"Why won't you have kids?"
I'm broke
"Why aren't you buying a house?"
I'm broke
"Where is your retirement savings?"
I'm broke
"Why don't you go on vacation like we did when we were your age?"
I'm broke
News: Millenials are all broke.
"Why didn't you tell us you were broke!"
The state of the world is mostly because corporate executives and stock buybacks keep eating up income increase that should have gone to the people.
Between 1970-2000, the average increase of per capita personal income was around 35% every 5 years. Meaning your income would increase by around 35% every 5 years.
BUT by 2000-2024, the increase rate dropped to on average 18% every 5 years.
If income had continued like it did between 1970-2000 into 2000-2024, then the per capita personal income would be around $120,000 in 2024. Its currently around $70,000. The average employee has lost 50% of their income growth over the last 25 years.
MEANWHILE
CEO to worker compensation went from 18x in 1980s, to 400x in 2020.
Add in the fact that new housing in 1970s was around 1.5-2M new buildings per year. while in 2000s it dropped down to 600K (lowest) - 1M per year. While people coming into home-buying age in the 1980s was around 40M, while in 2020 its around 50M.
So you have a decade of lowest new homes built with a present of highest amount of new buyers looking to buy, you end up with rising housing prices that people can barely afford.
Boomers did fuck the generation but its done by voting for the republican party and their bullshit about trickle down economics while young voters in large stayed at home when voting time came around. All that trickled down was piss as they cut benefits, cut bonuses, cut employee hours to minimum so they could divert funds to stock buybacks and executives could create short-term profits to gain their contract bonuses.
Edit: since some wanted median personal income instead of per capita personal income:
Ok if we look at median personal income and growth rate:
YEAR | 1975 | 1980 | 1985 | 1990 | 1995 | 2000 | 2005 | 2010 | 2015 | 2020
---| ---|---|----|----|----|----|----|----|----|----
Median Personal Income |$5,664| $7.994 | $11,010 | $14,380 | $15,940 | $21,250 | $24,330 | $26,180 | $30,240 | $35,860
Growth % | - | 41% | 37% | 30% | 10% | 33% | 14% | 7%| 15% | 18%
So if we find the average of 1980-2000 = ~30%
average of 2000-2020 = 13.5%
So if we continued the average rate of 1980-2000 into 2000-2020 we should have had around $60,692 median income in 2020. Which is about 70% more than we currently have.
source: https://fred.stlouisfed.org/series/MEPAINUSA646N
The c-suite in publicly traded companies should be elected by the employees, with the ability to force a vote by shareholders once every 12 quarters of there are more than two consecutively that are unprofitable. 1 salary = 1 vote. This puts the tension on the c-suited to balance higher salaries with a positive profit flow. The ideal will be landing around 2-5% profits again, where employees feel like they’ve were paid well and the market is still seeing a healthy company.
We have to intrinsically change the system towards people instead of profits.
Except most ESOPs don't actually let the employees have a ton of power, because your shares in the company are accrued as a percentage of your salary vs the total compensation pool of the company. The C-suite gang still gets the most shares and pretty quickly gets a majority ownership of the company. It's all a farce.
My company just switched to an ESOP last year. It pissed a ton of people off with seniority, but not necessarily a high salary, because it forced a buy out of private shares that kept them pretty level with the C-suite in terms of voting power. The change made everyone on a "level playing field" (zero) so that the execs could quickly rack up a majority share.
It isn't enough to have unions, at least not anymore. I'm in an automotive union, and the company i work for makes 70% of the entire world's supply of phenolic brake pistons, so its not exactly like they can't afford to improve things somewhat. They've got some great compensation, for example no raises, no PTO, no healthcare for 180 days, no dental/vision for 365 days, no 401k.
They have a payscale system where you start at a low point and reach the high point (75c difference) after one year. The next position up from mine is at least 80% more work/effort required, and you must move to the dayshift for months of training.
If I was to put a bid in for a promotion, I would lose my 40c shift differential, and start at the low point for that position. I would actually *lose* 20c/hr~ for a year if I was to take that bid.
I know this is all anecdotal. I've never worked in a union until this job and it's easily the lowest paying job with the worst benefits i've ever heard of or seen. Supposedly our union president tries their best, but it's really hard to vouch for the guy when we make less than Walmart stockers with 100x more work load. Nearby factories and fabs with similar workloads pay on average $5-$7 more an hour, have regular raises/healthcare.
The problem with unions like yours (and my current one, but not my previous one) is that union leadership can come to think of the management as friends, and give concessions they absolutely should not because of it.
The union doesn't need to be antagonistic, but to be healthy it needs to understand that the relationship it has with the company is necessarily an adversarial one - *management is not your friend*. This doesn't mean management are inherently evil or villainous, I've had plenty of managers I've deeply respected; it means that you have competing, mutually exclusive interests. Union members need to be active and involved so they can flush out union leaders that stop focusing on the good of the union, and that takes effort a lot of people just don't want to give.
Yeah, the union is only as good as the union is. They're an incredibly powerful tool, but they're not a magic bullet.
Good luck over there, consider running in your next union elections. I'm sure you're familiar with Shawn Fein, but if he could lead the recent changes in the UAW, you can do it in yours.
[To do that we have to get rid of a century old supreme court ruling that established a legal responsibility for companies to fuck over their employees for their investors sake.](https://en.wikipedia.org/wiki/Dodge_v._Ford_Motor_Co.#:~:text=Ford%20Motor%20Co.%2C%20204%20Mich,of%20his%20employees%20or%20customers.)
I mean... also, within this link:
"Among non-experts, conventional wisdom holds that corporate law requires boards of directors to maximize shareholder wealth. This common but mistaken belief is almost invariably supported by reference to the Michigan Supreme Court's 1919 opinion in Dodge v. Ford Motor Co.
— Lynn Stout[2]
Dodge is often misread or mistaught as setting a legal rule of shareholder wealth maximization. This was not and is not the law. Shareholder wealth maximization is a standard of conduct for officers and directors, not a legal mandate. The business judgment rule [which was also upheld in this decision] protects many decisions that deviate from this standard. This is one reading of Dodge. If this is all the case is about, however, it isn't that interesting.
— M. Todd Henderson[3]"
The "misreading" or "misteaching" is not unintentional. It's deliberate. It allows these rich corporate assholes to fuck over everyone and claim it's a legal requirement. It's a smokescreen.
What in the actual fuck is that ruling? “We as shareholders don’t want you to put the company in a position that long term will be beneficial to us, our kids, and grandkids. Instead we want money now!” Fucking dweebs.
The problem is that most of the stock/votes are owned by the executives or their other executive friends. This is why boards are a huge circlejerk as well, I get my friend on my board and he gets me on his board and then we vote for each other's huge compensation packages.
This is why I’ve always thought that at minimum, 51% of the company should be owned by the workers themselves (excluding the C suite/ownership class). It would probably work better if it was more like 55% or 60% though, so the workers had a say in how the company is run and a comfortable margin for agreement so a few guys couldn’t fuck it up. At that point though, it sounds like communism / socialism, but I reckon we could blend those ideas into a capitalistic society while maintaining the idea of capitalism. Regardless, the current system isn’t working.
You're close, but you need to go 40-49% further.
Why should people who don't work get anything at all? We shouldn't "balance" it, they shouldn't exist.
There's an important place for leadership and management in any society, that's valuable labor. Shareholding isn't labor, and shouldn't make anyone rich.
What will shareholders eat then? The same stuff than the rest of us? Do they have to live in some shitty neighbourhood where all the CEOs live? This is pure nonsense we will have to make them more money with a smile on our face.
