Why are millenials so poor?

Why are millenials so poor?

Other urls found in this thread:

fred.stlouisfed.org/series/CURRCIR
fred.stlouisfed.org/series/WRBWFRBL
frbsf.org/education/publications/doctor-econ/2013/march/federal-reserve-interest-balances-reserves/
fiscal.treasury.gov/fsreports/rpt/goldRpt/current_report.htm
federalreserve.gov/releases/h41/current/h41.htm
twitter.com/SFWRedditVideos

No gibs

Up

>>
Seems like they printed away 3/4 of the average americans wealth.....

B A B Y
O
O
M
E
R
S

Which fucking retard thinks this graph makes any sense

Because they can't stop re-assigning their genders and occupying wallstreet.

I kind of wish my generation would all die. I'd give my life up if it meant removing the scourge and damage done by all millenials.

>BLAMING EVERYONE BUT YOURSELF
>L
>A
>M
>I
>N
>G

>E
>V
>E
>R
>Y
>O
>N
>E

>B
>U
>T

>Y
>O
>U
>R
>S
>E
>L
>F

because they are financially illiterate

The gold standard ending is not an arbitrary point.
You're not even making logical arguments, you're just calling massively important geo economic and political events "arbitrary".

Monetary base is a bit misleading, it's not all money printed. The actual money in circulation is lower, even though it also has risen substantially.
Major share of Monetary Base is actually Reserve Balances with Federal Reserve. It's not printed and it's not in circulation, although potentially can be if people start bank runs.

fred.stlouisfed.org/series/CURRCIR
fred.stlouisfed.org/series/WRBWFRBL

I'm not gonna generate a shitload of tax revenue for a hostile ZOG while spics funnel money directly out of the economy and multinationals offshore/insource all the good jobs. No sir you're not fucking my ass. not this time. BRING IT DOWN

It's an important event but it's clearly not a point on the chart that has any importance to the trend that's being illustrated.
If you removed the years you wouldn't even be able to point out where the gold standard was abolished on this trend bar.

You're objectively correct, but monetary policy is politics not economics. Especially Keynesian monetary policy and theory.
I'm just inferring everyone knew about all the events leading up to the destruction of the gold standard and the ones after it. Do people here not know of these things?
Maybe I should remake the graph with more events.
Thanks for this, I thought all printed currency was in circulation. Why would they print any of if it was intended not to be? Purely because (what you mentioned) they know a bank run will eventually happen?
And if it does, doesn't that mean we will be in hyperinflation if a bank run DOES happen and all that currency is released into the market?

Is this a good book, or just a meme? I've seen it talked about for years

It's not an arbitrary date, it's one of the most important points in monetary history. The trend started somewhere in the 60s, when countries started to demand gold, the policy reaction was just delayed.

Well, these were problems set in motion before a lot of millenials were even alive yet. Why should they blame themselves for a cause and effect relationship that was set in motion 20 years before they were even born? Especially when boomers didn't face the same problems and when there's a lot of history suggesting that they created them?

it should be state enforced reading but (((they))) dont want you to know this common sense

i met a self multi millionaire in austria who said it was the most important book he ever read

Baby boomers never retired because most lost their retirement in the collapse. Millennials are at fault too since most of us are entitled faggots.

Underemployment, liberal arts degrees, and social media are also the biggest culprits.

Why not just say "Well. Fuck the situation is pretty bad because of the previous generation. But I guess I can try to fix it somehow by being thrifty and creative" instead of slurping your 15$ sperm latte with rainbow sprinkles while updating your Instagram about how unfair it is that your parents didn't buy you a new iPhone?

Babyboomers fucked up society for everyone.

Damn.

As I understand it's another mechanism for Fed to influence interest rates.
frbsf.org/education/publications/doctor-econ/2013/march/federal-reserve-interest-balances-reserves/
But I believe it is a buffer in case of bank runs.
>And if it does, doesn't that mean we will be in hyperinflation if a bank run DOES happen and all that currency is released into the market?
Well something similar happened in Ukraine. Financial system was destabilized, people started to cash out and Central Bank had no choice but to print a lot of Hryvnias, which crashed the exchange rate and inflation shoot up to 45%.

Well, I think that a lot more people than you'd actually like to admit are doing that. Most of the "communists" and retards you see in the millenial generation are upper middle class or lower upper class children who have always had all their needs taken care of, have never had to actually worry about money, and think that their opinion should actually matter. The silent, non-bitching majority does as you describe and the situation isn't any better for it.

Generation Xers are bad parents who left their kids with nothing.

Because they are young. The Young are poor the old are rich. Don't fuck up and just keep working and you will be ok.

Also people tend to forget that although Fed doesn't and legally can't own physical gold, but it has gold certificates for around 8 thousand tonnes. That's exactly the amount Treasury stores.
fiscal.treasury.gov/fsreports/rpt/goldRpt/current_report.htm
federalreserve.gov/releases/h41/current/h41.htm
Interestingly, those certificates are priced at 42.22 per troy ounce, not at market value.

it is a meme. it can be summed up in a few lines, know the differene between an asset and a liability. because a lot people are so dumb they dont know a car is a liabiltiy. example: a house you live in is only an assest if you sell it for more than you paid. *minus*all the mantentice. which means some houses work out not to be an assest.
grow assests, limit liabilities .
the rest of the book is fluff.

