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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: 0) by Anonymous Coward on Tuesday February 07 2017, @03:00PM

    by Anonymous Coward on Tuesday February 07 2017, @03:00PM (#464074)

    Amusing that you're blaming Trump for building codes - which are a local and county level issue - while also blaming him for banking bailouts that happened under Bush and Obama.

    I voted third party, but I must admit the Trump win is giving me oodles of entertainment value. It's the like the over-reaction just can't stop.

  • (Score: 2) by Runaway1956 on Tuesday February 07 2017, @04:44PM

    by Runaway1956 (2926) Subscriber Badge on Tuesday February 07 2017, @04:44PM (#464139) Journal

    Maybe read my post again. I'm not blaming Trump for the banking bailout. I'm blaming him for not learning anything. Bush deregulated the banking industry, bankers went apeshit over stupid stuff, they went broke. Obama wants to do all the same kind of deregulation as Bush did? Mmmmm - the next crash will be Trump's baby, not Bush's or Obama's.