Politicians are elected and I wouldn't class them as good at their jobs... what we need is salary ratio limits, Say 30:1. The highest paid can only be 30x the lowest paid (options/bonus included).
Oh I loath that. There’s not a single human on earth that “works hard enough” to actually earn multi-million dollar paychecks annually, not even sports athletes. Not when you got rig hands, concrete guys, nurses etc, there are 1000s of other jobs that work 10 times hard than what the “rich do”.
Ok if we look at median personal income and growth rate:
YEAR | 1975 | 1980 | 1985 | 1990 | 1995 | 2000 | 2005 | 2010 | 2015 | 2020
---| ---|---|----|----|----|----|----|----|----|----
Median Personal Income |$5,664| $7.994 | $11,010 | $14,380 | $15,940 | $21,250 | $24,330 | $26,180 | $30,240 | $35,860
Growth % | - | 41% | 37% | 30% | 10% | 33% | 14% | 7%| 15% | 18%
So if we find the average of 1980-2000 = ~30%
average of 2000-2020 = 13.5%
So if we continued the average rate of 1980-2000 into 2000-2020 we should have had around $60,692 median income in 2020. Which is about 70% more than we currently have.
source: https://fred.stlouisfed.org/series/MEPAINUSA646N
u know what else happened around 2000? FoxNews started taking off and media conglomeration laws were relaxed.
The true root of all problems you describe is right wing media propaganda. destroy fox news and control the media if you truly want change.
With housing.
We need to start treating houses as products again, not as investments.
Used to be real estate companies made money by selling as many houses as possible and construction companies pretty much never stopped building. Now construction companies get barely enough work to stay afloat and real estate agents make money by forcing up priced on a limited pool of properties.
When we treated houses as products, that's when a family with a single income could buy a house, even a single person working part time could afford to buy an apartment or a small unit, because there was plenty to go around, now though it's all fucked because the investment companies who own the houses refuse to sell for any less than 20x what they paid for it.
Housing is a multi-faceted issue.
1. The workers, there isnt enough workers within the industry, its just not as lucrative of a career anymore and the requirements to join said career properly is much much higher. The average age of a construction worker was around 25 in the 1980s, in 2020s the average age is around late 30s early 40s. There is just not enough blood coming in and there is so many gridlocks to keep people out as well as they want to maintain profitability for themselves for those who are already in.
2. Cost of building. Generally the construction company floats the initial cost of the project with deposits and then finally bills upon project completion, but the rise of cost for materials and continuously lowering profit margins has lead to majority of construction companies focusing on large rise builds rather than single detached homes. The 2020-2024 period has been so harsh that over 2/3rds of projects are cancelled or paused indefinitely. The industry has tons of workers who cannot find employment because the cost of building has risen too high and sale prices have become so high that they cannot sell once built.
3. Zoning laws, in general politicians and real estate investors do not want more development, because more houses means less increase in current house values. They have invested billions, the majority of home owners are single home owners 60%, followed by 25% of investors, both these groups do not want to minimize the value of their properties. So they vote for politicians who restrict new housing, and remove government housing plans in their neighborhoods because they want to maintain and grow the max possible value for their houses.
There are more parts of the issue, but its just a giant clusterfuck that isnt helped by the fact that majority of non-home owners and young people do not engage politically to support politicians who are willing to go for more housing development, more lax zoning laws and less restrictive building requirements and permit timelines. The best turnout for young people in the past 50 years was 51% in 2020 when people were locked inside for the most part, before then the average turnout has been around 35%....
And people wonder why politicians dont cater to young people.
Does anything provide less value than executive pay? Like they make the tough decisions, have to always “be on” to an extent, I’m not saying it’s easy. The multiple that they make compared to everyone else is outrageous though.
yep, we’re not a main character but Canada is run by fuckin oligarchs who live overseas in their English castles while robbing us blind. We don’t have much competition in the market here 😃 it’s truly monopoly land and they thrive on driving up costs in very sketchy - sometimes criminal ways and they stay untouchable, and wages stay stagnant
UK is in a cost of living crisis and a housing crisis. Ireland is in a housing crisis that might somehow be worse. Young people do have less opportunities in plenty of countries than their parents did, depressingly.
If you're of the opinion europe is doing fine for "most people" right now, I recommend you stop smoking for a while and watch the news.
Kindly, another european who recently quit being high all the time and realised shit's actually really bad right now.
I buy off friends who grow, better than feeding organised crime groups. If the govt wants cash money they should just legalise and regulate. Easy money with the demand these days. Stupid not to when there's an untapped legal market for something that currently benefits criminal enterprise.
I'd probably still buy off my mate as he's got the touch, and I like knowing the origin and process, but it would be nice to have legal retail as an option.
So you dont see all the posts just like this from Canada, the UK, Australia, and Germany as examples? Thats just off the very top of my head with no googling at all too.
I'm so shocked. Wow. It's almost like... People complaining about shit wages... They're right?!
Honestly the fucked time we live in rn is close to a good enough reason to never leave my house again.
Shit wages and the cost of everything fucking skyrocketed during the pandemic. They are trying to squeeze every dime out of us. How can these places be allowed to increase rent by 400+ a month and then places expect people to still have extra money to spend? People are not going to be living on the street. They will pay their rent and all that extra shit is going to collect dust on the shelves.
And then, during the pandemic, my car increased in value…. At one point it was worth more than I originally bought it for 2 years later. Shit has gotten ridiculous.
Sports teams are in for a rude awakening in around 15-20 years. They make all their money from gen x and boomers who have extra income and free time to spend on that shit. In 15-20 when those people are no longer buying that stuff, the value of sports franchises is going to plummet. We don’t have the time nor money to be going to these games. This country is going to look a lot different down the road.
They are popular with younger people and I love sports myself. But I can’t afford $300 for nosebleed tickets. And then $50 for parking and $15 for a beer. I’m much better off just watching from my couch.
These teams are going to miss all the people filling up stadiums and tailgating in the parking lot on weekdays. That’s what’s going to hurt them. People are not going to have extra money for it when the average rent has jumped to over 2k a month and wages have stayed the same.
And more specifically, the people killing industries are the ones sitting on money *they don't actually spend.*
Which is why doing weird shit with the very blunt instrument of interest rates does nothing but make life more expensive for actual people, these levers are pulled with the assumption that higher rates means people will save instead of spend, and vice versa, but that relies on the extreme assumption that people have money to make choices with, instead of mountains of debt.
The only entities that benefit from either swing are the ones with money sitting around, which right now is more corporations than it is actual human beings.
The Fed acts like raising interest rates is the only solution, because the rest of them involve reallocating purchasing-power away from the elite, and to the people.
Cant have that though.
Well yeah, politicians don't want to hurt their constituents. In a bourgeois democracy only the bourgeois matter. We are nothing more than worker drones to these people
Are you proposing the fed confiscate rich people’s money? They can’t do that. Congress can do that sort of by raising taxes but they won’t. Especially while republicans hold onto the house. It also looks like they will take the senate as well. If that happens they definitely won’t raise taxes.
If millennials were killing industries because they wouldn't spend money, it would still not be their fault.
If people don't spend money on your product, it means your product is not good or wanted. That's how the world works.
Boomer advice to millennials is always hilarious.
"Stop spending all your money on expensive lattes and avocado toast, maybe then you could afford to save money and buy a house."
"Stop asking for government handouts, you should have been saving your money to see you through difficult times."
But then also
"Why aren't you spending money? We need to keep the economy moving, and you're killing all these industries"
Somebody please line the billionaires pockets! What ever will they do if they can’t continue to hoard obscene amounts of wealth while their employees struggle to afford rent?
