US wealth gap between young and old is widest ever

No good jobs, crushing student debt from getting worthless college degrees. What do you expect? Young people in this country are pretty screwed right now thanks to the greed of the baby boomer generation.

is it me or is it a bit creepy that theirs a george orwell reference in there..

It may have some indications about the economical and social status of young people, but honestly isn't this normal? Like those +65 people were once -35 and belonged to that category? I mean its only natural for older people to be in better economical state, giving the time and experience they invested.GazaAli

Not really. People from our parents generation had pretty good jobs for the most part in their 20s. Back in the 60s or 70s you would graduate college and come out to the equivalent of a 6 figure job right out of school. Even factory workers had really good wages and benefits back then.

My dad graduated from undergrad with crappy grades and immediately got a job right out of school making six figures with Bethlehem Steel. Of course that was back before Republicans ruined the economy and outsourced everything.

Now a college grad is lucky to get a $6/hr McJob flipping burgers or something. Service economy jobs suck and don't pay liveable wages.

It may have some indications about the economical and social status of young people, but honestly isn't this normal? Like those +65 people were once -35 and belonged to that category? I mean its only natural for older people to be in better economical state, giving the time and experience they invested.GazaAli

[QUOTE="GazaAli"]It may have some indications about the economical and social status of young people, but honestly isn't this normal? Like those +65 people were once -35 and belonged to that category? I mean its only natural for older people to be in better economical state, giving the time and experience they invested.danrowe16

Not really. People from our parents generation had pretty good jobs for the most part in their 20s. Back in the 60s or 70s you would graduate college and come out to the equivalent of a 6 figure job right out of school. Even factory workers had really good wages and benefits back then.

My dad graduated from undergrad with crappy grades and immediately got a job right out of school making six figures with Bethlehem Steel. Of course that was back before Republicans ruined the economy and outsourced everything.

Now a college grad is lucky to get a $6/hr McJob flipping burgers or something. Service economy jobs suck and don't pay liveable wages.

[QUOTE="danrowe16"]

[QUOTE="GazaAli"]It may have some indications about the economical and social status of young people, but honestly isn't this normal? Like those +65 people were once -35 and belonged to that category? I mean its only natural for older people to be in better economical state, giving the time and experience they invested.surrealnumber5

Not really. People from our parents generation had pretty good jobs for the most part in their 20s. Back in the 60s or 70s you would graduate college and come out to the equivalent of a 6 figure job right out of school. Even factory workers had really good wages and benefits back then.

My dad graduated from undergrad with crappy grades and immediately got a job right out of school making six figures with Bethlehem Steel. Of course that was back before Republicans ruined the economy and outsourced everything.

Now a college grad is lucky to get a $6/hr McJob flipping burgers or something. Service economy jobs suck and don't pay liveable wages.

indeed here here! church church! the boys up top both suck not jsut the one. stop looking in the left right paradime for a scapegoat and just BLAME BOTH and as a result THE WHOLE GOVT

then and ONLY THEN will you be truly making intellectual progress in a political fashion. both parties are evil and ruining your nation so it really doesnt matter how one or the other acts if they both just as bad.

THIS is the only correct answer in this case and im afraid denying it is impossible (unless you beleive every word uttered by the folks at CNN, MSNBC and FOX without first considering the alternative news sources or the places they get their news from (ap, reuter, daily mail, etc.)

The median net worth for the younger-age households was $3,662,topsemag55

[QUOTE="topsemag55"]The median net worth for the younger-age households was $3,662,Jandurin

[QUOTE="Jandurin"][QUOTE="topsemag55"]The median net worth for the younger-age households was $3,662,surrealnumber5

[QUOTE="GazaAli"]It may have some indications about the economical and social status of young people, but honestly isn't this normal? Like those +65 people were once -35 and belonged to that category? I mean its only natural for older people to be in better economical state, giving the time and experience they invested.surrealnumber5

[QUOTE="surrealnumber5"]

[QUOTE="Jandurin"] rofl i could make more money that that without a job ;sJandurin

[QUOTE="surrealnumber5"]

[QUOTE="GazaAli"]It may have some indications about the economical and social status of young people, but honestly isn't this normal? Like those +65 people were once -35 and belonged to that category? I mean its only natural for older people to be in better economical state, giving the time and experience they invested.EntropyWins

sounds about how much i'm worth. i'm probably less than that number though.

i wonder what my household net worth is i bet i can beat that median!Jandurin

[QUOTE="Jandurin"]i wonder what my household net worth is i bet i can beat that median!surrealnumber5

[QUOTE="Jandurin"]i wonder what my household net worth is i bet i can beat that median!surrealnumber5

[QUOTE="surrealnumber5"]

[QUOTE="Jandurin"]i wonder what my household net worth is i bet i can beat that median!Jandurin

[QUOTE="surrealnumber5"]

[QUOTE="Jandurin"]i wonder what my household net worth is i bet i can beat that median!Colin1192

i bet you work and wash your ass too, is this why youre not part of the XYZ% movement?

surrealnumber5

as long as he is young enough to waste his time drinking he is young enough for me,.... [no xaos]

surrealnumber5

I demand that rich people stop making money and give me all of the money!

[QUOTE="EntropyWins"][QUOTE="surrealnumber5"] back in the days before income tax and government fueled bubbles housing was much lower as was school and people were allowed to keep what they earned, so no it was not always like this, and for most of our history it has not been like this.

surrealnumber5

I demand that rich people stop making money and give me all of the money!

