New Report From Bernie Sanders Details Declining Living Standards for Millennials

[Uncle Joe]

(snip)

But recent years have seen the publication of study after study showing that this is not the case, especially for young people. A new report prepared by the Government Accountability Office (GAO) for Vermont senator and 2020 presidential candidate Bernie Sanders, and provided to Teen Vogue, offers fresh evidence. The road to the American Dream looks much bumpier for millennials (people born between 1982 and 2000) than it did for Generation X (people born between 1965 and 1981) and baby boomers (people born between 1946 and 1964).

(snip)

According to the report, in the 1970s, 94% of 30-year-olds earned more than their parents did at that age, as opposed to 2010, when only 50% of 30-year-olds earned more than their parents. In 2016, the median net worth (assets minus debt) of millennials between ages 25-34 was 36% lower than it was for Gen X'ers at that age; just $20,038, compared with $31,240 for Gen X'ers. The report goes on to highlight the unique factors that have led to this change: a decrease in homeownership and an increase in student loan debt.

About 43% of millennials between ages 25-34 own homes, compared with 51% of Gen X'ers and 49% of baby boomers at that age. Given the significant role that homeownership plays in the accumulation of wealth, this has contributed to the declining net worth of this generation. However, according to the study, student loan debt is what really differentiates millennial finances from other generations, with millennials more likely to have student debt that exceeds their annual income. In 2016, millennial households had a student loan-to-income ratio that exceeded 100%, compared with ratios of 50% or less in previous generations. The figures are particularly grim for those in the bottom 25%. While Gen X'ers and baby boomers in that cohort had a net worth around zero, on average, these millennials have about $19,470 in debt.

The GAO report also takes into account the additional factors that influence economic mobility, such as parental income. Between one-third and two-thirds of economic status is passed down from one generation to the next, according to the report, so parental income has a significant impact on wealth and earnings. Geographically, people living in counties in the southeastern United States have lower rates of economic mobility than those living in the rural Midwest. To get more specific, growing up in an affluent neighborhood can positively impact a child’s future earnings to nearly the same extent that a bachelor’s degree does. When it comes to race, Black men have lower adult income than white men who grew up in the same neighborhood as they did in 99% of census tracts, even when accounting for parental income. Additionally, only 4.2% of Black children grow up in neighborhoods that have markers associated with higher levels of mobility, compared with 62.5% of white children. (The 1934 creation of the Federal Housing Administration — which made homeownership accessible to white people by guaranteeing their loans, and simultaneously refused to back loans to Black people — played a large part in historical racial disparity, and its legacy is still visible today.)

(snip)

https://www.teenvogue.com/story/bernie-sanders-report-millennial-living-standards

Edit to add a nice graph to depict the disparity between the generations.

(snip)

"If we don't fundamentally transform our economy, we are facing—for the first time in the history of this country—the possibility that our young people will suffer a worse future than their parents had," said Sanders, a 2020 Democratic presidential candidate. "We must tell the economic elite who have hoarded income growth in America: No, you can no longer have it all."



(snip)

https://www.commondreams.org/news/2019/12/18/sanders-report-shows-how-millennial-generation-being-punished-crushing-student-debt

[guillaumeb]

1. But the US corporate media constantly promotes the myth of a booming economy.

And the economy is doing very well, for the rich.

[George II]

2. Hmmm, this is interesting:

A new report prepared by the Government Accountability Office (GAO) for Vermont senator and 2020 presidential candidate Bernie Sanders

So now Sanders is using the GAO to generate campaign talking points for him?

[ArcticFox]

37. Please

The GAO provides auditing, evaluation, and investigative reports to Congress. Congresspeople ask it for reports all the time. This is an issue if importance.

Are you suggesting that Sanders must stop doing his job as a Senator just because he's running for President?

Because it sounds like you're trying to equate regular legislative activity with some abuse of power

[George II]

38. Well he hasn't been in the Senate Chamber since July, missing about 150 consecutive votes.....

....that's almost half a year. Isn't that a big part of his job as Senator?

