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Generational wealth theft does seem like a fair thing to complain about. Mortgages became a lever: most countries have regulations saying what lending ratios pe

by hkt 2y ago

Generational wealth theft does seem like a fair thing to complain about. Mortgages became a lever: most countries have regulations saying what lending ratios people can have, who is and is not eligible, etc. Want to control inflation over the long run? Raise interest rates and destroy the buying power of a generation. In the UK this is even more flexible, as we tend to only fix our mortgage interest rates for a few years. I gather in the US rates are fixed for the life of the mortgage, or close to it.

Joel_Mckay 2y ago
The odd generation of young males still living with their parents after college is enough of a reality check for many. I just find it fascinating people think this is somehow a controversial observation. Of course, I also welcome facts that say everything is fine, because it makes me feel more hopeful about their futures. =3
- astrange 2y ago
  None of the actual empirical economic data in the US resembles your statement - average household sizes have gone down over time, real incomes have gone up, and Gen Z wealth is doing fine. It is true in the UK but that's simply because 1. the UK economy is doing pretty badly in general 2. you really, really don't build enough new housing. If housing construction was unrestricted it wouldn't matter much what interest rates were at.
  - Joel_Mckay 2y ago
    "None of the actual empirical economic data in the US resembles your statement" Who told you that? My opinions are actually not that relevant here. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3529638/ https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3529638/ https://www150.statcan.gc.ca/n1/pub/11-008-x/2007004/10311-eng.htm https://www150.statcan.gc.ca/n1/pub/11-008-x/2007004/10311-e... https://fortune.com/2023/01/12/millennials-broken-economy-delay-children-birthrate/ https://fortune.com/2023/01/12/millennials-broken-economy-de... https://www.nytimes.com/2023/02/15/opinion/fertility-decline.html https://www.nytimes.com/2023/02/15/opinion/fertility-decline... https://www.theatlantic.com/family/archive/2021/04/real-reason-young-adults-seem-slow-grow/618733/ https://www.theatlantic.com/family/archive/2021/04/real-reas...
    - astrange 2y ago
      All of those articles are about economic performance before 2019, which was bad, but now we live in 2024, which is a different year where the economy is good. In fact it's as good as it's been in decades in the US. (Not so good in other countries partly because we caused inflation in their currencies.) https://www.redfin.com/news/gen-z-millennial-homeownership-rate-home-purchases/ https://www.redfin.com/news/gen-z-millennial-homeownership-r... https://www.theatlantic.com/magazine/archive/2023/05/millennial-generation-financial-issues-income-homeowners/673485/ https://www.theatlantic.com/magazine/archive/2023/05/millenn... Fertility rate went up some too: https://www.nber.org/system/files/working_papers/w30569/w30569.pdf https://www.nber.org/system/files/working_papers/w30569/w305... Note the media sector of the US economy is doing kind of badly and is mostly staffed by neurotic people who live in NYC, which means they tend to write negative articles no matter what.
      - Joel_Mckay 2y ago
        In 25 years, maybe current trends will change things... maybe... But don't cite people playing games with market valuations, and having vested interest in naive buyers... It makes you sound less credible and silly. https://www.youtube.com/watch?v=aNSHZG9blQQ https://www.youtube.com/watch?v=aNSHZG9blQQ
        astrange 2y ago
        The homeownership and employment rates aren't "playing games with market valuations", and they're both good right now. Better than ever in fact.
        Joel_Mckay 2y ago
        Is your mortgage, insurance, and taxes taking over 32% of your income? You will always be poor and never understand why. Everyone forgets that exact same rhetoric was popularized in most of 2007... Indeed, wall-street index fund success is often disconnected from the general populations well-being =3 https://www.youtube.com/watch?v=qqUMbxHLPvk https://www.youtube.com/watch?v=qqUMbxHLPvk

by hkt 2y ago

Joel_Mckay 2y ago

The odd generation of young males still living with their parents after college is enough of a reality check for many. I just find it fascinating people think this is somehow a controversial observation. Of course, I also welcome facts that say everything is fine, because it makes me feel more hopeful about their futures. =3

astrange 2y ago
None of the actual empirical economic data in the US resembles your statement - average household sizes have gone down over time, real incomes have gone up, and Gen Z wealth is doing fine. It is true in the UK but that's simply because 1. the UK economy is doing pretty badly in general 2. you really, really don't build enough new housing. If housing construction was unrestricted it wouldn't matter much what interest rates were at.
- Joel_Mckay 2y ago
  "None of the actual empirical economic data in the US resembles your statement" Who told you that? My opinions are actually not that relevant here. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3529638/ https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3529638/ https://www150.statcan.gc.ca/n1/pub/11-008-x/2007004/10311-eng.htm https://www150.statcan.gc.ca/n1/pub/11-008-x/2007004/10311-e... https://fortune.com/2023/01/12/millennials-broken-economy-delay-children-birthrate/ https://fortune.com/2023/01/12/millennials-broken-economy-de... https://www.nytimes.com/2023/02/15/opinion/fertility-decline.html https://www.nytimes.com/2023/02/15/opinion/fertility-decline... https://www.theatlantic.com/family/archive/2021/04/real-reason-young-adults-seem-slow-grow/618733/ https://www.theatlantic.com/family/archive/2021/04/real-reas...
  - astrange 2y ago
    All of those articles are about economic performance before 2019, which was bad, but now we live in 2024, which is a different year where the economy is good. In fact it's as good as it's been in decades in the US. (Not so good in other countries partly because we caused inflation in their currencies.) https://www.redfin.com/news/gen-z-millennial-homeownership-rate-home-purchases/ https://www.redfin.com/news/gen-z-millennial-homeownership-r... https://www.theatlantic.com/magazine/archive/2023/05/millennial-generation-financial-issues-income-homeowners/673485/ https://www.theatlantic.com/magazine/archive/2023/05/millenn... Fertility rate went up some too: https://www.nber.org/system/files/working_papers/w30569/w30569.pdf https://www.nber.org/system/files/working_papers/w30569/w305... Note the media sector of the US economy is doing kind of badly and is mostly staffed by neurotic people who live in NYC, which means they tend to write negative articles no matter what.
    - Joel_Mckay 2y ago
      In 25 years, maybe current trends will change things... maybe... But don't cite people playing games with market valuations, and having vested interest in naive buyers... It makes you sound less credible and silly. https://www.youtube.com/watch?v=aNSHZG9blQQ https://www.youtube.com/watch?v=aNSHZG9blQQ
      - astrange 2y ago
        The homeownership and employment rates aren't "playing games with market valuations", and they're both good right now. Better than ever in fact.
        Joel_Mckay 2y ago
        Is your mortgage, insurance, and taxes taking over 32% of your income? You will always be poor and never understand why. Everyone forgets that exact same rhetoric was popularized in most of 2007... Indeed, wall-street index fund success is often disconnected from the general populations well-being =3 https://www.youtube.com/watch?v=qqUMbxHLPvk https://www.youtube.com/watch?v=qqUMbxHLPvk