Millennials Devastated As American Dream Becomes Nightmare For Most

Tyler Durden's picture

"It seems to me that if you went to college and took on student debt, there used to be greater assurance that you could pay it off with a good job," sums up one 'millennial', adding - sadly - "but now, for people living in this economy and in our age group, it's a rough deal." As WSJ reports, only about a third of adults in their early 20s works full-time - the lowest rate in 40 years - as the combination of structural changes and this recession "is devastating for millennial." Despite think-tanks demanding more of employers in terms of workplace rules and minimum wages, the reality is workers are expected to do more for less and be grateful - "this is a huge problem when think of where demand is going."

 

The young are earnings less and less relative to the average earnings in the US...

as the younger generation's participation in the labor force fell more than 3 times as fast in the "lost decade" as in the previous two decades...

 

 

Summing it all up - where the priority is:

 

 

Via WSJ,

The on-ramp to adulthood is delayed and harder to reach for young people today, a reality that is changing the country's society and economy, according to a new report.

 

More demanding job requirements, coupled with the pressures of the recession, have delayed the transition to adulthood for young people in the past decade and earned them the title of "the new lost generation," according to the report from the Georgetown University Center on Education and the Workforce, published Monday.

 

...

 

"It seems to me that if you went to college and took on student debt, there used to be greater assurance that you could pay it off with a good job," said the Colorado native, who majored in English before dropping out. "But now, for people living in this economy and in our age group, it's a rough deal."

 

...

 

Through analyzing about three decades of census data—from 1980 to 2012—the study found that on average, young workers are now 30 years old when they first earn a median-wage income of about $42,000, a marker of financial independence, up from 26 years old in 1980.

 

About a third of adults in their early 20s work full time, a proportion that rises to about half of adults in their late 20s. The labor-force participation rate for young people last year declined to its lowest point in about 40 years, according to the report.

 

...

 

In recent decades, the U.S. has seen a gradual outward shift in people's professional lives: Americans today tend to start work later and continue working longer than in past generations. A decade ago, a boy in his late teens was twice as likely as a man his grandfather's age to hold a job; today, the teen is actually less likely to be working.

 

...

 

"The combination of structural change plus this particular recession has been devastating for millennials," ... "It has really knocked them back, and some of these losses are permanent."

 

...

 

"The millennial generation was the generation to confront this structural change first," said Mr. Carnevale. "It has sorted them out in ways that have made them more unequal than any generation before. For those who didn't get the traction [for a job], it's not clear that they will get the traction."

 

And the full report is below:

Workforce 092913

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ghostfaceinvestah's picture

Unless you are a millenial working for Goldman Sachs, then life is good.

prains's picture

....until they make you drink the blood of a virgin, then you have to make a choice

LetThemEatRand's picture

To that set, the only real choice is chilled or body temperature.  The future executives go for body temperature.

prains's picture

directly from the source, then they know it's a possible CEO-in-the-making

Jack's Digestible Ideas's picture

401K: Cancelled. Retirement: Cancelled; we're going to work until we're dead.

 

At this point, I sincerely hope that generational genocide isn't in the cards, but, speaking as somebody in the generational trenches, wouldn't this be the easiest solution?

Seize Mars's picture

Jack's
...so now you understand World War I.

Muppet Pimp's picture

It is now time to start considering sending the family dog out to help earn his (or her) keep.  For the better part of a century now the humans have been going out and putting beans on the table for the hounds, while they sit back and live a life of luxury, with free food, free room and board, free obamaphone, and free healthcare.  Their productivity has gone way downhill, and their unemployment rate is almost as bad as that of young black males.  They have been on the same regimen that Barackl Obama has prescribed for his people, and frankly I am afraid they may end up in the same boat.  The biggest difference I see is the hounds are less prone to engaging in criminal acts, but it is certainly on the rise.  While we have not seen many new calls for human segregation or banning blacks from certain areas, there are major campaigns underway to ban certain dog breeds, for their propensity for violence.  So, basically the time has come an I would be in support of a Civil Service program to be funded by Obama and Bernanke to provide jobs for our hounds and get them out of this rut of unemployment and general lethargy they have come to find themselves in.

TwoShortPlanks's picture

Did someone say "Gen-Y"...those fucktards couldn't pull the skin of custard

Gold will rebalance the sum of all Fiat expansion

http://twoshortplanksunplugged.blogspot.com.au/2013/10/gold-will-rebalance-sum-of-all-fiat.html

fourchan's picture

“Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, ‘Account overdrawn.’

