• Monetary Metals
    05/02/2016 - 01:28
    The price of gold shot up this week, and silver moved proportionally. Headlines are screaming for gold to hit $10,000 or $50,000. Does this alleged new bull market have legs?

Generation Y Wakes Up From The American Dream, Faces An American Nightmare

Tyler Durden's picture




 

Three and a half years after the worst recession since the Great Depression, the earnings and employment gap between those in the under-35 population and their parents and grandparents threatens to unravel the American dream of each generation doing better than the last. We have noted a number of times that these divides are growing and warned of the social tension this could create and, as Bloomberg notes, it does not appear to be getting any better, Generation Y professionals entering the workforce are finding careers that once were gateways to high pay and upwardly mobile lives turning into detours and dead ends. "This generation will be permanently depressed and will be on a lower path of income for probably all of their life - and at least the next 10 years," as middle-income jobs are disappearing. A 2009 law school graduate sums it up rather succinctly: "I had a lot of faith in the system, the mythology that if you work really hard you can achieve anything, and the stock market always goes up. It was pretty naïve on my part."

 

Via Bloomberg:

Generation Y professionals entering the workforce are finding careers that once were gateways to high pay and upwardly mobile lives turning into detours and dead ends. Average incomes for individuals ages 25 to 34 have fallen 8 percent, double the adult population’s total drop, since the recession began in December 2007. Their unemployment rate remains stuck one-half to 1 percentage point above the national figure.

 

Three and a half years after the worst recession since the Great Depression, the earnings and employment gap between those in the under-35 population and their parents and grandparents threatens to unravel the American dream of each generation doing better than the last. The nation’s younger workers have benefited least from an economic recovery that has been the most uneven in recent history.

which is leading to an increasingly disenfranchised generation:

“This generation will be permanently depressed and will be on a lower path of income for probably all of their life -- and at least the next 10 years,” says Rutgers professor Cliff Zukin, a senior research fellow at the university’s John J. Heldrich Center for Workforce Development. Professionals who start out in jobs other than their first choice tend to stay on the alternative path, earning less than they would have otherwise while becoming less likely to start over again later in preferred fields, Zukin says.

 

...

 

Only one-fifth of those who graduated college since 2006 expect greater success than their parents, a Rutgers survey found earlier this year. Little more than half were working full time. Just one in five said their job put them on a career path.

As the dream fades:

“I had a lot of faith in the system, the mythology that if you work really hard you can achieve anything, and the stock market always goes up,” says 2009 law school graduate Elizabeth Hallock, 33. “It was pretty naïve on my part.

And fingers are pointed:

Hallock is the named plaintiff in one of 14 lawsuits against some of the nation’s best-known law schools, including her alma mater, the University of San Francisco School of Law. The civil complaints, filed in 2011 and 2012, accuse the institutions of overstating graduates’ job-placement results and incomes.

 

Young Americans are struggling to reconcile their lack of economic rewards with their relatively privileged upbringings by Baby Boomer parents and the material success of their older peers, Generation X, born in the late 1960s and 1970s...

But whose fault is it?

“It’s a generation that had really high expectations, in some part driven by the way they were raised by their boomer parents,” she says. “Yet in the past five years they have had reality slammed in their face by the employment situation.”

As...

The same housing crash that hammered young architects and loan officers also slammed lawyers. Law schools are turning out about 45,000 degree holders a year for about 25,000 full-time positions available to them, according to the National Association for Law Placement Inc. in Washington. The class of 2011 had the lowest placement with law firms, 49.5 percent, in 36 years.

 

“It is not the perfect path to wealth and success that people may have envisioned,” says Robin Sparkman, editor in chief of The American Lawyer magazine in New York.

Which is leading to lawsuits - by the new lawyers against their schools...

“It’s hard to look at the information the schools were putting out and say it’s not misleading,” says Derek Tokaz, research director of the nonprofit Law School Transparency initiative. It published research showing that the chance of recent graduates getting permanent full-time work in law was far lower than the 80-95 percent total employment rates the schools typically boasted.

But for some - a new different life is peeking through...

“As it is, all of my possessions still fit in the back of my truck,” she says. “I can pack it in a couple hours, pick up the trailer and horses and move anywhere the gas tank will take me at the drop of a hat. What can the system take away from you when you have that kind of freedom?

