patrick.net

zzyzzx says

Millennials want free education, 6 figures straight out of school

I don't get people who bitch and moan about Millennials who want 6 figure salaries. $100,000 is not a lot of money nowadays.

Those people should be bitching and moaning about executives who insist on 8 figure incomes that are taxed less than people earning $50,000/yr.

$100,000/yr is less than 1% of what the average fortune 500 CEO makes in a single year. And that asshole doesn't do nearly as much work or produce as much wealth as a typical employee. At best, he plays zero sum games that siphon off the creation of wealth producers and lowers the effeciency of our economy.

If all the executives bad behavior and outlandish incomes were reigned in, most Americans would have six figure incomes in real, not just nominal, terms. Even the person making only $20,000 would see his income double at least.

It's not greedy Millennials who are ruining our economy. It's the parasites at the top. So why is greed good for those parasites, but Millennials should have no financial ambitions?

The fact is that if you are a competent working in just about any field that requires a Bachelors of Science, you are easily producing more than $100,000 of wealth per year just working 40-hour weeks. That's how productive technology has made the modern worker. Even in other fields, as long as it's not basket weaving or women's studies, the work that a typical college graduate who actually applied himself to his studies and career, should be producing at least $100,000 in wealth a year, if not considerably more than that.

What is ridiculous is the nonsensical notion that CEOs and other executives are producing tens of millions of dollars of wealth each year. They are not.

Philistine says

takes constant sick days, and quits after six months (thanks, now that we fully trained you).

You mean they don't want to work for one company for 20 years without asking much only to be discarded at 50 after having been squeezed like a lemon?
You mean they want to use you instead of you using them?
Oh no!

Better get used to it because when boomers retires there will be a far more limited supply of workers.

Dan8267 says

I don't get people who bitch and moan about Millennials who want 6 figure salaries. $100,000 is not a lot of money nowadays.

Your statement is exemplifying the entitled attitude of Millennials. The average household in the US only makes around $50k/yr, that's from all earners in the household. The average man between 20 and 65 only makes $30-35k/yr median income, women $20-25k/yr. $150k income from both partners puts the family in the top 10%! $100k is a significant income for any age group, and that counts all income not just salary, but also capital gains and supplemental income such as rent income. $100k salary in one's 20's is fabulous wage level. Much less than 5% (perhaps less than 2%) of 20-something gets that. You obviously want your raises in the 30's, 40's and 50's too; so the oldsters usually have higher salaries after having had those raises over the decades of good performance at their jobs.

Reality says

Your statement is exemplifying the entitled attitude of Millennials. The average household in the US only makes around $50k

It's like the boomers who expect to sell their homes for insane prices after decades of 6%/yrs appreciation they didn't pay for.
They expect to receive social sec and medicare they didn't fully pay for, and young people to pay for it while knowing that when their time comes they'll get none of it.
Boomers expect not to pay for kids education. They expect cheap oil (war loot), low interest rates, cheap Chinese consumer products, and high paying jobs (for them).

The problem for boomers is that for the first time in their lives, they meet people that are as entitled as they are, and they don't like it.
Even though it shouldn't really be a surprise since they educated them.

Never has a generation had so much smoke blown up their ass. It's high time the boomers got criticized. It's only happening now because the Media and Industry had to kiss their ass due to their large size and teen, then adult, then middle aged purchasing power. Now that their "Brand Preferences are set" and they are finally outnumbered among adults, the long-overdue criticism can begin. Fat lot of good it does at this point, though.

Dan, TPB, get a load of this Realwhore propaganda:
https://www.bisnow.com/miami/news/commercial-real-estate/south-florida-50323

"It can't happen again." The more obnoxious they get, the sooner the downturn is in.

We probably have more Get rich flipping Real Estate self help authors per capita than anywhere in the world.
Of coruse there is a healthy RE market.

Strategist says

There are no jobs that pay $50.00 per hour, for highly skilled video game players.

How about drone operator for the CIA?

Ironman says

When you start bitching about this, we might listen, otherwise STFU and start your own busines

Given that U.S. soldiers have murdered and raped civilians in every war in the past 50 years, they are overpaid.

As for professional athletes, they are overpaid only because Americans value entertainment too much. Nonetheless, when some athlete makes a few million, it doesn't come out of your pocket unless your buying his product. He doesn't cost you your job or wreck the economy. In contrast, when Goldman Sachs made billions, it came at the expense of everyone else.

As for starting my own business, I did so back when I was 22. I contracted for many years as my own business. Republicans don't support small businesses because small businesses are the enemy of big businesses. Republicans know exactly which side of their bread is buttered.

Speaking of entitlement...

https://www.youtube.com/embed/PvjCxPBNy7Q

Ironman says

Dan8267 says

Those people should be bitching and moaning about executives who insist on 8 figure incomes that are taxed less than people earning $50,000/yr.

