US wealth gap between young and old is widest ever

I guess I should feel pretty fortunate. I'm pretty damn young and still have a higher net worth (and that I can readily use) than the median listed for older people.

I guess I should feel pretty fortunate. I'm pretty damn young and still have a higher net worth (and that I can readily use) than the median listed for older people.

jetpower3

[QUOTE="jetpower3"]

I guess I should feel pretty fortunate. I'm pretty damn young and still have a higher net worth (and that I can readily use) than the median listed for older people.

Jandurin

No, but it's just one more indication. Sometimes it seems you can never have enough, as it's very easy to feel ungrateful.

Sometimes it seems you can never have enough

jetpower3

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="jetpower3"]

Sometimes it seems you can never have enough

Jandurin

Well, your experience is probably markedly differnet from mine. Plus, I have a predisposition to be more suspectible than normal to things like depression and apprehension. As such, I need to remind myself in more ways of reasons to be grateful.

[QUOTE="Jandurin"][QUOTE="jetpower3"]

Sometimes it seems you can never have enough

jetpower3

Well, your experience is probably markedly differnet from mine. Plus, I have a predisposition to be more suspectible than normal to things like depression and apprehension. As such, I need to remind myself in more ways of reasons to be grateful.

I've got a question. I'm of the belief that in many ways, yes, today's youth got screwed. For those of you that are in that group (I guess I'll use the parameters of a college degree with a mountain of debt and no job... or at least not a job that has anything to do with what you studied for)..... what will you do? What do you plan on doing? Do you have any plans to try to get un-screwed?

I've got a question. I'm of the belief that in many ways, yes, today's youth got screwed. For those of you that are in that group (I guess I'll use the parameters of a college degree with a mountain of debt and no job... or at least not a job that has anything to do with what you studied for)..... what will you do? What do you plan on doing? Do you have any plans to try to get un-screwed?

Planet_Pluto

[QUOTE="Planet_Pluto"]

I've got a question. I'm of the belief that in many ways, yes, today's youth got screwed. For those of you that are in that group (I guess I'll use the parameters of a college degree with a mountain of debt and no job... or at least not a job that has anything to do with what you studied for)..... what will you do? What do you plan on doing? Do you have any plans to try to get un-screwed?

Jandurin

EDIT: Just in case, let me just say that my previous question was meant sincerely. (Not being a wise-guy or what-have-you).

[QUOTE="Planet_Pluto"]

I've got a question. I'm of the belief that in many ways, yes, today's youth got screwed. For those of you that are in that group (I guess I'll use the parameters of a college degree with a mountain of debt and no job... or at least not a job that has anything to do with what you studied for)..... what will you do? What do you plan on doing? Do you have any plans to try to get un-screwed?

Jandurin

abd people keep saying your mega old.... granted youre older than i but only by a few fortnights

surrealnumber5

[QUOTE="Jandurin"][QUOTE="Planet_Pluto"]

I've got a question. I'm of the belief that in many ways, yes, today's youth got screwed. For those of you that are in that group (I guess I'll use the parameters of a college degree with a mountain of debt and no job... or at least not a job that has anything to do with what you studied for)..... what will you do? What do you plan on doing? Do you have any plans to try to get un-screwed?

Planet_Pluto

[QUOTE="surrealnumber5"]

abd people keep saying your mega old.... granted youre older than i but only by a few fortnights

Jandurin

PLANET PLUTO i'll have you know i'm going to have a liberal baby to counteract your surely conservative one YOU MADJandurin

(Feel bad for the .5 kid. Yikes)

[QUOTE="Planet_Pluto"]

[QUOTE="Jandurin"] post on gamespot jk, i'm 29 i guess i just avoided this whole thingsurrealnumber5

[QUOTE="Jandurin"]PLANET PLUTO i'll have you know i'm going to have a liberal baby to counteract your surely conservative one YOU MADPlanet_Pluto

(Feel bad for the .5 kid. Yikes)

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

Wasdie

[QUOTE="surrealnumber5"]

[QUOTE="Planet_Pluto"]I'm 35 so I kinda just missed it as well. Still concerns me though. My job is relatively secure, but it could always stand to be more secure. Plus, with a little one at home now, you know, here's hoping for the future (even though there will be many a cycle run before he's of working age).