Boomer here.
This boomer bashing needs to stop. 1) because it is unfairly deserved for our generation. We didn't as a group coordinate and plan the experience good times, they just happened and we were there. 2) Blaming others for your situation will NOT fix it. Get out there, get on those payrolls, earn a living and feel proud about yourself. As they say, hard work is its own reward.

No we didn't.. you are just looking for a convenient scapegoat. We worked hard just like you young folks will do. And you'll be successful like we were, too.

This is purely anecdotal but I know an anesthesiologist who when to school in the 60's and he remembers paying about $300 tuition a semester to go to UCLA, which, adjusting for inflation, comes to about $2,300 in today's dollars. Considering that UCLA now charges anywhere from $28,000 to $34,000 in tuition per semester, I'd say shit is pretty fucked.

Thank you for not using a picture of that ugly, soulless, short-haired cunt.

Well, its clear that your money, and therefore your work, went a lot farther than ours does. I don't necessarily want to demonize an entire generation because I think that sort of generalization is stupid for a number of reasons. Nevertheless, there have been a great number of economic policies from about the 1970's onward which have really fucked us. But they have fucked everyone. The baby boomers are just older, typically better established, and more able to deal with these issues than people who are just starting out. If you are just starting out, things are a lot more tight than they have been probably since the end of the war.

up

This. The classic boomer argument is " it was a lot of money back then."

My parents bought their detached house in Toronto in the mid 80s for 75k. On a single income. My dad then made 16 dollars an hour at a liquor store. The same liquor store pays 22/hr now. 30 years have gone by. 30 percent more money from a once-good job. 1000% hike in the cost of a house. Peak boomerism

Well, who's not hiring millennials due to a lack of experience despite they themselves having started their own career without any experience?
Who's exported all the labour demand to East Asia and imported foreigners to perform domestic labour that couldn't be exported instead of hiring local millennials?
Who's voted for affirmative action?
Who's hogging all the real estate as a source of retirement funding?
Who are the bureaucrats preventing millennials from buying and developing their own land?
Who are the bankers who can't be bothered to take a chance anymore?
And lastly, who are the people who were so happy to go to university and build a big career but couldn't be bothered to produce enough children to shoulder the burden of their social benefits?

It's not Gen X, and the Greatest Generation still regrets not doing anything about it.

Jews

Old people cost money.

Avocado toasts you faggit

They are poor by comparison because "Nixon" (Jews) printed all that shit with a plan to make the Gen-pops money meaningless by comparison to those who were in on it (Jews). Those idiots didn't think about the real eonomy and didn't provide (like most centrally planned economies)

Up

Because they're entitled and lazy. When I was 25 I owned a house, a car and I was supporting 5 children and the wife by working a lathe at the steel mill. Be a man and get your hands dirty. You can't all have cushy IT jobs.

spot the jew

Because they don't want to work for their wealth. Nor do they have the knowledge of how to invest in financial markets.

Boomers tanked the economy with the trickle down and right to work

> t. boomer or genx who got his first job with neither degree nor experience and got to hog a comfy gov office job without actually diligently performing it

Exactly, that’s how millennials are treated; scapegoats for the mistakes of previous generations and groups, who are becoming increasingly old, weak, senile and isolated.

People seem to forget that it is the succeeding generation that inherits the earth, in all its mistakes and glory. Unless you want to tell me immortality has been reached on a mass scale? No?

>Because they're entitled and lazy. When I was 25 I owned a house

You're still in your mom's basement at 35 because you were a lazy fuck, OP.

Pic related

>WORK WILL SET YOU FREE

Work if for beta cucks

This is a blackpill

Up

Up again

Rise again

Buy a doublewide then you fuckwit, you can get a 2000sq ft modular home for around 60k. Add another 15k for an acre of land and you're set.

>hogging a job

Socialist detected. You realize socialism just means you have to wait in lines for literally everything.

>Excelerates

Poor is a relative concept. Not everyone was meant to have a home and family. Working isn't for everyone.

I have everything I want with NEETbux since living with my parents takes care of the rest.

This. Living in a trailer innawoods with some solar panels paid for by bux seems breddy nice. Property away from all jobs is breddy cheap.

It is used to sell people on pyramid schemes, written by a guy who got rich on pyramid schemes. That is about all I know about it.

kek give him a meritocracy then. All jobs reevaluated every 2 years whereby the employer gives relevant multiple choice/practical tests to the existing employee and any challenger. Highest score gets the job, boomers and minorities get fucked.

I'm poor because I hate people

My father setup a college fund for me and stopped contributing to it once he thought that it was enough to pay for my education. In truth it barely covered the cost of books. Thankfully my grades and test scores were high enough to qualify for scholarships.

Inflation has boiled the frog. They don't realize that the buying power of their dollar is dramatically less than it was only a few short decades ago.

