way safer than when I was child, but that, too, came at a cost.  Real estate has skyrocketed, while public education continues to be a challenge.  In order to afford a house in this area, one needs to make at least six figures or both husband and wife need to be working while juggling children and the costs of tuitions because the public schools arenít good or safe.  Thatís tough.  Now add to this dynamic all of the student debt that is carried, so it is almost to save, at least not until those debts are paid off.  Lest we forget these debts come from the educational institutions that have increased their tuitions by upwards of 1400% in the last 50 years.  Why did they do so?  One reason is because they saw the potential for profits or, at least, more income through Federal Student Loans. In an effort to increase institutional stability they put financial insecurity on the backs of their students.  Thus, Marxís point about late stage capitalism. 

One important insight that FDR had as president was that the wealthy had to give a little more if they were to maintain some modicum of peace and not descend into revolt.  Thus, the New Deal, which, as far as I remember any person from the Greatest Generation that I knew or was close to touted as being a very good thing.  My family, traditionally Republican, always had great reverence for FDR.  If memory serves correctly, weíve seen the dismantling or repeal of much of FDRís legislation in this past 40 years.  One glaring example is the repeal of Glass Steagal which, of course, contributed to the financial crisis about a decade late in 2008.  Let us also not forget about the impact of NAFTA as well as what could have been the potential impact of TPP.   

So here we are.  Again, wages have stagnated, but costs of living continue to rise with automation on the horizon.  I could go on but I'll stop here.

Peace,
Scott+

Mark Brown

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Glass Steagall citation is exactly right.  The repeal of that created or at the very least enable the giant casino that we have now.  The casino that the FED keeps pumping trillions into.  G-S did that by creating a harsh and high barrier between anything that wanted to act as a brokerage or investment house and regular banks.  It has largely disappeared now, but Wall Street used to be a bunch of partnerships.  It was partnerships because that was the skin in the game necessary.  And because of that skin in the game the high leverage high risk things weren't taken.  But when it can all be run on "other people's money" backed up by the various FED "guarantees" there is no losing.  Socialized losses, concentrated gains.   At least this round we all got some pennies in the Trumpbux and the PPP, but that is what those programs were compared to the 7 Trillion of debt instruments bought by the FED and rising.

Last round they vampire sucked all the money out of the real estate market.  This round they are killing the remainder of the small businesses and the sole proprietorships.  And neither party is worth a dang on any of this.  They are all on the take.

MEKoch

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Those two TV talking heads are classic whiners.  "Everything is going wrong for my generation."  Drivel fed by outrageous expectations.  My father, Lutheran Pastor, earned $3700 per year after 25 years of ministry in 1962.  The congregation was  healthy, medium sized and growing.  I followed in his footsteps.  In my parish work, the most I earned was $28,000 per year in my final years.  Again my congregation was healthy, medium-sized and growing. 

And now six years into my retirement I continue working part-time at a congregation.  It is a joy to be a pastor. 

Every generation starts at the bottom with deficits, debts, recessions, divorces, etc.  Owning a 1,000 sq. ft. house took 20 years of effort in the period from 1945-65.   You had one car, minimal vacations, very few extras, but you were happy and thanked God.