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Bettie

(19,457 posts)

47. It is an apples to apples comparison:

Fri Oct 23, 2020, 02:44 PM

Oct 2020

From the article:

Millennials, who are the median age of 32 today, control just 4.6 percent of U.S. wealth, far behind the 21 percent Boomers had at about that same age a generation before. These working young adults will need to quadruple their bank accounts in the next two years in order to match the financial share controlled by their parents during the late 1980s, when the median Boomer was 34 years old.

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Newsweek Article: Millennials Control Just 4.2 Percent of US Wealth, 4 Times Poorer... [View all] Bettie Oct 2020 OP

The older you get the more wealth you accrue. brush Oct 2020 #1

Did you miss this part? Bettie Oct 2020 #2

They better vote in Democrats then. When Dems are in power... brush Oct 2020 #4

Plenty of Boomers don't give a fuck about that. Mariana Oct 2020 #9

It's not an attitude. It's just what happens in life if you're not... brush Oct 2020 #40

Do you believe Mariana Oct 2020 #41

I certainly didn't say millennials are complete screw ups. brush Oct 2020 #42

So? EVERYONE had significantly more wealth when Boomers were their age - this is unnecessarily Kashkakat v.2.0 Oct 2020 #43

No, that's wrong. The point is the Millennial *share* of wealth is smaller than earlier generations' muriel_volestrangler Oct 2020 #44

Wages have stagnated MUCH more severely in the last few decades Withywindle Oct 2020 #3

I just leighbythesea2 Oct 2020 #8

Yeah, they really got screwed on the cost of college TexasBushwhacker Oct 2020 #18

That is a lot to ask of a 16- or 17-year-old Withywindle Oct 2020 #25

Yes...absolutely, your last sentence is the thing we need to keep in mind... Bettie Oct 2020 #27

This message was self-deleted by its author appalachiablue Oct 2020 #31

+10 Amen, well said. In 3 generations my family attended college appalachiablue Oct 2020 #32

Yes, this "buyer beware" nonsense is exactly what exploiters count on. Caliman73 Oct 2020 #35

That minimum wage decline was pre-1989. Here's a graph of minimum wage, allowing for inflation muriel_volestrangler Oct 2020 #45

Yes, but that's missing the point. meadowlander Oct 2020 #39

Millennials getting shafted, big appalachiablue Oct 2020 #5

Yes, they are Bettie Oct 2020 #6

Between much lower wages, high college loan debt appalachiablue Oct 2020 #7

I agree with everything you said Bettie Oct 2020 #28

Does the article put it in historical perspective? GulfCoast66 Oct 2020 #10

They generally speaking have about 1/4 of the wealth you had Bettie Oct 2020 #11

Historical perspective: Bettie Oct 2020 #12

Thank you for the info. GulfCoast66 Oct 2020 #13

We just want free stuff, man Sympthsical Oct 2020 #14

I sympathize Bettie Oct 2020 #15

Part of it is also a lack of career security Sympthsical Oct 2020 #16

Yeah, my husband and I entered the work force right as they Bettie Oct 2020 #17

Greenspan, Ayn Rand, and Chicago School of Economics Lars39 Oct 2020 #29

+1 The birth of the libertarian controlled GOP. appalachiablue Oct 2020 #33

Agreed Lars39 Oct 2020 #36

As an older millennial I agree with you about the job hopping Jspur Oct 2020 #20

As a Gen Xer, this resonates Withywindle Oct 2020 #23

It's interesting how Gen X was the first generation to be worse off Jspur Oct 2020 #19

For the last 40 years, since Reagan Withywindle Oct 2020 #24

Agreed as a fellow millennial Jspur Oct 2020 #21

This Boomer understands and regards the system as unfair and cruel, #32 appalachiablue Oct 2020 #34

You mentioned your friend in another thread Sympthsical Oct 2020 #38

I also think the majority of our generation will not Jspur Oct 2020 #22

K&R Solly Mack Oct 2020 #26

They should vote then . In every election including octoberlib Oct 2020 #30

Kick appalachiablue Oct 2020 #37

Um, don't young people generally have less wealth than older people? brooklynite Oct 2020 #46

It is an apples to apples comparison: Bettie Oct 2020 #47