Are Millennials the Screwed Generation?

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    Jul 18, 2012 12:04 AM GMT
    http://www.thedailybeast.com/newsweek/2012/07/15/are-millennials-the-screwed-generation.html

    How has this generation been screwed? Let’s count the ways, starting with the economy. No generation has suffered more from the Great Recession than the young. Median net worth of people under 35, according to the U.S. Census, fell 37 percent between 2005 and 2010; those over 65 took only a 13 percent hit.

    The wealth gap today between younger and older Americans now stands as the widest on record. The median net worth of households headed by someone 65 or older is $170,494, 42 percent higher than in 1984, while the median net worth for younger-age households is $3,662, down 68 percent from a quarter century ago, according to an analysis by the Pew Research Center.

    The older generation, notes Pew, were “the beneficiaries of good timing” in everything from a strong economy to a long rise in housing prices. In contrast, quick prospects for improvement are dismal for the younger generation. . . .

    Overall the young suffer stubbornly high unemployment rates—and an even higher incidence of underemployment. The unemployment rate for people between 18 and 29 is 12 percent in the U.S., nearly 50 percent above the national average. That’s a far cry from the fearsome 50 percent rate seen in Spain or Greece, or the 35 percent in Italy and 22 percent in France and the U.K., but well above the 8 percent rate in Germany.
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    Jul 18, 2012 12:10 AM GMT
    riddler78 saidhttp://www.thedailybeast.com/newsweek/2012/07/15/are-millennials-the-screwed-generation.html

    How has this generation been screwed? Let’s count the ways, starting with the economy. No generation has suffered more from the Great Recession than the young. Median net worth of people under 35, according to the U.S. Census, fell 37 percent between 2005 and 2010; those over 65 took only a 13 percent hit.

    The wealth gap today between younger and older Americans now stands as the widest on record. The median net worth of households headed by someone 65 or older is $170,494, 42 percent higher than in 1984, while the median net worth for younger-age households is $3,662, down 68 percent from a quarter century ago, according to an analysis by the Pew Research Center.

    The older generation, notes Pew, were “the beneficiaries of good timing” in everything from a strong economy to a long rise in housing prices. In contrast, quick prospects for improvement are dismal for the younger generation. . . .

    Overall the young suffer stubbornly high unemployment rates—and an even higher incidence of underemployment. The unemployment rate for people between 18 and 29 is 12 percent in the U.S., nearly 50 percent above the national average. That’s a far cry from the fearsome 50 percent rate seen in Spain or Greece, or the 35 percent in Italy and 22 percent in France and the U.K., but well above the 8 percent rate in Germany.
    Why are you so worried.. you were born with the silver spoon...icon_rolleyes.gif
  • Timbales

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    Jul 18, 2012 12:20 AM GMT
    They were also raised to expect rewards and accolades for putting in no effort.
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    Jul 18, 2012 12:20 AM GMT
    Timbales saidThey were also raised to expect rewards and accolades for putting in no effort.
    True.
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    Jul 18, 2012 12:21 AM GMT
    Well, what do you expect having been raised by Baby Boomers? icon_rolleyes.gif

    Some of us didn't turn out so bad, though icon_wink.gif
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    Jul 18, 2012 12:25 AM GMT
    pocketnico saidWell, what do you expect having been raised by Baby Boomers? icon_rolleyes.gif

    Some of us didn't turn out so bad, though icon_wink.gif
    True as well........ now the OP? thats another story.
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    Jul 18, 2012 12:36 AM GMT
    Timbales saidThey were also raised to expect rewards and accolades for putting in no effort.


    Is that why this generation has the highest rate of college attainment than in previous generations despite declining college admissions to the top universities? Is that why despite falling wages, we take out obscene amounts of money to fund our educations in order to work?

    We are complacent, but not in the way you are suggesting. We are working within a system that does not favor hard work. We should change the system. However, we don't have the clout...for now.

