3 ms·

now that sounds like a boomer opinion ;) The size of that generation and the great increase in lifespan ensures that "boomers" will stay dominant longer than

now that sounds like a boomer opinion ;) The size of that generation and the great increase in lifespan ensures that "boomers" will stay dominant longer than any other. Millenials don't want to wait until they 're 50 to start making wealth

arcticbull 5y ago
> now that sounds like a boomer opinion ;) I'm a median millennial. > The size of that generation and the great increase in lifespan ensures that "boomers" will stay dominant longer than any other. I didn't realize wealth made you live longer. It actually doesn't by the way, it's not particularly correlated after a certain point. Charts available on request. > Millenials don't want to wait until they 're 50 to start making wealth. Good news is they're not. Adjusted for inflation they're exactly on track with previous cohorts. [1] But Ponzi schemes do not create wealth. Crypto redistributes wealth from new participants to old ones, and miners/validators, while not creating any value. [1] https://economistwritingeveryday.files.wordpress.com/2021/08/image-7.png https://economistwritingeveryday.files.wordpress.com/2021/08...
- cblconfederate 5y ago
  I don't believe your graph https://www.washingtonpost.com/business/2019/12/03/precariousness-modern-young-adulthood-one-chart/ https://www.washingtonpost.com/business/2019/12/03/precariou... i never said their wealth made them live longer, science did
  - arcticbull 5y ago
    The chart I provided is the same data re-stated per capita instead of as a share of all wealth (after all the population had almost doubled since 1990 alone, and with it the amount of wealth in total) - and adjusted for CPI-U. It’s just a different perspective on the same numbers but far less click baity. You do know that life expectancy has been declining in the US for a while now right?
    - cblconfederate 5y ago
      And that s why that chart is misleading, because prices of e.g. houses have gone up and millenials are called to manage with just 3.5% of the total wealth while boomers had 21% in their age. This clearly sets the dynamics of which generation will be working for whom. And while there is a temporary reduction of life expectancy due to various factors, incuding covid, millenials will most likely see extension of their own life expectancy within their lifetimes due to medical advances.
      - arcticbull 5y ago
        The share of wealth is irrelevant because the pie grew. It would only matter if the pie stayed the same size. You were asking if millennials are doing worse than their parents, but worse is an individual thing, a per-capita thing. And they're simply not. They're doing just about as well as all the other past generations were at their age in constant dollar terms. The old adage goes "it takes money to make money" and their wealth will increase exponentially as they get older too. But they're not doing worse. Sorry. And they're going to inherit boomer wealth soon, collecting the share too. [edit] (In fact the WaPo article you linked mentions the same exact thing I'm telling you, and makes a half-hearted attempt to compensate - failing to also account for the total amount of wealth on a per capita basis. This article is clickbait. > One important caveat to the chart above is that the three generations aren’t the same size, population-wise. In 1990, for instance, boomers accounted for 31 percent of the total U.S. population. In 2008, GenXers were only 22 percent of the population.) Some things are a lot more expensive, some things are a lot less expensive, but even ones you pick are misleading. For instance, housing. 