Millennials will fall further behind as wealth gap widens - Polidicks

[t]https://static.independent.co.uk/s3fs-public/styles/story_large/public/thumbnails/image/2016/08/02/18/housing-crisis-renting.jpg[/t] Independent headline: Rising wealth inequality risks leaving UK youth behind, warns report [quote=metro]SOARING debt and sky-high house prices will see Britain’s wealth gap widen as young people are increasingly left behind, a report warns. Half of the country has average household wealth of just £3,200 in net finances, property and pensions, says the Institute for Public Policy Research. But for the richest ten per cent the figure is £1.32 million. The IPPR report, commissioned by Channel 5, highlighted wealth discrepancies between age groups. Fewer than half of millennials — those born between 1981 and 2000 — are expected to own their own home by the age of 45. ‘Every generation since the post-war baby boomers has accumulated less wealth than the generation before them had at the same age,’ the IPPR said. ‘The next generation is set to have less wealth, largely due to housing inequalities.’ Among 25 to 34-year-olds, it has fallen from 59 per cent in 2003 to 37 per cent in 2015. Average debt per household is set to increase 21.8 per cent to £85,700 by 2027, based on 2017 prices, according to the report. [/quote] [quote=ind] Wealthiest 10 per cent of households own 45 per cent of the country's wealth while the least wealthy half of all households own 9 per cent Post-Brexit Britain is risking a “lost decade” as rising wealth inequality, soaring debt and sky-high house prices leave the country’s youth behind, a new report warns. The IPPR also highlighted wealth discrepancies between age groups, noting that fewer than half of millennials – those born between between 1981 and 2000 – are expected to own their own home by the age of 45 based on current market trends. “Every generation since the post-war ‘baby boomers’ has accumulated less wealth than the generation before them had at the same age,” the IPPR said. [/quote] [url]https://www.metro.news/millennials-will-fall-further-behind-as-wealth-gap-widens/787264/[/url] [url]http://www.independent.co.uk/news/business/news/wealth-inequality-uk-youth-young-people-debt-house-prices-ippr-generation-a8006886.html[/url] Periodic reminder that you're fucked. [/s] On a serious not I'm not posting this with intention to dishearten anyone; just remember to hold yourself to realistic standards, if you're hurting or struggling right now remember that its not just you and its probably not your fault. Things seem shitty now but they will change because they have to, as our generation (millennials and the younger one) become older, more influential and more represented policies will be made to address our concerns. Don't lose heart my brothers and sisters!

What a shocker. We're going to see some significant drainage of young people from this country to countries where their degree isn't useless and rent isn't unsustainably expensive. I'm looking into Poland as an option. I know some of my friends are going to Scandinavia.

[QUOTE=Cabbage;52800980]What a shocker. We're going to see some significant drainage of young people from this country to countries where their degree isn't useless and rent isn't unsustainably expensive. I'm looking into Poland as an option. I know some of my friends are going to Scandinavia.[/QUOTE] If Brexit happens I'm thinking of leaving now. I haven't felt this nervous about Brexit since the vote. I had begun to accept the result, but recent news on the economy and state of Brexit has been a solid dose of reality.

It's not just the UK. Here in Germany we call ourselves "generation internship"

We should pool some money together, hire some mercs and take over sealand then form the perfect millennial friendly nation.

[QUOTE]Rising wealth inequality risks leaving UK youth behind[/QUOTE] Just tori party politics in action

[QUOTE=mdeceiver79;52801009]We should pool some money together, hire some mercs and take over sealand then form the perfect millennial friendly nation.[/QUOTE] I nominate myself minister of agriculture and land management :v:

And companies complain when people stop buying their expensive shit. This generation's going to be the thriftiest in decades.

[QUOTE]‘Every generation since the post-war baby boomers has accumulated less wealth than the generation before them had at the same age,’ the IPPR said.[/QUOTE] And we're expected to work harder and longer for the privilege. Fuck this gay earth.

