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New study out Millienials worse off than Boomers (3 Viewers)

If you want to know where the money is going look no further than here. It's how companies artificially inflate their stock prices which puts money in stock holders pockets. Two companies on the list McDonalds and Walmart. I think they spent 16 billion in stock buybacks the last 12 months......

 
Sabertooth said:
So typical of millenials, the problem is identified and complained about, but no viable solution is offered.  
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Take the money from stock buy back programs and distribute in better pay and benefits for your employees or give a year end bonus. 

The problem is we need a new system because the one we have now incentivizes squeezing labor to pay better dividends. We need to give companies incentives to pay as much as they can not as little as they can.

 
Riversco said:
i think the blame will be laid at globalism and the solution will be isolationism. Create jobs by bringing them home. Not saying it will work but i think that is where society is headed. 
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I agree with you, but don't think this will ever happen.  Capitalism will not allow those jobs to be brought back to America because the CEOs would have to pay workers 20 times what they are paying now.  Then they wouldn't have the vacay house in Boca.

 
Hov34 said:
I agree with you, but don't think this will ever happen.  Capitalism will not allow those jobs to be brought back to America because the CEOs would have to pay workers 20 times what they are paying now.  Then they wouldn't have the vacay house in Boca.
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Isolationism doesn't really solve any problems. See Depression, The Great

 
The average worker has been getting ####ed right in the ### for the last 40 years in this country.  Big business, lobbyists, special interest groups, etc have changed the rules to work in their favor.  Income inequality has to be addressed at some point, but the people that can do something about it are owned by people who want that inequality to keep growing.  Our most recent election may have stuck a fork in the proverbial middle class, the vault is sealed.  I can see a revolution or a civil war in this country's future.

So I feel pretty bad for the millennials at the moment.  I can see why some of them feel the way they do.

 
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Milkman said:
If you want to know where the money is going look no further than here. It's how companies artificially inflate their stock prices which puts money in stock holders pockets. Two companies on the list McDonalds and Walmart. I think they spent 16 billion in stock buybacks the last 12 months......
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Why do you think people buy stocks and invest money in general?  Would it have made you feel better had they just paid a dividend?

 
Nugget said:
Why do you think people buy stocks and invest money in general?  Would it have made you feel better had they just paid a dividend?
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No but you don't see how the system has encouraged companies to pay people as little as possible? Then at the end of the year they have this "huge" pile of money which they use to buy back their own stocks to inflate their prices. 

 
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Milkman said:
No but you don't see how the system has encouraged companies to pay people as little as possible? Then at the end of the year they have this "huge" pile of money which they use to buy back their own stocks to inflate their prices. 
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Hasn't it always been that way to some degree?   Sure back when there were unions, they had leverage but without them, you're paid as much as you're worth.  

 
Milkman said:
No but you don't see how the system has encouraged companies to pay people as little as possible? Then at the end of the year they have this "huge" pile of money which they use to buy back their own stocks to inflate their prices. 
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I would rather have companies give back excess capital. It beats them sitting on giant piles of cash.  Most of my retirement is in index funds that own these types of companies. I would like my retirement to grow. 

Do you think that if there weren't stock buybacks it would be easier for millennial to get ahead?  I don't know many millennials a who will work at Wal-Mart or McDonalds.  I do have former coworkers who work for both companies at a corporate level and are quite well compensated. 

 
proninja said:
What is this "millennials won't work at McDonald's" thing. 

You think it's boomers working at McDonald's? 
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Basically. It is a Gen X Manager and then old people and high school kids.  I live in a college town and no one from the university or the recent grads are working there. 

 
Nugget said:
Basically. It is a Gen X Manager and then old people and high school kids.  I live in a college town and no one from the university or the recent grads are working there. 
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Fast food isn't exactly highly skilled work. Of course it's mostly gonna be high schoolers and older people. 

 
Nugget said:
I would rather have companies give back excess capital. It beats them sitting on giant piles of cash.  Most of my retirement is in index funds that own these types of companies. I would like my retirement to grow. 

Do you think that if there weren't stock buybacks it would be easier for millennial to get ahead?  I don't know many millennials a who will work at Wal-Mart or McDonalds.  I do have former coworkers who work for both companies at a corporate level and are quite well compensated. 
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Well the theory is the employees would spend the money buying the companies goods and services more which would inflate the stock prices more naturally. The company still gets the money in the end. It just goes through a few more hands before they do so your retirement fund would be fine. Maybe even better. 

 
Milkman said:
Take the money from stock buy back programs and distribute in better pay and benefits for your employees or give a year end bonus. 

