Catherine Rampell: Millennials not breaking economy; they're just broke

[Yo_Mama_Been_Loggin]

Millennials are a murderous bunch, a generation of homicidal maniacs.

At least that’s the impression you get from reading news stories about my generation.

According to the headlines, we’ve wreaked carnage across the economy with our fickle, selfish tastes. So far we have “killed” or are “killing” dinner dates, hotels, credit cards, grocery stores, cinemas, Home Depot, diamonds, banks, gyms, department stores, vacations, cruises and casinos, the car industry, homeownership and even Buffalo Wild Wings.

The explanations for our butchery are manifold, and sometimes contradictory.

Sometimes we’re a bunch of hipster brats who don’t appreciate the tried-and-true cultural milestones of middle-class adulthood. We spend all our time snapping selfies in our parents’ basements. That means we don’t need cars to get around, nor do we want them. To today’s youngsters, “driving simply doesn’t seem as cool as it once was,” one Fortune magazine article proclaimed.

-snip-

Well, a research paper published last month by economists at the Federal Reserve comes to a different conclusion: Millennials aren’t choosing to break economic traditions. Instead, we’re just broke.

https://www.heraldnet.com/opinion/rampell-millennials-not-breaking-economy-theyre-just-broke/?utm_source=DAILY+HERALD&utm_campaign=a42425f682-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_d81d073bb4-a42425f682-228635337

[Wellstone ruled]

1. Sometimes we get a honest statement of fact.

Knowing of couples with two degrees working two part time jobs and still don't have two nickels too rub together,is the norm my friends.

So many are buried under Student Debt they will never get enough saved for a home or anything of value.

[dlk]

2. Current Wages are in the Basement by Design

If the minimum wage from the 1990's was merely adjusted for inflation, and not raised, it would be approximately $22.00/hr. Yet today, we have a federal minimum wage of $7.25/hr. Millennials can't afford to live indoors and as we all know, people struggling to survive are more easily manipulated by corporations and politicians. Raising the minimum wage is long overdue.

[BigmanPigman]

3. Thank you!

People don't understand the COLA that is necessary in order just to maintain the same lifestyle. By not getting a realistic COLA and equal min wage people are taking an enormous pay cut that adds up, especially if you total it over the last 25 years.