Celebrating 10 years! 2007-2017

Which generation will be better off in terms of life opportunities? 80's,90's, or 00's

Ok, we all know boomers rip us off and don't feel guilty abo mrlollipop01/30/19
Maybe '80s, or quite possibly none of the above. plumber01/30/19
Early 80s, if their careers survived ITE1. Then 00s, as t flyer1401/30/19
Heh, Trump economy. therewillbeblood01/30/19
If you live in America propre, you’re doing awesome. flyer1401/31/19
Going with 80s, that seems to be the last time the United St trijocker01/30/19
gotta second this. entry-level jobs in high-paying careers dingbat01/30/19
the 70s like me got screwed by the 1991 recession, and the d kenco01/30/19
None of them. When your generation gets old enough, you wil jeffm01/31/19
It will be mute as the debt loaded, underpaid millennials wi plumber01/31/19
Honestly, I'm a millennial who graduated during the econ confused1l9301/31/19
Live below your means and stash! God, I wish I would have h jeffm01/31/19
I'm going with 00s, not so much because their prospects are onehell01/31/19
For the reasons you state, the health care sector is going t jeffm01/31/19
Number is a good analysis mrlollipop02/10/19
A lot to unpack here. First of all, RE: #1, I guess you' theimmigrant02/11/19
You can restrict the labor supply if you get rid of identity wearyattorney02/11/19
double post theimmigrant02/15/19
mrlollipop (Jan 30, 2019 - 3:21 am)

Ok, we all know boomers rip us off and don't feel guilty about it. Put aside the past, which younger generation you all think is/will better off in terms of life opportunities: 80's,90's or 00's?

Reply
plumber (Jan 30, 2019 - 8:22 am)

Maybe '80s, or quite possibly none of the above.

Reply
flyer14 (Jan 30, 2019 - 8:25 am)

Early 80s, if their careers survived ITE1.

Then 00s, as their careers are starting during the Trump economy. Ditto late 90s.

Then late 80s/early 90s. They got f*ed by Bush/Obama ITE1.

Reply
therewillbeblood (Jan 30, 2019 - 7:10 pm)

Heh, Trump economy.

Reply
flyer14 (Jan 31, 2019 - 9:35 am)

If you live in America propre, you’re doing awesome.



Reply
trijocker (Jan 30, 2019 - 8:29 am)

Going with 80s, that seems to be the last time the United States was prosperous.
There was opportunity for everyone if you worked hard.
Now it seems you are either a one percenter, or a work slave.
Don't even get me started on what student loan indebtedness has done to recent generations.

Reply
dingbat (Jan 30, 2019 - 9:04 pm)

gotta second this. entry-level jobs in high-paying careers were a lot more common. "working-class" unions hadn't started sacrificing the young to ensure benefits for the olds. traditional career paths were still predictable. College and housing were both somewhat affordable. Burgeoning new economies like Saudi Arabia and China were hiring westerners and hadn't started training their own.

Reply
kenco (Jan 30, 2019 - 6:56 pm)

the 70s like me got screwed by the 1991 recession, and the dot-com bubble pop.

Reply
jeffm (Jan 31, 2019 - 10:10 am)

None of them. When your generation gets old enough, you will have your turn to do the screwing of the younger ones.

Reply
plumber (Jan 31, 2019 - 10:13 am)

It will be mute as the debt loaded, underpaid millennials will vote for Communists.

Reply
confused1l93 (Jan 31, 2019 - 1:12 pm)

Honestly,

I'm a millennial who graduated during the economic uptick.

It is not difficult for a millennial californian to find gainful employment. I recently switched industries and am now making around 6 figures selling software and doing some freelance work on the side. Getting a job wasn't THAT hard but I had to be pretty crafty. Im not sure I would have been able to make a move like that in 2008-9. Most of the millennials who have been in software for at least 2 years are all doing pretty well. Whether it be as engineers or something else.



I would like to mention that the legal market is an exceptionally hard way to earn a living. Its not impossible but if you don't (on some level) like the law.. there are WAY easier ways of making money if that's whats important to you. I used to read a lot of JeffM's material and have seen his bootstrap solo model work out well for some of my friends.


I often worry what the next recession will look like. My primary concern is building some sense of financial security until the next one.

Reply
jeffm (Jan 31, 2019 - 6:09 pm)

Live below your means and stash! God, I wish I would have heeded this advice over these last 25 years. I lived below my means, but I could have lived even more below and stashed a lot more $$$. Live and learn. No regrets. But to anyone in their 20's... listen to your wise elders!

Reply
onehell (Jan 31, 2019 - 2:39 pm)

I'm going with 00s, not so much because their prospects are going to necessarily be better, but for reasons more simply related to the passage of time:

1. Good or bad opportunity is a subjective judgment based largely on what you're comparing yourself to. The more time passes, the less we compare our current prospects to the baby boom era, which was really a total historical aberration and not a norm we should even be comparing ourselves to. That kind of prosperity for even low-skilled workers had never happened before and it will never happen again. If you were born in the oughts, then your parents were probably born in the 80s. If your parents are young gen-Xers or even millennials themselves, there's simply going to be ever-decreasing levels of shame associated with stuff like living with your parents. Your outcomes might not be objectively better, but you're no longer comparing your opportunities to what would have existed in 1955.