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 12/26/2012 - 13:09 | 3096462 Central Bankster
Central Bankster's picture

Just because you're part of a group responsible doesn't make you personally responsible. I'm gen y and think that as a group we get what we deserve but I tried hard and don't feel bad when people talk bad about gen y. 

Thu, 12/27/2012 - 02:02 | 3098265 TruthInSunshine
TruthInSunshine's picture

I'm an American, born and raised in the U.S., but I'll be damned if I will accept blame for the carpet bombing of Dresden or the use of atomic weapons on Hiroshima or Nakasake, which were military tactics clearly intended to cause massive civilian casualties and the demoralization of the civilian populace (despite claims to the contrary), clearly violative of the just war framework and basic tenets of morality.

I hadn't even been born yet when those actions were undertaken.

Wed, 12/26/2012 - 13:16 | 3096484 Bollixed
Bollixed's picture

Same here, RB. Baby Boomers - born 1946 - 1964...

Yea, we started the Vietnam War when our average age was 11 at the time. Go ahead, blame us for that. We took the country off the Gold paradigm in 1971 when our average age was 16. Go ahead, blame us for that. Yes, it was surely us who planted the seeds that grew into the ugly trees we see today.

Go ahead and blame us for all the Nation's problems if it makes you feel better. Surely it's easier to point fingers than take personal responsibility for changing things in your own life.

Yup, go ahaed and blame the Boomers, I'm sure there's an app for that...

Wed, 12/26/2012 - 13:37 | 3096534 Ralph Spoilsport
Ralph Spoilsport's picture

These whelps are just getting started Bollixed. The app is called "The Blame Game" and it runs on Android and iOS.

Wed, 12/26/2012 - 13:18 | 3096489 Dingleberry
Dingleberry's picture

Here is why you Boomers SUCK.

YOU were born into generational wealth and opportunity the likes of which the world had never seen.  YOU brought us drugs, divorce, mass abortions, and consumerism as a state religion. YOU brought us the complete and utter destruction of the family, and turned our schools into feral zoos.  Tell me Boomers, how many spouses have you had (each)? How much whoring and drugs did you do compared to your parents? Think that didn't have an affect on your offspring? 

Maybe in your next life, you may want to look up "responsibility" and "self-restraint" and try living a life with a semblance of those traits.  Try not to confuse "freedom" with those. 

Wed, 12/26/2012 - 13:31 | 3096521 Ralph Spoilsport
Ralph Spoilsport's picture

You are indeed a dingleberry, dangling from the anal hairs of the cosmos. Not guilty of any of the laundry list of sins you so soothly portrayed in your angry rant?

Wed, 12/26/2012 - 16:05 | 3096948 SilverDOG
SilverDOG's picture

 

 

Just admit your generational irresponsibility. 

 

Instead of spewing proof with regressive rationalization.

 

You all did what you were told, TV drones.

Wed, 12/26/2012 - 18:21 | 3097456 flattrader
flattrader's picture

And you're such a maverick?

Please tell us how "your" generation is changing things for the better.

 

Wed, 12/26/2012 - 23:13 | 3098069 SilverDOG
SilverDOG's picture

Better for your generation, we are STILL paying for, cankle.

Wed, 12/26/2012 - 14:21 | 3096626 WillyGroper
WillyGroper's picture

And YOU "Dingleberry" (name says it all, dangling shit ball) are out of your mind.

Wed, 12/26/2012 - 14:29 | 3096640 Kobe Beef
Kobe Beef's picture

Wow. two ad hominum attacks in a row. Dingleberry must be winning. When they cant refute your argument, they call you names.

Wed, 12/26/2012 - 14:33 | 3096653 Ralph Spoilsport
Ralph Spoilsport's picture

This is Fight Club after all.

Wed, 12/26/2012 - 14:37 | 3096660 Jam Akin
Jam Akin's picture

There is some truth in your accusation but no generation is without sin and neither is every member of a generation equally culpable.  Gross generalization is wrong.  Be more accurate in your targeting of root cause of problems and you will make a more effective argument, son.

The Gen Y folks among us actually were born into much more material prosperity than most boomers enjoyed in their childhoods.  As we were compared with our parents who were born in or survived the  Great Depression.  It is a bitch to deal with expectations unfulfilled, ain't it?  

