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American greatness was long premised on the common assumption was that each generation would do better than previous one. That is being undermined for the emerging millennial generation.
The problems facing millennials include an economy where job growth has been largely in service and part-time employment, producing lower incomes; the Census bureau estimates they earn, even with a full-time job, $2,000 less in real dollars than the same age group made in 1980. More millennials, notes a recent White House report, face far longer period of unemployment and suffer low rates of labor participation. More than 20 percent of people 18 to 34 live in poverty, up from 14 percent in 1980.
They are also saddled with ever more college debt, with around half of students borrowing for their education during the 2013-14 school year, up from around 30 percent in the mid-1990s. All this at a time when the returns on education seem to be dropping: A millennial with both a college degree and college debt, according to a recent analysis of Federal Reserve data, earns about the same as a boomer without a degree did at the same age.
[...] Like medieval serfs in pre-industrial Europe, America's new generation, particularly in its alpha cities, seems increasingly destined to spend their lives paying off their overlords, and having little to show for it.
(Score: 3, Insightful) by Anonymous Coward on Tuesday February 07 2017, @04:29AM
Part of the problem is zoning. In the US we don't allow businesses owners to veto a competing business next door. We need to stop giving homeowners the ability to veto a new home next door. And I say this as a homeowner who has fully paid off his mortgage and thus has the most to lose when my local property bubble pops.
Japan has very lax zoning control - if you own the land you can build practically anything you want. That's resulted in people building some crazy ass houses [japlusu.com] because their neighbors can't stop them. But it also means they can build high-density housing. Which is the primary reason the Tokyo real-estate market has not bubbled [ft.com] the way it has in major metros in America and Europe.
(Score: 2) by Whoever on Tuesday February 07 2017, @07:32AM
It varies by state, but mostly, it's not the homeowners. It's the zoning committees who define what density of housing is acceptable in particular zones.
Also, I doubt the claim (I can't read the paywalled article). In the Bay Area, I think that the biggest gains and losses (in percentage terms) during boom and bust cycles of property are further out -- at the edge of the commute, where density is generally lower anyway.
You can't compare Japan, because I don't think that it is fully out of its lost score. Its population is declining.
(Score: 0) by Anonymous Coward on Tuesday February 07 2017, @03:13PM
It varies by state, but mostly, it's not the homeowners. It's the zoning committees who define what density of housing is acceptable in particular zones.
That's what is known as a distinction without a difference. The zoning committees are elected positions. They are very sensitive to the opinions of homeowners.
In the Bay Area, I think that the biggest gains and losses (in percentage terms) during boom and bust cycles of property are further out -- at the edge of the commute, where density is generally lower anyway.
Who said anything about losses? This is about keeping prices artificially high. The bay area is notorious for inflexible zoning. [slate.com]
(Score: 0) by Anonymous Coward on Tuesday February 07 2017, @10:06AM
*nod* Yes, Tokyo is renowned for its affordable housing.