[corbettkroehler]

39. That's Right - The Line Quoted Was From The Journalist, Not Sanders (n/t)

[beastie boy]

3. Teen Vogue! Finally you are using reputable sources, Uncle Joe! Not Commondreams or Jacobin.

I knew you would come around one day!

[Uncle Joe]

5. I just edited the OP and added a graph from Common Dreams with a graph from the GAO. n/t

[beastie boy]

8. That's huge progress too! Ordinarily, you would post the same report from two different sources

as two separate posts following one another.

Thank you for keeping your promise, Uncle Joe. Thumbs up!

Now we have to work on the your choice of sources. For factual impartiality, I like Teen Vogue better.

[Uncle Joe]

9. Well I'm a progressive and we're all about progress not a static status quo suffering from entropy.

I pay far more attention to the content and/or argument presented versus the source.

Of course sources have to be taken into account as well because they can and do have conflicts of interests (usually financial) but even in those cases I will post them should I find the substance of the article to be compelling and/or factual.

I'm not perfect and never claimed to be but I try.

[LanternWaste]

11. So no more blaming BS's poor performance on media and polling methodology?

Or is the "all about progress" thingy just a quick excuse until it no longer fits the narrative?

[Uncle Joe]

17. The corporate media conglomerates have inherent financial conflicts of interest against

progressive policies ie: Medicare for All that threaten their bottom lines.

Do you deny this?

[TidalWave46]

19. Who funds Common Dreams?

Dark money? Seems some of their efforts are very similar to the number of PACs working on Sanders behalf.

[Uncle Joe]

20. Common Dreams is funded by contributions from its' members and readers, they don't accept

advertising money and CD is a news website that champions progressive causes so it be would be natural for them to champion Bernie.

(snip)

Since its inception, Common Dreams has never accepted advertisements or special interest money, sustaining itself through the contributions of its members and readers. This policy was established to assure its independence as a media outlet.

https://en.wikipedia.org/wiki/Common_Dreams

Now it's your turn as I answered your question, from my post #17

The corporate media conglomerates have inherent financial conflicts of interest against

progressive policies ie: Medicare for All that threaten their bottom lines.

Do you deny this?

Who do you think funds the corporate media conglomerates and do they have an inherent financial conflict of interest with the public good?

[TidalWave46]

24. So you don't know who funds them?

My question was clearly attached to something so I will ask again. Dark money?

[Uncle Joe]

25. I answered your question but you never answered mine.

Who funds the corporate media conglomerates and do they have financial conflicts of interest with the public good?

[TidalWave46]

26. So they are a dark money group?

It's a simple yes or no answer.

You are doing nothing more than deflecting with your whole corporate media angle. I can post links where you have promoted stories from the corporate media on DU far more often than I do.

What you are doing is blatant deflection to hide behind walls of verbiage so you don't have to state that you truly have no clue where the money to fund Common Dreams comes from.

Stop deflecting. Specially when you try to turn it into an attack on the same corporate media you use to promote story after story.

[Uncle Joe]

27. Now you're just projecting "deflection" because you're afraid to answer my question. n/t

[TidalWave46]

28. That makes very little sense. Just more deflection from the topic of the op.

Again, you didn't answer the original question. Dark money group?

Fear doesn't mean what you think it does. Maybe that's a part of your tactic here. You think I'm really "afraid" to take on your deflection. That's funny.

How about a yes or no to the original question I asked. There is a correct answer and it is that easy. There is a reason you won't directly answer it. You are now sitting in a position where you have to admit that PAC's are helping Sanders left and right and that dark money non-profits are performing almost the exact same thing for him that his PACs are doing.

Now go deflect from the op again.

[Uncle Joe]

30. Readers and members of Common Dreams fund them and they don't take advertising money

that was the answer to your original question of "who funds Common Dreams?"

Of course you still haven't answered my original question re-posted several times on this thread because you know the answer but are afraid to admit it.