    America was never a true meritocracy. While not being a meritocracy, we have typically favored those that have worked hard...until recently. My generation needs to establish a system where hard work and honesty are traits that are to be admired, not mocked.

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    Jul 18, 2012 12:38 AM GMT
    The rising wealth gap is cause for concern as the middle class in our nation is increasingly diminishing its percentage of the American population. Nations with larger percentages in the middle class are typically more stable than nations that have large barriers of entrance to the middle class. Denmark vs. South Sudan.
  • Timbales

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    Jul 18, 2012 12:44 AM GMT
    RUOKDUDE said
    Timbales saidThey were also raised to expect rewards and accolades for putting in no effort.


    Is that why this generation has the highest rate of college attainment than in previous generations despite declining college admissions to the top universities? Is that why despite falling wages, we take out obscene amounts of money to fund our educations in order to work?

    We are complacent, but not in the way you are suggesting. We are working within a system that does not favor hard work. We should change the system. However, we don't have the clout...for now.

    America was never a true meritocracy. While not being a meritocracy, we have typically favored those that have worked hard...until recently. My generation needs to establish a system where hard work and honesty are traits that are to be admired, not mocked.



    How many are graduating with degrees in fields where jobs are needed?
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    Jul 18, 2012 12:47 AM GMT
    RUOKDUDE said
    Timbales saidThey were also raised to expect rewards and accolades for putting in no effort.


    Is that why this generation has the highest rate of college attainment than in previous generations despite declining college admissions to the top universities? Is that why despite falling wages, we take out obscene amounts of money to fund our educations in order to work?

    We are complacent, but not in the way you are suggesting. We are working within a system that does not favor hard work. We should change the system. However, we don't have the clout...for now.

    America was never a true meritocracy. While not being a meritocracy, we have typically favored those that have worked hard...until recently. My generation needs to establish a system where hard work and honesty are traits that are to be admired, not mocked.

    I agree with you here.. strongly!
    I have always had the hope and the confidence that your generation had the capacity to do so much MORE than mine.. I'm just not seein it.( on a large scale)
    Get er done!
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    Jul 18, 2012 12:48 AM GMT
    The screwed generations are the ones living in third world countries.

    Even the po folks here do better financially.
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    Jul 18, 2012 1:01 AM GMT
    Timbales said
    RUOKDUDE said
    Timbales saidThey were also raised to expect rewards and accolades for putting in no effort.


    Is that why this generation has the highest rate of college attainment than in previous generations despite declining college admissions to the top universities? Is that why despite falling wages, we take out obscene amounts of money to fund our educations in order to work?

    We are complacent, but not in the way you are suggesting. We are working within a system that does not favor hard work. We should change the system. However, we don't have the clout...for now.

    America was never a true meritocracy. While not being a meritocracy, we have typically favored those that have worked hard...until recently. My generation needs to establish a system where hard work and honesty are traits that are to be admired, not mocked.



    How many are graduating with degrees in fields where jobs are needed?


    I graduated from UCSB. It's a middle top tier school. If its any indication of other top tier universities that sciences comprised 4 out of the top 13 majors. When adding in other "practical majors" that number goes up to 6. Considering the amount of majors that are available, 200 in total...that means that a LARGE chunk of people are getting practical majors.

    In fact the number of people in computer science is rising

    http://online.wsj.com/article/SB10001424052970204791104577110810802528098.html

    With that said, we are also competing with people that are laid off. I tried working for labs with my science degree, but I simply could not find a job since competition is tight.

    Also, we need to stop the ridiculous notion of "useless majors". We need the liberal arts as well as the sciences.
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    Jul 18, 2012 1:04 AM GMT

    I agree with you here.. strongly!
    I have always had the hope and the confidence that your generation had the capacity to do so much MORE than mine.. I'm just not seein it.( on a large scale)
    Get er done![/quote]

    Thanks, well some of us are trying,