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posted by on Tuesday February 07 2017, @03:32AM   Printer-friendly
from the can't-get-ahead dept.

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.

Capital must be extracted.


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  • (Score: 5, Informative) by Runaway1956 on Tuesday February 07 2017, @02:24PM

    by Runaway1956 (2926) Subscriber Badge on Tuesday February 07 2017, @02:24PM (#464055) Journal

    Uhhhh - wait a second. Which laws, exactly, got us into that mess? Glass-Steagall? Either you are joking, and doing a poor job of it, or you're 'bout dumb as a box of rocks. Glass-Steagall was passed IN RESPONSE TO the housing bubble crash. We crashed and burned because there was little regulation. Selling derivatives of bad mortgages never made sense to anyone, except idiots. The bankers couldn't wait to get rid of those most toxic "investments", so they committed fraud on various groups and people around the world, to get THEM to invest THEIR money, instead of the bank's own money.

    Jesus - I certainly hope you're just a poor joke-maker.

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  • (Score: 2) by goody on Tuesday February 07 2017, @09:20PM

    by goody (2135) on Tuesday February 07 2017, @09:20PM (#464295)

    Dodd-Frank was passed in response to the housing bubble crash. Glass-Steagall was what was repealed in 1999 prior to the housing bubble crash and contributed to it. But you're essentially right about the laws. Trump wants to repeal Dodd-Frank, which is repeating history all over again, and very stupid.

    • (Score: 2) by Runaway1956 on Wednesday February 08 2017, @01:08AM

      by Runaway1956 (2926) Subscriber Badge on Wednesday February 08 2017, @01:08AM (#464384) Journal

      Thank you for the correction - I get my own derp for that post, LOL.

    • (Score: 0) by Anonymous Coward on Wednesday February 08 2017, @01:30AM

      by Anonymous Coward on Wednesday February 08 2017, @01:30AM (#464396)

      Dodd-Frank has introduced so much make-work it might as well be called the Corporate Lawyer Full Employment Bill.

      There are better ways of solving the problems at hand.

      And besides, Trump doesn't get to repeal anything. It's not a power the president has.