2. The younger you are, the more likely you are to benefit from the possibility that you will come of age at a time when certain cans can be kicked down the road no farther. For example, the student loan/rising tuition problem is one of those "if something can't go on forever then it will eventually stop" type of situations. I don't know what the solution is going to be, I just know that eventually congress will have no choice but to address it; it's not like you can have tuition be the inflation-adjusted equivalent of 500k/yr or something. Society will not be able to withstand that and eventually colleges will be forced to either reign in prices or employers will be forced to stop requiring it which will in turn lead to decreased demand for seats eventually forcing the higher ed market into some kind of equilibrium. Same with social security and medicare and the demise of the private pension and the unattainable cost of housing in desirable areas. Plus, I feel like we're in another tech bubble that's going to burst eventually, would rather come of age at the tail end of that.

3. Eventually, boomers will retire/die. The younger you are, the more their stranglehold on good jobs (as well as political power) loosens. A young baby boomer born in say 1965 will be 57 in 2022 when someone born in 2000 is finishing college. For a kid born in 2008-2010, you're finally at the point where even the youngest baby boomers are at retirement age by the time you're entering the professional post-college workforce. Plus, these departing boomers will leave behind one of the greatest wealth transfers in history, as well as a huge brain drain that employers will have no choice but to finally consider younger workers to fill. The younger you are when that sweet spot is hit, the more likely it is that you will not have a resume stained by years of unemployment and underemployment. Odds are greater that you'll finish college at "just the right time" so to speak. Many studies show that where you start has a huge impact on how far you can rise.

4. Data trends in the US are such that, for college-educated parents at least, people are having their kids at older and older ages and they are having fewer and fewer of them. The younger you are, the more likely you are to benefit from this demographic shift in terms of having fewer people in your same age range to compete with.

Reply
jeffm (Jan 31, 2019 - 6:12 pm)

For the reasons you state, the health care sector is going to boom more than ever.

Reply
mrlollipop (Feb 10, 2019 - 9:58 pm)

Number is a good analysis

Reply
theimmigrant (Feb 11, 2019 - 7:49 am)

A lot to unpack here.

First of all, RE: #1, I guess you're saying that ignorance is bliss which isn't wrong, but does it really address the topic at hand? If a tree gets a Job Offer in the forest, but then 70 years go by, did it happen? I digress.

You're basically assuming that the problems that exist with regard to student loans, and boomer-related entitlements like SS/Medicare/sinecures, not to mention the debt/deficit, all have "good" endings which would be achieved through the wonderful legislative process envisioned by our great founding fathers?. It would never even occur to me that any of these problems have a "good" solution that's better than the current status quo, let alone being able to turn the clock back. Medicare/SS will be addressed through higher tax rates and/or later retirement ages, but what does this even accomplish? The Gen Z bro is still FUBAR and has to work at Starbucks into his 70s unless he aced OCI. This brings me to your point about job openings. Have you set foot in a major, or minor, corporation lately? First of all, the "actual" boomers who did Woodstock and Viet Nam and are rumoured to have ruined the country were born from 1945-1955 are basically retired. The tweener, fake, "generation Jones" Boomers who were born 1955-1965 are still there, but they are absurdly redundant, and will not be "replaced" beause their current management sinecures have no inherent value. Their positions as they exist today are basically a Boomer birthright and are nontransferable to future generations, because society has for some reason deemed them unworthy. You know this.

As for tuition, it doesn't need to necessarily continue to skyrocket, but at current levels, it can just grow modestly, sneakily, so that it's not $500k for NYU in the 2020s, but, eh, $100k? Why not? These are just sticker prices anyway and tons of schools are unaffected by this, e.g. tons of state schools are somehow still affordable or basically free like SUNY, not to mention Ivys are generous with aid for poors. The expensive, non-Ivy colleges are basically Veblen Goods aimed at brainwashed, prestige-obsessed fools. Nothing to see here.

The debt and deficit will continue to explode unfettered until some sort of entity stronger than the U.S. cries, "enough!" and it turns into Argentina in the 90s. I don't even see how you begin to solve the fiscal issues or any others by passing Laws. Maybe I'm just jaded after bombing OCI, quitting Law, and becoming a Nurse, but I don't think 535 Lawyers, beholden to special interests, have ever solved basically any problem under the sun. I guess seatbelts were a net positive.

As for your point #4, first of all you're wrong out of the gate because competition from our Eastern brothers will only grow. Immigrants of all stripes - white collar, blue collar - plus offshoring, will assure that the American worker's life is as ignominious as possible. I mean, what do you think is going to happen, there will suddenly be this wonderful Labour Deficit and it will increase wages and opportunities, like you are so fond of saying occurred after WW2 (and after the black plague, bringing about the Renaissance, of course). What about all of the Chinamen that wily is training to ace their SATs? Do corporations not have decades to see this coming? They already know what levers to pull, and they just need to keep pulling them like they've been doing in order to erase any hope of this wonderful future you envision; I wonder, by the way, if there's any intellectual honesty to this supposition of yours, or if it's just your way of subtley working in that trope that we Liberals are so fond of ("The rest of the world was devastated after WW2!" etc.), but I digress.

—TI

Reply
wearyattorney (Feb 11, 2019 - 8:00 am)

You can restrict the labor supply if you get rid of identity politics. Preps want a secure place to store their money, and this is the only place you can do it. There’s value in that.

Democratic Party is the greatest enemy the American working classes have ever encountered.

Reply
theimmigrant (Feb 15, 2019 - 7:45 am)

double post

Reply
Post a message in this thread