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What is the "wealth" they have? I'm not clear on this: is it the fact that wages are rising and the workforce age is favoring Gen Z population? What is the rich

by dpflan 2y ago

What is the "wealth" they have? I'm not clear on this: is it the fact that wages are rising and the workforce age is favoring Gen Z population? What is the richness?

joenot443 2y ago
“In America hourly pay growth among 16- to 24-year-olds recently hit 13% year on year, compared with 6% for workers aged 25 to 54. This was the highest “young person premium” since reliable data began” Usually this is rebutted with a reference to apparently skyrocketing housing costs, thankfully the author addresses this shortly after. “Some Gen Zers protest, claiming that higher incomes are a mirage since they do not account for the exploding cost of college and housing. After all, global house prices are close to all-time highs, and graduates have more debt than before. In reality, though, Gen Zers are coping because they earn so much. In 2022 Americans under 25 spent 43% of their post-tax income on housing and education, including interest on debt from college—slightly below the average for under-25s from 1989 to 2019.” This aligns with my anecdotal experience talking with college students and new grads today.
- kstenerud 2y ago
  > Usually this is rebutted with a reference to apparently skyrocketing housing costs, thankfully the author addresses this shortly after. Does he, though? He only mentions how much gen-z is SPENDING on housing and education, not what they're actually getting for their money. Most gen-z I know have given up on home ownership, and those who did buy are buying some pretty shitty parcels at exorbitant prices. They're also choosing less expensive education options. But the main assets that most people build from (housing and education) are either not there or less effective...
  - xvilka 2y ago
    Right, buying an apartment in a big metropolis where all jobs are is often beyond capabilities of a single worker (mortgage aside). No matter the country even.
    - bryanlarsen 2y ago
      Perhaps boomers were able to do so before the age of 25, but that seems unlikely even for that privileged generation. It definitely wasn't so for any subsequent generation. Gen-Z isn't worse off on this measure.
  - HDThoreaun 2y ago
    Under 25s have never been buying homes in mass.
    - kstenerud 2y ago
      My parents did, as did all their friends. All blue collar workers in the early 70s.
      - HDThoreaun 2y ago
        Some white people did for a couple decades in a very small region. No one else.
        kstenerud 2y ago
        https://en.wikipedia.org/wiki/No_true_Scotsman https://en.wikipedia.org/wiki/No_true_Scotsman
        HDThoreaun 2y ago
        Im just saying that this was not a reality for 99.99999% of humans to ever live.
- Free-is-Freedom 2y ago
  [flagged]

by dpflan 2y ago

What is the "wealth" they have? I'm not clear on this: is it the fact that wages are rising and the workforce age is favoring Gen Z population? What is the richness?

joenot443 2y ago

“In America hourly pay growth among 16- to 24-year-olds recently hit 13% year on year, compared with 6% for workers aged 25 to 54. This was the highest “young person premium” since reliable data began” Usually this is rebutted with a reference to apparently skyrocketing housing costs, thankfully the author addresses this shortly after. “Some Gen Zers protest, claiming that higher incomes are a mirage since they do not account for the exploding cost of college and housing. After all, global house prices are close to all-time highs, and graduates have more debt than before. In reality, though, Gen Zers are coping because they earn so much. In 2022 Americans under 25 spent 43% of their post-tax income on housing and education, including interest on debt from college—slightly below the average for under-25s from 1989 to 2019.” This aligns with my anecdotal experience talking with college students and new grads today.

kstenerud 2y ago
> Usually this is rebutted with a reference to apparently skyrocketing housing costs, thankfully the author addresses this shortly after. Does he, though? He only mentions how much gen-z is SPENDING on housing and education, not what they're actually getting for their money. Most gen-z I know have given up on home ownership, and those who did buy are buying some pretty shitty parcels at exorbitant prices. They're also choosing less expensive education options. But the main assets that most people build from (housing and education) are either not there or less effective...
- xvilka 2y ago
  Right, buying an apartment in a big metropolis where all jobs are is often beyond capabilities of a single worker (mortgage aside). No matter the country even.
  - bryanlarsen 2y ago
    Perhaps boomers were able to do so before the age of 25, but that seems unlikely even for that privileged generation. It definitely wasn't so for any subsequent generation. Gen-Z isn't worse off on this measure.
- HDThoreaun 2y ago
  Under 25s have never been buying homes in mass.
  - kstenerud 2y ago
    My parents did, as did all their friends. All blue collar workers in the early 70s.
    - HDThoreaun 2y ago
      Some white people did for a couple decades in a very small region. No one else.
      - kstenerud 2y ago
        https://en.wikipedia.org/wiki/No_true_Scotsman https://en.wikipedia.org/wiki/No_true_Scotsman
        HDThoreaun 2y ago
        Im just saying that this was not a reality for 99.99999% of humans to ever live.
Free-is-Freedom 2y ago
[flagged]