4 ms·

That's mostly true however there's a lot of data that shows worrying trends. For example, millennials don't have anywhere near as much share of wealth as Gen X

by xmprt 5y ago

That's mostly true however there's a lot of data that shows worrying trends. For example, millennials don't have anywhere near as much share of wealth as Gen X had at the same age. Wealth is being pretty heavily concentrated at the top of the age brackets.

civilized 5y ago
I totally agree there are real concerning trends. Just earlier today we got some great examples from Rob Henderson https://robkhenderson.substack.com/p/no-one-expects-young-men-to-do-anything?s=r https://robkhenderson.substack.com/p/no-one-expects-young-me...
ghusto 5y ago
Isn't wealth _always_ more concentrated in higher age brackets? It's only logical that the longer you've been around (and more dues you've paid) the more you opportunity you've had to accumulate whatever you're after. > millennials don't have anywhere near as much share of wealth as Gen X had I hate to go there, but isn't this because of their unrealistic views on work? I've heard of millennials not turning up for work because they "didn't feel like working" that day. Anecdotal, sure, but I've heard too many of these stories from too many different people for it to be co-incidence. You don't want to work, well okay that's your prerogative, but how can you then complain about getting fired?
- HWR_14 5y ago
  > Isn't wealth _always_ more concentrated in higher age brackets? Yes. That's why the quoted factoid talks about "at this stage in their life". If you look back at boomers and genx, they had 4 and 2 times as much wealth as millennials do when they were the same age. > I've heard of millennials not turning up for work because they "didn't feel like working" that day. Why would that matter? Even if that happens sometimes it's not like it changes things on a generational level if the lowest earners get fired slightly more often.
  - ghusto 5y ago
    > Yes. That's why the quoted factoid talks about "at this stage in their life". If you look back at boomers and genx, they had 4 and 2 times as much wealth as millennials do when they were the same age. I missed and am continuing to completely miss this. Do you mean in the article? If true, would that align with the difference in population size (distribution of a finite amount of wealth to more people)? It would be interesting if so, because it could mean that we're in for even more interesting times when the population shrinks in 50 years. > Why would that matter? Even if that happens sometimes it's not like it changes things on a generational level if the lowest earners get fired slightly more often. True, but do they? I'm not saying they don't, but haven't seen anything to indicate they do. I've seen people get away with things that would have gotten me fired at their age, so am inclined to believe people are not getting fired more often.
    - pedrosorio 5y ago
      You have failed to show any reasoning to explain how some millennials getting fired (or not getting fired, apparently, in this last comment) for being "lazy" and "not wanting to work" led that generation to having a much lower share of total wealth compared to previous generations at the same age. As the comment above you stated, the lower decile/quintile performers getting fired (or lower salaries) because of their laziness, does not explain this, because most of the wealth is accumulated by the average and higher earners anyway.
      - ghusto 5y ago
        Wut? I asked two questions, one of which was me being genuinely interested to see where I missed the assertion that millennials have "4 and 2 times as much wealth as millennials do when they were the same age". I wondered if it was in the article, because I didn't see it. If you want to talk about reasoning though, I actually did give a reason this could be the case (if indeed it really is), by suggesting it could be related to the difference in population size between when the baby boomers were around, and now.
        5y ago
- civilized 5y ago
  > I hate to go there, but isn't this because of their unrealistic views on work? I don't know. Older people have a lot of vague, thinly supported stereotypes about the young, and they always have. Actually, we all have stereotypes about each other. Millennials and Gen Z think Boomers were the generation that had everything handed to them: affordable college, affordable housing, secure low-skill high-pay union jobs, etc. And now they have the gall to judge younger generations for complaining about their challenges living in a much more competitive and unequal world. I don't know if anyone's right about anyone else here.
ushakov 5y ago
> Wealth is being pretty heavily concentrated at the top of the age brackets maybe it has to do with the fact that most people inherit when they're old?
- smileysteve 5y ago
  The above reference controls for stage of life.. (boomers when they were 30-40, genx 30-40, and gen z 30+.) Though the related question about inheritance could extend to increased lifespans, retirement, and higher healthcare costs. Where life expectancy has increased 33% in the last 100 years. In part due to better healthcare treatments. (Though, student loan debt, stagnated wage growth, and other exceeding wage growth factors are more likely l
  - smileysteve 5y ago
    And there is a link to education costs, student loan debt, healthcare costs to lessened inheritance.