1 square foot of house in America on average costs the same as it did in the 1970s adjusted for inflation. [1] However the average house is twice as big and the average family smaller. With drastically higher interest rates back then, and most people on a 30 year fixed, housing is much more affordable on a square foot basis. It could be better, and zoning rules are at issue. But a lot of things are cheaper too. Basically anything that doesn't require human labor to assemble. TVs. Computers. Tons of stuff. > This clearly sets the dynamics of which generation will be working for whom. The only dynamic you're seeing is time value. > And while there is a temporary reduction of life expectancy due to various factors, incuding covid, millenials will most likely see extension of their own life expectancy within their lifetimes due to medical advances. That's (a) not the current trend, though it may reverse and (b) the opposite of the argument you were making about boomers earlier. > And while there is a temporary reduction of life expectancy due to various factors, incuding covid... Also, COVID killed boomers not millenials. [1] https://fee.org/articles/new-homes-today-have-twice-the-square-feet-per-person-as-in-1973/ https://fee.org/articles/new-homes-today-have-twice-the-squa...
  - deleted 5y ago
    [deleted]
- intev 5y ago
  I don't believe your chart at all. It's literally just a random excel chart with no source or authority. This is also the first time I've heard someone say millennials are keeping pace with previous generations in terms of wealth. See this[1] article for example. It mirrors exactly mine, and many of my friend's and family's experience. It is also a "real" source for the data. > I didn't realize wealth made you live longer. It actually doesn't by the way, it's not particularly correlated after a certain point. Charts available on request. You must be kidding right? https://www.aarp.org/retirement/planning-for-retirement/info-2021/research-finds-the-rich-live-longer.html https://www.aarp.org/retirement/planning-for-retirement/info... https://www.nytimes.com/2020/01/16/science/rich-people-longer-life-study.html https://www.nytimes.com/2020/01/16/science/rich-people-longe... I would love to see your charts. Not just some random jpeg, but a link to an actual article from someone "authoritative". [1] https://www.businessinsider.com/millennials-1-trillion-debt-more-than-any-other-generation-in-history-2019-3 https://www.businessinsider.com/millennials-1-trillion-debt-...
  - arcticbull 5y ago
    Is that trillion dollars millenials have in debt per capita? And further is that comparison against previous generations adjusted for inflation? How much more debt do they hold on a per capita basis adjusted for inflation than past generations? Or is that just clickbait :) I mean, read the article you linked, here’s some quotes: > According to a 2018 report from the St. Louis Federal Reserve Bank, mortgage debt is about 15% lower for millennials and credit card debt among millennials was about two-thirds that of Gen X. > Another marked behavioral difference between generations is the higher levels of retirement savings among millennials than any previous generation at the same age. While Gen Xers had acquired about $13,600 at around the same point in time, millennials have saved $15,500 in retirement accounts on average. > Millennials are also more committed to higher education. Between 2001 and 2016, the number of people aged 25 to 29 with at least a four year degree grew by 25%. Which is why they have more student loan debt. Something that definitely needs to be addressed. It’s not the hair on fire crisis the title would have you believe. Which is why the chart I showed you, restated on a per capita basis instead of “wealth share” (while not standardized against a rapidly changing population and a growing wealth pie) makes both intuitive sense and the math works. Yes certain “the rich” may live longer but I was referring to the correlation between health care expenditure and life expectancy - which is weakly correlated and only to a point. I may have don’t a poor job framing that [1]. Given you linked AARP I suspect that has more to do with unequal access to care earlier in life when poor, amortized to the limit, a uniquely American problem among developed nations. [1] https://ourworldindata.org/grapher/life-expectancy-vs-health-expenditure https://ourworldindata.org/grapher/life-expectancy-vs-health...

