Ratufa
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https://www.forbes.com/sites/isabelcontreras/2021/12/17/millennials-and-gen-xers-are-not-crazy--baby-boomers-had-it-easier-financially-and-a-big-reason-is-student-debt/
Jan 29, 2023 9:16 PM
Ratufa
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https://www.forbes.com/sites/isabelcontreras/2021/12/17/millennials-and-gen-xers-are-not-crazy--baby-boomers-had-it-easier-financially-and-a-big-reason-is-student-debt/
GravyEducation
ElRigs83
BethMme4
Baby boomers were also children of parents raised during the Great Depression, so were more averse to borrowing.
thembitchesbewitches
Kanjiro98
Harvard Law is 325k for a degree, professors make 400k for a few hours per week, wonder why your loans are so big? Last year is padding.
Ratufa
It’s the university presidents and senior college admin. Their pay has skyrocketed over the last 40 years, unlike most college lecturers.
CosplayComet
Wow, it's almost like the things we've been saying for years were like, true, or something... crazy.
cepacolusmaximus
yeah, way to go Forbes with the hard-hitting investigative journalism
wrinklyflute
Right? I didn’t need this article to tell me what I already knew.
RadicalRecluse
ya, we just have been getting gaslit on a societal/national scale for literally our entire lives.
Ninjainslippers
"New study"? You mean you did some basic arithmetic with publicly available statistics?
CosplayComet
And came to the same conclusion everyone else came to 2 decades ago.
ShinksAvoHazaar
That ain’t the only reason.
rmsasquatch360
this article is to draw the focus away from cost of living which is more like 80% of the reason 20% is student debt.
KommSusserTod
So us Gen Xers weren’t slackers after all? I knew it!
Ratufa
Worse, Boomers crowded out the job market despite often being less educated. Gen-X were screwed over by Boomers big time.
MadCat221
I don’t see Isabel Contreras lasting long at Forbes with articles like this.
WatcherNotCreeper
Pssst, while correct, its just one of a multitude of factors
Gangstatron
YAAAA OOOHHHHKAAAYY College is the reason everyone who didn't go to college is starving and fucking poor. nice deflection oligarch assholes
chewybrian
tjcassidy
The cost of education has increased 5x inflation the past 50 years for the same product. maybe we should focus on fixing that.
theflyboy87
Let’s not forget about rent being way more than a mortgage. And home prices being insane.
Helixninja333
Shit is getting so bad, even Forbes is saying, "Yeah, it might be a little rough down there. They're still lazy thou."
ChewyTheWookie
Student loans are just as predatory as the vile housing loans that caused the 2008 crash
ToSisPoS
“I paid my college waitin’ tables over the summer! Cost me a whopping $300 a semester.”
SleepySilentSnorlax
Let's not forget increased rent and prices everywhere while companies don't offer much of a raise
LorindaLogan
Wages have not kept pace with the cost of living. Do the math.
CraftyGiant
yes AND tuition has increased far more than mere inflation. Largely due to middle management expansion.
unluckyandbored
The boomers climbed the ladder, then cut the rungs off below them so nobody else could make the climb.
BoominGranny
Boomers were also the last generation to have decent trades taught as part of high school, before the move to for-profits like DeVry
OmenJones
Also: Xers were the first gen that had to get their start financially with a credit score being a thing. That fucked everyone after.
AuntieCoddswaddle
The only reason we didn't have it worse is the new market of tech.
comacomacomacomachameleon
Credit scores made it stupid simple to get free money - 0% APR on everything from furniture to tires to car repairs - if you play their game
comacomacomacomachameleon
the problem comes when people don't understand how to play the game by their rules
OmenJones
That's the most dumbfuck boomer shit I've read in a while.
comacomacomacomachameleon
yeah, well, i'm a millennial. I learned how to play their game by their rules and used it to my advantage. It's literally free money.
comacomacomacomachameleon
but i get it. There's so many people that got fucked because they didn't know they were even playing a game.
datphone777365
go on lay out a quick run down? does it require seed money cus if so then there it is.
MarkSoupial
Crazy how they keep rediscovering this every few months
BurnieCinders
Forbes is for boomers I think.
MeowMachine12
And crazy how there's always a few things idiots at the bottom of the post saying THEY DID IT so others can too, just dont be lazy etc
LicensedAdHominem
It's like "it's obvious, but they still don't acknowledge it... maybe one more study will do it!" as if the problem wasn't shit for brains.⤵
LicensedAdHominem
⤷ Selfishness approaching narcissism, conflict of interest, lack of perspective, decades of consuming almost entirely propaganda and lead...
thisiskissel
This is the difference
cheezyone
Yes, computers made it easier to work twice as hard ?
Undrave
Let me guess: Nixon and Reagan?
CraftyGiant
Ronald Wilson Reagan, ole 666.... At work destroying the world...
MarkRavingMad
Oh look. Reaganomics.
CraftyGiant
"fun" fact the creator of trickle down economics is quoted as saying "the only thing he took was the name" when talking about Reagan.
drinkthederpentine
Teaching has not benefited much from info age productivity gains. This graph explains the real problem IMO
drinkthederpentine
https://www.google.com/amp/s/www.brookings.edu/blog/social-mobility-memos/2016/12/23/the-declining-productivity-of-education/amp/
malitrix
So, credit scores? What's special about 1973?