Wasdie

I demand that rich people stop making money and give me all of the money!

Wasdie

I don't want all of it, as that would probably come with some sort of responsibility. I just want some of other peoples' money. Enough to get a lot of nice stuff.

I demand that rich people stop making money and give me all of the money!

Wasdie

[QUOTE="Wasdie"]

I demand that rich people stop making money and give me all of the money!

surrealnumber5

I demand that rich people stop making money and give me all of the money!

Wasdie

[QUOTE="surrealnumber5"]

[QUOTE="EntropyWins"] Just to clarify, You mean back in the days with a 90% income tax for the top bracket, or the 70% income tax for the top bracket? EntropyWins

I demand that rich people stop making money and give me all of the money!

Wasdie

No, we must ignore this issue and allow the gap to increase to the point where youth is unable to advance beyond poverty even when they reach old age!

I believe its quite normal that people make money as they get older :|

Yeah it is pretty lovely how my generation is being completed shafted these days. I love the way that it becomes more and more impossible everyday for us young people to actually start our lives and get a real financial foothold.

I remember when I was young I had always dreamed of graduating high school and then going away to college, living in a dorm and experience life whilst getting my education on.

Then the time came and it's like "oh wait, you can't afford this **** Instead I stayed living with my parents going to a crappy community college while trying to make money working an absolutely ***** fast food job which BTW those wages aren't freaking liveable and even without having to pay for quite ALL my bills, they still don't let you save up a dime....

Now I am 23, haven't gone back yet to finish my college education (got 2 years done) because I have been trying to figure out what degree to get that won't be completely useless to me and trying to sort out my job situation as while I have an alright job, the scheduling can make it hard to do the work and school thing, considering I work in the medical field and can be mandated to stay for a second shift at times...

I don't have a single friend who has moved out of their parents house yet. It has become that unfeasible for someone my age to start their own life.

It is ridiculous, it is BS, and I hope those responsible for ruining our economy burn for it.

Isn't this how it's supposed to be? If young people started off where everyone else was it'd be like cheating in the Sims!

Dont mess with old people.

Isn't this how it's supposed to be? If young people started off where everyone else was it'd be like cheating in the Sims!

airshocker

think the fact that the median net worth for households led by people under 35 being so low is pretty indicativeJandurin

I know. They didn't open up console and type in motherlode a zillion times. Those fools!

I guess there isn't really any way for me to put it except to say that Generation Y or Millennials (or whatever the term for the 'youth' of today) got screwed. Well, we all are a bit screwed, but people say, 25 or so and younger, got extra-mega screwed.

I remember when I graduated HS and moved out on my own, I felt bad because I wasn't doing the standard go-off-to-college-for-4-yearsthing. In retrospect, man oh man did I dodge a bullet.

I remember that it "used to be" that a kid would graduate from college and it was pretty much a 'given' that a decent, if not great, job and career would be waiting for them. This is SO not the case now and likely won't be for quite a while, considering the years (and growing) of backlog of college grads just itching to work.

While people (even those graduating high school) should understand that taking a loan for college is pretty much a gamble, I don't entirely blame them. Same goes for the parents. Taking out a huge college loan based on an assumption (or hope) that a great job will be waiting was a risk. However, for many, many years it has been the safe bet..... but it was still a bet.

I think that, as far as college loan 'bubble' that I've read a few articles/blogs about.... I just assume that the high-school-straight-to-full-time-college-based-on-loans thing will be a thing of the past (for the most part). The only way anyone can really guarantee that they won't have a mountain of debt while struggling to find "good" jobs will be to not take on so much debt in the first place. I think more people will be cautious and go to school part time and pay their way.

But, I could be wrong.

I think that, as far as college loan 'bubble' that I've read a few articles/blogs about.... I just assume that the high-school-straight-to-full-time-college-based-on-loans thing will be a thing of the past (for the most part). The only way anyone can really guarantee that they won't have a mountain of debt while struggling to find "good" jobs will be to not take on so much debt in the first place. I think more people will be cautious and go to school part time and pay their way.

But, I could be wrong.

Planet_Pluto

The vast majority of HS grads don't see it that way. They think they have to go to college to make it.

My cousin had heard me talking about the oil fields in North Dakota for the longest time and he asked me to help him get a job. He didn't want to saddle his parents with college loans. So I called a buddy that I served with and got him an interview over the phone, vouched for him, and set him up with a hotel room for a month until he had enough money to find an apartment. Now he's making more than I do after taxes and is getting his associates done on-line.

Smartest kid I know.

Old people are living longer, working longer and consequently accumulating more wealth at the peak of their careers than before.

and ppl wonder why kids today stay home and mooch of their parents.. :P comp_atkins

If you live in NY or CA you're already well accustomed to kids mooching off their parents.

my whole argument sums up to ______ baby boomers, the greatest generations greatest failure

my whole argument sums up to ______ baby boomers, the greatest generations greatest failure

surrealnumber5

[QUOTE="surrealnumber5"]

my whole argument sums up to ______ baby boomers, the greatest generations greatest failure

Jandurin

my whole argument sums up to ______ baby boomers, the greatest generations greatest failure

surrealnumber5

[QUOTE="surrealnumber5"]

my whole argument sums up to ______ baby boomers, the greatest generations greatest failure

comp_atkins

[QUOTE="surrealnumber5"]

my whole argument sums up to ______ baby boomers, the greatest generations greatest failure

Jandurin