[QUOTE=Psychokitten;52801035]I nominate myself minister of agriculture and land management :v:[/QUOTE] I hope you're up to speed with the latest dolphin husbandry and kelp farming techniques.

[QUOTE=mdeceiver79;52801061]I hope you're up to speed with the latest dolphin husbandry and kelp farming techniques.[/QUOTE] [QUOTE]Official Statement: The Ministry of Agriculture and Land Management has conducted comprehensive studies on both kelp farming and dolphin husbandry, and determined that neither method is sufficiently cost effective or efficient enough to be worth the effort. In other words: bugger off, we're watching the telly.[/QUOTE]

[QUOTE=Psychokitten;52801070] [quote]Official Statement: The Ministry of Agriculture and Land Management has conducted comprehensive studies on both kelp farming and dolphin husbandry, and determined that neither method is sufficiently cost effective or efficient enough to be worth the effort. In other words: bugger off, we're watching the telly.[/quote][/QUOTE] Well, I'm convinced. I don't have any actual authority in this but if you need some muscle to back up your claim just give a shout.

[QUOTE=Killuah;52801005]It's not just the UK. Here in Germany we call ourselves "generation internship"[/QUOTE] I just came back from the make it in germany webpage Dude wtf, 12000 open jobs for AC repairing/technical related stuff? And more for automation related stuff? Fuck had I known this, I would have insta signed for the Electric engineering at the UTN here in Bs As....

I got to wonder if house flipping is contributing to the housing problem.

[QUOTE=Glaber;52801130]I got to wonder if house flipping is contributing to the housing problem.[/QUOTE] Maybe a small amount. But the main issue is simply inflation. Property in populated area's such as cities are just worth too much money. In Toronto a shoebox in the sky is nearly over a million dollars.

Cost of everything is going up but pay from jobs isn't keeping up.

[QUOTE=GentlemanLexi;52801154]Cost of everything is going up but pay from jobs isn't keeping up.[/QUOTE] A constant rise of payment in jobs combined with a constant rise of inflation in commerce is what causes people needing wheelbarrows full of money just to buy a loaf of bread. Nobody needs to earn more, the inflation in commerce needs to come down. Otherwise you're just exacerbating the issue.

[QUOTE=Psychokitten;52801035]I nominate myself minister of agriculture and land management :v:[/QUOTE] Dibs of Aquatic Life expert.

[QUOTE=Cabbage;52800980]What a shocker. We're going to see some significant drainage of young people from this country to countries where their degree isn't useless and rent isn't unsustainably expensive. I'm looking into Poland as an option. I know some of my friends are going to Scandinavia.[/QUOTE] If they choose Sweden, tell them we have housing issues as well

what we need is some Deflation. question is, how do we get economic deflation anywhere?

[QUOTE=Glaber;52801193]what we need is some Deflation. question is, how do we get economic deflation anywhere?[/QUOTE] Deflation can be as bad as inflation. Inflation at least coerces those with wealth to spend/invest it (thus stimulate the economy). that said inflation right now is a joke. Butter has gone up by like 50p, tesco value medium sized frozen ready meals are now £6 for 3.

[QUOTE=Glaber;52801193]what we need is some Deflation. question is, how do we get economic deflation anywhere?[/QUOTE] Deflation is far worse. Why spend anything if the money you have will be worth more soon? Stability is what's needed.

[QUOTE=mdeceiver79;52801202]Deflation can be as bad as inflation. Inflation at least coerces those with wealth to spend/invest it (thus stimulate the economy). that said inflation right now is a joke. Butter has gone up by like 50p, tesco value medium sized frozen ready meals are now £6 for 3.[/QUOTE] Think of inflation as pasta boiling in a pot of water. The starch that separates from the pasta rises to the top, that starch is the money, and the surface is the upper class wealth. The starch never settles back down towards the bottom, it just continues to accumulate at the top. Inflation is pointless if all of the economic stimulation is only useful to the upper class wealth. [QUOTE=Erfly;52801205]Deflation is far worse. Why spend anything if the money you have will be worth more soon? Stability is what's needed.[/QUOTE] Right? why invest your money if your your money will just be worth more when you get it back? oh wait...