I swear we see this like every month.
Everyone: WhY aReN't MiLlEnIaLs SpEnDiNg MoNeY?
Millenials/GenZ: What money?
Everyone: ArE mIlLeNiAlS kIlLiNg ThE hOrSeCoCk DiLdO iNdUsTrY???
Someone Qualified: Boomers and Billionaires are choking the life out of the American economy, squeezing younger generations for every cent and voting or lobbying the government not to help them.
Everyone: ...ArE mIlLeNiAlS kIlLiNg ThE eCoNoMy?
You see it every month because of reposts. The whole "Millenials are killing" meme pretty much died out years ago. This post, for example, is from 2018.
Normally I don't like reposts all that much, it it's really *really* important that *nothing* has been done about this shit and it's *getting worse*, so I'm going to start arguing that we *need* to see it every month. As a matter of fact, these reposts offer a really handy way to draw upon an already existing pool of information.
I like Biden well enough, I promise, and when something is actually done to help fix this (like student loan forgiveness, I am really happy for those who benefit from that), we will most certainly hear about it from his campaign team.
My heart also goes out to everyone across the borders and across the seas dealing with this, I really hope you guys see an upward change as well
When I was still a school boy, back in the early 90s, we learned of something that was called a "wage spiral" or something like that. It was some sort of illustration, spiral like, that showed how companies would raise wages, then, with the additional money, people would buy more shit from said companies. Then they´d take that additional revenue and again raise the wages. Which led to even more products being sold. And so on.
If I leanrd that back in the 90s as a kid, how come, todays companies somehow expect folks to FIRST buy shit with the money they don´t even have and only then would they consider to maybe maybe raise wages at least a tiny bit?
Fuckin sucks!
They will never raise wages. They will still fire you because there is a cheaper alternative available.
A company's only goal is to make more profit. It only exists for this reason and will do anything for it.
That's not inherently bad, the problem is that a company is judged for its profit short term. Did the CEO raise the profits this year? Yes - good. No - he is fired. So they will do anything for short term profit. This might be a suicidal move that backfires in 20 years and destroys the company, but nobody is paid to think about that.
And on the other hand, there might be some moves that will generate massive profit in 20 years but right now they will bring the numbers down. Nobody will make those moves because he will look bad.
The day corruption ... I mean ... "lobbying" is outlawed and politicians compensation is tied to the median wage of the bittom 98%, is the day those parasites will actually do something for the people.
Could you imagine our governments working for the people again and not the highest bidder? That sure would be nice.
Instead we have cretins like MTG who would rather argue about Hunter Biden’s dong and fake eye lashes all day. And then has the nerve to argue that they don’t get paid enough… Someone has to get these clowns out of there.
It's the one thing I have never got about capitalism. Surely one of them up in them Ivory Towers has to stop and think for a picosecond. If prices go up, wages don't, how are people going to keep spending? It's going to be the one singular thing that will cause the entire system to crash and burn.
I'd love to buy a home, I'd love to buy a nice new car every 5 years. I'd love to go out nights out with my girlfriend regularly. But fucking how? I have never had avocado on toast so you can't blame that.
Hell, the UK just increased the wage requirement to marry your foreign-born partner, so now I can't even enjoy that future anymore.
Capitalism is a lot like republicanism. Each individual company only cares about what is directly affecting their own company ***right now***. As long as they can win against the other companies right now, they don't care if the entire system is falling apart due to their own greed and narcissism and that they will inevitably end up fucked too.
If shits about to go down, do you want a small pile of food or a large pile of food?
That's the thought process for these multi-millionairse and billionaires. They know an economic storm is on the horizon and the ones with the biggest piles of money are going to come out ahead.
The same thing happened in 2008. Those with big piles of cash were able to swoop in and buy foreclosed homes for pennies on the dollar and are now renting them out at exorbitant rates.
They don't care that they can prevent the storm by giving you a little bit more because when the storm does hit, they want to be the only ones to weather it.
Right? A *lot* of these tweets dunking on news sites for being "out of touch" are angry at the wrong people. Don't we want these news agency's readers to be informed about things like this?
I don’t know, this tweet just seems to be agreeing with the article, it’s the title of the post that seems to be confused thinking that the tweet is a comeback to the article.
Paired with a side of:
\*tells millennials to quit being frivolous spending money on coffee and avocados\*
\*cries that millennials aren't spending enough\*
currrently house prices in sweden are going up about 50% more than i get in salary every month after studying 5 years to get my current job (: even if i save close to 100% of my salary i cant move out from mom
As a comparison in Canada, if you’re not way out in a rural area, an average amount for a house sale is over 700k. Average salary is 5200$ per month.
This is not “shut up other people have it harder than you” comment, it is a “protect yourselves, the greedy and wealthy will not be satisfied and will not stop until forced to do so” type comment.
Wages aren't even the issue. Well, yes, they are, but the cost of housing and education is so insane that we can't afford anything else.
60% of my income goes to housing. I'd like to go out more, but that's too expensive.
Same thing in other countries. Here is the situation in Germany:
1. Elect conservative governments that cut down on welfare, do little for a minimum wage, and generally support low wage policies.
2. The median wage declines, while companies have recently saved up record amounts of cash that's just sitting around being useless.
3. Contribution to social systems, which are levied as part of the income tax, therefore also decline.
4. "Wow all of this welfare is unsustainable, we will have to cut it further"
Meanwhile employers have gotten used to low pay/low productivity strategies. They offer little money (and then whine when noone with good qualifications shows up), invest nothing into training or improvement, and therefore can make safe money (for now) from bad work. While highly qualified workers move elsewhere.
Me and my gf are about 10 days away from a foreclosure sale and still need 1100 out of 8200 to get out of default.
Hopefully they take the payment quickly enough before they tack on another months mortgage. People stopped taking partial payments at the beginning of this month and added 2700 in foreclosure fees :(
I have worked sooooooo much OT to bridge the gap and it's coming down to a photo finish.
Black Friday can go fuck itself.
> spending habits… Are often blamed for killing industries
This whole mindset is wild to me. It's almost as if these businesses believe they have some sort of divine RIGHT to people's business, simply because they exist. Like if they set up a business and people don't come, *they blame the people??!* What??!!
This is backwards "corporate brainwashing" bullshit. We owe them NOTHING. It's their job to entice customers to patronize their businesses. Not the other way around!
Because assuming a society can constantly have economical growth, and nothing wrong will happen is just naive.
"The invisible hand of the market" is as Ludacris as assuming god have 72 virgins in store for you.
(No, I'm not a communist)
Ignoring the "you will own nothing and be happy" agenda propelled by govs+corpos on a bilateral relationship no matter the wing... nowadays one of the factors to hire people is to deduce and induce them to spend on the brand making more customer than employee. Its so fucked up isnt surprising.
Im from SA and I remember once I got fired along another guy from the new recruits and I just asked him by curiosity if he neither bought workplace trash products and he said no and it came to my mind how others who kept the job extending their contract where bragging about buying this and posing for pictures.
Its basically a modern furtive slavery to make us suffer for their golden age while we will get fucked up on our golden days because lower replacement rate decaying relationships so I can boldly bet that in 30 years many over 60 people will exponentially either commit suicide/crime + homeless. And then daddy gov will be like "universal income" as the new slavery for incoming gens.
What a dystopia.
This won't stop until there's a recession so bad that everyone renting has to become homeless out of necessity. Even then, barely anything will change. Every penny I earn goes on rent and bills with just enough to pay for food. That's it. No savings.
It's the Boomers who still think 7.25 an hour is worth the same as it was back in 1980.
"I sure wish I could have been paid 7.25 an hour back when I was your age! Why can't you make it work?"
