4 ms·

this is the generation that had it best: jobs for life, good benefits, cheap houses, etc. they also destroyed the planet with their "American dream" style consu

this is the generation that had it best: jobs for life, good benefits, cheap houses, etc. they also destroyed the planet with their "American dream" style consumption. what's coming for the new generations if these are suffering ?

staringback 3y ago
If houses were so "cheap", why is the home ownership rate higher today? Why wouldn't everybody just buy one of those "cheap" houses? https://fred.stlouisfed.org/series/RHORUSQ156N https://fred.stlouisfed.org/series/RHORUSQ156N
- momirlan 3y ago
  trust me, when i bought my first house in '97 the prices were 5 times lower than today. my salary was 75% of what I'm making today. so even late boomers (which I am) had their chance.
Mistletoe 3y ago
This was my thought reading the article. They had every opportunity to fail upwards. The numbers will be staggering in the future if the boomer generation is having issues now and didn’t secure a home in the $23,000 home era. https://fred.stlouisfed.org/series/MSPUS https://fred.stlouisfed.org/series/MSPUS https://www.longtermtrends.net/home-price-median-annual-income-ratio/ https://www.longtermtrends.net/home-price-median-annual-inco... They could have secured a house at a ratio of 4 times their median annual income and now that number is 7 times.
DontchaKnowit 3y ago
I see this perspective a lot, and I really don't understand it. Millennials have it pretty damn good as well. And everyone wants to ignore how difficult the 80s were as far as jobs, housing, etc. Boomers got bumblefucked in the 80s. Interest rates for home loans were abysmal, small banks failed all over the place, business loans got called, etc etc. I think the only thing gen z or millennials really have to complain about is the fact that the government hocked them risky loans for bullshit education.
- momirlan 3y ago
  [flagged]
- throwaway5959 3y ago
  Home prices were a fraction (like, 1/10th in some cases) of what they are now in the 80s. I’d gladly take a 10% mortgage at 1/10th the price I could refinance at half that rate in the 90s.
- XTHK 3y ago
  Labor rights degraded quite a bit between boomers and millennials. Hell, it has degraded between Millennials and gen z! Our current economic model is not sustainable. It is a cancer.
  - latency-guy2 3y ago
    How have they degraded, exactly? Be extremely specific, I want to know what rights you have lost from, lets start with the one president you want to point to as the root of all evil at 1981, to now.
  - momirlan 3y ago
    yeah, because you need a lot of labour rights to make a living ... a person with skills and good work ethic will always find work, with or without "rights"
    - XTHK 3y ago
      Always find work, sure, but work conditions are a big deal. What ended child labor in (most) of the west? What gave us the weekend? What gave us paid time off? Blood. People had to sacrifice their lives. We have to actively fight for better working conditions.
      - momirlan 3y ago
        not much relevant to me, and perhaps a lot of other people. I run my own business so no paid time off. Also, if needed I work weekends too - no issue.
d357r0y3r 3y ago
So, boomers bad, millenials good. I don't know. Maybe the situation is a little more nuanced, and not every boomer was able to get rich. My boomer parents couldn't dream of making the money I've made in tech. They can't even retire yet.
- WarOnPrivacy 3y ago
  The thing about outliers is they don't negate general trends.

staringback 3y ago

If houses were so "cheap", why is the home ownership rate higher today? Why wouldn't everybody just buy one of those "cheap" houses? https://fred.stlouisfed.org/series/RHORUSQ156N https://fred.stlouisfed.org/series/RHORUSQ156N

momirlan 3y ago
trust me, when i bought my first house in '97 the prices were 5 times lower than today. my salary was 75% of what I'm making today. so even late boomers (which I am) had their chance.

Mistletoe 3y ago

This was my thought reading the article. They had every opportunity to fail upwards. The numbers will be staggering in the future if the boomer generation is having issues now and didn’t secure a home in the $23,000 home era. https://fred.stlouisfed.org/series/MSPUS https://fred.stlouisfed.org/series/MSPUS https://www.longtermtrends.net/home-price-median-annual-income-ratio/ https://www.longtermtrends.net/home-price-median-annual-inco... They could have secured a house at a ratio of 4 times their median annual income and now that number is 7 times.

DontchaKnowit 3y ago

I see this perspective a lot, and I really don't understand it. Millennials have it pretty damn good as well. And everyone wants to ignore how difficult the 80s were as far as jobs, housing, etc. Boomers got bumblefucked in the 80s. Interest rates for home loans were abysmal, small banks failed all over the place, business loans got called, etc etc. I think the only thing gen z or millennials really have to complain about is the fact that the government hocked them risky loans for bullshit education.

momirlan 3y ago
[flagged]
throwaway5959 3y ago
Home prices were a fraction (like, 1/10th in some cases) of what they are now in the 80s. I’d gladly take a 10% mortgage at 1/10th the price I could refinance at half that rate in the 90s.
XTHK 3y ago
Labor rights degraded quite a bit between boomers and millennials. Hell, it has degraded between Millennials and gen z! Our current economic model is not sustainable. It is a cancer.
- latency-guy2 3y ago
  How have they degraded, exactly? Be extremely specific, I want to know what rights you have lost from, lets start with the one president you want to point to as the root of all evil at 1981, to now.
- momirlan 3y ago
  yeah, because you need a lot of labour rights to make a living ... a person with skills and good work ethic will always find work, with or without "rights"
  - XTHK 3y ago
    Always find work, sure, but work conditions are a big deal. What ended child labor in (most) of the west? What gave us the weekend? What gave us paid time off? Blood. People had to sacrifice their lives. We have to actively fight for better working conditions.
    - momirlan 3y ago
      not much relevant to me, and perhaps a lot of other people. I run my own business so no paid time off. Also, if needed I work weekends too - no issue.

d357r0y3r 3y ago

So, boomers bad, millenials good. I don't know. Maybe the situation is a little more nuanced, and not every boomer was able to get rich. My boomer parents couldn't dream of making the money I've made in tech. They can't even retire yet.

WarOnPrivacy 3y ago
The thing about outliers is they don't negate general trends.