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How Capitalism Broke Young Adulthood

j brown's body

"A Soros-backed animal"
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Boomers have socialism. Why not Millennials?

The simple fact is that young people live and work in a very different economy from their parents. And one good way to see this is to walk, beat by beat, down the road to adulthood.

Start with college. Millennials are the most educated generation in U.S. history to date. They “did what they were told,” as Sanders once said. “They got an education and worked hard. But instead of being rewarded, Millennials are now being punished with crushing student debt.” ...Next, there’s the labor force. While the unemployment rate is low, wage growth has fallen behind its historical trend line, putting the American dream at risk. ...Finally, and perhaps most important, there’s housing. Even dutiful penny-pinchers who make their own morning coffee and avoid avocado toast may still find homeownership out of reach. Young people in their late 20s and early 30s today are about one-third less likely to own a house than their parents were at the same age, according to the Federal Reserve. The homeownership rate among young black Americans has fallen below 30 percent, its lowest rate in 60 years.

This gap is crucial, because houses account for almost all wealth for the bottom 50 percent of Americans. Without a home, Millennials are cut off from their most important source of wealth building. The Federal Reserve summed up their plight in seven words: “lower earnings, fewer assets, and less wealth.”

For young Americans, there is a mounting sense that whatever the ladder to adulthood is—or whatever traditional or normative markers of financial independence have been historically associated with adulthood—it’s been shattered by modern American capitalism. This is why Sanders appeals to young voters when he says, “If we don’t fundamentally transform our economy, we are facing—for the first time in the history of this country—the possibility that our young people will suffer a worse future than their parents had.” Whatever you make of their argument, it’s rich hypocrisy for beneficiaries of Social Security, Medicare, and housing subsidies to argue that a little socialism cannot help the U.S., when it has so obviously helped Boomers become the most financially secure generation in history.

How Capitalism Broke Young Adulthood - The Atlantic

While I doubt enough Americans are forward looking enough to respond positively to dragging our country into the 21st century after electing a president who want to take us back to the 1800s, it is our best hope for the future of this country.
 
How Capitalism Broke Young Adulthood - The Atlantic

While I doubt enough Americans are forward looking enough to respond positively to dragging our country into the 21st century after electing a president who want to take us back to the 1800s, it is our best hope for the future of this country.

I guess I'm a little confused on how this is arguing Boomers used socialism to build their wealth? Social Security and Medicare are benefits of old age, but it's not how most Boomers built their massive wealth. They built it by running up a federal deficit more than anything. I'm all for Warren or Sanders, but I'm a little bit confused by this argument.
 
How Capitalism Broke Young Adulthood - The Atlantic

While I doubt enough Americans are forward looking enough to respond positively to dragging our country into the 21st century after electing a president who want to take us back to the 1800s, it is our best hope for the future of this country.

Then they should totally support Trump as he doesn't want them taxed when they inherit the upstairs to their basements. :2razz:
 
I'm burdened with crushing car loan debt and a crushing mortgage. Do I get free money to pay these off?
 
How Capitalism Broke Young Adulthood - The Atlantic

While I doubt enough Americans are forward looking enough to respond positively to dragging our country into the 21st century after electing a president who want to take us back to the 1800s, it is our best hope for the future of this country.

The article is close, but corporatism is the problem. Wealth isn't being used as multipliers to generate more wealth, its being transferred to corporate coffers.

Wal-Mart and Amazon are the guiltiest but far from the only companies that think cutting labor costs is the only way to make more profit.
 
I'm burdened with crushing car loan debt and a crushing mortgage. Do I get free money to pay these off?

Jeez, you've already got a mortgage deduction. Go to the back of the line. And support public transportation.
 
I guess I'm a little confused on how this is arguing Boomers used socialism to build their wealth? Social Security and Medicare are benefits of old age, but it's not how most Boomers built their massive wealth. They built it by running up a federal deficit more than anything. I'm all for Warren or Sanders, but I'm a little bit confused by this argument.

Most people build their wealth through their homes.
 
I'm burdened with crushing car loan debt and a crushing mortgage. Do I get free money to pay these off?

Car loan debt is without a doubt the stupidest debt to get into. If its crushing, quit spending money you don't have.
 
How Capitalism Broke Young Adulthood - The Atlantic

While I doubt enough Americans are forward looking enough to respond positively to dragging our country into the 21st century after electing a president who want to take us back to the 1800s, it is our best hope for the future of this country.

Capitalism didn’t cause this, leftism did.

