Millennials are fucked

[jesmu84]

http://highline.huffingtonpost.com/articles/en/poor-millennials

[forgetful]

http://highline.huffingtonpost.com/articles/en/poor-millennials

Read this the other day.  Very well done article...and yes Millennials are fucked.

[GGGG]

"This is what it feels like to be young now. Not only are we screwed, but we have to listen to lectures about our laziness and our participation trophies from the people who screwed us."

Same things were said 20, 40 and 60 years ago.  This isn't new.

[Benny B]

Not to worry, government will save you. 


Rolfcopter. 


Yeah right.  Don't expect any help from Gen X... once were in charge, then the millennials will know what f'd really is.

Somebody's got to clean this place up eventually. 

[Spotcheck Billy]

What is different about us as individuals compared to previous generations is minor. What is different about the world around us is profound. Salaries have stagnated and entire sectors have cratered

The late 70's- early 80's were the good old days! 20% prime rates, no business closures or unemployment existed...


"I'm 25 and I'm still in the same place I was when I earned minimum wage." Four days a week she works at a dental office, Fridays she nannies, weekends she babysits. And still she couldn't keep up with her rent, car lease and student loans.


Car lease? What ever happened to driving an old junker until you can actually afford a new car? 

[Herman Cain]

The tax reform is going to change the prospects of the millenials for the better. Wage earners keep more of their earnings and job prospects are much better as companies have more resources to build their businesses. Millenials need to embrace old fashioned  work ethic and they will exceed all prior generations.

[MUBurrow]

The tax reform is going to change the prospects of the millenials for the better. Wage earners keep more of their earnings and job prospects are much better as companies have more resources to build their businesses. Millenials need to embrace old fashioned  work ethic and they will exceed all prior generations.

L O fucking L

[TSmith34, Inc.]

The tax reform is going to change the prospects of the millenials for the better. Wage earners keep more of their earnings and job prospects are much better as companies have more resources to build their businesses. Millenials need to embrace old fashioned  work ethic and they will exceed all prior generations.

Yes, the tax bill is going to poop unicorns and gold bricks.  Well, at least if your estate is > $12M.  You know, like the struggling millennials in the article.

[Tugg Speedman]

Sigh!!!

I first read a version of this in 1981 as a Freshman at MU.  I've never stopped reading it since.

If you gave me two choices,

* plow all your money in the stock market (say a broad-based index)
* all in cash

The more irresponsible thing is all cash.

This is why I have said in the investing threads that my "neutral or do nothing position" is an S&P 500 ETF.  So yes, I missed the big rise in Apple (50%+), but that money is still up 22% because that is what the market is up.  Conversely, the two years I have panned Disney as a bad investment, yes it is up 9% in the last two years, but my doing nothing position is up 36% over the same period.

So, yes your correct, those that believe this and are afraid to invest or embrace risk are F-ed.  I stopped believing this garbage 30+ years ago and it is the single best thing I have done (career/financial wise).

[Herman Cain]

Yes, the tax bill is going to poop unicorns and gold bricks.  Well, at least if your estate is > $12M.  You know, like the struggling millennials in the article.

1. Standard Deduction increased materially
2. Rates lowered
This means you take home more money. More money means more demand.

Corporations have more dollars to invest in productive activities to meet increased demand . These investment will increase employment. This comes at time when corporations are already having a hard time finding good people. So wages will go up.

If you take the time to study the deal it benefits everyone.

[ChitownSpaceForRent]

Corporations are going to have more money to give to the CEOs and hide in overseas bank accounts.

[Herman Cain]

Corporations are going to have more money to give to the CEOs and hide in overseas bank accounts.

The tax reform is actually enabling the corporations to bring the money back from overseas. Stockholders of corporations are already benefiting from the tax cuts, which means anyone who has a 401k or pension plan has benefitted from the anticipation of the corporate tax cut.   

[GGGG]

The tax reform is actually enabling the corporations to bring the money back from overseas.

Which they did last time....only to raise dividends and conduct stock by backs.

Supply side economics is bullsh*t.

[Pakuni]

The tax reform is actually enabling the corporations to bring the money back from overseas. Stockholders of corporations are already benefiting from the tax cuts, which means anyone who has a 401k or pension plan has benefitted from the anticipation of the corporate tax cut.

Cough cough ....

https://www.wsj.com/amp/articles/how-would-companies-deploy-repatriated-cash-under-tax-bill-1513429201

Also, less than half of Americans have any stake in the stock market  and 80 percent of the stock value is owned by the top 10 percent of wealthiest Americans.
So, yeah, this is jus the rich getting richer.

[Herman Cain]

Which they did last time....only to raise dividends and conduct stock by backs.

Supply side economics is bullsh*t.

