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Old 12-21-2012, 20:08   #1
Mr981
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Dimming economic prospects for Generation Y

http://www.businessweek.com/news/201...-professionals

Gen. Y coverages--roughly--those born in the very late 70's thru the 80's(?).

The article discusses how their financial prospects in the future look dimmer than those of their parents.

I guess it's fair to say that all of the generations--including the boomers--are going to have to adjust to less of everything in the no too distant future, given the amount of debt the country has racked up.

Having said that, I'd be interested in hearing from fellow board members of this generation as to how they see their economic prospects going forward. What they expect to happen and how/if they are preparing for it.
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Old 12-21-2012, 20:20   #2
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You are referring to the first selfish, it's all about me, nothing matters but my self-esteem, a trophy when I lose, helpless, somebody else do it, where's my government money generation born of the hippie generation.

They will live with the socialist dream of their parents funded by their children who are even worse. I can only be grateful that I won't live to see it. I have maybe twenty years left and no, you don't get my money. Rather than pay for one more food stamp for one more lazy lump, I'm dying as broke as the day I was born. I would offer you the Social Security and Medicare funds that have been extorted from me for the past 50 years, but you already spent that.

Good luck, whiners.
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Old 12-21-2012, 20:24   #3
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You are referring to the first selfish, it's all about me, nothing matters but my self-esteem, a trophy when I lose, helpless, somebody else do it, where's my government money generation born of the hippie generation.

They will live with the socialist dream of their parents funded by their children who are even worse. I can only be grateful that I won't live to see it. I have maybe twenty years left and no, you don't get my money. Rather than pay for one more food stamp for one more lazy lump, I'm dying as broke as the day I was born. I would offer you the Social Security and Medicare funds that have been extorted from me for the past 50 years, but you already spent that.

Good luck, whiners.
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Old 12-21-2012, 20:29   #4
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Tous.


I love it.
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Old 12-21-2012, 20:30   #5
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I thought that you'd like that.
A satire of a totally fallacious argument based on nothing more than the hot air produced by beans and spicy food.




Aside from the ironic post above, I believe that folk make their own luck and their own way in life. Folk been doing it for 10,000 years against greater odds than the hippie socialists.

Regardless of age, your future belongs to you. If you sit on you ass, complain and wait for someone to make you life good, you will be sitting a long, long time.

If you have a mind, figure out how to succeed. God knows you won't have that much competition. To win the race, you have to at least show up at the starting line, no?
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Old 12-21-2012, 20:33   #6
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I suppose that would be me. I was born in 84.

In a way I count myself lucky. By the time I got out of college (2006) things were already getting bad.

This is the only type of economy I know in my adult life, so this is normal to me.


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Old 12-21-2012, 20:37   #7
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I suppose that would be me. I was born in 84.

In a way I count myself lucky. By the time I got out of college (2006) things were already getting bad.

This is the only type of economy I know in my adult life, so this is normal to me.


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I graduated from college the first time in 1973, served in the Navy until 1978 -- into the depths of the Ford/Carter recession which was much worse than this one.

As I stated before, you have a mind, use it. Stop listening to the doomsayers and figure out how to be successful and have a good life.

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Old 12-21-2012, 20:37   #8
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Old 12-21-2012, 20:59   #9
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I read the Businessweek piece and it is depressing. I know of people that have Master Degrees in Marketing and can only find basic sales minimum wage sales jobs.

Although specifically detailed in the BW article was the case of a lawyer, one must realize the legal profession has been producing a surplus of attorneys for two decades. Now, they are feeling the critical mass, with the decline in corporate law, increase use of Legalzoom and Paralegals.

The case in similar with most recipients of soft science degrees and lib art degrees. Those degrees do not provide a person with much of a value-added education.

It is a different case with STEM degrees though.
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Old 12-21-2012, 21:00   #10
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Generatin Y, hmmmm. Well, since it was beer or condoms that week, they were screwed from the get-go.
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Old 12-22-2012, 07:39   #11
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Quote:
Originally Posted by tous View Post
I graduated from college the first time in 1973, served in the Navy until 1978 -- into the depths of the Ford/Carter recession which was much worse than this one.

As I stated before, you have a mind, use it. Stop listening to the doomsayers and figure out how to be successful and have a good life.