 

a.rand the origional zh'er

merizobeach's picture

Dear young people, it's not the shittiness of the economy that is the reason your prospects are hopeless; rather, it's because of your flagrant stupidity and abject worthlessness as a labor pool.  Learn from your parents: fatten up and get on permanent disability--that's the only way you'll have a reliable income.  Just kidding, that won't be reliable, either.  Let's face it: your only real prospect in life is to be one of the zombies of the apocalypse.  But go ahead and blame your parents because--no sarc--it is definitely their defective DNA that resulted in your miserable condition.

TheRedScourge's picture

Was a whole generation born that way by chance or by some sort of DNA issue, keeping in mind that their parents' generation had the best access to healthy food and scientific knowledge of health of all time? Unlikely.

Maybe it is something else. Perhaps the education system is what failed to make them anything but stupid?

merizobeach's picture

I agree completely that the education system is a shambles and horrifically counterproductive.  That said, fucking morons still do not have genius parents, my friend.

Caviar Emptor's picture

Actually, if we just made Soylent Green out of the excess, then we could live stress free for a while.

SpykerSpeed's picture

Speaking as a millenial, I don't think we're going to take very good care of our parents in their old age.  Many of them really don't deserve it.

knukles's picture

The only ones you should be worrying about are your very own two.
'S between them, you and your God.
Tread very carefully.
Most parents did the best they could at the time.
In many cases was downright fucking wrong or bad...
But few of 'em woke up in the morning and said to themselves "Gee, I wonder how I can fuck over the kids today?"

SpykerSpeed's picture

They weren't thinking about fucking over their kids.  They were thinking about themselves.  The baby boomers will not enjoy Social Security or Medicare in their old age, because the Millenials will refuse to pay for it.

Diogenes's picture

The boomers contributed to Social Security, Medicare, pensions etc for the last 40 years. All those programs were fully paid for until the banksters and the government stole the money.

Now their media lap dogs have convinced you to throw Granny under the bus.

Smart move Opie. Now the boomer have to keep working till they are 90 and you are never going to get a job.

By the way if they can skin your parents and grandparents, with your help, what do you think they are going to do to you?

I took care of my parents, they took care of their parents, and so on as far back as anyone remembers.

Who is going to take care of you?

TwoShortPlanks's picture

"Who is going to take care of you?"....they will take care of each other, but not in a nice way. Gen-Y are mostly divided in good times, in bad times....Zombieland.

Speaking of Zombies, Gen-Y's morbid fascination with apocalyptical endings (subconsciously derived by never having to go through any hardship in their lives so far, thus no fear of hardship) may well be lived out in reality.

Got Gold?

Confused's picture

The morbid fascination is hardly unique to Gen-Y. 

 

Literature is littered with this stuff going back to the bible. And with my limited knowledge of all that has been written, I would imagine even further. 

oddball's picture

At what point did the bankers and government steal the money? 

Five years ago, 10, 20, 40, 100 years ago?  

What did the boomers do about the theft?

 

Confused's picture

Its slightly amusing to see all the intelligent people here arguing this topic. This is part of a divide and conquer strategy. Certainly not many boomers did something about theft. But information was not as readily available as today. Couple that with the severe decline in the fabric of society, which brings us to the current situation. 

There were people decades ago claiming that the CIA/FBI were selling drugs/weapons to cartels outside the US. People laughed and called them crazy. Obviously this has since proven to be true. This alone proves that there WERE people in that age group standing up against the system. Of course there are other examples. 

Of course there are a number of unintended consequences to all this. Parents not wanting their kids to wash dishes, or mow lawns, as it might be beneath them. This allows other elements to fill those jobs. And so on. But for anyone from any generation to blame the other is futile. 

Escpecially boomers calling the new generation lazy and useless. Times are not that different. We could talk about how today people are obsessed with pop-culture. But this is hardly new. Elvis, The Beatles, The Stones, and retarded hollywood movies from those times, all served the same purpose. The difference now is the internet. So now we have more people obsessed with pop-culture, but we also have more people railing against the system. Only less people are now calling them crazy. 

We are all in the same boat. 

AGuy's picture

"The boomers contributed to Social Security, Medicare, pensions etc for the last 40 years. All those programs were fully paid for until the banksters and the government stole the money."

Not really. if you go to the Treasury site the intragov't bonds (Payroll tax debt) is only about 4 Trillion. Over the past 40 years Boomers (plus Gen X workers) only contributed 4 Trillion. The liabilities to pay for Boomer retirment is 10 times that amount. The boomers haven't even managed to save a down payment (ie 20%) of there entitlements. Like everyone else, boomers were gullable and believed that the politicians would make good on there promises that got them elected. And from the 1960s, 70's and 80's It was the boomers that voted these carpetbaggers into office. They have no one to blame but themselves. Should have opted out of Gov't retirement and used it to save for their own retirement instead!