In Washington housing is unaffordable because of the state growth management act and regulatory bureaucracy.

It’s similar in most other states. So when the first argument is “well millenials can’t afford houses” that is the result of the (Un)Democratic Party and their policies.

Also Medicare and social security are not purely socialism, nor are those very meager benefits (which the left uniformly refuses to even talk about paring back) the reason for the relative wealth of the boomers. The boomers came of age in a world without eco-fascists and so could afford houses and utilities and have middle wage jobs
 
Capitalism didn’t cause this, leftism did.

In Washington housing is unaffordable because of the state growth management act and regulatory bureaucracy.

It’s similar in most other states. So when the first argument is “well millenials can’t afford houses” that is the result of the (Un)Democratic Party and their policies

You are correct about housing and government, but its local government with its zoning laws, that cause much of the problem. Then, again, if you're Black, it's pretty much a social issue that could be mitigated by government action.

Parents don't want multi-family dwellings in their communities, so the kids end up in the basement.
 
You are correct about housing and government, but its local government with its zoning laws, that cause much of the problem. Then, again, if you're Black, it's pretty much a social issue that could be mitigated by government action.

No, government action is, and always has been the reason blacks are not doing well.

Even if you’re a renter (like the vast majority of blacks are) government land use policy results in high rent.

In Seattle they are banning landlords from requiring large security deposits for credit unworthy tenants, and restricting background checks, which is resulting in small landlords with paid off homes selling to developers who are building luxury buildings with credit.

So the democrats are either so stupid they’re hurting their voters through ignorance or so evil it’s part of a communist plot, take your pick, if you’ve voted for anyone to the left of McCarthy ever you have no one to blame but yourself.

See I would argue all zoning laws are unconstitutional seizures of land under the 5th amendment but since FDR appointed liberal judges to the Supreme Court there is no constitution protecting private property. Once again, your ideology causes the problem not mine
 
No, government action is, and always has been the reason blacks are not doing well.

ne

That is simply not true.

Redlining wasn't a government policy.

Charging black people more interest and more fees for loans than white people with the same financials.. was not a government policy.
 
Car loan debt is without a doubt the stupidest debt to get into. If its crushing, quit spending money you don't have.



You can say the same thing about a lot of college degrees. Take something like accounting, engineering or data science. Avoid art history.
 
That is simply not true.

Redlining wasn't a government policy.

Charging black people more interest and more fees for loans than white people with the same financials.. was not a government policy.

Redlining absolutely was government policy.

Redlining as such began with the FHA.

Differences in mortgage rates are attributed to different behavior in shopping for mortgages.

It has been shown blacks are less likely to shop mortgages and less likely to walk about on a bad deal.

Also blacks and Latinos are more likely to live in cities where home values are higher generally, which skews mortgage statistics. And why are cities more expensive? Government policies. Central planners are neglecting road improvements in favor of transit which creates an incentive for monied people not to move to suburbs over the urban core.

And in addition to that they are disincentivizing middle price level development
 
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The article is close, but corporatism is the problem. Wealth isn't being used as multipliers to generate more wealth, its being transferred to corporate coffers.

Wal-Mart and Amazon are the guiltiest but far from the only companies that think cutting labor costs is the only way to make more profit.

I agree with this 99%, maybe 100%.

When one looks back on the past 40-50 years or so and dissects the changes and the legislation and the Supreme Court decisions that have brought us to this point of extreme inequality, it's hard not to come to the conclusion that it was all done on purpose. Start with the Powell Memorandum, then First National Bank of Boston v. Bellotti, then Citizens United v. FEC, and you can clearly see the legal basis for business' rise to political power.

Built on those decisions, Big Business has used our flawed campaign finance rules to buy elections and politicians, who now routinely work for the benefit of business, and not citizens. Pro-business groups like ALEC are even writing our legislation now. You elected them to write new laws. They’re letting corporations do it instead. – Center for Public Integrity
 
Car loan debt is without a doubt the stupidest debt to get into. If its crushing, quit spending money you don't have.

It's hard to get by in most of this country without a car, and almost impossible to afford a car without a loan. Public transportation just isn't good enough in most places.
 
Capitalism didn’t cause this, leftism did.

In Washington housing is unaffordable because of the state growth management act and regulatory bureaucracy.

It’s similar in most other states. So when the first argument is “well millenials can’t afford houses” that is the result of the (Un)Democratic Party and their policies.