Well said.

Things may be more difficult going forward--for a while--than during the 90's, but hard work--for the most part--is still rewarded. Make your own future and decisions rather than wait for the government to rescue you. If you wait for the feds, you might wait a long time for help--just ask the people in NO or Staten Island.

Having said all that, I think part of this is getting what you ask for--and this generation apparently keeps voting for presidents that have sizzle and no substance:

http://www.csmonitor.com/USA/Electio...the-new-normal

Obama scored big with this age group despite the fact they were suffering from his policies--same with the blacks. Another case of voting on emotions rather than using your brain?
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Old 12-22-2012, 08:00   #12
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Recessions are nothing new. The bubble we had a few years back was a bubble, not the normal economy. Now things are getting back to normal. It usually seems to take a recession of some sort to take the air out of the bubble.

http://en.wikipedia.org/wiki/List_of..._United_States

The media folks wrote the same kind of articles during the 1969-1970 recession and the 1973-1975 recession. I finished high school in '68 and college in '72. Then there was the OPEC embargo and I finished grad school in '74 and got a professional job when everybody said times were tough. Yeah, they were.

Then there was the 1980-1982 recession. I bought a house in '80 and thought I was lucky to get a conventional mortgage with a 12.75% rate before the rates went up to 18%.

John
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Old 12-22-2012, 10:08   #13
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Originally Posted by JohnBT View Post
Recessions are nothing new. The bubble we had a few years back was a bubble, not the normal economy. Now things are getting back to normal. It usually seems to take a recession of some sort to take the air out of the bubble.

http://en.wikipedia.org/wiki/List_of..._United_States

The media folks wrote the same kind of articles during the 1969-1970 recession and the 1973-1975 recession. I finished high school in '68 and college in '72. Then there was the OPEC embargo and I finished grad school in '74 and got a professional job when everybody said times were tough. Yeah, they were.

Then there was the 1980-1982 recession. I bought a house in '80 and thought I was lucky to get a conventional mortgage with a 12.75% rate before the rates went up to 18%.

John
I hear what you're saying about recessions and there will always be economic turbulence of some sort, But.... the world economy and that of the US is way different from the 60s/70s or even 80s. China was a 3rd world county 40 years ago--now they are the second largest economy. Korea has emerged as a global player as Japan tries to hang on. Europe seems to have come and now seems to be going...

What does that mean to today's economy--and tomorrow's? There are global competitors that didn't exist in their current form 20-30 years ago supplying products and services that the US used to have a strangle hold on. In other words, the economic engine that was available to you as a job seeker in the early 70's (me too) doesn't exist any more. automobiles/steel and large portions of manufacturing have either shrunk or disappeared. The IT revolution of the 80's/90s--which created a lot of jobs--hasn't been replaced with the n ext new thing. The ability to offshore jobs--in fields like accounting/medicine/customer service didn't exist even 20 years ago, but with global fiber connections today is more typical than not.

What I'm saying is that the world of the American job seeker in this decade is way different than when we were starting out. For sure there were bumps in the road back then but eventually, the jobs came back after every hick-up even if they were in different industries. Here in OH, we are just now starting to see peaks of sunlight in the economy after roughly 10 years of continual contraction. That is good news, but I don't think we'll be going back to anything resembling "normalcy" in job creation for a long time.
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Old 12-22-2012, 10:21   #14
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Recessions are nothing new. The bubble we had a few years back was a bubble, not the normal economy. Now things are getting back to normal. It usually seems to take a recession of some sort to take the air out of the bubble.

http://en.wikipedia.org/wiki/List_of..._United_States

The media folks wrote the same kind of articles during the 1969-1970 recession and the 1973-1975 recession. I finished high school in '68 and college in '72. Then there was the OPEC embargo and I finished grad school in '74 and got a professional job when everybody said times were tough. Yeah, they were.

Then there was the 1980-1982 recession. I bought a house in '80 and thought I was lucky to get a conventional mortgage with a 12.75% rate before the rates went up to 18%.

John


We had it tough, but we were tough galoots, no?

<--- had a 17.25% mortgage and was glad to get it

For the young'uns, we not only survived, but thrived without more than half the population on food stamps and infinite unemployment benefits. Taxes were much higher than the post-fiscal cliff rates and yes, Congress was populated with the same venal professional liars as it is today.

