Pretty Interesting Read RE: Millennials & Capitalism

[MeanGreenMailbox aka TFLF]

From Foreign Policy:  http://foreignpolicy.com/2016/06/16/why-young-americans-are-giving-up-on-capitalism/

"We live in an era where heated rhetorical battles are fought over terms that have lost clear meaning. In an attempt to placate an angry populace, all three major candidates — Sanders, Donald Trump, and Hillary Clinton — have at various times positioned themselves as “anti-establishment”: a dubious description of two career politicians and a billionaire tycoon."

Edited June 16, 2016 by MeanGreenMailbox

[UNT90]

They are all worthless.

[Quoner]

1 hour ago, UNT90 said:

They are all worthless.

"Life moves pretty fast. If you don't adjust with the times, you might die very angry." - Ferris Bueller 2: Electric Bugaloo

[UNT90]

34 minutes ago, Quoner said:

"Life moves pretty fast. If you don't adjust with the times, you might die very angry." - Ferris Bueller 2: Electric Bugaloo

A liberal actor in a movie director by a liberal said something I should live by? Lol. 

So liberal of you. ?

 

[Quoner]

7 minutes ago, UNT90 said:

A liberal actor in a movie director by a liberal said something I should live by? Lol. 

So liberal of you. ?

 

Whoa. You've seen it? How do I? (Also, count me among the brave few who don't get the first one. Some d-bag lies to people, takes advantage of his dumb gf and probably autistic friend and then makes it home safely with no consequences?)

[That_Guy_Arlo]

16 hours ago, UNT90 said:

They are all worthless.

Said every old person ever when speaking on the younger generation.

[Coffee and TV]

On 6/17/2016 at 10:28 AM, That_Guy_Arlo said:

Said every old person ever when speaking on the younger generation.

All while their generation was responsible for rearing and raising the younger one.

[EagleMBA]

22 hours ago, Coffee and TV said:

All while their generation was responsible for rearing and raising the younger one.

Not to mention taking the oath, wearing the uniform, and fighting in hellholes around the world to protect those kids from evil and secure for them a better life. At some point, they must pick up the reins and help pull the wagon.

[UNT90]

On June 17, 2016 at 10:28 AM, That_Guy_Arlo said:

Said every old person ever when speaking on the younger generation.

I was speaking of the Presidential candidates.

The millenniums aren't worthless, it's iust the majority of them are brainwashed little Ps that need to grow a pair instead of celebrating cutting them off.

23 hours ago, Coffee and TV said:

All while their generation was responsible for rearing and raising the younger one.

Yep, and that generation was taxed to death by a far overreaching government, forcing both parents to work and give the primary education responsibility to... The government, which then indoctrinated  you and millions like you to believe socialism (I.e. The government) was the answer to all problems. 

You will most likely live your entire life not realizing how you have been molded by these forces to think the way you think. It actually makes me feel sorry for you.

Edited June 19, 2016 by UNT90

[Quoner]

23 hours ago, UNT90 said:

I was speaking of the Presidential candidates.

The millenniums aren't worthless, it's iust the majority of them are brainwashed little Ps that need to grow a pair instead of celebrating cutting them off.

Yep, and that generation was taxed to death by a far overreaching government, forcing both parents to work and give the primary education responsibility to... The government, which then indoctrinated  you and millions like you to believe socialism (I.e. The government) was the answer to all problems. 

You will most likely live your entire life not realizing how you have been molded by these forces to think the way you think. It actually makes me feel sorry for you.

So things were going aces, this shadow government made up of people your age overpowered all institutions of learning, the media and more and then completely made the lessons and wisdom you had to share obsolete? Makes sense.

[MeanGreenMailbox aka TFLF]

I'm not sure it's all just government.  Too much government is always bad. But, too much capitalism is as well.  And, by "too much," I mean unregulated. 

Then...you have the Chinas of the world where "too much government" meets unregulated capitalism...so, you get child labor. 

If you think the rich get richer under capitalism, go look at the chasm between the rich and poor in countries like China and our Southern neighbor, Mexico.

Anyway, I think the point of the article is, when you step back an look at the whole situation, the Millennials have had a far more difficult set of circumstances than the Gen Xers (me) and Baby Boomers (my parents).

A key pieces, to me are these:
-Baby Boomers grew up at a time when America led the world by default - the rest of the industrialized world had just been ravaged by WWII.  We could be inefficient and still lead the way.  We saw that change in the 70s and 80s.
-GenXers didn't quite have the benefit of competing against post-WWII destoyed/rebuilding nations, but did benefit - for a while, anyway - from the Soviets and most other communist countries tapping out. Money was then freed from defense expenditures. 

Millennials have come up in the era of these free trade agreements that lessened America's lead in economic growth. 

At the same time, you have big business finally marrying up with Democrats at the same rate they used to with Republicans.  The result:  two foxes guarding the hen house.  There is no party, now, to "stick up for the little guy." 

On the one hand, Republicans guard the small businesses, whose Chamber of Commerce is okay with open borders for cheap labor.  On the other, Democrats keep big businesses guarded with a steady stream of government-to-business players between Washington, D.C. and Wall Street.

Finally, Millennials have grown up in an era where terrorist have replaced standing, uniformed, easy-to-identify enemies.  Whereas we feared a far away country send nuclear missiles our way, Millennials have grown up with the reality that they could simply to go a movie, to church, to a dance club, or to work and be massacred by "homegrown" terrorists of all stripe.

