Millennials are the largest and most diverse generation ever to exist. We are the creators of every social media website and app that exists. Failed fiscal policies our lawmakers have made my generation-millennials the least well-off and the least economically-sufficient generation with low-wage jobs and stagnated wages for over 30 years.
In June, I wrote an article discussing how millennials were screwed over. The point of the article was to highlight the fact my generation was told to go to school, get a good education and land a good job. Well, it turns out that was the worst advice to ever give to an entire generation because there are no jobs.
Millennials are overeducated and underemployed, or not employed. My generation-millennials were robbed of the wealth because of the terrible fiscal policies of our government that failed to change with each generation and the constant same old argument on fiscal issues keeping our nation behind.
Millennials are the innovative generation, creators of Facebook, Snapchat, Twitter and many other social media websites that exist. Additionally, we are the largest and most diverse generation, but are worse off than our parents and grandparents. With stagnant wages, the difficulty of getting started in our careers and the terrible fiscal policies of our government, these are a few reasons why millennials are screwed over.
“With stagnant wages, the difficulty of getting started in our careers and the terrible fiscal policies of our government, these are a few reasons why millennials are screwed over.”
The previous generations failed to understand the future, a reason why Donald Trump is in office and a horrendous tax bill passed. This is another issue millennials will have to clean up because the previous generations failed to do it right the first time in keeping pace with fiscal policies to reflect the changing generations. Theodore Roosevelt and Henry Wallace are two men who understood the future, a reason why they were popular, had most of the votes, but the establishment undermined the system, and here we are today. These men argued for common sense fiscal policies of there era, and they argued fiscal policies of the future because they understood the economic changes vary from each generation.
Failing to understand this has caused generational financial inequality with millennials not working real jobs which provides us with the ability to pay our bills, save and invest for the future. The failure of not keeping up with the economic needs of each generation has caused America to fail an entire generation. It will take millennials longer to become economically self-sufficient and catch up to the level of wealth of previous generations and to pay off debt.
According to Forbes, “households headed by adults age 65 and up have seen their wealth increase 42 percent compared to their counterparts a quarter-century ago. For the youth of this nation, the picture is far bleaker. Today’s households headed by adults 35 and below have 68 percent less wealth than those their age a quarter-century ago. As a result, the wealth gap between old and young American households has quadrupled in the past 25 years. In 1984, households age 65 and up were ten times wealthier than their younger counterparts. Now, they are 47 times wealthier.”
The stats mentioned is a clear example of the generational inequality between millennials and the older generations. It’s an example of how my generation has no wealth, no real income and no ability to create wealth because of the low-wage jobs and 30 years of stagnant wages.
“Part of the problem, of course, is the slow economy, high unemployment, stagnant wages, and crushing student loan debt that most millennials shoulder. The other part of the problem is the Baby Boomers.” Complex writes.
USA Today explains that “Millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles. The analysis being released Friday gives concrete details about a troubling generational divide that helps to explain much of the anxiety that defined the 2016 election. Millennials have half the net worth of boomers.”
An entire generation earning less is a clear example of the fiscal policies that did not understand the future and kept pace with the generational changes. Fiscal policies of the past do not work for Millennials-the generation of today and the future; the 30-year stagnant wages and low-income jobs which are difficult to pay bills and provide the basic necessities to live illustrates backwards and failed fiscal policies.🔷