Millennials seem so angry these days and, no wonder! We lied to them! We promised them that if they worked hard, stayed out of trouble and got good grades, that they would be able to achieve the “American Dream”.
In addition, we told them not to worry about accumulating high levels of student loan debt because there would be good jobs waiting for them at the end of the rainbow once they graduated.
Yes, no wonder there is so much anger and frustration among our young people. Below are 10 more reasons why they have every right to feel the way they do.
The above introductory comments are edited excerpts from an article* by Michael Snyder (theeconomiccollapseblog.com) entitled 24 Reasons Why Millennials Are Screaming Mad About Our Unfair Economy.
Snyder goes on to say in further edited excerpts:
When you break U.S. adults down by age, our long-term economic decline has hit the Millennials the hardest by far and yet, somehow, we expect them to bear the burden of providing Medicare, Social Security and other social welfare benefits to the rest of us as we get older. No wonder there is so much anger and frustration among our young people.
- Nearly 50% of all Millennials are spending at least half of their paychecks to pay off debt.
- More than 30% of them are living with their parents because they can’t find decent jobs
- This year the home ownership rate for Millennials sunk to a brand new all-time low.
The following are 10 [condensed] reasons why Millennials are screaming mad about our unfair economy:
- The current savings rate for Millennials is negative 2%. Yes, you read that correctly. Not only aren’t Millennials saving any money, they are actually spending a good bit more than they are earning every month.
- 47% of all Millennials are using at least 50%of their paychecks to pay off debt.
- 31.1% of all U.S. adults in the 18 to 34-year-old age bracket are currently living with their parents.
- Close to 40% of all 27-year-olds have spent at least some time unemployed since Barack Obama has been in the White House.
- The ratio of what men in the 18 to 29-year-old age bracket were earning compared to what the general population was earning reached an all-time low of less than 60% in 2013.
- U.S. families with a head of household under the age of 30 have a poverty rate of 37%.
- 50% of all college graduates in America are still financially dependent on their parents two years after graduating from college.
- Since 2005 student loan debt has jumped 35% [to $33,000 per graduate on average] while salaries for young college graduates have actually declined by 2.2%.
- In the years to come, much of the burden of paying for our exploding Medicaid system will fall on Millennials. Today, more than 70 million Americans are on Medicaid, and it is being projected that Obamacare will add another 23% (16 million) to the Medicaid rolls. In addition, it has been estimated that Medicare is facing unfunded liabilities of more than $38 trillion over the next 75 years. That comes to approximately $328,404 for every single household in the United States.
- In the years to come, much of the burden of paying for our massive Ponzi scheme known as Social Security will fall on Millennials. Right now, there are more than 63 million Americans collecting Social Security benefits and, if you eliminate all government workers, that leaves only 1.6 private sector workers for every retiree receiving Social Security benefits. By 2035, that number is projected to soar to an astounding 91 million.
Yes, there are certainly some Millennials that are flat broke because they are lazy and irresponsible but…most young Americans just want to work hard, buy a home and start a family yet, for millions of them, that dream might as well be a million miles away right now.
Unfortunately, many of them…are blaming themselves…thinking that they are not talented enough or that they didn’t work hard enough or that they don’t know the right people. What they don’t know, however, is that decades of incredibly foolish decisions are starting to catch up with us in a major way, and they just happen to be caught in the crossfire…
Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
*http://theeconomiccollapseblog.com/archives/24-reasons-why-millennials-are-screaming-mad-about-our-unfair-economy (Copyright © 2014 The Economic Collapse)
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