The unluckiest generation in U.S. history

[Brett]

"After accounting for the present crisis, the average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history. Millennials will bear these economic scars over the rest of their lives, in the form of lower earnings, lower wealth and delayed milestones, such as homeownership.

The Great Recession pushed young workers a few steps down the wage ladder. New research shows they never recovered, even as their older colleagues regained all the ground they’d lost. And now it’s happening again, to many of those same young workers."

https://www.washingtonpost.com/business/2020/05/27/millenial-recession-covid/

 

[Patri]

It doesn't really matter. They start where they are and move forward. They will build on their own achievements and be proud of that.

 

[T_R_Oglodyte]

Growth in economic is the measure of luck? But if you do want to reduce it to simple economic terms, wouldn't the luckiest time to be born the time when their economic well-being is best? Would millenials be better off trading places with their counterparts from two centuries ago?

 

[klpca]

"After accounting for the present crisis, the average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history. Millennials will bear these economic scars over the rest of their lives, in the form of lower earnings, lower wealth and delayed milestones, such as homeownership.

The Great Recession pushed young workers a few steps down the wage ladder. New research shows they never recovered, even as their older colleagues regained all the ground they’d lost. And now it’s happening again, to many of those same young workers."

https://www.washingtonpost.com/business/2020/05/27/millenial-recession-covid/

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Yeah, I tried to point this out to an older friend and was told that I was whining. I am not. I can just see where this is headed for this generation. The reality of the situation is that some will never catch up economically. Wealth is created over time and when your savings growth (be it retirement or generic savings) is wiped out twice in 12 years, yes you will just have to start over, but truth is that you have a much shorter timeline in which to recover. Add on the debt that the government is stuck with, this generation is going to face some hefty tax hikes over their lifetime and they will not achieve the same economic growth. Their reality will be different than that of their parents.

 

[geekette]

It's all a crapshoot. I got my degree in 88, so I understand starting out in bad times with crap jobs and a wad of debt. Life is what you make it. It was that early pot hole that got me in fear of being old and poor (young and poor sucked rocks), so as soon as I could, I started investing in div paying stocks. Good thing I did.

I kind of prefer starting with a hard road since I know for sure that I can handle hard times. Might have been different had folks bought me cars, paid for my schooling and waltzed into my first job at 22, never having to work for min wage. Rather cush compared to the row I hoed. I am better for having struggled.

I can't make conclusions about a generation that spans too many years to be significant. Are the oldest mills in the same boat as the youngest? I don't think so. I am early GenX, did not get to ride boomer coattails, but those after me graduated into better circumstances. We did not at all have the same situation.

Individuals have their own challenges and opportunities. There is only so much I can blame Black Monday of 1987 or dotcom bust for anything in my life as it is today.

 

[Old Hickory]

Unluckiest in U.S. history? This article should have been in The Onion.

 

[Brett]

Yeah, I tried to point this out to an older friend and was told that I was whining. I am not. I can just see where this is headed for this generation. The reality of the situation is that some will never catch up economically. Wealth is created over time and when your savings growth (be it retirement or generic savings) is wiped out twice in 12 years, yes you will just have to start over, but truth is that you have a much shorter timeline in which to recover. Add on the debt that the government is stuck with, this generation is going to face some hefty tax hikes over their lifetime and they will not achieve the same economic growth. Their reality will be different than that of their parents.

yes, for sure millennials are going to need a longer time frame to accumulate wealth for retirement

 

[cman]

It's a ticking time bomb. As they age and begin to occupy positions of power and influence, they're going to revolt against things like student loan debt, inability to buy a house, and the lack of the ability to comfortably retire. This is the first generation in my lifetime that most likely won't do as well as their parents. They want the same things that we wanted in life but for many of them, those goals are not readily achievable.

 

[Passepartout]

Sure. There will be winners and losers. There will be young people who work hard, study trends, invest in and prepare for the future, and there will be those satisfied with a barista job or flipping burgers or walking dogs.

 

[TravelTime]

OTOH, I have also read that boomers are going to make the most massive spread of generational wealth in history to their offspring. So possibly millennials will inherit the most of any generation.

Millennials Will Become Richest Generation In American History As Baby Boomers Transfer Over Their Wealth

A study shows that Millennials will hold five times as much wealth as they have today and the group is anticipated to inherit over $68 trillion from their Baby Boomer parents by the year 2030. This will represent one of the greatest wealth transfers in the modern times.

www.forbes.com

 

[easyrider]

I don't agree with any generation being unlucky because of economic conditions. Look at the technology that the newer generations have compared to what we had. Wealth is not luck, imo.

Bill

 

[klpca]

I'm not getting angsty for them, just observing the reality of the situation. And like @cman , I think that there will be changes in store for everyone once that generation takes over the reins.

 

[am1]

Have to play the hand that your dealt. A joke people believe in canceling student debt. I made it 5.5 years and graduated with two degrees with cash in my pocket. Got a job where I stayed two weeks a year after graduating and never used the diplomas again.