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: 0) by Anonymous Coward on Tuesday May 28 2019, @01:17AM (3 children)
You can track economic prosperity when you know the export/Import and how the internal economy is doing. If all of this is balanced, you don't need to wonder about inflation since you can keep it stable.
I think the problem is more related to "free trade", which is a weasel word for "no tariff". If you have for example a 50$ phone that is then sold 1000$, you know that 950$ profit is made on it, and where those 950$ be reinvested? Mostly where they are manufactured and where the components are made. Which means barely anything is done for the country where it is mainly sold.
That's just an example but you can imagine that if all production is off-shored to somewhere else, then where does the population that it is sold to get their money? If not from manufacturing, or other jobs?
(Score: 1, Troll) by The Mighty Buzzard on Tuesday May 28 2019, @02:15AM
Drastic change of subject aside...
That you need to ask tells me you really, really do not understand money.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Tuesday May 28 2019, @08:49AM (1 child)
Service based economy. Aka a huge circle of hairdressers, each one cutting the hair of the guy in front of him.
What's so hard to understand? You'll tell me next you don't believe in trickle down economy either?
(Score: 2) by The Mighty Buzzard on Tuesday May 28 2019, @10:25AM
You don't either, apparently.
My rights don't end where your fear begins.