Planet_Pluto

[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.

you are grossly exaggerating! $6/hr an hour? Maybe if it was 1999. NOW (2011) minimum wage is $10/hr most places, and often fast food places pay more than min wage (because nobody really wants to work there, hence why they are always hiring). IF you can get a job with a college degree (it takes a while at times) it will pay $30k at least. I'm not saying $30k yr is a lot, but its not $6/hr (about $12k). and people in the 1960s and 70's didnt all get "equivalent of a 6figure job right out of college." It may have been easier, but you still had to know somebody. The problem in much of the country is A LOT of people worked for decades at factories making GREAT money. Many of those factories have been closed and they do not have the skills to do anything but work in a factory. Right now there are a LOT of people out of work and young people entering the job market. The younger generation can blame the older generation all they want, but it wont do anything. Republicans are politicians, not business owners that can "outsource everything." The idea of outsourcing to save on labor is not a "republican idea," regardless of what your dad says.

Rich get richer, poor get poorer, that's what conservative ideology is

Don't worry, the political plans to cut social security and turn medicare into a poorly funded voucher program will take care of that gap.mattbbpl

We've converted him!

[QUOTE="mattbbpl"]Don't worry, the political plans to cut social security and turn medicare into a poorly funded voucher program will take care of that gap.airshocker

We've converted him!

Converted who?mattbbpl

You!

[spoiler] Of course I was joking [/spoiler]

[QUOTE="mattbbpl"]Converted who?airshocker

You!

Things like this do alarm me though, particularly in conjunction with past history and present political motives. I don't understand the rationale for things like privatizing social security when we've had two large depressions/recessions in the last century, or adovating for the removal/cutting of things like social security ad medicare because "people should pay for it themselves" during a time when peoples' ability to save for the inevitable and expensive retirement has been undermined.

The people targeted for the proposed cuts to those programs are the very people on the bottom of the gap we're discussing in this thread. I'm fortunate enough to be able to plan for that potential future, but not everyone has the means to be able to. And even then people's savings can be severely undermined do to economic calamity, either personal or more widespread.

[QUOTE="surrealnumber5"]

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

comp_atkins

I think taxes are fine where they are at. Looking at my check stub now.... it seems only about $50 was taken out (that's about average per week); so around $200 a month for taxes. Which isn't breaking me of anything. I don't make a lucrative amount of money and I could be more wise with it - we all could, surely. But the thing that needs to be addressed more than taxes is the cost of living. If the cost of living is constantly going up the pay from employeers should follow. If gas is $3/gal than I'll put $50 in for the week and be ready for gas the next payday. If gas is rising to near $4 than the usual $50 a week for gas isn't going to cut it. Which means I'll have less money for groceries or I'm going to have to cut my luxuries back. Catch 22.Thuganomic05

Including inflation the average wage has stayed more or less the same for the last 25 years..

[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.Talldude80

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.

you are grossly exaggerating! $6/hr an hour? Maybe if it was 1999. NOW (2011) minimum wage is $10/hr most places, and often fast food places pay more than min wage (because nobody really wants to work there, hence why they are always hiring). IF you can get a job with a college degree (it takes a while at times) it will pay $30k at least. I'm not saying $30k yr is a lot, but its not $6/hr (about $12k). and people in the 1960s and 70's didnt all get "equivalent of a 6figure job right out of college." It may have been easier, but you still had to know somebody. The problem in much of the country is A LOT of people worked for decades at factories making GREAT money. Many of those factories have been closed and they do not have the skills to do anything but work in a factory. Right now there are a LOT of people out of work and young people entering the job market. The younger generation can blame the older generation all they want, but it wont do anything. Republicans are politicians, not business owners that can "outsource everything." The idea of outsourcing to save on labor is not a "republican idea," regardless of what your dad says.

I actually know many college graduates from the past couple years that cannot get a job in their field, and they are making between $7 and $9 an hour. This is in multiple different states. It is rare to find $10 an hour even with a BA/BS if you aren't in your field. The federal minimum wage is $7.25, I have not heard of anyone making $10 minimum wage. $6 an hour is a slight exaggeration, but it's not as far off as you might think.

Not surprised at all. Us youngins can't even get jobs anymore and we have lots of debt too, I reckon. *tilts cowboy hat*