And, by the way, the closest this country came to the edge of genuine chaos/revolution in my lifetime was in 1968.  The "Great Society"/entitlement programs bought off the problem and pushed it into the future.  We are still grappling with the costly aftermath of that major change in the role of government today.

Wed, 12/26/2012 - 22:14 | 3097954 DaveyJones
DaveyJones's picture

well said

Wed, 12/26/2012 - 23:20 | 3098082 Jam Akin
Jam Akin's picture

Thanks Davey - Best wishes for the New Year to you and yours.

Thu, 12/27/2012 - 15:30 | 3099590 DaveyJones
DaveyJones's picture

same

Wed, 12/26/2012 - 21:59 | 3097913 ronaldawg
ronaldawg's picture

I'm a late (after 1960) white collar boomer who isn't going to stand for having the Social Security and Medicare programs, WHICH I HAVE PAID FOR SINCE 1974, given to some illegal alien piece of shit. 

In my mind, any dilution of my benefits THAT I ALREADY PAID for is war.  So bring it bitchez....

Wed, 12/26/2012 - 16:09 | 3096950 Chuck Walla
Chuck Walla's picture

not the greatest generation....but their kids, the selfish dirtbag baby boomers that have destroyed this country.

As a Boomer, I believe he has it right. Socialism sounds so gooooood!

 

Much of the social history of the Western world, over the past three decades, has been a history of replacing what worked with what sounded good.

 

~ Thomas Sowell 

Dingle also makes valid points. Abortion has caused a devaluation of life. Guns are the same as they ever were. It must be something else that has these cretins killing.

 

 

FORWARD SOVIET!

 

Wed, 12/26/2012 - 19:13 | 3097605 meltdown
meltdown's picture

Ahhem, FUCK YOU

Wed, 12/26/2012 - 12:26 | 3096335 fiftybagger
fiftybagger's picture

And now they will be euthanized by the people they put in power.  Very sad.

Silver For The People

http://www.brotherjohnf.com/

Wed, 12/26/2012 - 13:20 | 3096492 flattrader
flattrader's picture

Sonny, you really think the Greatest Generation left a failed, corrupt government, rising debt, blah, blah, blah to the next???

Which generation was at the helm in 1913?

We could even go back further if you like.

Wed, 12/26/2012 - 14:52 | 3096700 Imminent Crucible
Imminent Crucible's picture

Spoilsport Ralph gets an A purely on the basis of oratory. Even if I didn't agree with his assessment of the Dingle, I'd have to thumb him up for the luminosity of his verbiage.

But flattrader, why do you talk about going back further in history? Dingle knows no history, no Civil War, no Depression, no Agent Orange. He thinks the universe began at his birth. EVERTHING was peachy-keen until those focking boomers. You know, those 18 year old grunts who got punji-sticked in a steaming southeast Asian shithole because the GREATEST GENERATION sent them there to do something, nobody knows what. I guess make the world safe for Monsanto.

Try this: "Lyndon Baines Johnson, Poster Boy for the Greatest Generation." I'm thinking not.

Wed, 12/26/2012 - 16:12 | 3096975 SilverDOG
SilverDOG's picture

Imminent Crucible

 

Please skip glorification of victimization.

The theme of which is "Me me me meee me meee me"

 

Wed, 12/26/2012 - 19:18 | 3097620 Imminent Crucible
Imminent Crucible's picture

@Dog: Please skip glorification of victimization.  The theme of which is "Me me me meee me meee me"

Sorry, dog. You're completely mistaken about that. I never saw Vietnam because my draft lottery number was 257. But I had many friends and a favorite cousin who never recovered from their Vietnam tours. Along with about 58,000 other guys who never made it back at all.

So check for colon polyps while you're in there.

Wed, 12/26/2012 - 22:03 | 3097925 ronaldawg
ronaldawg's picture

Sorry but i'm a little confused here - by "Greatest Generation" we mean the generation that fought WWII - therefore they would have to be born from 1920-1925.   That would make you in the 82-87 age range if you were in that generation.

Sorry but most of those people are fucking dead.  The people who caused the problem are THEIR children - the fucko last 50's early 60's generation - ala the HIPPIES.

 

Wed, 12/26/2012 - 23:17 | 3098077 SilverDOG
SilverDOG's picture

Are they not titled Hippie-crits. Thought so.