Gotta say as a millennial working two part time jobs and going to school full time, I'm not fond of being called lazy.

[QUOTE=Lambeth;52801241]Gotta say as a millennial working two part time jobs and going to school full time, I'm not fond of being called lazy.[/QUOTE] I work full time, am starting a business in immigration law, and freelance IT services on the side. Yet we're the lazy generation. Mhm.

[QUOTE=DiBBs27;52801215]Think of inflation as pasta boiling in a pot of water. The starch that separates from the pasta rises to the top, that starch is the money, and the surface is the upper class wealth. The starch never settles back down towards the bottom, it just continues to accumulate at the top. Inflation is pointless if all of the economic stimulation is only useful to the upper class wealth. Right? why invest your money if your your money will just be worth more when you get it back? oh wait...[/QUOTE] Well it is indeed a bad sitch but stability [sp]or an entirely different paradigm[/sp] is preferable to inflation or deflation. I'm no economist tho

It's a hard reality to parse out for young people right now. The expectations of us are large, the stereotypes about us are strong, and the pay is weak. Yet we're still more productive then the generation that came before. For what? So someone can enjoy absolute economic freedom and guide our societies as they see fit? That's not right. But it's not going to change.

[QUOTE=mdeceiver79;52801253]Well it is indeed a bad sitch but stability [sp]or an entirely different paradigm[/sp] is preferable to inflation or deflation. I'm no economist tho[/QUOTE] Well you're right though. Stability is better. But the only way to achieve stability is equal distribution of wealth that has a stable value. The value going up or down is terrible for the economy in different respects. Unfortunately accumulation of wealth doesn't abide by the same laws as terminal velocity, for instance. There is no rate at which you stop having the ability to earn more money based on the amount of money your currently posses, its exponential. And thats one of the main reasons for this massive shift in wealth. You don't have to be smart to be a multimillionaire, you just need a to be a millionaire. The first million is the hardest as they say.

[QUOTE=HumanAbyss;52801256]It's a hard reality to parse out for young people right now. The expectations of us are large, the stereotypes about us are strong, and the pay is weak. Yet we're still more productive then the generation that came before. For what? So someone can enjoy absolute economic freedom and guide our societies as they see fit? That's not right. But it's not going to change.[/QUOTE] Why not? More automation = less jobs and less pay = hangry workers = "oh shit time to change!" So more automation has to bring change either through evolution of current government or revolution and a new government. Once we reach a strong ai and the technological singularity then there'll be change too. (either extinction or near post scarcity where humans no longer have to work at all) edit in shorter term governments will identify widespread issues and make policy to get voters. The scale of that change is the question, if rich old people bribe politicians then those politicians are unlikely to deliver sufficient/wholesome change

[QUOTE=mdeceiver79;52801269]Why not? More automation = less jobs and less pay = hangry workers = "oh shit time to change!" So more automation has to bring change either through evolution of current government or revolution and a new government. Once we reach a strong ai and the technological singularity then there'll be change too. (either extinction or near post scarcity where humans no longer have to work at all) edit in shorter term governments will identify widespread issues and make policy to get voters. The scale of that change is the question, if rich old people bribe politicians then those politicians are unlikely to deliver sufficient/wholesome change[/QUOTE] Sure, more automation will create an atmosphere of desperation. But I don't believe the poor, desperate and hungry will be able to make any changes to the literal [B]trillions[/B] of dollars that these companies will have hoarded in tax free shelters and the like, and the power that that money affords them. I don't know if you can force change just through desperation when the people preventing you from doing that have resources bordering on "Limitless". I want to be hopeful, but I honestly think we're just on our way back to serfdoms and fiefdoms.