Millennials surely bring much of their woes upon themselves.  However, the landscape they grew up in was vastly different socially, economically, and geopolitically than for us.
 

Edited June 20, 2016 by MeanGreenMailbox

[Coffee and TV]

On 6/19/2016 at 11:15 AM, EagleMBA said:

 At some point, they must pick up the reins and help pull the wagon.

Like paying for their social security and medicare while being overburdened with student loans? Yeah, happening right now as we speak.

[UNTFan23]

2 hours ago, Coffee and TV said:

Like paying for their social security and medicare while being overburdened with student loans? Yeah, happening right now as we speak.

We could just raise everyone's taxes and make secondary education (aka college) "free".

Edited June 20, 2016 by UNTFan23

[Coffee and TV]

23 hours ago, UNTFan23 said:

We could just raise everyone's taxes and make secondary education (aka college) "free".

Good idea. What a boost to the economy that would be. You'd have so many more 20-somethings able to buy houses, invest & save for the future, and maybe have the capital to start new businesses.

[UNTFan23]

1 minute ago, Coffee and TV said:

Good idea. What a boost to the economy that would be. You'd have so many more 20-somethings able to buy houses, invest & save for the future, and maybe have the capital to start new businesses.

I'm not sure how much everyone's taxes would have to go up to pay for the program but it's while some people may see their costs go down due to no longer needing loan payments but other people's tax burden will be going up, so there is that.

One thing is certain is that colleges and universities won't be adjusting their entrance requirements so that will continue to be a barrier for a lot of people even if the cost is "zero". There also should be limitations on how long a person can be getting their education for free although many universities already have caps on hours a student can be taking before they are shooed out of the school. I think it also should be limited to Associate and Bachelor degrees only. If you want more that should be on you to fund.

[EagleMBA]

23 hours ago, UNTFan23 said:

We could just raise everyone's taxes and make secondary education (aka college) "free".

They could do what I did for two degrees and work their asses off to pay their own way. It is known as taking responsibility for oneself.

Was a member of social and professional fraternities as an undergrad, married with children while a grad student. Missed the undergrad graduation ceremony because I was already at work 500 miles away. Never had a student loan. It took me a little longer but did not harm my career progression. That is the way it used to be done.

[Censored by Laurie]

31 minutes ago, EagleMBA said:

They could do what I did for two degrees and work their asses off to pay their own way. It is known as taking responsibility for oneself.

Was a member of social and professional fraternities as an undergrad, married with children while a grad student. Missed the undergrad graduation ceremony because I was already at work 500 miles away. Never had a student loan. It took me a little longer but did not harm my career progression. That is the way it used to be done.

uphill both ways those 500 miles, surely. 

in 1975...you average out-the-door cost for a year at a public institution was right around $3000. along a standard rate of inflation, that would come to about $13,400 in today's dollars. the average out-the-door cost for the same degree this year is around $19,500...or about 69% above the standard rate of inflation.

all that while the median household income in 1975 was around $13,000...inflated that would be around $58,000...but today's median income is only around $53,500...about 8% under the rate of inflation. even taking inflation out of it...that $3000 represented about 23% of a household income, while the $19,500 represents about 36%. 

no one's saying work ethic isn't important...just be realistic and understand that work ethic, like the dollar, doesn't go nearly as far a it once did. 
 

[MeanGreenMailbox aka TFLF]

I don't think the answer is ever to make everything free. Mainly, because it's not really free.  You are shifting the cost onto the middle class.

(Yes, yes...I know politicians say they've "taxing the rich" when they raise taxes to pay for things.  But, the truly wealthy don't have to keep making money on their annual tax returns.  So, it's a burden that falls on the middle class.  SEE Affordable Care Act.)

Part of the problem is that the government doesn't really know what the f*ck to do.  They forced banks to lend money to people who couldn't handle mortages under Bush I, Clinton, and Bush II.  That "make it easy for the poor" scheme crashed hard in September 2008.

Hard work is certainly an integral part of the equation. 

What I think has to change, fundamentally, is the education system.  There has to be something in place to teach kids not to be swindled by both private business and the government. 

 

[EagleMBA]

9 minutes ago, Censored by Laurie said:

uphill both ways those 500 miles, surely. 

in 1975...you average out-the-door cost for a year at a public institution was right around $3000. along a standard rate of inflation, that would come to about $13,400 in today's dollars. the average out-the-door cost for the same degree this year is around $19,500...or about 69% above the standard rate of inflation.

all that while the median household income in 1975 was around $13,000...inflated that would be around $58,000...but today's median income is only around $53,500...about 8% under the rate of inflation. even taking inflation out of it...that $3000 represented about 23% of a household income, while the $19,500 represents about 36%. 

no one's saying work ethic isn't important...just be realistic and understand that work ethic, like the dollar, doesn't go nearly as far a it once did. 
 

Yes, the cost of higher education has outpaced inflation.

Side note for general amusement: In 1969, I came to Dallas and went to work for $8,027 per annum; my Social Security payment amounts to more than three times that. What is sad is that my wife and I got by pretty well on that 8 grand. As a single man now, that Soc Sec doesn't go too far today. Had I not saved and invested over the years, I would be in deep doo doo. Inflation is the cruelest tax of all.