The problem is we need a new system because the one we have now incentivizes squeezing labor to pay better dividends. We need to give companies incentives to pay as much as they can not as little as they can.
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What you are talking about it changing our entire economic system to help you out.  Nobody cares about anyone but themselves.  When you are 10 years from retirement, you go ahead and give your money to the young bucks.  

 
Gachi said:
Unions are a good thing now? 

I thought they were "bad" someone explain plz.
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Nope.  They are good.  Just get a lot of bad marketing against them.  They are the opposite of Russia, which is bad and has a lot of marketing right now about how good it is.  

 
NutterButter said:
Hasn't it always been that way to some degree?   Sure back when there were unions, they had leverage but without them, you're paid as much as you're worth.  
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For the most part this is not true in the labor industry. You either max out in pay and be happy about it, or they let you go and hire someone to replace you at half the price and go by the theory that everyone is replaceable. 

 
Sabertooth said:
Nope.  They are good.  Just get a lot of bad marketing against them.  They are the opposite of Russia, which is bad and has a lot of marketing right now about how good it is.  
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Unions are good. They get bad press because the people trying to break them up own the media. 

 
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Gachi said:
Unions are a good thing now? 

I thought they were "bad" someone explain plz.
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IMHO unions are good up to a point, that point s generally when employees basic needs are met, when the members can get a wage they can live off, at a compensatory level with skill set, while allowing a well run company to profit and grow.

Pushing beyond that (again IMHO) starts a detrimental cycle, where the union is required to choose between growth (more jobs) and more salary/benefits. Ususally it chooses current members over potential future members and the business overall suffers (closes, slims down or moves to lower pay locations).

 
wikkidpissah said:
Not especially agreeing, but i think it's hilarious that educating people online (plus labs) is obviously the answer to education @ a tenth the cost, but its the one institution the internet has yet to revolutionize because we are so socialized into our pecking orders that we cant break the ridiculously archaic statussymbol/schooltie/hometeam communal infrastructure.
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Why is educating people online the answer? 

 
Doctor Detroit said:
Gen Xers party way better than the Millennials too.  No one parties like the Disco-creating, cocaine-loving Boomers, but we do our best. 

Gen Z are children of Gen X so it makes perfect sense.  :)
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I don't have much good to say about the parents in my district. A lot of that might just be the SES level I am dealing with, but the parents are mostly uninvolved and uninformed at best. Lots of serious drug problems, broken marriages, kids raised by grandparents, etc. 

 
eoMMan said:
Great video here on why millennials are the way they are:

https://youtu.be/Sc5x-EcvQYY
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Such a terrible video. The guy has no understanding of what dopamine is. Dopamine is a lot more complicated than he makes it. Also, he is cherry picking his examples. Sure gambling and drugs release dopamine but so does eating, exercising, listening to music or getting a good grade on a test. That guy is a total fraud. 

 
Things will get better. 

I cant tell you any details about the industries that will be dominating our economy and hiring the most people 20 years from now, because they haven't even invented yet, but I wouldn't be surprised if they had something to do with alternative energy sources. 

 
msudaisy26 said:
For the most part this is not true in the labor industry. You either max out in pay and be happy about it, or they let you go and hire someone to replace you at half the price and go by the theory that everyone is replaceable. 
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So in the case of labor, you're worth max pay.   I really not sure what max pay even means.   I'm only worth so much.   I get my 2-3% raise per year to cover inflation but nothing more than that.  

 
timschochet said:
Things will get better. 

I cant tell you any details about the industries that will be dominating our economy and hiring the most people 20 years from now, because they haven't even invented yet, but I wouldn't be surprised if they had something to do with alternative energy sources. 
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They will be made successful by gen X and Z, while the millenials are still whining over the unfairness of having to work for a living

 
Sabertooth said:
What you are talking about it changing our entire economic system to help you out.  Nobody cares about anyone but themselves.  When you are 10 years from retirement, you go ahead and give your money to the young bucks.  
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I'm not talking about myself i was born in 76 and ive held 2 jobs numerous times. I'm doing fine money wise as long as I don't get sick. This attitude is exactly why it's going to take so long to fix. The system needs to be set up to reward paying employees well. It's set up the exact opposite. 

So basically we have boomers slave driving the younger generations so they can live the easy life. It's human nature to want to dominate so it's not surprising. 

 
These same narcissistic boomers think they earned everything they have. Not once does it occur to them that they experienced any good fortune. 

They just look at the younger generations and say "work harder". 

 
Sabertooth said:
What you are talking about it changing our entire economic system to help you out.  Nobody cares about anyone but themselves.  When you are 10 years from retirement, you go ahead and give your money to the young bucks.  
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That is the fundamental problem.