"Who is going to take care of you?"

There is a master plan to euthanize the population when the collapse unfolds. The title of the plan is "World War 3".

 

TwoShortPlanks's picture

It's not that "Millenials will refuse to pay for it", it's that Gen-Y won't have any money to pay for anything after upgrading to iPhone5xyz and buying Grand Theft Auto15...and whatever else they spend their money on to feel special and important (Tattoos and shit). Gen-Y are broke, and will always be broke. Gen-Z, on the other hand, aren't fucktards, they're quite savvy. My money's on Gen-Z.

“Failure to Launch” is merely a visible symptom of a multitude of disorders which afflict Gen-Y…which, statistically, point to being the sickest generation to walk the face of the Earth since the days of the Bubonic Plague.

So there's poverty, sickness and saggy tattoos to look forward to.

Bobbyrib's picture

"The baby boomers will not enjoy Social Security or Medicare in their old age, because the Millenials will refuse to pay for it."

The baby boomers will not enjoy Social Security or Medicare in their old age, because the country can't afford it. -Fixed.

AGuy's picture

"The baby boomers will not enjoy Social Security or Medicare in their old age, because the Millenials will refuse to pay for it."

Not really, The Fed will print to pay for the entitlements, but it will be worthless as the dollar collapses.

Freddie's picture

No!  Obama said you are gonna pay for my Soc Security.  He promised along with Harry Reid and Pelosi.

kralizec's picture

These posts are always hilarious, like poor downtrodden Millenials have it so darn bad!  Every generation since 1913 has been on a countdown to extinction...this libiot mindset that my suffering is oh so much more noble than __________ shit grows old.  People need to learn to be responsible for themselves first and foremost (yes, think of yourself more!) and stop worrying over who got fucked over the most.  WE ALL GOT FUCKED OVER, SO GET OVER IT!

TwoShortPlanks's picture

So move out already and stop bleeding them dry!...a generalisation I know, but true nonetheless.

NoDebt's picture

Look, I'm gonna lay out real quick how this shit works, for those who haven't figured it out yet:

We are in a depression.  Additionally, labor and skills are cost-arbitraged globally now.  This means the end of those millions of nice, safe, high-paying middle class jobs we're all so fond of.  That world is gone.  Those who are older are maintaining their positions because they still have some influence and can do so.  But they are the last.

ALL NEW LABOR ENTERING THE MARKET IS REPRICED AT GLOBAL RATES.  This means young people, by and large.  Or those older workers who find themselves summariliy dismissed from their previous career and trying to start over.  

This bodes very badly for our nation's economy moving forward since those young 'uns aren't ever going to catch up.  They won't be able to buy what their parents did.  They aren't going to be able to pay as much in taxes to fund the bloated government as their parents did.  

This is everywhere in the developed world.  This is not just a US phenomenon.  THIS IS THE STRUCTURAL UNDERPINNING OF WHY OUR ECONOMY IS NOT GOING NOWHERE FOR THE FORSEEABLE FUTURE (I'm talking probably several generations).

Where this leads:  Small number of rich.  Large number of poor.  Just enough middle class to service the rich.  Same as it has been in most societies throughout most human history.  Giant reversion to the mean.

LetThemEatRand's picture

Dead on.  Neo-feudalism.

 

ElvisDog's picture

You know, feudalism isn't so bad as long as you are either a noble or someone who directly works for a noble. Sign me up to be a squire or something.

Caviar Emptor's picture

More likely you would be a chauffeur, valet or stable hand. Only the very top achievers get to be butlers, cooks or personal Ahem assistants.

booboo's picture

"BRING ME THE ROYAL COCK SUCKER!!!"

fourchan's picture

goldmans personal ball washer.

autofixer's picture

I want to be the Shireef.  I have studied the Fed & feel that I am qualified to steal from the serfs and give to the nobels; minus my cut of course.  

Chaos_Theory's picture

Problem with that is never before has the gilded lifestyle been so open to the serfs to see.  For now, with the fantasy that we can get there too, it leads to pop culture reality TV, fashion trends and fads, gadget fads and debt-fueled lifestyle emulation.  Once all that becomes unaffordable as we're left with just enough to fund our meager Dystopian reality (bye bye Igadgets), will the SS be able to keep the serfs from turning into zombie hordes pouring over the walls and literally eating the lords (instead of walking city streets staring at Facebook BS on their IPhone)? 

