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Great YT video "How the US Is Destroying Young People’s Future"
Posted on 5/6/24 at 2:56 am
Posted on 5/6/24 at 2:56 am
Awesome video of how the younger generation of the US has it financially worst than the previous 2 generations. To highlight a stat given in the video below.
Video
(Adjusted for Inflation)
[Pre-Tax Income] [Annual cost of college as % of income] [House price to income]
Grandparents $74,000 14% 3x
Parents $70,000 17% 4x
Kids $56,000 42% 7x
Video goes on to show that every year we are transferring $1.4 trillion from social security from working aged citizens including the younger to give to the "grandparents" who are the wealthiest generation to have ever existed. There is $135 Bil increase every year congress passes to social security, while just $11 Bil to a Child Tax Expansion credit.
Guy hits the nail on the head on many aspects like "Affirmitive action should have nothing to do with the color of your skin or sexual preference, but be strictly based on income" meaning a wealthy black family would not get it compared to a poor asian or white family or vice versa. He's spot on with 99% of things he says.
It's gotten absurd. The concept of just telling a young person "go buy a house, and if you can't do that it's just because you're not working hard enough" is just wrong and undermines how bad a situation young people are in today to be financially free. Anyone in younger Millineals and Gen Z today would gladly switch to be in that Parent or Grandparent data above. What went wrong was greed. Greed by those at the top usually older generations wanting as much as possible as home sellers, university admin raising tuition, companies C-suite and management wanting to keep wages as low as possible to pump out more net income to align their equity to be worth as much as possible. There needs to be more a total revamp in how we see things such as education and housing. I wish the government could step in because that's the only way it'll end. There won't be any Deans, C-Suite, or mass home owners that would ever cut back prices out of being a good person. Wouldn't happen.
In my opinion a massive recession or depression is not far out simply due to the fact that the younger generation will no longer afford anything at all. When no one can afford anything businesses collapse, schools enrollment drops, housing prices tank, it's typically terrible for the economy. Goods and services will always have to meet the affordability of majority of people. If only 15% of people can buy a house, then housing will simply go unoccupied. A change will happen in my opinion just due to simply there not being enough money to meet seller demand. Would not be surprised if the S&P 500 is lower in 10 years than it is today. Sub 5,000.
Video
(Adjusted for Inflation)
[Pre-Tax Income] [Annual cost of college as % of income] [House price to income]
Grandparents $74,000 14% 3x
Parents $70,000 17% 4x
Kids $56,000 42% 7x
Video goes on to show that every year we are transferring $1.4 trillion from social security from working aged citizens including the younger to give to the "grandparents" who are the wealthiest generation to have ever existed. There is $135 Bil increase every year congress passes to social security, while just $11 Bil to a Child Tax Expansion credit.
Guy hits the nail on the head on many aspects like "Affirmitive action should have nothing to do with the color of your skin or sexual preference, but be strictly based on income" meaning a wealthy black family would not get it compared to a poor asian or white family or vice versa. He's spot on with 99% of things he says.
It's gotten absurd. The concept of just telling a young person "go buy a house, and if you can't do that it's just because you're not working hard enough" is just wrong and undermines how bad a situation young people are in today to be financially free. Anyone in younger Millineals and Gen Z today would gladly switch to be in that Parent or Grandparent data above. What went wrong was greed. Greed by those at the top usually older generations wanting as much as possible as home sellers, university admin raising tuition, companies C-suite and management wanting to keep wages as low as possible to pump out more net income to align their equity to be worth as much as possible. There needs to be more a total revamp in how we see things such as education and housing. I wish the government could step in because that's the only way it'll end. There won't be any Deans, C-Suite, or mass home owners that would ever cut back prices out of being a good person. Wouldn't happen.
In my opinion a massive recession or depression is not far out simply due to the fact that the younger generation will no longer afford anything at all. When no one can afford anything businesses collapse, schools enrollment drops, housing prices tank, it's typically terrible for the economy. Goods and services will always have to meet the affordability of majority of people. If only 15% of people can buy a house, then housing will simply go unoccupied. A change will happen in my opinion just due to simply there not being enough money to meet seller demand. Would not be surprised if the S&P 500 is lower in 10 years than it is today. Sub 5,000.
This post was edited on 5/6/24 at 3:30 am
58
Posted on 5/6/24 at 3:01 am to Saunson69
What went wrong is cultural. There are no safe affordable areas for kids to start out. They are all crime ridden slums.
Posted on 5/6/24 at 3:13 am to Saunson69
and now food is 4x's more expensive.
Posted on 5/6/24 at 3:14 am to Saunson69
quote:
he concept of just telling a young person "go buy a house, and if you can't do that it's just because you're not working hard enough" is just wrong and undermines how bad a situation young people are in today
Good luck convincing this crowd of that.
Posted on 5/6/24 at 3:20 am to Saunson69
“If you can’t afford a house in 2024, you’re just lazy/not busting your arse/a soft generation”
-The OT
-The OT
Posted on 5/6/24 at 3:32 am to Saunson69
Most are screwed. However, the wants on basic things like a house are much different today than for our grandparents. They lived in 3 br 1 bath box’s that were a lot smaller than the average home today. Features like paneled walls, 8 ft ceilings, low roof pitch, and small lots were very common. The features in most apartments today were not in the nicest of neighborhoods in the 1970’s and 1980’s.