 
Milkman said:
These same narcissistic boomers think they earned everything they have. Not once does it occur to them that they experienced any good fortune. 

They just look at the younger generations and say "work harder". 
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My husband went to his union meeting this past week and when he came home he wanted to vent about what happened. It seems they are getting very low amount of applications now to bring in new members in. He said something like "Everyone in the room kept giving their quick fix answer, until  one guy stood up and said it was the younger generations fault because they don't want to work hard" This of course divided the room with arguing and shouting and the meeting ended up getting canceled.

 
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Ilov80s said:
That is the fundamental problem.
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Really in the long run this hurts everybody. At the core of it it's a lack of trust. What would these kids do if they were doing well and I wasn't doing as good? Would that generation help me? I don't know so I've got to make sure I take care of myself and my family first. 

 
msudaisy26 said:
Not really, the way media coverage is a lot different now than it was 100+ years ago. Same can be said for strength of unions, labor laws, safety etc.
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I disagree. Just look at the media and events from the Gilded Age through even post WW2. The Haymarket Affair, much of the Hollywood 10/blacklist was based on the influences of unions (codeword for reds), movies like On The Waterfront, coverage of the Pullman stroke, presidential intervention in favor of owners against unions, etc. Late 19th and early 20th century labor unions were not popular and were trashed by the media. 

 
Ilov80s said:
I disagree. Just look at the media and events from the Gilded Age through even post WW2. The Haymarket Affair, much of the Hollywood 10/blacklist was based on the influences of unions (codeword for reds), movies like On The Waterfront, coverage of the Pullman stroke, presidential intervention in favor of owners against unions, etc. Late 19th and early 20th century labor unions were not popular and were trashed by the media. 
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They were, but media didn't spread as far or as fast as it does now. The message is the same, but it reaches a lot more people now and that gives it more power.

 
You can go back through out time and the message is always the same. Business/Corporate owners always claim doom and gloom.

They claimed slavery would be the end, then it was child labor laws, then it was minimum wage, now it is increasing the minimum wage.

 
msudaisy26 said:
My husband went to his union meeting this past week and when he came home he wanted to vent about what happened. It seems they are getting very low amount of applications now to bring in new members in. He said something like "Everyone in the room kept giving their quick fix answer, until a one guy stood up and said it was the younger generations fault because they don't want to work hard" This of course divided the room with arguing and shouting and the meeting ended up getting canceled.
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The media assault on unions has devastated them. The stats clearly show that union employees are paid better and have better medical coverage but people continue to turn away from them. They are so confused that they are literally fighting to be paid less. 

 
msudaisy26 said:
They were, but media didn't spread as far or as fast as it does now. The message is the same, but it reaches a lot more people now and that gives it more power.
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Media coverage today also has more variety. There are more mainstream pro-labor union pieces out there for consumption than there were 100-150 years ago. I think you are really underestimating both the level of hatred for unions in the past and for influence that media had even in 1900. 

 
Milkman said:
The media assault on unions has devastated them. The stats clearly show that union employees are paid better and have better medical coverage but people continue to turn away from them. They are so confused that they are literally fighting to be paid less. 
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I hear this stuff all the time from my husband, better benefits, better pay, less accidents and deaths on jobs, jobs completion on time more often, jobs actually cost less when you factor in service calls, punch lists, and repairs. The list goes on and on.

 
For full disclosure, I am a member of a labor union, have a history degree and just got done teaching a 3 week unit on business and labor unions during the late 1800s and early 1900s. 

 
Ilov80s said:
Media coverage today also has more variety. There are more mainstream pro-labor union pieces out there for consumption than there were 100-150 years ago. I think you are really underestimating both the level of hatred for unions in the past and for influence that media had even in 1900. 
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I don't think I am, I just think it is way worse now. I remember about 10ish years ago in Michigan the coverage over a group of UAW workers going out on lunch and drinking and coming back to work.  I remember thinking that if anyone that watched this they would think the entire UAW was drunk every hour they were on the job.

 
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Ilov80s said:
For full disclosure, I am a member of a labor union, have a history degree and just got done teaching a 3 week unit on business and labor unions during the late 1800s and early 1900s. 
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I agree with you that is was bad back then, I just think the views on  and push to get rid of unions is even stronger now.

 
msudaisy26 said:
I don't think I am, I just think it is way worse now. I remember about 10ish years ago in Michigan the coverage over a group of UAW workers going out on lunch and drinking and coming back to work.  I remember thinking that if anyone that watched this would think the entire UAW was drunk every hour they were on the job.
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Sure, but labor unions were literally painted as communist fronts plotting to overthrow the government in the past. 

 
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