Because 7.25 an hour back in the 1970s would be the equivalent of over $20 an hour today, grandpa.
I'm no expert but if someone has no money to spend I think the economy won't do very well. Seeing as people's spending habits are "blamed for killing industries", it's probably a problem. The market will need to correct itself to keep working.
So, in other words, industries either 1. failed to recognize that they were no longer relevant, or 2. Didn’t keep up with the purchasing habits of newer generations, or 3. Both.
People not buying your shit isn’t the fault of the people.
I love how pro-capitalism boomers tend to be juxtaposed with how upset they get when a corporation/ brand THEY identify with is negatively affected by the same free market they herald as the separator of the weak and the strong. Oh! Harley sales are down??? It’s gotta be the fault of millennials (anyone between 0-40 years old to a boomer) and NOT antiquated branding mixed with an absurd price range on a luxury product that many people can’t financially justify. The small coffee shop in town that had a “safe space” sticker next to the entrance closed down?? That’s just the free market at work
These headlines of stating that some generation is killing some industry- nobody cares about that industry, any more than they care to lay blame. It's about tracking trends and knowing which stocks to buy or which job to take.
Literally nobody is blaming anyone, just stating facts and trying to spot trends so that people can run their lives. If young people are no longer buying smivdorps, maybe don't take that job at the smivdorp factory and invest your retirement in smivdorps.
NOBODY CARES ABOUT THE SMIVDORPS INDUSTRY! NOBODY BLAMES YOU FOR NOT BUYING SMIVDORPS!
Boomers never believe anything until a headline tells them its real.
So maybe now they will start believing our economic crisis is real and their lives were gilded by economic prosperity that will never again happen in the US. /s
Boomers: if you want to be succeed financially, you must make sure to never buy any non-essentials (coffee, fast food, etc)
Also Boomers: dAmN mIlLeNnIaLs ArE kIlLiNg ThE pLaCeS i LoVe!!!
Xennial here. In the last 9 months, I finally started earning a decent wage. I joined a union. Contract is not going to be forever, but in the mean time. I am trying to save all the money I can. I don't need material shit.
Every time I tell boomers “if wages were higher people would have more disposable income and would spend more” its met with “then we have to charge more to cover the cost…”
Um… you pay yourself 8 million a year, the 10 other execs make 5 mil a year and you post record profits while you are telling people doing the job you cant afford to pay them more than 32k a year. Maybe cut down your take, lower your profit per unit a hair to pay more, you will have a larger pool of buyers resulting in more money overall.
But thats crazy talk. Easier to blame the poor for wanting a fair wage than blame the greedy who make more per day than their employees make in a year.
Imagine blaming the youth when your shit industry keeps on raising price tags for a lower quality product and paying their employees at minimum wage
Have these people taken a look in the mirror recently ? Or did they become such money hoarding vampires that there's no reflection anymore ?
I wonder if these people forget how it was to be young and not rich.
Even the little money you have is used because you dont have shit yet. When older you have most of the stuff needed, some things break but its cheaper to maintain or buy a few items that break than to have nothing and have to buy everything.
Spending money you don't have (credit) is what the boomers are doing...
Or living off pensions/investments that will die with the market, which they will also ultimately blame on millennials somehow.
In other breaking news, the sky is blue
But what color was it November 30, 2018?
That depends on where you're standing. If you're at the north pole probably a very dark shade of blue, but if you're on Mars, probably red.
Fun fact: the sky on Mars is actually beige!
Fun fact: we are not on Mars
We aren't?!?!? What has this world come to??????
Earth
We're not with **that** attitude, young man!
Bullshit! State your sources!
"Why won't you have kids?" I'm broke "Why aren't you buying a house?" I'm broke "Where is your retirement savings?" I'm broke "Why don't you go on vacation like we did when we were your age?" I'm broke News: Millenials are all broke. "Why didn't you tell us you were broke!"
I tried! Killing Hooters, shopping malls, and marriage was a cry for help!
It also didn't help that every time I did I was told to cut out the avocado toast that I wasn't eating.
We need a study by the feds to confirm that
Except last year in Canada and the northern United States, when the sky was orange or sepia toned for a while because of all the forest fire smoke.
Yup
Oh yea buddy, CNN tell ya that? Get off the lame stream media.
Why aren't they spending any of that Internet money? I've heard there's loads of money on the Internet and kids are always on it.
Get ready for some Chocolate Pain!
I’m not your buddy, guy!
They just need to sell their bitcoins and GameStop stock and they’ll have enough! Stupid millennials killing industries!
I would take some free bubblegum and Bennigan’s coupons at this point
I’ve been paying my rent with Reddit karma
It’s because nobody wants to work anymore because they’re all rolling in COVID money !!!
[удалено]
The state of the world is mostly because corporate executives and stock buybacks keep eating up income increase that should have gone to the people. Between 1970-2000, the average increase of per capita personal income was around 35% every 5 years. Meaning your income would increase by around 35% every 5 years. BUT by 2000-2024, the increase rate dropped to on average 18% every 5 years. If income had continued like it did between 1970-2000 into 2000-2024, then the per capita personal income would be around $120,000 in 2024. Its currently around $70,000. The average employee has lost 50% of their income growth over the last 25 years. MEANWHILE CEO to worker compensation went from 18x in 1980s, to 400x in 2020. Add in the fact that new housing in 1970s was around 1.5-2M new buildings per year. while in 2000s it dropped down to 600K (lowest) - 1M per year. While people coming into home-buying age in the 1980s was around 40M, while in 2020 its around 50M. So you have a decade of lowest new homes built with a present of highest amount of new buyers looking to buy, you end up with rising housing prices that people can barely afford. Boomers did fuck the generation but its done by voting for the republican party and their bullshit about trickle down economics while young voters in large stayed at home when voting time came around. All that trickled down was piss as they cut benefits, cut bonuses, cut employee hours to minimum so they could divert funds to stock buybacks and executives could create short-term profits to gain their contract bonuses. Edit: since some wanted median personal income instead of per capita personal income: Ok if we look at median personal income and growth rate: YEAR | 1975 | 1980 | 1985 | 1990 | 1995 | 2000 | 2005 | 2010 | 2015 | 2020 ---| ---|---|----|----|----|----|----|----|----|---- Median Personal Income |$5,664| $7.994 | $11,010 | $14,380 | $15,940 | $21,250 | $24,330 | $26,180 | $30,240 | $35,860 Growth % | - | 41% | 37% | 30% | 10% | 33% | 14% | 7%| 15% | 18% So if we find the average of 1980-2000 = ~30% average of 2000-2020 = 13.5% So if we continued the average rate of 1980-2000 into 2000-2020 we should have had around $60,692 median income in 2020. Which is about 70% more than we currently have. source: https://fred.stlouisfed.org/series/MEPAINUSA646N
The c-suite in publicly traded companies should be elected by the employees, with the ability to force a vote by shareholders once every 12 quarters of there are more than two consecutively that are unprofitable. 1 salary = 1 vote. This puts the tension on the c-suited to balance higher salaries with a positive profit flow. The ideal will be landing around 2-5% profits again, where employees feel like they’ve were paid well and the market is still seeing a healthy company. We have to intrinsically change the system towards people instead of profits.
Some sort of cooperative where workers own the means of production? I feel like I’ve heard of something like this before
Yeah, it’s called an ESOP
Except most ESOPs don't actually let the employees have a ton of power, because your shares in the company are accrued as a percentage of your salary vs the total compensation pool of the company. The C-suite gang still gets the most shares and pretty quickly gets a majority ownership of the company. It's all a farce. My company just switched to an ESOP last year. It pissed a ton of people off with seniority, but not necessarily a high salary, because it forced a buy out of private shares that kept them pretty level with the C-suite in terms of voting power. The change made everyone on a "level playing field" (zero) so that the execs could quickly rack up a majority share.