My money is on the Zombies.  Not enough kibbles and bits to keep them fat and happy after giving them the illusion of the good slacker life for so long.

 

CheapBastard's picture

My Boss loves to hire a Yute with lots of debt (student loans, brand new zero down $600,000 mortage and a few kids) since he knows they are desperate and will work harder, stay later and be scared stiff of being fired.

The problem can be solved if people and esp Yutes refuted getting into debt. Pay cash and save. Yes, 0.01% savings return sucks, but $400,000 to $800,000 debt (house, kids future, student loans, cars, etc) sucks alot more.

Alethian's picture

A middle class is only possible in a free society, whether that society is national or global. Our reversion in the West to an unfree society has destroyed the conditions necessary for maintaining and expanding a middle class. Globally, an expansion has been occurring, though the trend has perhaps been stalled by the Western Depression of the last 5 years. Crucially, insofar as the West has become radically unfree and the rest of the world is only moving in the direction of greater freedom, the global mean in the world market is one of less freedom than during previous decades. The virtual embargo of the communist nations (Russia, China, India) locked out the lack of freedom found there from the global marketplace during the 20th century. Their troubles were contained. That is no longer true.

In short, we're fucked. 

Talleyrand's picture

Then there's that $100 oil.

Buck Johnson's picture

I totally agree with you, we are going to see this get worse and when it implodes it will take decades for the country to get back and they won't be back as one country.  Most likely broke up into 5 sections/countries.

Caviar Emptor's picture

...or more likely broken up into feudal territories that pay tribute to the great leader in Washington. Your livelihood and safety will fully depend on your local lord and your family's relationship to him.

fonzannoon's picture

If that is the case I am going Deniro's route in godfather 2 and taking out the local lord.

Freddie's picture

Don Fannucci

http://www.youtube.com/watch?v=Ldxd40VOxFY

Francis is a real director genius and not an ego maniac like that douchebag who started with him Lucas or the rest of the current vermin in Hollywood.   Apoc was even better than Godfather as was The Conversation.

sethstorm's picture

Safe to say that such division will be quite unlikely.  On the other hand, it is more likely that the ones that try to secede will be "written off" from existence. 

Quantum Nucleonics's picture

It doesn't help that so many "millennials" got suckered into liberal arts majors that have no real value outside the cloistered walls of college.  America needed doctors, electrical engineers, and computer scientists... not yet another 17th century French poetry/ethno-anthropology double major grad. (with $200K in student loans)

CrashisOptimistic's picture

 

Your layout of that is solid.  I would add two items.

Automation is a word that suggests things deceptively.  Meaning simply this.  IQ matters.  I don't care about nature or nurture stuff.  Just flat out recognize that if a computerized read of a toll radio signal from each car crossing a bridge is how tolls will be collected, then the 45 yr old ladies who used to collect those tolls are not going to become radio engineers who design and build the gizmo that replaced them.  Their jobs are gone.  They aren't going to have jobs relevant at all to the jobs that disappeared.  All such jobs will automate and 45 yr old toll collectors aren't going to be retrained to be radio engineers.  IQ matters.  1/2 the population is under 100 and they are not going to have jobs.  Period.  Plan to carry them.  They will be a burden.

Oil.  You start talking about something "not coming back for generations", you can just reword that as never.  Net joules/Oil scarcity is not going to permit anything to go back to how it was.  That world is indeed gone.

But the F word is in play.  Forever.

sethstorm's picture

Their jobs are gone.  They aren't going to have jobs relevant at all to the jobs that disappeared.  All such jobs will automate and 45 yr old toll collectors aren't going to be retrained to be radio engineers.  IQ matters.  1/2 the population is under 100 and they are not going to have jobs.  Period.  Plan to carry them.  They will be a burden.

Then consider a burden that businesses would have to be forced to take on - so that the jobs are replaced.  It only takes a will to make the private sector embrace US citizens of all skill levels instead of opposing them.  Those people can have good jobs if you're willing to stand up to US-hostile business interests.

RKDS's picture

But the job cremators will cry bloody murder if they have to actually care about America instead of just saying that they do!

fourchan's picture

i'm pushing 130 and have used that to check out of the system going on 10 years now. no taxes paid

no debt, a ton of pms, and i'm about a minute away from getting an obama phone and free healthcare insurance.

my slave days are over and i am actively doing my little part to stress the system to collapse under its own weight.

the republic is dead, anarchy is now the only way.