Compare that to average spec homes today. You’ll see bonus rooms, tile showers, islands, large porches, steep roofs, and on.
Compare that to average spec homes today. You’ll see bonus rooms, tile showers, islands, large porches, steep roofs, and on.
Posted on 5/6/24 at 4:00 am to baobabtiger
quote:
Most are screwed. However, the wants on basic things like a house are much different today than for our grandparents. They lived in 3 br 1 bath box’s that were a lot smaller than the average home today. Features like paneled walls, 8 ft ceilings, low roof pitch, and small lots were very common. The features in most apartments today were not in the nicest of neighborhoods in the 1970’s and 1980’s.
Compare that to average spec homes today. You’ll see bonus rooms, tile showers, islands, large porches, steep roofs, and on.
Because boomers own all of these properties and are trying to sell at a premium.
Posted on 5/6/24 at 4:08 am to Saunson69
quote:
I wish the government could step in because that's the only way it'll end
Posted on 5/6/24 at 4:28 am to tiggerthetooth
quote:
Because boomers own all of these properties and are trying to sell at a premium.
Most "boomers" are in their 70s. When they start passing, there will be a market glut and prices will fall again.
Posted on 5/6/24 at 5:02 am to Saunson69
Demoncraps are accomplishing their goal of pushing us towards communism.
Posted on 5/6/24 at 5:04 am to Lonnie Utah
quote:
Most "boomers" are in their 70s. When they start passing, there will be a market glut and prices will fall again.
Yep. And I'm sure I'll end up losing my arse in property value when that happens.
Posted on 5/6/24 at 5:26 am to KennesawTiger
quote:
he concept of just telling a young person "go buy a house, and if you can't do that it's just because you're not working hard enough" is just wrong and undermines how bad a situation young people are in today Good luck convincing this crowd of that.
There are affordable homes if you are willing to not live in the city and commute. I sold a starter home last year 3 BR, 2 bath, 1500 sq ft. on 3 acres of land for 140K. It was built in the early 80’s but was solid as a rock.
Posted on 5/6/24 at 5:29 am to Saunson69
quote:it's not wrong. It's exactly how I did it. I worked for years before I could afford a home. I lived in an apartment, and then a mobile home while I saved for the down payment.
It's gotten absurd. The concept of just telling a young person "go buy a house, and if you can't do that it's just because you're not working hard enough" is just wrong
Suck it up, buttercup.
Posted on 5/6/24 at 5:31 am to Saunson69
quote:
There needs to be more a total revamp in how we see things such as education and housing. I wish the government could step in because that's the only way it'll end.
What went wrong is multifaceted, but in the education expense case it’s the fact that that the government got involved in backing student loans for colleges. There is a direct correlation in college expenses and federally backed, non-dischargeable college loans and tuition and fees skyrocketing.
Housing is due to a large number of factors, a lot of which stem from government inefficiencies including our government’s inability to control crime and the deterioration of neighborhood schools in traditional population centers leading to urban sprawl. This results in more expensive housing as builders realize it takes the same amount of work essentially to build a 2,500 square foot house as it does a 1,200 one but they get half the profit so you see starter homes now moving to what a lot of people had as family homes.
I genuinely do feel for the younger generations and as someone in their late 30’s I may even be considered young by some, but I was fortunate enough to get through college debt free through scholarships and parental help and for a degree in engineering. My wife and I also save a ton each year and have forgone big vacations and expenses at the sake of saving. Are we lucky? Hell yes. Do we make the proper financial decisions? Also hell yes.
Posted on 5/6/24 at 5:50 am to Oilfieldbiology
Dems need this for control, more dependency on Government , next will be to increase all forms of taxes so there will be nothing to ever get ahead with…
Posted on 5/6/24 at 5:59 am to Saunson69
quote:
I wish the government could step in because that's the only way it'll end.
This has has to be a troll. And not a very good one.
Posted on 5/6/24 at 6:05 am to Saunson69
quote:
I wish the government could step in because that's the only way it'll end.
And what entity do you think is responsible for these policies that have created this environment? Jesus man.
Stupid low interest rates created the high costs in anything you can borrow money on.
Government regulations and green initiatives on industry has driven up the cost of everything.
Deficit spending created the inflationary environment that takes money from taxpayers and wastes it on bullshite.
Do you think you’re the first generation that got taxes taken from you that were given to other classes of citizens and non citizens?
Posted on 5/6/24 at 6:08 am to tiggerthetooth
quote:
Because boomers own all of these properties and are trying to sell at a premium.
Apparently you never took Econ 101 in your college courses you borrowed too much money to take.
Posted on 5/6/24 at 6:08 am to Saunson69
while I agree with most of what you said, people are simply getting their own money back with social security. If you make say $500k/yr in the 90s all those taxes you paid in your life you get a measly $3k/mo or whatever today, you're not even getting back a fraction of what you paid.
Posted on 5/6/24 at 6:09 am to Saunson69
quote:Yeah, more regulation and the federal government involvement always results in lower prices....
I wish the government could step in because that's the only way it'll end.
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