SEGILAH
ERALIPA
G
ILENLI
L
A
H

Gen X here, on the cusp of being a millennial. We (Gen X) had a chance to make it... Low tuition, housing, more jobs, etc... However, we were the last generation to have a life comparable/better than our parents... It's simple demographics coupled with a very, very selfish boomer generation that has pulled up the drawbridge big time. Unfortunately, noone seems to care!! I am shocked and stupified by the lack of reaction to all this... Boomers going on 5 holidays a year, getting 80k kitchens, retiring at 50 year old, etc... But younger generations don't say shit... And I see many of them living in relative poverty. Just remember - the boomers don't give a fuck about you, they will eat your life away with there selfish stupidity!

Up

Up

UPUPUP

Never come down

Up

Millenials have done it to themselves, too, in the form of becoming zombified by their phones. They have lost many important social skills due to this (in relation to effective and articulate speech, basic eye contact, recognizing others' emotional responses). This all effects one's ability to network and interview. I'm sorry, but to find a twenty something that even has basic manners is becoming a rarity. They like to believe they are "social", but in actuality, they seem to be becoming more isolated.
pic related in terms of the unhealthy narcissism that is inherent in smartphones and social internet platforms..."look at me".. perhaps they should take a page from Sup Forums and become anonymous

I wouldn't. I'd side with my generation if this was the case and fight for my life. However I'd be a traitor to my generation if it was beneficial. I need to survive no matter what.

What I don't understand is why so much of my generation is against skills based education and think if you are educated to do the job you deserve minimum wage whereas if you are educated in liberal arts you deserve a better income for being supposedly smarter.

I don't think they are true proletariats like I am. My parents focused on job education and practical skills. I wasn't told to blandly follow my dreams. I was told I probably wouldn't be into acting or art or writing and that it would be a waste of time and money. To them, trades, unionized jobs, and the military were the best things for people to do. A government unionized job you stay there for life was the jackpot basically. What generation was raised like this?

Because we have a state that actively steels from the young and poor to give tot he old and rich in a massive wealth transfer to the older generations that voted massive entitlements to themselves like cunts

Also the wages vs cost of most things has gotten way worse, so despite people getting paid slightly more than they did (adjusted for inflation) but the cost of big ticket items is much higher.

Good news is the quality has increased and food has gotten relativey cheaper and better but wages are not keeping up with the cost of things like housing and transportation, and child rearing

What can we do to open up more opportunity to the young?
I say this as a father who sees his own child's future as grim with the current trend of stocks increasing despite jobs being in shortage

>" it was a lot of money back then."
fuck I hate that argument, you can fucking calculate in working hours that boomers were/are playing live on easy mode.
>be my parents 30 years ago in their late twenties/early thirties
>father earns 15 german mark per hour in a simple trade job
>save a bit of money, loan the rest from bank and buy a big ass house for 90k
>this is equal to 6.000 work hours or about 3 years of your total annual income
Fast forward to today
>still living in same house, said house is now 600k€ worth.
>at the same time most simple trade jobs like my father had still only pay 15-20€ per hour
>the very same house is now equal to 30.000 work hours, or 15 years of your total annual income.
And yet my father complains that I am lazy and he had his own house when he was my age.

make the hiring process meritocratic
guide here

sorry wrong link

Crypto unironically. Boomers are shitting their pants now that we won't buy their 401k stocks.

it's the economy stupid

Jobs are not in shortage actuallyfor the first time in over a decade there are too many jobs and not enough workers, this means companies will need to raise wages to compete for an ever shrinking pool of labor.

This is good it will mean better wages

We need to stop migration from the third world and outsourcing that suppressed workers pay in the us, we need to reform social security and Medicare which account for 60% of federal spending and things your son will pay for his whole life but likely never receive any bennifit from.

Lower taxes and regulations will help, the regulatory state has made entrapenourship difficult due to the cost of starting but the biggest times are:

1. Immigration
2. Outsourcing/offshoaring
3. Welfare/entitlement reform
5. Taxes and regulation

Fuck there goes that dipshit graph again. Bretton Woods collapsed because countries refused to use dollars instead of gold. In Bretton Woods Gold and SDR were at the peak of the pyramid with dollars below it and all other currency below that. The Dollar was pegged at 35 dollars to an oz of gold. The IDEA was for countries to mainly use and hold dollars but they went for the gold directly. Eventually the US incapable of insuring enough gold exists to back every dollar so they ask the members to change the amount of what a dollar is pegged to and they refused. Thus Nixon took the US off the gold standard. The stagflation in the 70s was a direct result of both the Vietnam was and the natural breakdown of Bretton Woods.

Price of living has skyrocketed and wages have either remained the same or have even gone down. I was talking to one of my co workers and he was telling me straight out of high school as a summer job he worked in a factory and made almost $20/hr in the 1980s. Where we live, to make $20/hr today you need a serious degree or certification/experience. And you will still be broke.

Wow, 20 dollars straight out of high school in the 1980s is crazy!

I know you're condensing a lot here but I bought my first house 2 years ago, lots of problems with it. It's made me realize though that even if I sell it at a loss literally any return is 100% better than the nothing I'd get pissing away rent every month. Unless you have the option to rent for significantly less than what a mortgage would cost you I cannot see a reason to not own property.