For the first time in our nation's history, 30 year olds are doing worse than their parents. In other words, we killed the golden goose. Last week, Professor Scott Galloway went on an epic rant on MSNBC laying out for his well-heeled hosts exactly what young people are going through right now.
Parenting, parenting, parenting. Young adults have to offer society something society wants and will pay for. Few young people get that because their parents are not telling them that. “It’s ok to fail, to be a drunk, addicted to porn or be lazy. Not your fault”. We have removed the consequences of making mistakes like drug addiction, accidental pregnancy, failing out of school, losing your job, Studying something idiotic like psychology. Big G will help you provided you vote D. We’ll take from the wealthy and give you to you. News flash the wealthy are protecting themselves by running the ponzi scheme (Big G). The middle class is paying for it and will pay for it. Bet on yourself, get your head out of your ass, make your own breaks fight your way to the top. Don’T be such a p**sy. Stop hanging out with your loser friends and study something awesome and important to society.
Parenting, absolutely. But how much of that has there been in the last several decades? A lot of what you list ("it's ok to fail etc.") isn't even being said by *parents* anymore. Schools, influencers etc.
Offer society something society wants and it likely won't be paid for well or at all. Think of 1. the jobs society values and respects, and 2. the jobs society depends upon to live their lifestyles or even requires for survival. The vast majority of those jobs are underpaid hell, and almost all of the second category is not respected or appreciated by society despite there being both want and need for their work to the point society would collapse without many of them altogether. Both tend to be treated like trash by their employers.
The money is all in jobs society doesn't want and doesn't need, but that are overvalued by a small number of the most wealthy, like corporate lawyers, which are hardly "awesome and important to society." Meanwhile, many other types of lawyers, like the highly desired by society public defenders and others who do work that is actually popular, are often reduced to living in closets in whatever city they work and success for them almost never becomes the kind of wealth their hated corporate counterparts will earn.
Likewise, science is generally popular, respected, and something society would certainly be willing to pay for if they had any say—modern society wouldn't exist without the work of such people as e.g physicists—yet the majority of physics graduates are lucky if they end up working in their field at all and most end up working some other job making at best mediocre money if not only enough to live out of a garage; only 30-40% (from memory, may not be perfectly accurate) end up working in physics at all, and out of those even fewer make good money.
It's not bad parenting to teach your kids to do something that's actually spiritually fulfilling, good work that benefits not only themselves but potentially society as a whole, much of which is undervalued. Society has far too many lawyers and business people, etc, "fighting their way to the top" without actually contributing anything useful to society when what it needs is more people in trades, health care, science, and engineering. The pursuit of money over the common good, the quantitative and not qualitative focus of society, is however partially the result of bad parenting and is the failure of society as a whole.
Certainly we can sob about these things and long for the good ol' days, but nostalgia is usually only good around the campfire. We can try to build an alternative economy, but that's a pipe dream. It also makes enemies with powerful forces. Just ask Russia. We have known for quite some time that fiat systems always come to this. At least since "the creature from Jekyll island". Hopefully we planned accordingly
Zero analysis tracing this to some supposed Sovietification of the economy and blaming the government. Wealth generation is stratospheric but so is inequality. That’s socialist? It parrots Galloway’s description of the problem and misleadingly suggests he’d agree with these cliche talking points from the right. His prescription is progressive.
I'm calling it as a problem of their own making. I see few people in their 30s with any kind of a work ethic, or any soft skills whatsoever. They do not want to work.no idea what it means. Initiative? Nope, I'll sit here on my fucking phone watching tiktok until you TELL me to do something. My mid-30s daughter is doing better than I did, thank heavens.
The Blob intentionally outsourced manufacturing via NAFTA and WTO China. BTW Bill Clinton signed both! The Blob likes easy money because they can fund their black ops easier by laundering thru Indian casinos and the like. Ever wonder that when the Mob was “eliminated” the Indian casinos popped up? Pope isn’t as powerful now 🤔. By outsourcing manufacturing to Asia Congress has a steady stream of debt buyers. Congress doesn’t care that the infrastructure is shit and youngers can’t make it anymore. It’s MOAR WAR!