Yes or no do the corporate media conglomerates have financial conflicts of interest with the public good?

[TidalWave46]

33. So it is dark money.

You won't use the words but it's all there.

The corporate media is funded by corporations and individual citizens. Clearly there are ethical concerns.

Common Dreams is funded by dark money. Clearly there are ethical concerns.

[ArcticFox]

36. Stay strong brother

You're on the right side of history. These folks are just following the "besmirch Sanders, stick with the establishment" playbook.

[beastie boy]

14. If you are for progress, what could be better than Teen Vogue?

Joking aside, I really admire your enthusiasm. keep going! We need all the voices heard, even Jacobin.

[Act_of_Reparation]

10. Do you refute the claim that millennials are worse off than Boomers or X-ers were at the same age?

If yes, I look forward to your exciting evidence from a totes reputable source. Like a peer-reviewed journal or somesuch. To which I am sure you have access.

If no, I have one neat trick for not wasting time on the internet.

[BeyondGeography]

15. They're waiting on a reputable source

A Jennifer Rubin WaPo column, eg.

[beastie boy]

16. Of course I don't. After all, we are looking at the same GAO report, aren't we?

But citing Teen Vogue instead of GAO is like getting the latest makeup tips from The Economist. Kinda funny.

Besides, Uncle Joe and I got a thing going. We both enjoy each other's posts. The best use of the Internet I can think of.

[progressoid]

12. When you can't refute the facts, attack the messenger.

[beastie boy]

18. Is the report from Bernie? No? Did the OP give credit to GAO? No?

But Teen Vogue did! So I gave credit to Teen Vogue. I know, I am a notoriously vicious attacker of messengers.

[Uncle Joe]

21. Did you read the OP? No

(snip)

But recent years have seen the publication of study after study showing that this is not the case, especially for young people. A new report prepared by the Government Accountability Office (GAO) for Vermont senator and 2020 presidential candidate Bernie Sanders, and provided to Teen Vogue, offers fresh evidence. The road to the American Dream looks much bumpier for millennials (people born between 1982 and 2000) than it did for Generation X (people born between 1965 and 1981) and baby boomers (people born between 1946 and 1964).

(snip)

https://www.teenvogue.com/story/bernie-sanders-report-millennial-living-standards

[beastie boy]

22. i always read your OPs, Uncle Joe! (well, the ones I respond to, anyway)

And you gave undue credit to Bernie, and no credit to GAO. What you did was link to the Teen Vogue article without giving credit to GAO, and Teen Vogue, whom you quoted,gives credit to GAO in turn.

The credit is all theirs for accurately citing the source.

[Uncle Joe]

23. I posted a news article with the accurate title of said article as written

and the credit in order was given in the first paragraph of this OP which I just bolded for you on post #21 Gao prepared for Bernie and he provided this report to Teen Vogue.

So Teen Vogue received it from Bernie.

It can't be any more clearer than that, I have no idea what your beef is?

[InAbLuEsTaTe]

31. Of course... no surprise there. It's just fear that Bernie is kickin' ass & takin' names

on his way to winning the Democratic nomination. I couldn't be more proud of Bernie in bringing up progressive issues that We The People actually care about!!


Bernie/Elizabeth or Elizabeth/Bernie 2020!!
Either way, they're stronger together & can't be bought!!
Time for all to join the progressive revolution!!

[TwilightZone]

4. "prepared for" not "from"

The report is from the General Accountability Office. It was prepared for Senator Sanders, as clearly noted in the article.

[George II]

6. I wonder how Senators get away with using the GAO to create campaign materials?

[Wellstone ruled]

7. This is suppose to be a News Flash?

Get friggin real,good grief,we have five Kids that are living proof of this Story and this story has been on going for ten years. And there Social Acquaintances are in the same boat.

Income growth is DOA. Insurance for Health,Home and Auto are at killer rates. Food and energy costs have more than doubled in the same time frame.