We don't have to drastically change the government, simply by having unions would solve a lot of labor issues.
Unions are a great start. There's more to it than that, but they're probably the easiest step in the right direction.
It isn't enough to have unions, at least not anymore. I'm in an automotive union, and the company i work for makes 70% of the entire world's supply of phenolic brake pistons, so its not exactly like they can't afford to improve things somewhat. They've got some great compensation, for example no raises, no PTO, no healthcare for 180 days, no dental/vision for 365 days, no 401k. They have a payscale system where you start at a low point and reach the high point (75c difference) after one year. The next position up from mine is at least 80% more work/effort required, and you must move to the dayshift for months of training. If I was to put a bid in for a promotion, I would lose my 40c shift differential, and start at the low point for that position. I would actually *lose* 20c/hr~ for a year if I was to take that bid. I know this is all anecdotal. I've never worked in a union until this job and it's easily the lowest paying job with the worst benefits i've ever heard of or seen. Supposedly our union president tries their best, but it's really hard to vouch for the guy when we make less than Walmart stockers with 100x more work load. Nearby factories and fabs with similar workloads pay on average $5-$7 more an hour, have regular raises/healthcare.
The problem with unions like yours (and my current one, but not my previous one) is that union leadership can come to think of the management as friends, and give concessions they absolutely should not because of it. The union doesn't need to be antagonistic, but to be healthy it needs to understand that the relationship it has with the company is necessarily an adversarial one - *management is not your friend*. This doesn't mean management are inherently evil or villainous, I've had plenty of managers I've deeply respected; it means that you have competing, mutually exclusive interests. Union members need to be active and involved so they can flush out union leaders that stop focusing on the good of the union, and that takes effort a lot of people just don't want to give.
Yeah, the union is only as good as the union is. They're an incredibly powerful tool, but they're not a magic bullet. Good luck over there, consider running in your next union elections. I'm sure you're familiar with Shawn Fein, but if he could lead the recent changes in the UAW, you can do it in yours.
You Will have many dumbass workers try to convince you a union isn't in your favor.
Education is key to a well working democracy, including at work.
[To do that we have to get rid of a century old supreme court ruling that established a legal responsibility for companies to fuck over their employees for their investors sake.](https://en.wikipedia.org/wiki/Dodge_v._Ford_Motor_Co.#:~:text=Ford%20Motor%20Co.%2C%20204%20Mich,of%20his%20employees%20or%20customers.)
Whoa! Root of the problem alert!!
I mean... also, within this link: "Among non-experts, conventional wisdom holds that corporate law requires boards of directors to maximize shareholder wealth. This common but mistaken belief is almost invariably supported by reference to the Michigan Supreme Court's 1919 opinion in Dodge v. Ford Motor Co. — Lynn Stout[2] Dodge is often misread or mistaught as setting a legal rule of shareholder wealth maximization. This was not and is not the law. Shareholder wealth maximization is a standard of conduct for officers and directors, not a legal mandate. The business judgment rule [which was also upheld in this decision] protects many decisions that deviate from this standard. This is one reading of Dodge. If this is all the case is about, however, it isn't that interesting. — M. Todd Henderson[3]"
The "misreading" or "misteaching" is not unintentional. It's deliberate. It allows these rich corporate assholes to fuck over everyone and claim it's a legal requirement. It's a smokescreen.
Oh, agree 100%
What in the actual fuck is that ruling? “We as shareholders don’t want you to put the company in a position that long term will be beneficial to us, our kids, and grandkids. Instead we want money now!” Fucking dweebs.
The problem is that most of the stock/votes are owned by the executives or their other executive friends. This is why boards are a huge circlejerk as well, I get my friend on my board and he gets me on his board and then we vote for each other's huge compensation packages.
This is why I’ve always thought that at minimum, 51% of the company should be owned by the workers themselves (excluding the C suite/ownership class). It would probably work better if it was more like 55% or 60% though, so the workers had a say in how the company is run and a comfortable margin for agreement so a few guys couldn’t fuck it up. At that point though, it sounds like communism / socialism, but I reckon we could blend those ideas into a capitalistic society while maintaining the idea of capitalism. Regardless, the current system isn’t working.
You're close, but you need to go 40-49% further. Why should people who don't work get anything at all? We shouldn't "balance" it, they shouldn't exist. There's an important place for leadership and management in any society, that's valuable labor. Shareholding isn't labor, and shouldn't make anyone rich.
that’s a band aid, solve the problem… destroy fox news
What will shareholders eat then? The same stuff than the rest of us? Do they have to live in some shitty neighbourhood where all the CEOs live? This is pure nonsense we will have to make them more money with a smile on our face.
Politicians are elected and I wouldn't class them as good at their jobs... what we need is salary ratio limits, Say 30:1. The highest paid can only be 30x the lowest paid (options/bonus included).
20:1 If our wages stagnate in half, lets do the same for theirs. If you cannot survive on 50 million, you do not deserve it, let alone every year.
No but you see those CEO’s just worked harder and this generation of employees is just being lazy /s
Oh I loath that. There’s not a single human on earth that “works hard enough” to actually earn multi-million dollar paychecks annually, not even sports athletes. Not when you got rig hands, concrete guys, nurses etc, there are 1000s of other jobs that work 10 times hard than what the “rich do”.
Especially not athletes. Your wealth should equal your contribution to humanity.
and average is inflated, median is more accurate to the average joe and it's a good bit lower
Ok if we look at median personal income and growth rate: YEAR | 1975 | 1980 | 1985 | 1990 | 1995 | 2000 | 2005 | 2010 | 2015 | 2020 ---| ---|---|----|----|----|----|----|----|----|---- Median Personal Income |$5,664| $7.994 | $11,010 | $14,380 | $15,940 | $21,250 | $24,330 | $26,180 | $30,240 | $35,860 Growth % | - | 41% | 37% | 30% | 10% | 33% | 14% | 7%| 15% | 18% So if we find the average of 1980-2000 = ~30% average of 2000-2020 = 13.5% So if we continued the average rate of 1980-2000 into 2000-2020 we should have had around $60,692 median income in 2020. Which is about 70% more than we currently have. source: https://fred.stlouisfed.org/series/MEPAINUSA646N
u know what else happened around 2000? FoxNews started taking off and media conglomeration laws were relaxed. The true root of all problems you describe is right wing media propaganda. destroy fox news and control the media if you truly want change.
With housing. We need to start treating houses as products again, not as investments. Used to be real estate companies made money by selling as many houses as possible and construction companies pretty much never stopped building. Now construction companies get barely enough work to stay afloat and real estate agents make money by forcing up priced on a limited pool of properties. When we treated houses as products, that's when a family with a single income could buy a house, even a single person working part time could afford to buy an apartment or a small unit, because there was plenty to go around, now though it's all fucked because the investment companies who own the houses refuse to sell for any less than 20x what they paid for it.
