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Are millenials getting the short end of the stick?

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  • Aug 19th, 2017 12:42 pm
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Deal Fanatic
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Mar 31, 2008
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Toronto
Poor you. We need a Millennial Fairness Act. Basically force the billions of locked in wealth by your baby boomer parents and force them to sell, liquidate or borrow to fund you millennials.
Penalty Box
Aug 26, 2001
15729 posts
466 upvotes
Oak Ridges, ON
I blame millenials for everything. Interest rates going up? DAMN MILLENIALS. Trump said something stupid again and almost caused a war? DAMN MILLENIALS. Stubbed my toe? DAMN MILLENIALS. Dog vomited all over the carpet again? DAMN MILLENIALS.

It's great!
[OP]
Newbie
Aug 2, 2017
74 posts
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at1212b wrote:
Aug 3rd, 2017 3:57 pm
Poor you. We need a Millennial Fairness Act. Basically force the billions of locked in wealth by your baby boomer parents and force them to sell, liquidate or borrow to fund you millennials.
Actually that would be a rational plan of action. It must have been very tough for you to put 20k down and buy your 2500 square feet in the 416 now worth 2 million house for 200 grand. You should pay back your debt to society for getting free fiat money. You made more money by being born in a specific time than other people do for earning degrees that lead to specialized professional work. Having a house paid better than being a doctor in the past few years. If you think that should be the norm/allowed then I don't know what to tell you.
Member
Feb 16, 2013
489 posts
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Toronto
I'm paying into a pension fund that will probably not exist after the baby boomers hit the green pastures.
So I think it's not just millenials, it is is every one after boomers, and even some later boomers.

Social services and health care will be trashed when this demographic cohort hits retirement.

I don't think housing will be that much of an issue, unless immigration can really pick up the slack.
Penalty Box
Aug 26, 2001
15729 posts
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Oak Ridges, ON
whythiskolaveriman wrote:
Aug 3rd, 2017 4:14 pm
You should pay back your debt to society for getting free fiat money. You made more money by being born in a specific time than other people do for earning degrees that lead to specialized professional work. Having a house paid better than being a doctor in the past few years. If you think that should be the norm/allowed then I don't know what to tell you.
By your logic, people who were "smart" enough to day-trade the right stocks in 2008-2009 should have their profits CONFISCATED since it's not fair that they made so much money by accident, since they didn't slug their way through an MD or JD.
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Mar 31, 2008
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whythiskolaveriman wrote:
Aug 3rd, 2017 4:14 pm
Actually that would be a rational plan of action. It must have been very tough for you to put 20k down and buy your 2500 square feet in the 416 now worth 2 million house for 200 grand. You should pay back your debt to society for getting free fiat money. You made more money by being born in a specific time than other people do for earning degrees that lead to specialized professional work. Having a house paid better than being a doctor in the past few years. If you think that should be the norm/allowed then I don't know what to tell you.
Hold it there cowboy. By some definition, I too am a millennial.

Also know, Millennials = Liberal = Globalists. You have to know that it's globalism that has caused asset inflation and extreme tough job competition for higher paid jobs.
[OP]
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Aug 2, 2017
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Obviously I was not being literal, but it served as a critique of the system and the people who support it. Logically speaking, the person I quoted DOES literally think as extremely as my non-literal statement that you criticized: that individual actually thinks birth privilege is a right, which is not much different than the Caste system in India that is considered "backwards" and "inferior" in Western, Developed countries.

If you also disagree with me, by virtue of logic that means you too believe in inequality via birth privilege.