Also Medicare and social security are not purely socialism, nor are those very meager benefits (which the left uniformly refuses to even talk about paring back) the reason for the relative wealth of the boomers. The boomers came of age in a world without eco-fascists and so could afford houses and utilities and have middle wage jobs

Yes, it's fascist to protect the environment from businesses polluting it.

35 vintage photos taken by the EPA reveal what American cities looked like before pollution was regulated
 
It's hard to get by in most of this country without a car, and almost impossible to afford a car without a loan. Public transportation just isn't good enough in most places.

It is not impossible to get a car without a loan, that is simply horse crap. I have never borrowed money on a vehicle ever.

The most expensive car I have and has been $3500. Before that I never paid more than 2000 for a car. All of my cars have lasted me years.

A lot of people don’t get ahead because they fall for propaganda like yours and see themselves as victims forever. There is no law anywhere in this country mandating a car be purchased with credit
 
It's hard to get by in most of this country without a car, and almost impossible to afford a car without a loan. Public transportation just isn't good enough in most places.

There's a reason for that.
 
I'm burdened with crushing car loan debt and a crushing mortgage. Do I get free money to pay these off?

Actually you should do what you wish for debt burdened young people. Take the bus, and live in a basement.
 
Redlining absolutely was government policy.

Redlining as such began with the FHA.

Differences in mortgage rates are attributed to different behavior in shopping for mortgages.

It has been shown blacks are less likely to shop mortgages and less likely to walk about on a bad deal.

Also blacks and Latinos are more likely to live in cities where home values are higher generally, which skews mortgage statistics. And why are cities more expensive? Government policies. Central planners are neglecting road improvements in favor of transit which creates an incentive for monied people not to move to suburbs over the urban core.

And in addition to that they are disincentivizing middle price level development

Red lining reflected the general Jim Crow attitude of society at the time. And even today, homes in Black communities have less value than ones in white communities, even when their average income is higher.

Realtors were only happy to follow the government recommendations and then profited enormously from blockbusting.
 
You can say the same thing about a lot of college degrees. Take something like accounting, engineering or data science. Avoid art history.

Take what makes you happy. Make college affordable.
 
I guess I'm a little confused on how this is arguing Boomers used socialism to build their wealth? Social Security and Medicare are benefits of old age, but it's not how most Boomers built their massive wealth. They built it by running up a federal deficit more than anything. I'm all for Warren or Sanders, but I'm a little bit confused by this argument.

Its really about how the boomer generation took advantage of many benefits that were given to them by the great society generation only to cut a ton of them off which made it harder for the millennial generation to find opportunities. Im pretty lucky to be born in a family that helped me build up to what i have now but i recognize there are a ton of my friends that arent as lucky, some living with their parents still not because they are lazy. Im not a fan of stirring conflict between generations though.
 
Redlining absolutely was government policy.
'
'

Please point to the law detailing redlining as a government policy.

Differences in mortgage rates are attributed to different behavior in shopping for mortgages.

It has been shown blacks are less likely to shop mortgages and less likely to walk about on a bad deal.

Nope wrong:

Its well documented that banks have gotten caught discriminating with higher mortgage rates to and higher fees to minorities versus white people with the same financials.

[Banks accused of discrimination in lending - Google Search]
 
Its really about how the boomer generation took advantage of many benefits that were given to them by the great society generation only to cut a ton of them off which made it harder for the millennial generation to find opportunities. Im pretty lucky to be born in a family that helped me build up to what i have now but i recognize there are a ton of my friends that arent as lucky, some living with their parents still not because they are lazy. Im not a fan of stirring conflict between generations though.

My family is a great example. My parents who are just about boomers.. (little older).. were complaining the other day about Sanders being a communist.. because he "wants free college education".

My children.. my parents grandchildren... both spoke up to my parents.. (before I could)...and said "but you two got free education when you were college age"..

And its true... both of my parents received free college education because their state school was free at the time.. (the last year, my mother had to pay like 50 bucks).

So my kids.. (millennials).. kind of had their grandparents on the hook.. "gee grandma.. why don't you want US.. to receive the same benefits that YOU did"?

Then my mom tried the old "but but.. that last year cost me 50 bucks.. and at 75 cents an hour pay.. that took a long time to pay.

And my son.. bless his heart.. said... "lets see.. so 75 cents an hour.. and 50 bucks. So that's about 67 hours.. to get tuition. Hmm so about a week and a half of work.

Well grandma.. my tuition for state university is about 9000 dollars. Would you please point me to the jobs I can work a week and a half and earn 9000 dollars?".

It was a bit quiet in the grandparents household.
 
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