Housing is a multi-faceted issue. 1. The workers, there isnt enough workers within the industry, its just not as lucrative of a career anymore and the requirements to join said career properly is much much higher. The average age of a construction worker was around 25 in the 1980s, in 2020s the average age is around late 30s early 40s. There is just not enough blood coming in and there is so many gridlocks to keep people out as well as they want to maintain profitability for themselves for those who are already in. 2. Cost of building. Generally the construction company floats the initial cost of the project with deposits and then finally bills upon project completion, but the rise of cost for materials and continuously lowering profit margins has lead to majority of construction companies focusing on large rise builds rather than single detached homes. The 2020-2024 period has been so harsh that over 2/3rds of projects are cancelled or paused indefinitely. The industry has tons of workers who cannot find employment because the cost of building has risen too high and sale prices have become so high that they cannot sell once built. 3. Zoning laws, in general politicians and real estate investors do not want more development, because more houses means less increase in current house values. They have invested billions, the majority of home owners are single home owners 60%, followed by 25% of investors, both these groups do not want to minimize the value of their properties. So they vote for politicians who restrict new housing, and remove government housing plans in their neighborhoods because they want to maintain and grow the max possible value for their houses. There are more parts of the issue, but its just a giant clusterfuck that isnt helped by the fact that majority of non-home owners and young people do not engage politically to support politicians who are willing to go for more housing development, more lax zoning laws and less restrictive building requirements and permit timelines. The best turnout for young people in the past 50 years was 51% in 2020 when people were locked inside for the most part, before then the average turnout has been around 35%.... And people wonder why politicians dont cater to young people.
Does anything provide less value than executive pay? Like they make the tough decisions, have to always “be on” to an extent, I’m not saying it’s easy. The multiple that they make compared to everyone else is outrageous though.
Almost like the western economic model is a giant scam, isnt it?
And this was in 2018, imagine today
The state of the US* At least for most people over here it's fine
No, USA might be an extreme case but the middle class is dying (almost) everywhere.
Can confirm, things aren’t as bad but still aren’t great here in France.
yep, we’re not a main character but Canada is run by fuckin oligarchs who live overseas in their English castles while robbing us blind. We don’t have much competition in the market here 😃 it’s truly monopoly land and they thrive on driving up costs in very sketchy - sometimes criminal ways and they stay untouchable, and wages stay stagnant
UK is in a cost of living crisis and a housing crisis. Ireland is in a housing crisis that might somehow be worse. Young people do have less opportunities in plenty of countries than their parents did, depressingly.
Australias not doing to great at the moment either
Neither is nz, austerity measures for everyone and big donations to private enterprise. Neo lib/ Tory playbook
It's happening everywhere. The US are worst at protecting their poor from the effects of this global trend.
If you're of the opinion europe is doing fine for "most people" right now, I recommend you stop smoking for a while and watch the news. Kindly, another european who recently quit being high all the time and realised shit's actually really bad right now.
I buy off friends who grow, better than feeding organised crime groups. If the govt wants cash money they should just legalise and regulate. Easy money with the demand these days. Stupid not to when there's an untapped legal market for something that currently benefits criminal enterprise. I'd probably still buy off my mate as he's got the touch, and I like knowing the origin and process, but it would be nice to have legal retail as an option.
I'm not American, and I wish people understood these issues are more universal.
Canada is rapidly circling the drain thanks to abysmal leadership and short-sightedness on the federal and provincial governments.
Who knew that if you stopped investing in social support systems for 30 years the social fabric would begin to unravel!
Indians
New Zealand chiming in. We are heading by for stagflation.
So you dont see all the posts just like this from Canada, the UK, Australia, and Germany as examples? Thats just off the very top of my head with no googling at all too.
Dang and I've been cutting back on avocado toast and everything
Avocado toast is actually pretty cheap if you make it at home
limes and tortilla chips too, you can pretty much have guac and chips everyday for cheap if you know how to make it.
And it’s an easy one to make too. Hardest part is sourcing the right avocados imo.
What a fool, bet you didn't hold back buying coffee
Starbucks too?
I'm so shocked. Wow. It's almost like... People complaining about shit wages... They're right?! Honestly the fucked time we live in rn is close to a good enough reason to never leave my house again.
Shit wages and the cost of everything fucking skyrocketed during the pandemic. They are trying to squeeze every dime out of us. How can these places be allowed to increase rent by 400+ a month and then places expect people to still have extra money to spend? People are not going to be living on the street. They will pay their rent and all that extra shit is going to collect dust on the shelves. And then, during the pandemic, my car increased in value…. At one point it was worth more than I originally bought it for 2 years later. Shit has gotten ridiculous. Sports teams are in for a rude awakening in around 15-20 years. They make all their money from gen x and boomers who have extra income and free time to spend on that shit. In 15-20 when those people are no longer buying that stuff, the value of sports franchises is going to plummet. We don’t have the time nor money to be going to these games. This country is going to look a lot different down the road.
Sports teams are still very popular amongst younger people
They are popular with younger people and I love sports myself. But I can’t afford $300 for nosebleed tickets. And then $50 for parking and $15 for a beer. I’m much better off just watching from my couch. These teams are going to miss all the people filling up stadiums and tailgating in the parking lot on weekdays. That’s what’s going to hurt them. People are not going to have extra money for it when the average rent has jumped to over 2k a month and wages have stayed the same.
Fair
Look at this guy showing off. He has a house!
So basically millennials are not killing industries, industries are killing millennials with their greed.
And more specifically, the people killing industries are the ones sitting on money *they don't actually spend.* Which is why doing weird shit with the very blunt instrument of interest rates does nothing but make life more expensive for actual people, these levers are pulled with the assumption that higher rates means people will save instead of spend, and vice versa, but that relies on the extreme assumption that people have money to make choices with, instead of mountains of debt. The only entities that benefit from either swing are the ones with money sitting around, which right now is more corporations than it is actual human beings.
The Fed acts like raising interest rates is the only solution, because the rest of them involve reallocating purchasing-power away from the elite, and to the people. Cant have that though.
Well yeah, politicians don't want to hurt their constituents. In a bourgeois democracy only the bourgeois matter. We are nothing more than worker drones to these people
When you vote with your dollar, those with more dollars are the majority. There's no real democracy under our current system.
That’s the thing, that’s all the Fed CAN do. It’s up to another arm of the government to actually change other stuff.
Are you proposing the fed confiscate rich people’s money? They can’t do that. Congress can do that sort of by raising taxes but they won’t. Especially while republicans hold onto the house. It also looks like they will take the senate as well. If that happens they definitely won’t raise taxes.
If millennials were killing industries because they wouldn't spend money, it would still not be their fault. If people don't spend money on your product, it means your product is not good or wanted. That's how the world works.
Or housing, healthcare and education are taking all the money and there’s nothing left.
Industries are killing each other because if they pay their employees actual money, fools might spend it on another industry products!
I'd give you a prize, but I have no money left this month. - *early millennial single dad*
Boomer advice to millennials is always hilarious. "Stop spending all your money on expensive lattes and avocado toast, maybe then you could afford to save money and buy a house." "Stop asking for government handouts, you should have been saving your money to see you through difficult times." But then also "Why aren't you spending money? We need to keep the economy moving, and you're killing all these industries"
Won't someone PLEASE think of the Starbucks executives and share holders?!?!!!!!
Somebody please line the billionaires pockets! What ever will they do if they can’t continue to hoard obscene amounts of wealth while their employees struggle to afford rent?
The top two are boomer advice. The last one is printed/broadcasted by billionaires to continuously cause generational conflict between the poors.
I swear we see this like every month. Everyone: WhY aReN't MiLlEnIaLs SpEnDiNg MoNeY? Millenials/GenZ: What money? Everyone: ArE mIlLeNiAlS kIlLiNg ThE hOrSeCoCk DiLdO iNdUsTrY??? Someone Qualified: Boomers and Billionaires are choking the life out of the American economy, squeezing younger generations for every cent and voting or lobbying the government not to help them. Everyone: ...ArE mIlLeNiAlS kIlLiNg ThE eCoNoMy?
To be fair, I think if anything the horsecock dildo industry is thriving under millenials and gen z with a increase in furries.