by xmprt 5y ago

civilized 5y ago

I totally agree there are real concerning trends. Just earlier today we got some great examples from Rob Henderson https://robkhenderson.substack.com/p/no-one-expects-young-men-to-do-anything?s=r https://robkhenderson.substack.com/p/no-one-expects-young-me...

ghusto 5y ago

Isn't wealth _always_ more concentrated in higher age brackets? It's only logical that the longer you've been around (and more dues you've paid) the more you opportunity you've had to accumulate whatever you're after. > millennials don't have anywhere near as much share of wealth as Gen X had I hate to go there, but isn't this because of their unrealistic views on work? I've heard of millennials not turning up for work because they "didn't feel like working" that day. Anecdotal, sure, but I've heard too many of these stories from too many different people for it to be co-incidence. You don't want to work, well okay that's your prerogative, but how can you then complain about getting fired?

HWR_14 5y ago
> Isn't wealth _always_ more concentrated in higher age brackets? Yes. That's why the quoted factoid talks about "at this stage in their life". If you look back at boomers and genx, they had 4 and 2 times as much wealth as millennials do when they were the same age. > I've heard of millennials not turning up for work because they "didn't feel like working" that day. Why would that matter? Even if that happens sometimes it's not like it changes things on a generational level if the lowest earners get fired slightly more often.
- ghusto 5y ago
  > Yes. That's why the quoted factoid talks about "at this stage in their life". If you look back at boomers and genx, they had 4 and 2 times as much wealth as millennials do when they were the same age. I missed and am continuing to completely miss this. Do you mean in the article? If true, would that align with the difference in population size (distribution of a finite amount of wealth to more people)? It would be interesting if so, because it could mean that we're in for even more interesting times when the population shrinks in 50 years. > Why would that matter? Even if that happens sometimes it's not like it changes things on a generational level if the lowest earners get fired slightly more often. True, but do they? I'm not saying they don't, but haven't seen anything to indicate they do. I've seen people get away with things that would have gotten me fired at their age, so am inclined to believe people are not getting fired more often.
  - pedrosorio 5y ago
    You have failed to show any reasoning to explain how some millennials getting fired (or not getting fired, apparently, in this last comment) for being "lazy" and "not wanting to work" led that generation to having a much lower share of total wealth compared to previous generations at the same age. As the comment above you stated, the lower decile/quintile performers getting fired (or lower salaries) because of their laziness, does not explain this, because most of the wealth is accumulated by the average and higher earners anyway.
    - ghusto 5y ago
      Wut? I asked two questions, one of which was me being genuinely interested to see where I missed the assertion that millennials have "4 and 2 times as much wealth as millennials do when they were the same age". I wondered if it was in the article, because I didn't see it. If you want to talk about reasoning though, I actually did give a reason this could be the case (if indeed it really is), by suggesting it could be related to the difference in population size between when the baby boomers were around, and now.
      - 5y ago
civilized 5y ago
> I hate to go there, but isn't this because of their unrealistic views on work? I don't know. Older people have a lot of vague, thinly supported stereotypes about the young, and they always have. Actually, we all have stereotypes about each other. Millennials and Gen Z think Boomers were the generation that had everything handed to them: affordable college, affordable housing, secure low-skill high-pay union jobs, etc. And now they have the gall to judge younger generations for complaining about their challenges living in a much more competitive and unequal world. I don't know if anyone's right about anyone else here.

ushakov 5y ago

> Wealth is being pretty heavily concentrated at the top of the age brackets maybe it has to do with the fact that most people inherit when they're old?

smileysteve 5y ago
The above reference controls for stage of life.. (boomers when they were 30-40, genx 30-40, and gen z 30+.) Though the related question about inheritance could extend to increased lifespans, retirement, and higher healthcare costs. Where life expectancy has increased 33% in the last 100 years. In part due to better healthcare treatments. (Though, student loan debt, stagnated wage growth, and other exceeding wage growth factors are more likely l
- smileysteve 5y ago
  And there is a link to education costs, student loan debt, healthcare costs to lessened inheritance.