Either that, or Whiners.

 

Loving the obituaries, every damn day.

Wed, 12/26/2012 - 16:08 | 3096960 SilverDOG
SilverDOG's picture

flattrader,


We can go back to the genetic separation from chimps and bobo monkeys. 

Enough for you?

Kick the can, can kicker.

Wed, 12/26/2012 - 18:02 | 3097395 flattrader
flattrader's picture

I can tell you don't know nuthin' bout history, aren't interested in learning, but are good at whining.

Are you a Gen Y'er?

Might be good to know who manufactured the can.

Wed, 12/26/2012 - 23:36 | 3098100 SilverDOG
SilverDOG's picture

You can "tell" as much as you so chose.

Comprehending is not your forte. 

Assumptions, seemingly are.

Bravo.

Thu, 12/27/2012 - 09:22 | 3098563 flattrader
flattrader's picture

You think yourself capable of clever retort. Good for you.

Wed, 12/26/2012 - 17:31 | 3097262 ajax
ajax's picture

 

 

 

 All of you please enough of this "The Greatest Generation". What the hell is wrong with all of you?? That moniker, that handle was invented/coined by journalist Tom Brokaw!! I'm sure that a lot of you still have living relatives among your close family and extended family who were born between 1900/05 and 1924/25 ... I do and I can assure you they did not come up with that moniker for themselves and they don't like it either. In my family two of them, John and George (brothers) aren't able to write complaints to Brokaw: John died age 26 at Tarawa in 1943 and George age 25 died from sniper fire at Vire (France) in 1944.

 The draft?? The draft you say?? A general military draft in the USA in 2013 or later?? Just who is fit for duty in the USA? Have you seen the obesity and diabetes statistics for America's youth lately?

 

 

Wed, 12/26/2012 - 19:32 | 3097648 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

In the Poker-Chip-Capitalist's ("bankster")'s dream world, they will hire any willing global citizen to remotely operate the machines of war to kill all serious opposition. Most ideal would be to train obedient artificial intelligences to do the same work with the data they already have. The tried-and-true formula of inciting proxy wars between human dupes to fend off potential threats to their world order will still be their bread-and-butter. Praetorian guard "super-soldiers" packed with transhuman enhancements are also on their make-the-dream-true agenda.

I think they call it "smart power". Max Keiser and I suggest we ask Tony Blair in his London bunker what he calls it.

Thu, 12/27/2012 - 00:34 | 3098180 mkkby
mkkby's picture

bobnoxy, that is the most whining pussy comment in ZH history.  Okay, not quite. 

But this whole blaming of others is really tiring, cry baby bullshit.  We were all born into a system we have no control over.  You must be the kind of wimp that blames his parents for his lot in life.  Get out and make something of yourself.  Or sit around and play video games and fantasize about how someone else is to blame for your sad existence.

I'm amazed so many people on ZH green arrowed you.  Thinking that a vote matters or a party matters is pure sheeple talk.

Wed, 12/26/2012 - 11:40 | 3096187 NoDebt
NoDebt's picture

My Grandfather, a depression-era guy, told me a long time ago about the "3rd generation curse."  Goes like this:  First generation works their fingers to the bone starting something, Second generation gets rich off of it, Third generation burns it to the ground and fritters away all the money.

WW II generation, Boomers, and..... yep, looks like we're right on track.

 

Wed, 12/26/2012 - 11:43 | 3096207 Winston Churchill
Winston Churchill's picture

Clogs to clogs in three generations is a very old saying.

Wed, 12/26/2012 - 11:44 | 3096211 toxic8
toxic8's picture

A boy and his dog?

Wed, 12/26/2012 - 11:58 | 3096249 Shizzmoney
Shizzmoney's picture

I hope my generation burns this shit to the ground, we'd finally prove we can grow a pair.

But your grandfather is so right.  The boomers really sold us a reality that never existed, and it probably took us way to long to wake up before it goes to ruins.

Wed, 12/26/2012 - 12:14 | 3096290 Salon
Salon's picture

Everybody wins in the largest credit expansion history has ever seen.

At least those who get to live in its time frame

Wed, 12/26/2012 - 13:31 | 3096519 koncaswatch
koncaswatch's picture

Correct.

The phsycological relationship to the term "credit" fostered the consumerism that led many of us to beleive anything is possible with a little education and hard work. The reality is that the proper term is "debt expansion" and now the piper is expecting to be paid.