And yes,Wall Street is just for the Billionaire Class and those so called 401k bennies are not happening for most. They need the disposable income to make it from week to week.

[redqueen]

32. You might be surprised how many people write it off as young people being irresponsible.

It's shocking, but it's actually said here too.

[Wellstone ruled]

34. Your last statement rings true.

The Millennial population as a whole,are much more savvy than those whom spew the Irresponsibility Theory.

Funny,this was a go to phrase used as a talking point when confronted as to why Younger Americans are left out of the main stream,in one of my City Planning,Management and Operations Courses in College. The Prof said,watch for this statement to be used in years to come. Believe the Text Book we used came out of Columbia University.

[Farmer-Rick]

13. It's all the compounding interest on those student loans that can't be discharged even in bankruptcy

Year after year as high as 7% added and added and added then added to the interest again and again....a lifetime of debt. That sales clerk wage can never pay off that ballooning debt but that is the most common job in the US. Yet the filthy rich get to borrow at less than 1%.

Now tell me how this is fair? Capitalism is eating our children.

[InAbLuEsTaTe]

29. Thanks Uncle Joe... nice to see Bernie's all over this, as he continues

to positively dominate the headlines on a number of progressive issues. No wonder Bernie's poll numbers continue to steadily climb. The Bernie-bashing is also not surprising... it's just outta fear that he's gonna win his party's nomination.


Bernie/Elizabeth or Elizabeth/Bernie 2020!!
Either way, they're stronger together & can't be bought!!
Time for all to join the progressive revolution!!

[TexasTowelie]

35. Let's think about this one paragraph to add perspective:

According to the report, in the 1970s, 94% of 30-year-olds earned more than their parents did at that age, as opposed to 2010, when only 50% of 30-year-olds earned more than their parents. In 2016, the median net worth (assets minus debt) of millennials between ages 25-34 was 36% lower than it was for Gen X'ers at that age; just $20,038, compared with $31,240 for Gen X'ers. The report goes on to highlight the unique factors that have led to this change: a decrease in homeownership and an increase in student loan debt.

For the first sentence, those 30-year-olds were born in either the Great Depression or World War II. Meanwhile, most of the 30-year-olds were born in the relative prosperity of when students that only had high school diplomas could find jobs in fields like manufacturing and the oil-and-gas sector. That really isn't a fair comparison and it illustrates how data can be manipulated to support a certain point of view.

For the second sentence that compares Gen X with millenials, one of the other factors is that manufacturing jobs were on the decline. While the decrease in homeownership and increased student loan debt are considerations, the fact that high-paying jobs for those without college degrees have more or less vanished is also a factor. In statistics, we frequently hear the phrase, correlation does not imply causation.

I will point out that while I had a reasonable middle class income in my 30s, I chose not to purchase a home for several reasons: 1) I did not have children so why should I purchase a home when I did not need that much space, 2) I preferred the fact that as a renter I did not have spend as much of my time performing maintenance tasks every weekend and enjoyed the freedom to do other things such as travel or hang out with my friends, 3) the price of housing was over-inflated so why would I want to invest in a home when I expected the house to lose value.

Meanwhile, I look at my best friend from college who has three sons. All three of his sons graduated from college and began jobs with higher salaries than my friend or I ever made at the peak of our careers. A few of my other younger friends (15-20 years younger than me) also started careers earning almost as much as I was making when I already was working over 15 years myself. If anything, I more apt to feel envy than sympathy for those millennials.

The point is that the studies that are mostly biased. As a statistician, I know the relative ease of how data can be manipulated to support a certain point of view. There may be some truth to the report in Teen Vogue, but I also expect that there is a substantial amount of bias and manipulated data in that report too to support their conclusion.

It's also difficult to make an impression on me that millennials have it rougher than I did as one of the first Gen Xers when I see them driving around in better vehicles that I ever owned, having the newest high-tech devices, move into buildings that were recently constructed, and live more lavish lifestyles including purchasing more clothing and dining at high-end restaurants instead of a fast-food diner.