Also, under this system, it is not "intelligence" or "hard work" that makes people rich. It is luck. "Intelligence" and "hard work" can only get you so far. It can probably give you a stable career, but if you want to make the "big bucks" you NEED luck in the form of the market randomly being kind to you at the right times, or knowing the right people. For example, there are millions of people smarter and more hardworking than Bill Gates, but they did not get the random luck of the market/timing on their side, so they are making less money than him. Those with birth privilege/luck propagate the propaganda that "success is 100% the function of hard work" because they have a vested interest in the proliferation of this kind of backwards and incorrect mindset, which they have, unfortunately, managed to convince the majority of people with. But I mean when you look at the people in charge, the apple doesn't fall too far from the tree. In a democracy, the leaders are representations of the people.
Last edited by whythiskolaveriman on Aug 3rd, 2017 4:36 pm, edited 2 times in total.
[OP]
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Aug 2, 2017
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Globalism is simply a variant of capitalism. Before globalization the same problems existed under capitalism. These problems were temporarily and artificially masked during the golden age of capitalism which relied on Keynesian thought to bring more equality. However, those kind of policies simply didn't last as it is impossible for a capitalist system to operate with that kind of equality for a prolonged period. That is when it was forced to switch to neoliberalism and globalism. Are you saying that Trump's anti-globalist protectionism will make things more equal overall? Of course not. It was just an election pitch. Capitalism is structurally and inherently contingent on inequaity, unnecessary production + consumption, and ultimately, the degradation of the environment. But yes, I agree that globalization has inflated the problems.
Last edited by whythiskolaveriman on Aug 3rd, 2017 4:47 pm, edited 1 time in total.
Penalty Box
Aug 26, 2001
15729 posts
466 upvotes
Oak Ridges, ON
at1212b wrote:
Aug 3rd, 2017 4:33 pm
Also know, Millennials = Liberal = Globalists. You have to know that it's globalism that has caused asset inflation and extreme tough job competition for higher paid jobs.
Yeah but most jobs that Millennials *do* have, are due to Globalism anyways.

The lord giveth and the lord taketh away
Penalty Box
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Aug 23, 2006
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Are millenials getting the short end of the stick?
YES!
“There are some things money can’t buy, and for everything else there’s MasterCard. Well, get out your checkbooks ladies and gentlemen, because it seems like the entire liberal cabinet can be bought. TRUDEAU: I CAN’T BE BOUGHT...LMAO. Because its 2017
Sr. Member
Jul 30, 2010
872 posts
104 upvotes
whythiskolaveriman wrote:
Aug 3rd, 2017 4:36 pm
Obviously I was not being literal, but it served as a critique of the system and the people who support it. Logically speaking, the person I quoted DOES literally think as extremely as my non-literal statement that you criticized: that individual actually thinks birth privilege is a right, which is not much different than the Caste system in India that is considered "backwards" and "inferior" in Western, Developed countries.

If you also disagree with me, by virtue of logic that means you too believe inequality via birth privilege.

Also, under this system, it is not "intelligence" that makes people rich. It is luck. "Intelligence" can only get you so far. It can probably give you a stable career, but if you want to make the "big bucks" you NEED luck in the form of the market randomly being kind to you at the right times, or knowing the right people. For example, there are millions of people smarter than Bill Gates, but they did not get the random luck of the market/timing on their side, so they are making less money than him. Those with birth privilege/luck propagate the propaganda that "success is 100% the function of hard work" because they have a vested interest in the proliferation of this kind of backwards and incorrect mindset, which they have, unfortunately, managed to convince the majority of people with. But I mean when you look at the people in charge, the apple doesn't fall too far from the tree. In a democracy, the leaders are representations of the people.
"It is what it is". We don't choose what country or era we are born in. Maybe it's during a war, a famine, or a boom. Crying about it does nothing. It is not about privilege. Solve what can be solved in your life within your means and make the best of what you have available to you.

You know what would slow the housing demand? If everyone stopped desperately making home ownership their number 1 priority in life. Stop bidding up houses (will never happen, because everyone wants to buy one). There are some issues with foreign dollars coming in that affects markets like Vancouver, but I'm torn as to how much that affects the market on the whole.

Other than that, I suspect all levels of government got way too addicted to the housing boom, as it supported massive GDP growth, low unemployment and paid bountiful amounts of taxes, taxes, taxes at all levels.