ItsRandomInHere
https://en.wikipedia.org/wiki/Bretton_Woods_system
Curryfrenchfries
The war started on US citizens about 2 years before that. Most graphs flat line / reverse trend at 71.
Curryfrenchfries
Target enough voters and you can win elections easier. Remove enough adults from the pop and you get stagnation and inflation to campaign on
neilwatkinsfromaccounting
Also, the cost of things. I don’t care what the interest rate was. You could buy a house for $30k instead of $1,000,000. So fuck you.
DaveSamsonite
I note you said “you could buy” and now you are claiming “your parents actually did buy.”
v
Vloudimestre
While u r right that $ of house is CRAZY compared to then, those 20%+ interest rates where a huge kick in the face of middle class and lower
DaveSamsonite
Prime rate was 14% when I bought my first house at 22 as a 1964 born “boomer” for $172k. Graduated to deep recession and 8 yrs of Reagan.
Curryfrenchfries
They'll just say "inflation" in the same way they say "free market" like aha I said it all things were equal and laws of nature not meeeee.
DaveSamsonite
That’s just delusional. If you want to make a point, objective reality works pretty well.
neilwatkinsfromaccounting
What about it is delusional?
DaveSamsonite
Where in your fantasy world was US min wage ever $33? $3.35 per hour was the min wage for yrs. I worked 38 hr/wk & never took home >$96/wk.
DaveSamsonite
W/o a partial scholarship and my parent’s assistance, I could never have dreamed of college. Went to a low cost in-state public school.
DaveSamsonite
A house was $30k bought by a parent that is now a million USD. That’s not how real estate works. If it was you’d be buying $30k shitholes.
DaveSamsonite
I am a boomer; built my house 33 yrs ago. Cost me $172K, paid 6x that in mortgage payments, $100k+ in property tax. Today it’s worth $450k.
DaveSamsonite
I’ve also put in $80K of new windows, two new roofs, and $150K of renovations. That’s the reality of home ownership. They go up in value.
neilwatkinsfromaccounting
My parents (boomers) bought a house for $30k, it sold many years ago for over $1m. That $1m is average for a house where I live
Jarjarthejedi
Man, that one annoys me so much. Keep hearing older family talk about how it's "so much easier" to buy a house these days than when they
RevolutionOnHerLips
a Gen Xer taught me that credit scores didn't exist before 1989 which is.. mind blowing itself
DaveSamsonite
You still had to build your credit as when you applied for a CC you had to list other loans & creditors to be able to get one.Lots more info
Jarjarthejedi
first started out. Had an older family member literally jump from "man, interest rates are so low, your generation has it so good when
Jarjarthejedi
buying homes" to "yeah, my kid isn't able to afford a home, you know how expensive they are now" without registering for even a moment
Jarjarthejedi
the contradiction. How do you rationally talk to someone like that? :/
arp271
Lead poisoning
DaveSamsonite
The point is that you can qualify for a bigger loan when rates are low. That’s actually how it works.
Jarjarthejedi
...? Not in my experience, and I own a home. More cost = more deposit required = it doesn't matter what rates are, you're not qualified
DaveSamsonite
You mean down payment? There are 200+ mortgage lenders now, with wide range of options. At lower interest rates, you can prequalify for more
Jarjarthejedi
Never seen a mortgage company say "oh hey, rates are low, so we'll lower your required deposit", but maybe just different experiences?
SubtleOrc
We don’t have student debt issues in Australia but the millennials will never be able to afford to buy a house. Why? Tax breaks for property
DaveSamsonite
They will have to do what every previous generation did, buy a tiny crap place for more they can afford and look smart when values go up!
DaveSamsonite
Long term prices almost always go up, exceptions Detroit, killer hot climates, epic drought areas
DaveSamsonite
Maybe that includes all of Australia
SubtleOrc
Investment which encourages property speculation and leads to a “too big to fall” situation where addressing it will crash the market
downrightmike
If the truth can destroy it, it deserves to be destroyed
BellerophonM
And now it's so embedded that removing it is an instant political death wish.
SubtleOrc
Yep.. those fully leveraged with 20 investment properties would go broke
Turkleturts
There are issues, such as CPI increases and it counting as a debt when looking for home loans.
TsubakiTragic
... and everyone seems to want to live within 5 klicks of a CBD.
Turkleturts
Possibly because of convenience and the fact public transport is terrible.
sayHelloJpg
It's nowhere near as bad but HECS debt is a thing, I love the fact that it used to come out of your wage at like 80k but now it's like 40
sayHelloJpg
Basically the government confirming the wages are shit even for grads and that they have to claw back the money some how
SubtleOrc
Yeh that’s fair but it’s not debilitating like in the US
sayHelloJpg
Oh absolutely they have it much much much worse
Dinwiddie
USofA depends in part on if private University or State Collage, which is where they used to earn 'free' degrees. Uni was always big $$...
Dinwiddie
And as with Oz Uni, private Uni in US comes with the school ties advantage when applying for a position. Oz needs some state Uni\college...
Dinwiddie
Actually Oz needs to stop funding pvt high schools as well as build pubilc tertiary schools to compete with the pvt sector.