Don't worry potential workers and slaves, A/I bio robots will be earning 20 times what the Baby Boomers earned even adjusted for inflation. The more you succumb to the death trap that is the digital world, the greater your chances of starving and living homeless.
I rather think that it is the financialization of the economy right after the factories were sent overseas and the remaining productive companies are taken over by private equity, looted, and then bankrupted.
If anyone is being socialist, it is the wealthy and financial institutions who have access to all the money printed by the Fed. They can’t fail at making money. If another crash as in 2008 happens, Uncle Sugar bails them out.
The rest of the nation especially the bottom 80% are the losers and moochers who are drowning while the elites get richer. It is difficult to get people to study and work hard when that just gets you poor. It is hard to tell someone to just get a job when it is increasingly difficult to make enough to rent a room. The country is just a massive grift and the crooks are winning.
>The Sovietization of the American economy is destroying two generations and counting, and it's turning us into something closer to Latin America, where your future isn't built on hard work, it's built on who your parents are.
Most people's relative position in society has always been the same as their parents'. Difference with the Boomers is that the rising tide of the economy lifted all their boats. Now the tide is receding.
Isn’t this also partially a product of the floor moving upward over time? As each successive generation does better over time the bar gets higher to clear. I’m not dismissing the causes Dr. St. Onge had identified but let’s look at other factors too.
Isaac, I think that's true. Watch some of these property do-over shows and look how many under 30s want a gorgeous house, room to entertain and granite countertops. They want the things at the top right now. What's wrong with beer and pizza on crate tables?
Peter,
Bullseye again my friend.
Candidly, it's even WORSE than you lay out for one reason:
Not only is the economic deck stacked against next generation, they have their own MINDS to contend with.
Think of the incredible programming they have received:
• victimhood-as-a-strength
• third-party payers
• attention economics
Not only do they have a rough territory to navigate, their orientation is broken.
You will like this podcast:
https://spotifyanchor-web.app.link/e/jarqFidjmJb
Parenting, parenting, parenting. Young adults have to offer society something society wants and will pay for. Few young people get that because their parents are not telling them that. “It’s ok to fail, to be a drunk, addicted to porn or be lazy. Not your fault”. We have removed the consequences of making mistakes like drug addiction, accidental pregnancy, failing out of school, losing your job, Studying something idiotic like psychology. Big G will help you provided you vote D. We’ll take from the wealthy and give you to you. News flash the wealthy are protecting themselves by running the ponzi scheme (Big G). The middle class is paying for it and will pay for it. Bet on yourself, get your head out of your ass, make your own breaks fight your way to the top. Don’T be such a p**sy. Stop hanging out with your loser friends and study something awesome and important to society.
Parenting, absolutely. But how much of that has there been in the last several decades? A lot of what you list ("it's ok to fail etc.") isn't even being said by *parents* anymore. Schools, influencers etc.
Offer society something society wants and it likely won't be paid for well or at all. Think of 1. the jobs society values and respects, and 2. the jobs society depends upon to live their lifestyles or even requires for survival. The vast majority of those jobs are underpaid hell, and almost all of the second category is not respected or appreciated by society despite there being both want and need for their work to the point society would collapse without many of them altogether. Both tend to be treated like trash by their employers.
The money is all in jobs society doesn't want and doesn't need, but that are overvalued by a small number of the most wealthy, like corporate lawyers, which are hardly "awesome and important to society." Meanwhile, many other types of lawyers, like the highly desired by society public defenders and others who do work that is actually popular, are often reduced to living in closets in whatever city they work and success for them almost never becomes the kind of wealth their hated corporate counterparts will earn.
Likewise, science is generally popular, respected, and something society would certainly be willing to pay for if they had any say—modern society wouldn't exist without the work of such people as e.g physicists—yet the majority of physics graduates are lucky if they end up working in their field at all and most end up working some other job making at best mediocre money if not only enough to live out of a garage; only 30-40% (from memory, may not be perfectly accurate) end up working in physics at all, and out of those even fewer make good money.
