At the 3:00 mark, the differences between the mean figures and the median figures are stunning. A small handful of people are doing very well, and it skews the averages ridiculously.
Something Terrible is Happening to GenX
Submitted 4 weeks ago by return2ozma@lemmy.world to aboringdystopia@lemmy.world
Comments
HomerianSymphony@lemmy.world 4 weeks ago
misk@sopuli.xyz 4 weeks ago
It’s not isolated to Gen X. Wealth is largely transferred as early inheritance, always has been, therefore it’s just rich keeping getting richer. The only thing that changed after we got rid of monarchy was that social status was determined by wealth and not by birth. Given that the wealth of upper class was not redistributed - nothing could really change. There was a brief moment in time after WWII where high taxation of the rich changed things but it was quickly resolved in 70/80s when we went back to tried and true exploitation of the masses.
This is your reminder to join your local socialists, whoever they might be.
sp3tr4l@lemmy.zip 4 weeks ago
Another thing that’s affecting basically everyone is increasing levels of personal debt.
creditkarma.com/…/americans-have-a-net-worth-prob…
About a 1/3 of Americans have 0 to negative net worth.
Every time you see a headline article about income/wages going up, unemployment going down… remember that it is very, very difficult to find good numbers on debt levels, as they take far more effort to measure than many other metrics which are reported much more directly and more routinely.
This, and absurd housing/rent prices, are the main reasons you get the mismatch between the ‘good’ economic picture painted by the headlines people usually publish more, and the perceived reality on the ground of growing poverty and financial difficulty.
The lower class just has more and more debt that grows much faster than the minute income increases or inflation lowering. If you’re paying 20 to 30 to even 40% on credit cards or microloans or payday advances, inflation lowering from 4% to 2% or your wage increasing by 4% is basically meaningless.
bamfic@lemmy.world 4 weeks ago
Or union at least
partial_accumen@lemmy.world 4 weeks ago
It’s not isolated to Gen X. Wealth is largely transferred as early inheritance, always has been, therefore it’s just rich keeping getting richer.
Lots of us in Gen X had another leg up: technology jobs.
There have been multiple bursts of technology hiring over the last 30 years. Yes its been “boom and bust” but during the booms the income received by those Gen X workers was disproportionately larger that many other professions. Those that saved during the “boom” times to ride out the “bust” are doing much better.
One challenge that Gen X has appeared to be facing more than prior generations is generational squeeze. Adult Gen X’ers having to care their own now adult children that are struggling to survive on their own outside of the home as well as caring for Boomer parents (many of whom didn’t save enough themselves).
Aussiemandeus@aussie.zone 4 weeks ago
Damn youtube link.
RangerJosie@lemmy.world 3 weeks ago
Elysium.
if you haven’t seen that movie, go watch it. Because that’s our future.
HomerianSymphony@lemmy.world 4 weeks ago
“Over one-third of GenXers report having saved less than $10,000.”
You guys have savings?
makingStuffForFun@lemmy.ml 4 weeks ago
In your 50s you’d honestly want a lot more than that. And many, many don’t. It’s terrifying for end of work life ahead.
Lost_My_Mind@lemmy.world 4 weeks ago
41 here…no home, no savings. Work till you die, then get written up for insubordination for choosing to go to your own funeral instead of coming in.
roofuskit@lemmy.world 4 weeks ago
End of work life? What’s that? You guys get to stop working before you die?
basmati@lemmus.org 4 weeks ago
Noone except the boomers and ultra wealthy get to retire. This isn’t news, it’s not even a new concept. Walmart greeters as a concept were nearly exclusively created to give jobs to the unemployable elderly.