The World Socialist Web Site, publication of record of the ICFI (SEP), on May 24th released a report about the grim situation many millennials face:
The stock market is booming, and President Donald Trump is boasting at every turn that the unemployment rate is lower than it has been in five decades.
However, the working class, the vast majority of the population, is confronting an unprecedented social, economic, health and psychological crisis. The same processes that have produced vast sums of wealth for the ruling elite have left millions of workers on the brink of existence.
Perhaps no segment of the population reflects the devastating consequences of these processes so starkly as the generation of young people deemed the "millennials," those born roughly between the years 1981 and 1996. More than half the 72 million American millennials are now in their 30s, with the oldest turning 38 this year.
A recent exposé by the Wall Street Journal noted that millennials are "in worse financial shape than prior living generations and may not recover." The article, "Millennials Near Middle Age in Crisis," [paywalled] concludes by stating that people born in the 1980s are at risk of becoming "America's Lost generation."
Selected bullet points from the WSWS article:
The report concludes, "Far from becoming the 'Lost Generation' predicted by the Wall Street Journal, this generation of workers carries within it an enormous source of revolutionary potential."
[Ed. Note. I debated whether or not to run this story given the partisan source for the article, but the list of references suggested it was more than a simple opinion piece. So, are things really as grim as portrayed here? I'm too old to be a millennial, but have both personally experienced as well as witnessed many others facing the same trends listed here. Where do things go from here?]
(Score: 1, Insightful) by Anonymous Coward on Monday May 27 2019, @07:08PM (6 children)
This is 100% monetary policy. Ron Paul was their last chance and the idiots called him a racist.
(Score: 2, Insightful) by istartedi on Monday May 27 2019, @08:12PM (3 children)
Inflation benefits debtors. If anything, the most indebted generations should be cheering it on.
Appended to the end of comments you post. Max: 120 chars.
(Score: 5, Informative) by Anonymous Coward on Monday May 27 2019, @09:26PM
Keep repeating that to youself. Inflation benefits those who get access to the new money first. Wages are always the last thing to rise years after real estate, stocks, etc.
(Score: 0) by Anonymous Coward on Monday May 27 2019, @10:24PM (1 child)
Inflation benefit debtors, when wages rise alongside inflation.
This because very few loans adjust for inflation over its lifetime (instead they may hike the interest).
(Score: 1, Informative) by Anonymous Coward on Monday May 27 2019, @11:23PM
wat? Anyone giving out loans without planning for inflation would quickly go bankrupt.
(Score: 3, Informative) by Anonymous Coward on Monday May 27 2019, @10:58PM (1 child)
No its not.
Society is more than money.
I swear Libertarians have to be the stupidest smart people around...
(Score: 0) by Anonymous Coward on Monday May 27 2019, @11:10PM
Lol, everything is unfolding exactly as predicted.