arcticbull 5y ago

> now that sounds like a boomer opinion ;) I'm a median millennial. > The size of that generation and the great increase in lifespan ensures that "boomers" will stay dominant longer than any other. I didn't realize wealth made you live longer. It actually doesn't by the way, it's not particularly correlated after a certain point. Charts available on request. > Millenials don't want to wait until they 're 50 to start making wealth. Good news is they're not. Adjusted for inflation they're exactly on track with previous cohorts. [1] But Ponzi schemes do not create wealth. Crypto redistributes wealth from new participants to old ones, and miners/validators, while not creating any value. [1] https://economistwritingeveryday.files.wordpress.com/2021/08/image-7.png https://economistwritingeveryday.files.wordpress.com/2021/08...

cblconfederate 5y ago
I don't believe your graph https://www.washingtonpost.com/business/2019/12/03/precariousness-modern-young-adulthood-one-chart/ https://www.washingtonpost.com/business/2019/12/03/precariou... i never said their wealth made them live longer, science did
- arcticbull 5y ago
  The chart I provided is the same data re-stated per capita instead of as a share of all wealth (after all the population had almost doubled since 1990 alone, and with it the amount of wealth in total) - and adjusted for CPI-U. It’s just a different perspective on the same numbers but far less click baity. You do know that life expectancy has been declining in the US for a while now right?
  - cblconfederate 5y ago
    And that s why that chart is misleading, because prices of e.g. houses have gone up and millenials are called to manage with just 3.5% of the total wealth while boomers had 21% in their age. This clearly sets the dynamics of which generation will be working for whom. And while there is a temporary reduction of life expectancy due to various factors, incuding covid, millenials will most likely see extension of their own life expectancy within their lifetimes due to medical advances.
    - arcticbull 5y ago
      The share of wealth is irrelevant because the pie grew. It would only matter if the pie stayed the same size. You were asking if millennials are doing worse than their parents, but worse is an individual thing, a per-capita thing. And they're simply not. They're doing just about as well as all the other past generations were at their age in constant dollar terms. The old adage goes "it takes money to make money" and their wealth will increase exponentially as they get older too. But they're not doing worse. Sorry. And they're going to inherit boomer wealth soon, collecting the share too. [edit] (In fact the WaPo article you linked mentions the same exact thing I'm telling you, and makes a half-hearted attempt to compensate - failing to also account for the total amount of wealth on a per capita basis. This article is clickbait. > One important caveat to the chart above is that the three generations aren’t the same size, population-wise. In 1990, for instance, boomers accounted for 31 percent of the total U.S. population. In 2008, GenXers were only 22 percent of the population.) Some things are a lot more expensive, some things are a lot less expensive, but even ones you pick are misleading. For instance, housing. 1 square foot of house in America on average costs the same as it did in the 1970s adjusted for inflation. [1] However the average house is twice as big and the average family smaller. With drastically higher interest rates back then, and most people on a 30 year fixed, housing is much more affordable on a square foot basis. It could be better, and zoning rules are at issue. But a lot of things are cheaper too. Basically anything that doesn't require human labor to assemble. TVs. Computers. Tons of stuff. > This clearly sets the dynamics of which generation will be working for whom. The only dynamic you're seeing is time value. > And while there is a temporary reduction of life expectancy due to various factors, incuding covid, millenials will most likely see extension of their own life expectancy within their lifetimes due to medical advances. That's (a) not the current trend, though it may reverse and (b) the opposite of the argument you were making about boomers earlier. > And while there is a temporary reduction of life expectancy due to various factors, incuding covid... Also, COVID killed boomers not millenials. [1] https://fee.org/articles/new-homes-today-have-twice-the-square-feet-per-person-as-in-1973/ https://fee.org/articles/new-homes-today-have-twice-the-squa...
- deleted 5y ago
  [deleted]
intev 5y ago
I don't believe your chart at all. It's literally just a random excel chart with no source or authority. This is also the first time I've heard someone say millennials are keeping pace with previous generations in terms of wealth. See this[1] article for example. It mirrors exactly mine, and many of my friend's and family's experience. It is also a "real" source for the data. > I didn't realize wealth made you live longer. It actually doesn't by the way, it's not particularly correlated after a certain point. Charts available on request. You must be kidding right? https://www.aarp.org/retirement/planning-for-retirement/info-2021/research-finds-the-rich-live-longer.html https://www.aarp.org/retirement/planning-for-retirement/info... https://www.nytimes.com/2020/01/16/science/rich-people-longer-life-study.html https://www.nytimes.com/2020/01/16/science/rich-people-longe... I would love to see your charts. Not just some random jpeg, but a link to an actual article from someone "authoritative". [1] https://www.businessinsider.com/millennials-1-trillion-debt-more-than-any-other-generation-in-history-2019-3 https://www.businessinsider.com/millennials-1-trillion-debt-...
- arcticbull 5y ago
  Is that trillion dollars millenials have in debt per capita? And further is that comparison against previous generations adjusted for inflation? How much more debt do they hold on a per capita basis adjusted for inflation than past generations? Or is that just clickbait :) I mean, read the article you linked, here’s some quotes: > According to a 2018 report from the St. Louis Federal Reserve Bank, mortgage debt is about 15% lower for millennials and credit card debt among millennials was about two-thirds that of Gen X. > Another marked behavioral difference between generations is the higher levels of retirement savings among millennials than any previous generation at the same age. While Gen Xers had acquired about $13,600 at around the same point in time, millennials have saved $15,500 in retirement accounts on average. > Millennials are also more committed to higher education. Between 2001 and 2016, the number of people aged 25 to 29 with at least a four year degree grew by 25%. Which is why they have more student loan debt. Something that definitely needs to be addressed. It’s not the hair on fire crisis the title would have you believe. Which is why the chart I showed you, restated on a per capita basis instead of “wealth share” (while not standardized against a rapidly changing population and a growing wealth pie) makes both intuitive sense and the math works. Yes certain “the rich” may live longer but I was referring to the correlation between health care expenditure and life expectancy - which is weakly correlated and only to a point. I may have don’t a poor job framing that [1]. Given you linked AARP I suspect that has more to do with unequal access to care earlier in life when poor, amortized to the limit, a uniquely American problem among developed nations. [1] https://ourworldindata.org/grapher/life-expectancy-vs-health-expenditure https://ourworldindata.org/grapher/life-expectancy-vs-health...