It's not bad parenting to teach your kids to do something that's actually spiritually fulfilling, good work that benefits not only themselves but potentially society as a whole, much of which is undervalued. Society has far too many lawyers and business people, etc, "fighting their way to the top" without actually contributing anything useful to society when what it needs is more people in trades, health care, science, and engineering. The pursuit of money over the common good, the quantitative and not qualitative focus of society, is however partially the result of bad parenting and is the failure of society as a whole.
You will like this podcast: https://spotifyanchor-web.app.link/e/jarqFidjmJb
"In short, they're spending their evenings eating ramen with the roommates instead of building a family and a nest-egg like their parents."
AND betting on sports, 0DTEs, and shitcoins!
https://faybomb.substack.com/p/financial-nihilism-hijacking-bitcoin
Certainly we can sob about these things and long for the good ol' days, but nostalgia is usually only good around the campfire. We can try to build an alternative economy, but that's a pipe dream. It also makes enemies with powerful forces. Just ask Russia. We have known for quite some time that fiat systems always come to this. At least since "the creature from Jekyll island". Hopefully we planned accordingly
Zero analysis tracing this to some supposed Sovietification of the economy and blaming the government. Wealth generation is stratospheric but so is inequality. That’s socialist? It parrots Galloway’s description of the problem and misleadingly suggests he’d agree with these cliche talking points from the right. His prescription is progressive.
Collectivization of the West. A.k.a suicide of the West.
What is "the Sovietization of the American economy"?
Communism American Style.
$85,000 is now deemed poor and $125,000 is deemed lower middle class in Colorado.
They don’t like to work actually.
Just buy posters bit-coin and everything will be alright.
I'm calling it as a problem of their own making. I see few people in their 30s with any kind of a work ethic, or any soft skills whatsoever. They do not want to work.no idea what it means. Initiative? Nope, I'll sit here on my fucking phone watching tiktok until you TELL me to do something. My mid-30s daughter is doing better than I did, thank heavens.
SEL is a UNECO dumbing-down program. You are seeing the results.
The Blob intentionally outsourced manufacturing via NAFTA and WTO China. BTW Bill Clinton signed both! The Blob likes easy money because they can fund their black ops easier by laundering thru Indian casinos and the like. Ever wonder that when the Mob was “eliminated” the Indian casinos popped up? Pope isn’t as powerful now 🤔. By outsourcing manufacturing to Asia Congress has a steady stream of debt buyers. Congress doesn’t care that the infrastructure is shit and youngers can’t make it anymore. It’s MOAR WAR!
Suicide of the West.
Don't worry potential workers and slaves, A/I bio robots will be earning 20 times what the Baby Boomers earned even adjusted for inflation. The more you succumb to the death trap that is the digital world, the greater your chances of starving and living homeless.
You would like my podcast.
I rather think that it is the financialization of the economy right after the factories were sent overseas and the remaining productive companies are taken over by private equity, looted, and then bankrupted.
If anyone is being socialist, it is the wealthy and financial institutions who have access to all the money printed by the Fed. They can’t fail at making money. If another crash as in 2008 happens, Uncle Sugar bails them out.
The rest of the nation especially the bottom 80% are the losers and moochers who are drowning while the elites get richer. It is difficult to get people to study and work hard when that just gets you poor. It is hard to tell someone to just get a job when it is increasingly difficult to make enough to rent a room. The country is just a massive grift and the crooks are winning.
Insight into the perceived housing shortage:
https://spotifyanchor-web.app.link/e/YF26J3RhmJb
>The Sovietization of the American economy is destroying two generations and counting, and it's turning us into something closer to Latin America, where your future isn't built on hard work, it's built on who your parents are.
Most people's relative position in society has always been the same as their parents'. Difference with the Boomers is that the rising tide of the economy lifted all their boats. Now the tide is receding.
Isn’t this also partially a product of the floor moving upward over time? As each successive generation does better over time the bar gets higher to clear. I’m not dismissing the causes Dr. St. Onge had identified but let’s look at other factors too.
Isaac, I think that's true. Watch some of these property do-over shows and look how many under 30s want a gorgeous house, room to entertain and granite countertops. They want the things at the top right now. What's wrong with beer and pizza on crate tables?
You mean dollar devaluation?