Raising Dividends and Stock buy backs benefit everyone. Public Employees who have have defined benefit pension plans , which very few people in the private sector have any more, benefit the most from the increased dividends which support higher stock prices. The higher stock prices enhance the value of the assets in the pension plans and the ultimate ability of the pension plans to honor the obligations. People with 401 K who have direct title to their assets benefit directly from this.

I find it fascinating that an educated person like yourself is willing to cast aside all the facts and just submit to a purely emotional analysis, that is based in jealously and envy of those who are successful.

I worked my way up from the bottom and understand what it takes to meet a payroll. I don't think you have a clue.

[GGGG]

Raising Dividends and Stock buy backs benefit everyone. Public Employees who have have defined benefit pension plans , which very few people in the private sector have any more, benefit the most from the increased dividends which support higher stock prices. The higher stock prices enhance the value of the assets in the pension plans and the ultimate ability of the pension plans to honor the obligations. People with 401 K who have direct title to their assets benefit directly from this.

I find it fascinating that an educated person like yourself is willing to cast aside all the facts and just submit to a purely emotional analysis, that is based in jealously and envy of those who are successful.

I worked my way up from the bottom and understand what it takes to meet a payroll. I don't think you have a clue.

I am perfectly aware of the facts.  Increasing income inequality throughout history has been poor for society.  This is what supply side economics largely causes.

[Stronghold]

"Many white millennials have an iceberg of accumulated wealth from their parents and grandparents that they can draw on for help with tuition, rent or a place to stay during an unpaid internship."

The absolute number of white people living in poverty (~25 million) is more than all other ethnic groups in the U.S. combined (~18 million).  A lot more white people are in trouble than any other racial group.

[jesmu84]

Sigh!!!

I first read a version of this in 1981 as a Freshman at MU.  I've never stopped reading it since.

If you gave me two choices,

* plow all your money in the stock market (say a broad-based index)
* all in cash

The more irresponsible thing is all cash.

This is why I have said in the investing threads that my "neutral or do nothing position" is an S&P 500 ETF.  So yes, I missed the big rise in Apple (50%+), but that money is still up 22% because that is what the market is up.  Conversely, the two years I have panned Disney as a bad investment, yes it is up 9% in the last two years, but my doing nothing position is up 36% over the same period.

So, yes your correct, those that believe this and are afraid to invest or embrace risk are F-ed.  I stopped believing this garbage 30+ years ago and it is the single best thing I have done (career/financial wise).

What if you can't afford to buy stocks/invest because you're too busy trying to make ends meet?

No doubt smart investing increases your wealth. Not everyone can do that. So...

[jsglow]

[jesmu84]

Interesting thread so far.

I'd be interested to know, of those who have responded, who is a millenial and who isn't?

[Herman Cain]

I am perfectly aware of the facts.  Increasing income inequality throughout history has been poor for society.  This is what supply side economics largely causes.

We live in a capitalistic society, by definition there is going to be differences in income. For example I am on call 24/7/365 and have significant responsibility for the welfare of the people who work in our company.  I have taken on risk in doing that and am compensated accordingly.

The wealth and standard of all living in society has increased materially over time.   The current period is one not unlike the days of the industrial revolution. There were people then who were displaced by things like the cotton gin etc, just as people are displaced today. However, once these technology based  transitions occur all boats are lifted.

Today there is unlimited potential for someone who can read , write and communicate properly. Those who have mastered skills using the latest technology are in a strong position to do well.

Real world example, with the corporate tax cut, we are going to invest in several new facilities in communities in need of good paying jobs. We will generate about 200 brand new jobs with a good future for those employees with  these investments. 

[Jockey]

"This is what it feels like to be young now. Not only are we screwed, but we have to listen to lectures about our laziness and our participation trophies from the people who screwed us."

Same things were said 20, 40 and 60 years ago.  This isn't new.

This. They are different than we were, but they will be fine.

When we had unions, there were always jobs that payed a livable wage. I didn't go right to college out of HS because I wasn't expected to. There were plenty of jobs where I could make a decent living and start raising a family. Once we started seeing the destruction of the unions, I knew the time had come to go to school and, obviously it paid off.

Now, society has determined that only the richest among us deserve more. The pendulum will swing back soon.

[#UnleashSean]

The tax reform is going to change the prospects of the millenials for the better. Wage earners keep more of their earnings and job prospects are much better as companies have more resources to build their businesses. Millenials need to embrace old fashioned  work ethic and they will exceed all prior generations.

HI I'm a young person. Could you explain to me about how my taxes being raised 300% will save me money?

[Herman Cain]

HI I'm a young person. Could you explain to me about how my taxes being raised 300% will save me money?

Your taxes are not being raised 300 percent. You are going to be paying less taxes.

[#UnleashSean]

Your taxes are not being raised 300 percent. You are going to be paying less taxes.

But the taxes for graduate student tuition credits are being raised. Which will raise my taxes by 300 percent. So how?