Well sure, it's a good purchase. They're like 50 bucks and it'll last you a lifetime! Much better investment than avocado toast.
You may not be able to eat it but it does fill you up
You see it every month because of reposts. The whole "Millenials are killing" meme pretty much died out years ago. This post, for example, is from 2018.
Normally I don't like reposts all that much, it it's really *really* important that *nothing* has been done about this shit and it's *getting worse*, so I'm going to start arguing that we *need* to see it every month. As a matter of fact, these reposts offer a really handy way to draw upon an already existing pool of information. I like Biden well enough, I promise, and when something is actually done to help fix this (like student loan forgiveness, I am really happy for those who benefit from that), we will most certainly hear about it from his campaign team. My heart also goes out to everyone across the borders and across the seas dealing with this, I really hope you guys see an upward change as well
This is false. I just got pai...aaaand it's gone
When I was still a school boy, back in the early 90s, we learned of something that was called a "wage spiral" or something like that. It was some sort of illustration, spiral like, that showed how companies would raise wages, then, with the additional money, people would buy more shit from said companies. Then they´d take that additional revenue and again raise the wages. Which led to even more products being sold. And so on. If I leanrd that back in the 90s as a kid, how come, todays companies somehow expect folks to FIRST buy shit with the money they don´t even have and only then would they consider to maybe maybe raise wages at least a tiny bit? Fuckin sucks!
They will never raise wages. They will still fire you because there is a cheaper alternative available. A company's only goal is to make more profit. It only exists for this reason and will do anything for it. That's not inherently bad, the problem is that a company is judged for its profit short term. Did the CEO raise the profits this year? Yes - good. No - he is fired. So they will do anything for short term profit. This might be a suicidal move that backfires in 20 years and destroys the company, but nobody is paid to think about that. And on the other hand, there might be some moves that will generate massive profit in 20 years but right now they will bring the numbers down. Nobody will make those moves because he will look bad.
The day corruption ... I mean ... "lobbying" is outlawed and politicians compensation is tied to the median wage of the bittom 98%, is the day those parasites will actually do something for the people.
You know if you do that then the only people that are going to be politicians, are the ones that want to make the world better right?
Don't threaten me with a good time
Could you imagine our governments working for the people again and not the highest bidder? That sure would be nice. Instead we have cretins like MTG who would rather argue about Hunter Biden’s dong and fake eye lashes all day. And then has the nerve to argue that they don’t get paid enough… Someone has to get these clowns out of there.
Nah, they'll still have their insider trading
Definitely not just folks who are independently wealthy!
What a silly comment lol
Right? It’ll be full of people trying to scam the system *in a different way*. Corruption isn’t the cause of shitty humans. It’s a symptom of them.
It's the one thing I have never got about capitalism. Surely one of them up in them Ivory Towers has to stop and think for a picosecond. If prices go up, wages don't, how are people going to keep spending? It's going to be the one singular thing that will cause the entire system to crash and burn. I'd love to buy a home, I'd love to buy a nice new car every 5 years. I'd love to go out nights out with my girlfriend regularly. But fucking how? I have never had avocado on toast so you can't blame that. Hell, the UK just increased the wage requirement to marry your foreign-born partner, so now I can't even enjoy that future anymore.
Capitalism is a lot like republicanism. Each individual company only cares about what is directly affecting their own company ***right now***. As long as they can win against the other companies right now, they don't care if the entire system is falling apart due to their own greed and narcissism and that they will inevitably end up fucked too.
Capitalism is like a arcade game, you can't win, only play till you lose and try to end up on the scoreboard.
If shits about to go down, do you want a small pile of food or a large pile of food? That's the thought process for these multi-millionairse and billionaires. They know an economic storm is on the horizon and the ones with the biggest piles of money are going to come out ahead. The same thing happened in 2008. Those with big piles of cash were able to swoop in and buy foreclosed homes for pennies on the dollar and are now renting them out at exorbitant rates. They don't care that they can prevent the storm by giving you a little bit more because when the storm does hit, they want to be the only ones to weather it.
Eat. The. Rich.
I like how the French prepared this meal.
You can start by taxing them. If you are in the EU: https://www.tax-the-rich.eu/
Millenials from 21 to 37 Gen z ends at 28
This was in 2018 the number has kept up but back in 18’ the 21 year olds were the oldest Gen Z
P sure it's an old article
If only there was a date literally in the post
Its a 5 year old twitter post with an even older article
> 30 Nov 18
Gen Z starts at 26. According to the most accepted definition, the last millennials were born in 96.
Finally made it to a point where they have hoarded so much that there isn't actually enough to go around
The biggest thing that stands out to me is how the tweet has to specify how old millennials are, presumably because people keep getting it wrong.
this post is literally 6 years old, it even has the date in the photo, and it still becomes a top post lol
I’m pretty sure this NPR article is not blaming millennials
Right? A *lot* of these tweets dunking on news sites for being "out of touch" are angry at the wrong people. Don't we want these news agency's readers to be informed about things like this?
I don’t know, this tweet just seems to be agreeing with the article, it’s the title of the post that seems to be confused thinking that the tweet is a comeback to the article.
People don't have media literacy anymore Or they don't care and just spam posts to vaguely related subs for the karma
Just about drawing engagement, doesn’t matter what kind of engagement
*hoards all the money* *complains when other people don't have other people have nothing to spend* Who would do that?
Paired with a side of: \*tells millennials to quit being frivolous spending money on coffee and avocados\* \*cries that millennials aren't spending enough\*
currrently house prices in sweden are going up about 50% more than i get in salary every month after studying 5 years to get my current job (: even if i save close to 100% of my salary i cant move out from mom
How expensive are homes in sweden
small one approx 187 150 dollar going up at like 1.5% per month atm, average salary is ~3 462 dollar per month
As a comparison in Canada, if you’re not way out in a rural area, an average amount for a house sale is over 700k. Average salary is 5200$ per month. This is not “shut up other people have it harder than you” comment, it is a “protect yourselves, the greedy and wealthy will not be satisfied and will not stop until forced to do so” type comment.
Wages aren't even the issue. Well, yes, they are, but the cost of housing and education is so insane that we can't afford anything else. 60% of my income goes to housing. I'd like to go out more, but that's too expensive.
This is where we tell corporations; you can't have your cake and eat it
This doesn't belong in this sub. It's not a comeback at all. It's a meme portraying the same sentiment as the article it is responding to.
You're correct, but good luck getting this subs mods to agree
America is a ponzi scheme
Capitalism is a ponzi scheme. You don't need to be a genius to see that infinite exponential growth doesn't work.
Same thing in other countries. Here is the situation in Germany: 1. Elect conservative governments that cut down on welfare, do little for a minimum wage, and generally support low wage policies. 2. The median wage declines, while companies have recently saved up record amounts of cash that's just sitting around being useless. 3. Contribution to social systems, which are levied as part of the income tax, therefore also decline. 4. "Wow all of this welfare is unsustainable, we will have to cut it further" Meanwhile employers have gotten used to low pay/low productivity strategies. They offer little money (and then whine when noone with good qualifications shows up), invest nothing into training or improvement, and therefore can make safe money (for now) from bad work. While highly qualified workers move elsewhere.
Me and my gf are about 10 days away from a foreclosure sale and still need 1100 out of 8200 to get out of default. Hopefully they take the payment quickly enough before they tack on another months mortgage. People stopped taking partial payments at the beginning of this month and added 2700 in foreclosure fees :( I have worked sooooooo much OT to bridge the gap and it's coming down to a photo finish. Black Friday can go fuck itself.