Wed, 12/26/2012 - 15:54 | 3096910 Imminent Crucible
Imminent Crucible's picture

How 'bout we just stiff the piper, same as we stiffed everyone else and got stiffed in return.

Remember, "The first one to default wins."

Wed, 12/26/2012 - 12:38 | 3096370 NotApplicable
NotApplicable's picture

Burn away. When you've finished, the only thing you'll find left is trap of dependency created by the banksters. Believe me, they will fully apprecrieate your efforts at destroying their competition, empowered by your "pair."

Ever heard of the oldest trick in the book? It's called, "Let's you and him fight!" (World Wars, anyone?)

Your only hope is to learn to evade and avoid traps. Anything less is merely a new game, which you won't recognize as such, until it's too late.

(World's Oldest Xer)

Wed, 12/26/2012 - 12:27 | 3096340 Tippoo Sultan
Tippoo Sultan's picture

I would submit that the fortunes of the "forty-something" direct offspring of the "Boomer" group -- "Generation X" -- are but marginally better than their "thirty-something" peers.

Wed, 12/26/2012 - 12:41 | 3096385 NotApplicable
NotApplicable's picture

We got jobs! W00t! (and some, the facade of a pension)

Wed, 12/26/2012 - 13:09 | 3096466 cornflakesdisease
cornflakesdisease's picture

First generation men come back from war will moral, spiritual, and emotional values trashed out and wrecked by their experiences and become emotionally unplugged.  Live for today because you could be dead tommorrow.

 

Their children inturn seek to fill in all the emotional emprtiness by Dad being disconected by pursuing material goods and emotional highs (sex, fun, vacation, big car) etc.  Anything to fill in the holes.

 

Their children in turn grow up in the wreckage of that vacuum and failed pursuits and are !@#$% all up by debt laden parents, divorce, no spiritual guide, no moral guides etc etc.

 

Technoogy changes, but people do not nor do their emotional needs.

Thu, 12/27/2012 - 00:38 | 3098184 mkkby
mkkby's picture

You must have a PhD to be that stupid.  After WWII there were lots of jobs selling into A DESTROYED FUCKING WORLD that needed everything.  Where you got this psycho babble I'll never know.

Wed, 12/26/2012 - 13:58 | 3096467 cornflakesdisease
cornflakesdisease's picture

First generation men come back from war will moral, spiritual, and emotional values trashed out and wrecked by their experiences and become emotionally unplugged.  Live for today because you could be dead tommorrow.

 

Their children inturn seek to fill in all the emotional emprtiness by Dad being disconected by pursuing material goods and emotional highs (sex, fun, vacation, big car) etc.  Anything to fill in the holes.

 

Their children in turn grow up in the wreckage of that vacuum and failed pursuits and are !@#$% all up by debt laden parents, divorce, no spiritual guide, no moral guides etc etc.

 

Technology changes, but people do not nor do their emotional needs.

Wed, 12/26/2012 - 14:34 | 3096655 Nehweh Gahnin
Nehweh Gahnin's picture

Great aphorism NoDebt, and I hear it translates into Arabic, too.  (My father rode a camel...)

Wed, 12/26/2012 - 15:22 | 3096798 Silver Bully
Silver Bully's picture

"WW II generation, Boomers, and...."

You forgot the Silent Generation. First you had the G.I. Generation, then the Silent Generation, then the Boomers. Yep, looks like we're right on track.

Wed, 12/26/2012 - 11:41 | 3096200 tmosley
tmosley's picture

The "greatest generation" was nothing but bankster puppies.  They fought their wars for them without question, and allowed their nation's money to be corrupted, co-opted, and finally stolen right out from under their noses.  They valued jingoism over patriotism.  The baby boomers had no choice.  They tried to rebel, but they embraced the wrong ideology.  The principles of the free market had been twisted by the preceeding generation, and still appeared to give abundant fruit, rather than disclosing the truth--they were consuming the seed corn.  

It's time to return to free banking and free markets.

Wed, 12/26/2012 - 12:23 | 3096322 TheSilverJournal
TheSilverJournal's picture

Free markets and capitalism can't exist without free banking. Money is 1/2 of every transaction.

Do NOT follow this link or you will be banned from the site!