And we only had three channels on the TV and a video games were televised coverage of Wimbledon.

You young folk have so much more opportunity than we did. Every morning when you wake up is another chance to succeed. Go out, grab it by the ass and wrassle it to the ground.
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Old 12-22-2012, 10:23   #15
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There are global competitors that didn't exist in their current form 20-30 years ago supplying products and services that the US used to have a strangle hold on. In other words, the economic engine that was available to you as a job seeker in the early 70's (me too) doesn't exist any more.
You may be right, but the economic growth in the "third world" means not only competition but also opportunity. The US needs to figure out how to take advantage of those opportunities. Liberal progressives want to kill any chance of that happening but sooner or later the voters will figure that out and the Obamas, Reeds, Pelosis, Bushes etc. will be consigned to the dust bin of history. It will take some time and a lot of pain to undo what has happened to the US in the last 15 years.
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Old 12-22-2012, 10:49   #16
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You may be right, but the economic growth in the "third world" means not only competition but also opportunity. ...
Very true.
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Old 12-22-2012, 14:06   #17
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It all depends one what field you choose. If you choose marketing, or management, realize that you are a dime a dozen.

In my field of Materials Engineering, we have about a 3% unemployment rate (0 if you are willing to relocate) and a median salary of about $83,000 (http://www.bls.gov/ooh/architecture-...-engineers.htm). STEM is the way to go.

Bottom line is to choose a field that is profitable and makes sense. Also, I find it hilarious that everybody that's older than 45 want's to look at my generation and say that its an entitled, whiny bunch of children. Well guess what, I'm sure the "greatest generation" said the same thing about yours.

Merry Christmas.

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Old 12-22-2012, 14:37   #18
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You are referring to the first selfish, it's all about me, nothing matters but my self-esteem, a trophy when I lose, helpless, somebody else do it, where's my government money generation born of the hippie generation.

They will live with the socialist dream of their parents funded by their children who are even worse. I can only be grateful that I won't live to see it. I have maybe twenty years left and no, you don't get my money. Rather than pay for one more food stamp for one more lazy lump, I'm dying as broke as the day I was born. I would offer you the Social Security and Medicare funds that have been extorted from me for the past 50 years, but you already spent that.

Good luck, whiners.
Seems like you might want to save yourself suffering those 20 years and put yourself out of your misery.
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Old 12-22-2012, 14:53   #19
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Seems like you might want to save yourself suffering those 20 years and put yourself out of your misery.
No, I want to hang around and see how it all ends when everyone is on welfare, unemployment and foodstamps.

You missed the confession that that portion was intended to be satire.
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Old 12-22-2012, 18:23   #20
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Not sure how 'my' generation is going to compare to past and future generations. I am smack in the middle of the gen y folks, born in '83. Personally I can not stand the majority of people in my age group. If given a choice I would rather talk to someone over 50. They seem to be able to carry on an intelligent and coherent conversation a little better.

In my profession, industrial electrical installation/repair. It is damn near impossible to find someone under 40 who can perform the job. I am normally the youngest person at any job site I go to. Not sure if it just inexperience with younger folks, or no one in my age group wants to do the manual labor part of the job. It does not bother me though, I have job security as the older guys die off/retire. No one is going to be around to replace the aging workforce.
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Old 12-22-2012, 18:54   #21
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Of course the prospects are dimmer.
Previous generations had the greatest pyramid scam for almost everybody born early enough: pensions.

Public employees, private employees, it was normal. Nevermind they were never funded, were intended to be sustainable, but just "I got mine, screw you kiddies"

Gen Y has little chance of getting anything out of social security, but they get to keep paying for it.

Blue collar jobs don't pay what they used to, the generation before decided to let unchecked of immigration change the game.

Why should gen Y think that their economic outlook is as good as previous generations?
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Old 12-22-2012, 18:55   #22
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Thank you for a most interesting discussion.
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Old 12-22-2012, 19:46   #23
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Don't tell me this I'm part of that generation.
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Old 12-22-2012, 19:58   #24
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I've tried to hire Gen Y'ers... most of them are unemployed for a reason.
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Old 12-22-2012, 20:02   #25
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The financial future of a liberal run U.S.A. is a study in Entropy.
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