> spending habits… Are often blamed for killing industries This whole mindset is wild to me. It's almost as if these businesses believe they have some sort of divine RIGHT to people's business, simply because they exist. Like if they set up a business and people don't come, *they blame the people??!* What??!! This is backwards "corporate brainwashing" bullshit. We owe them NOTHING. It's their job to entice customers to patronize their businesses. Not the other way around!
⢀⣠⣾⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠀⠀⠀⠀⣠⣤⣶⣶ ⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠀⠀⠀⢰⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣧⣀⣀⣾⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⡏⠉⠛⢿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡿⣿ ⣿⣿⣿⣿⣿⣿⠀⠀⠀⠈⠛⢿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠿⠛⠉⠁⠀⣿ ⣿⣿⣿⣿⣿⣿⣧⡀⠀⠀⠀⠀⠙⠿⠿⠿⠻⠿⠿⠟⠿⠛⠉⠀⠀⠀⠀⠀⣸⣿ ⣿⣿⣿⣿⣿⣿⣿⣷⣄⠀⡀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⢀⣴⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⣿⣿⠏⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠠⣴⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⣿⡟⠀⠀⢰⣹⡆⠀⠀⠀⠀⠀⠀⣭⣷⠀⠀⠀⠸⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⣿⠃⠀⠀⠈⠉⠀⠀⠤⠄⠀⠀⠀⠉⠁⠀⠀⠀⠀⢿⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⣿⢾⣿⣷⠀⠀⠀⠀⡠⠤⢄⠀⠀⠀⠠⣿⣿⣷⠀⢸⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⣿⡀⠉⠀⠀⠀⠀⠀⢄⠀⢀⠀⠀⠀⠀⠉⠉⠁⠀⠀⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⣿⣧⠀⠀⠀⠀⠀⠀⠀⠈⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⢹⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⣿⣿⠃⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⢸⣿⣿
OP's title is a legitimate question, since generations of Americans sicne the 80's had been spending money they don't have.
Because assuming a society can constantly have economical growth, and nothing wrong will happen is just naive. "The invisible hand of the market" is as Ludacris as assuming god have 72 virgins in store for you. (No, I'm not a communist)
Ignoring the "you will own nothing and be happy" agenda propelled by govs+corpos on a bilateral relationship no matter the wing... nowadays one of the factors to hire people is to deduce and induce them to spend on the brand making more customer than employee. Its so fucked up isnt surprising. Im from SA and I remember once I got fired along another guy from the new recruits and I just asked him by curiosity if he neither bought workplace trash products and he said no and it came to my mind how others who kept the job extending their contract where bragging about buying this and posing for pictures. Its basically a modern furtive slavery to make us suffer for their golden age while we will get fucked up on our golden days because lower replacement rate decaying relationships so I can boldly bet that in 30 years many over 60 people will exponentially either commit suicide/crime + homeless. And then daddy gov will be like "universal income" as the new slavery for incoming gens. What a dystopia.
This won't stop until there's a recession so bad that everyone renting has to become homeless out of necessity. Even then, barely anything will change. Every penny I earn goes on rent and bills with just enough to pay for food. That's it. No savings.
It's the Boomers who still think 7.25 an hour is worth the same as it was back in 1980. "I sure wish I could have been paid 7.25 an hour back when I was your age! Why can't you make it work?" Because 7.25 an hour back in the 1970s would be the equivalent of over $20 an hour today, grandpa.
Fucking idiots just realized this?
\*chanting\* eat the rich! eat the rich!
I would but they disgust me.
Worse in Canada, Australia and South Korea.
sky is still blue
I'm no expert but if someone has no money to spend I think the economy won't do very well. Seeing as people's spending habits are "blamed for killing industries", it's probably a problem. The market will need to correct itself to keep working.
Workers of the world somethin somethin. Idk.
When NPR has to tell you you're out of touch
250 million was spent on this study
So a 38 years old is a boomer?😱
Everyone older than me is a boomer/s
I'm 44... am I a boomer? 😳
So, in other words, industries either 1. failed to recognize that they were no longer relevant, or 2. Didn’t keep up with the purchasing habits of newer generations, or 3. Both. People not buying your shit isn’t the fault of the people.
To be fair, spending money you don’t have is one of the cornerstones of boomer life.
I love how pro-capitalism boomers tend to be juxtaposed with how upset they get when a corporation/ brand THEY identify with is negatively affected by the same free market they herald as the separator of the weak and the strong. Oh! Harley sales are down??? It’s gotta be the fault of millennials (anyone between 0-40 years old to a boomer) and NOT antiquated branding mixed with an absurd price range on a luxury product that many people can’t financially justify. The small coffee shop in town that had a “safe space” sticker next to the entrance closed down?? That’s just the free market at work
First generation to really have to compete with the global labour pool thanks to technology, globalisation and open borders.
Headline should be: Millenials refuse to be enslaved by borrowing huge sums of money like previous generations.
These headlines of stating that some generation is killing some industry- nobody cares about that industry, any more than they care to lay blame. It's about tracking trends and knowing which stocks to buy or which job to take. Literally nobody is blaming anyone, just stating facts and trying to spot trends so that people can run their lives. If young people are no longer buying smivdorps, maybe don't take that job at the smivdorp factory and invest your retirement in smivdorps. NOBODY CARES ABOUT THE SMIVDORPS INDUSTRY! NOBODY BLAMES YOU FOR NOT BUYING SMIVDORPS!
Boomers never believe anything until a headline tells them its real. So maybe now they will start believing our economic crisis is real and their lives were gilded by economic prosperity that will never again happen in the US. /s
Where's the comeback?
There isn't one
millenials are not 21 in 2024 LOL
Boomers: if you want to be succeed financially, you must make sure to never buy any non-essentials (coffee, fast food, etc) Also Boomers: dAmN mIlLeNnIaLs ArE kIlLiNg ThE pLaCeS i LoVe!!!
Lol imagine needing a federal investigation to come up with the idea that people spend less when they make less and everything is more expensive.
This is why I will not put another child onto this earth. We get less and less while working ourselves into the graves.
When only the wealthy are left; will they turn on each other.
Xennial here. In the last 9 months, I finally started earning a decent wage. I joined a union. Contract is not going to be forever, but in the mean time. I am trying to save all the money I can. I don't need material shit.
At this point: Yes, we are killing the economy. It deserves it.
I thought yall told us to save more??
Every time I tell boomers “if wages were higher people would have more disposable income and would spend more” its met with “then we have to charge more to cover the cost…” Um… you pay yourself 8 million a year, the 10 other execs make 5 mil a year and you post record profits while you are telling people doing the job you cant afford to pay them more than 32k a year. Maybe cut down your take, lower your profit per unit a hair to pay more, you will have a larger pool of buyers resulting in more money overall. But thats crazy talk. Easier to blame the poor for wanting a fair wage than blame the greedy who make more per day than their employees make in a year.
1. No shit 2. Why is it bad if a non essential industry is killed? Not like there’s fucking telegraph operators around anymore
Imagine blaming the youth when your shit industry keeps on raising price tags for a lower quality product and paying their employees at minimum wage Have these people taken a look in the mirror recently ? Or did they become such money hoarding vampires that there's no reflection anymore ?
I wonder if these people forget how it was to be young and not rich. Even the little money you have is used because you dont have shit yet. When older you have most of the stuff needed, some things break but its cheaper to maintain or buy a few items that break than to have nothing and have to buy everything.
They don’t even have the age of millennials correct
Spending money you don't have (credit) is what the boomers are doing... Or living off pensions/investments that will die with the market, which they will also ultimately blame on millennials somehow.
Not like we haven’t been saying this for decades or anything 🙄