Millennials born in 1980s may never recover from the Great Recession
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This is something that many do not want to acknowledge. We see many who prefer to buy into the headlines.
There are large groups of people in the advanced nations who are suffering economically. We know there are tens of millions of people who "are being left behind".
The longer we persist with the idea that things are going well and people will recover, the worse it becomes.
We are in dire need of a radical wake up call. The corporate elite are the ones making out like bandits. The rest of the population, from the new graduate to the retiree on social security, is a lot worse off.
The "illusion of things going well" is rapidly fading. Many of my peers (born 1987)are struggling mightily to find secure and rewarding (financially as well as mentally) employment -- not to mention their massive student loans. I was fortunate enough to find a path where I didn't require a large student loan hanging over my head -- but it's hard to ignore all the other factors that are pinching people (low wages, rising costs for food, extraordinarily high housing costs).
Reading the article, and trying to look forward 10/20/50 years, it's hard to make heads or tails of what may happen. The article suggests that older generations are generally 'on-track', due to the fact that they're the predominant home-owners -- but the Great Recession was caused by a collapse of this very sector, which has apparently 'recovered'. I think in this sense, recovered is code for "has begun to reach unsustainable highs again".
It seems to me that unless something changes significantly (affordable housing and right-to-housing laws), these 'older generations' will be left sitting on their extremely over-valued properties that nobody can afford to buy from them until things inevitably implode. As far as I can tell, if nobody can afford to purchase what you're trying to sell, it's not worth what you think.
The last time masses of people tried to get into the housing market -- it collapsed. It strikes me as a "damned if you do, damned if you don't" scenario. Maybe the next Great Recession will actually be more of a Great Equalizer. I doubt it's far away, either.
Yes it's a lot worse off cos it's unfair to be a graduate and don't see a good job to do and retired but still owning you pension