We are At War now, according to President Bush, and I take him at his word. He also says this War might last for "a very long time."
Generals and military scholars will tell you that 8 or 10 years is actually not such a long time in the span of human history-which is no doubt true-but history also tells us that 10 years of martial law and a wartime economy are going to feel like a Lifetime to people who are in their twenties today.
The poor bastards of what will forever be known as Generation Z are doomed to be the first generation of Americans who will grow up with a lower standard of living than their parents enjoyed.
That is extremely heavy news, and it will take a while for it to sink in.
The 22 babies born in New York City while the World Trade Center burned will never know what they missed. The last half of the 20th Century will seem like a wild party for rich kids, compared to what's coming now. The party's over, folks.
Most of my peer group - Gen X - is notably better off than their parents were. They don’t feel that way, perhaps, because technology means we’re constantly being reminded of how the rich live. It’s like being stuck forever at a party in your town’s fanciest neighbourhood. You forget what you’ve got and marvel that they’ve got an indoor and outdoor pool.
I actually don't care thay I earn less than my parents. I figure out young thay working my ass off in a job where I am totally replaceable and my labor is just making the CEO wealthy and not me, I'd rather not put in extra time to 'get ahead' when I won't really. I'd rather have time with my family, having less consumerà wealth, not buying a bunch of crap that will just end up in a dump down the line. Also don't have kids! You will have more spending power.
Totally feel ya. Partner and I are both in public service middle management (so no profit-motive worries), and it's mind blowing to me that my household is around the 80th percentile when it was a bit of a stretch for us to buy a 60 year old three-bedroom on the outskirts of town.
Baby boomers were such negligent parents they are having to use whatever wealth the accumulated on elderly care because their kids don't feel obligated to care for them .
Finished Jean Twenge’s Generations book recently and judging from the graph in there I think no generation can actually claim the title of being worse off than their parents. Maybe GenZ can pull it off someday but I doubt it.
The graph in the book shows median household income for Silents, Boomers and Xers at around 63k and Millenials are above 70k for 25-34 year olds of their generation adjusted for inflation.
HST wrote this one week after 9/11:
We are At War now, according to President Bush, and I take him at his word. He also says this War might last for "a very long time."
Generals and military scholars will tell you that 8 or 10 years is actually not such a long time in the span of human history-which is no doubt true-but history also tells us that 10 years of martial law and a wartime economy are going to feel like a Lifetime to people who are in their twenties today.
The poor bastards of what will forever be known as Generation Z are doomed to be the first generation of Americans who will grow up with a lower standard of living than their parents enjoyed.
That is extremely heavy news, and it will take a while for it to sink in.
The 22 babies born in New York City while the World Trade Center burned will never know what they missed. The last half of the 20th Century will seem like a wild party for rich kids, compared to what's coming now. The party's over, folks.
That's great, thanks!
Most of my peer group - Gen X - is notably better off than their parents were. They don’t feel that way, perhaps, because technology means we’re constantly being reminded of how the rich live. It’s like being stuck forever at a party in your town’s fanciest neighbourhood. You forget what you’ve got and marvel that they’ve got an indoor and outdoor pool.
I think there is a lot to this. The rich used to be out of sight. Now they're everywhere on your social feed.
Right? Every TikTok influencer has a base Robin Leach vibe.
I actually don't care thay I earn less than my parents. I figure out young thay working my ass off in a job where I am totally replaceable and my labor is just making the CEO wealthy and not me, I'd rather not put in extra time to 'get ahead' when I won't really. I'd rather have time with my family, having less consumerà wealth, not buying a bunch of crap that will just end up in a dump down the line. Also don't have kids! You will have more spending power.
Totally feel ya. Partner and I are both in public service middle management (so no profit-motive worries), and it's mind blowing to me that my household is around the 80th percentile when it was a bit of a stretch for us to buy a 60 year old three-bedroom on the outskirts of town.
Baby boomers were such negligent parents they are having to use whatever wealth the accumulated on elderly care because their kids don't feel obligated to care for them .
people actively searching for ways to paint themselves as victims. can't wait for the next culture shift.
Finished Jean Twenge’s Generations book recently and judging from the graph in there I think no generation can actually claim the title of being worse off than their parents. Maybe GenZ can pull it off someday but I doubt it.
Can you send me a pic of the graph?
Not sure how to send it to you but she did have an article in the Atlantic on this… https://www.theatlantic.com/magazine/archive/2023/05/millennial-generation-financial-issues-income-homeowners/673485/
The graph in the book shows median household income for Silents, Boomers and Xers at around 63k and Millenials are above 70k for 25-34 year olds of their generation adjusted for inflation.
Thanks -- this is helpful. Cheers,