I make almost twice as much as my baby boomer dad did at his peak (and I'm only 35), and enjoy a much more comfortable lifestyle (even with current housing being quadruple that of his times). From the first part of your OP, you seem to be doing pretty well for yourself, but you probably live in Toronto. Move away from the center of the universe and you'll find housing affordability increases enormously if that is your main concern.

So other than lack of cheap housing, I'd say we probably have it better than the boomers for the most part.

Plus, regarding the whole "hard work" point you made...I don't think I've ever heard anyone successful talk blindly about "hard work" being the path to wealth. It is always as you've just said plus more; luck, intelligence, mentors, a great idea, learned skills, hard work, networking, etc. This is the same for almost everyone, so it's better just to accept it and work with it, instead of complaining that you weren't dealt the hand you would have wished for.

PS. Just shut up about privilege already. That SJW nonsense is just a way for you to say that certain people don't deserve what they achieved because of X.
Deal Addict
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Dec 27, 2009
3379 posts
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Ottawa, ON
Us Gen-Xers didn't have it easy either. Just suck it up and deal. We all have to.
[OP]
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Aug 2, 2017
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LeisureSuitL wrote:
Aug 3rd, 2017 5:09 pm
Other than that, I suspect all levels of government got way too addicted to the housing boom, as it supported massive GDP growth, low unemployment and paid bountiful amounts of taxes, taxes, taxes at all levels.
No level of government did anything to help first time Canadian home buyers. They put a 15% foreign buyer tax, which is not enough to deter foreign buyers. All it does is put that money in the pockets of the government. It has caused a slight decrease in price temporarily, because it forced more people to delay buying a house and have time to see how the market is going to be effected, but in the long run, prices will continue going up. The politicians want house prices to increase because it is what is keeping the Canadian economy together, and they are also homeowners themselves. If they truly wanted to stop the increase in house prices, they would have put a meaningful tax rate, such as 20-25%. They knew what they were doing when they picked 15%. They could have also done something about domestic speculators, for example raising the capital gains tax, or putting a limit on how many houses one can own (whichever would be more feasible), yet they chose not to. What is comical (albeit more sad) is that people hailed them for it and will give them their votes again.

LeisureSuitL wrote:
Aug 3rd, 2017 5:09 pm
Plus, regarding the whole "hard work" point you made...I don't think I've ever heard anyone successful talk blindly about "hard work" being the path to wealth. It is always as you've just said plus more; luck, intelligence, mentors, a great idea, learned skills, hard work, networking, etc. This is the same for almost everyone, so it's better just to accept it and work with it, instead of complaining that you weren't dealt the hand you would have wished for.
I beg to differ. The reason that the current system is still in place is precisely due to people erroneously thinking that success is determined by hard work. Otherwise it would make no logical sense for people to continue worshipping the same celebrities/athletes, and continue voting for the same leaders and conforming to the same system. So people DO believe this, and they also believe the lie that liberty/freedom is more valuable than equal opportunity. It is really simple logic: if something exists, there is a reason that it exists. The world is the way it is because people truly believe what they believe. The system is in power because it has successfully sold false hope to people. People conform because they TRULY believe that they too can achieve the American dream (even though in practice only a small % of the population will experience it). People LITERALLY believe that this is the BEST possible system. That is why they conform to it and are happy to conform to it.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
-Henry Ford
Last edited by whythiskolaveriman on Aug 3rd, 2017 5:23 pm, edited 2 times in total.
Deal Addict
Sep 23, 2009
3828 posts
1025 upvotes
The issue is that baby boomers lived through the 1970s in which the US went off the gold standard and governmental borrowing skyrocketed.

It is because of this that anybody who grew up through the 1970s should be well off.

Today the government would have to essentially borrow quadrillions to bring about the same affect for the new generation.

In fact the government has spent drunkenly since the 1970s and we all have benefited.

It's just that borrowing and spending $1 Billion today brings about less prosperity than borrowing $1 Million in the 1970s.

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