When you start bitching about this, we might listen, otherwise STFU and start your own business!

And hire a millennium as CEO with a 100K salary + that they deserve.

Dan8267 says

Speaking of entitlement...

The Sultan of Brunei, the Arab with the Mercedes, and that Arab jerk who carved his name spent money on crap that will lose value.
All the other billionaires did not spend much, or purchased assets that will go up in value.
Warren Buffett remains the most respected and modest billionaire ever. A true gem.

Heraclitusstudent says

Strategist says

There are no jobs that pay $50.00 per hour, for highly skilled video game players.

How about drone operator for the CIA?

They deserve an extra bonus.

Strategist says

There are no jobs that pay $50.00 per hour, for highly skilled video game players

It's not easy, but it is doable. I have a cousin who is a radiology resident who could have easily done this if his dad allowed it.

http://www.marketwatch.com/story/your-millennial-kid-could-earn-10000-a-month-playing-video-games-2014-11-04

MMR says

Strategist says

There are no jobs that pay $50.00 per hour, for highly skilled video game players

It's not easy, but it is doable. I have a cousin who is a radiology resident who could have easily done this if his dad allowed it.

Oh God.....Now I know why I have never seen my 19 year old study in the last few years, but I always see him practicing on those video games.
I have already threatened to kill him if he turns out anything close to me.

Ironman says

Has the bankruptcy cleared off your credit report yet?

Has the jizz cleared off your face from today's shift at the glory hole?

Strategist says

Oh God.....Now I know why I have never seen my 19 year old study in the last few years, but I always see him practicing on those video games.

I have already threatened to kill him if he turns out anything close to me

http://money.cnn.com/2014/10/09/technology/six-figures-to-play-video-games/

Its also possible to make some money on side testing the video games out

https://gamercash.wordpress.com/

I take issue with the degree of blame put on baby boomers. Yes, I am a boomer, and thus biased, although I agree with much of what you attribute to many boomers. It's just that I don't think your generation would have done any better. In fact, very likely you would have done way worse.

Yes it's true, boomers were the original "me generation." But most of any advantages you attrbute to their time were not their doing. And most of the policies, that you want to blame them for, were from plutocrats that are in the 1% of the boomers. The fact is there are huge numbers of boomers that will be working way way past 65, and many that will work until they keel over or otherwise can not work anymore.

If you look at the stats, boomers are in much worse state relative to retirement than their parents were, or compared to the cohort that immediately preceded them.

http://www.forbes.com/sites/robertlaura/2013/09/30/the-real-reason-why-baby-boomers-are-so-far-behind-in-retirement-savings/

http://www.bloomberg.com/bw/articles/2014-01-02/baby-boomers-poorer-in-old-age-than-their-parents

This idea ?

Dan8267 says

You can see this attitude in their views on Social Security, the one thing they didn't gut because they wanted it for themselves. But every time a Boomer is interviewed on SS, his or her stance is the same. SS must be preserved for Boomers, but after that, who cares.

Really ? The fact is that if SS makes it through the boomers, it will last forever, because when the boomers are gone, the ratio of those paying in versus those it's payed out to normalizes. All you should be worrying about is SS making it through the boomers, because it's smooth sailing after that.

As for this ?

Dan8267 says

Meanwhile, over their 40-year reign, the Boomers killed off half of Earth's wildlife.

Gee, I wonder f it had anything to do with earths human population going from 3 billion to 7 billion in our lifetime. Maybe that's just a coinicidence ? OR maybe it's somehow our fault that the planets population growth was so high during our lives ?

Dan8267 says

Of course not every Boomer is bad or selfish, but enough of them are to warrant judging the generation as a whole a selfish failure.

They are just people. Americans during this time period. Blame Americans fine. OR blame republicans. But blaming people who were born in a certain time window ? That's just stupid. We get it. You've got issues with your parents, or with older people in general. But this tendency to generalize to the boomers is bullshit. Millions of boomers have issues with each one of your complaints (except the most absurd ones).

It just doesn't make sense.

But maybe it's just a new American assholish characteristic we can add to the list ? Hating on other generations. Maybe that's the new mark of the truly off the charts narcissistic self absorbed American asshole.

Millenials are still young, they aren't old enough to fuck everything up. All the entitlement bullshit, that red carpet got rolled out way long ago before millenials were even born. They are probably going to be the first generation who is going to pay all their lives into Social Security without getting any of it.

Oh, so now I know who the boomer is that Dan's been listening to.

FortWayne says

They are probably going to be the first generation who is going to pay all their lives into Social Security without getting any of it.

bullshit. You're one of those gullible republican idiots that listens to the propaganda. You're right though, that your prescious overlords will try repeatedly to loot social security. But the oldsters are always a powerful voting block, and once we get through the next few decades, the SS trust fund wil actually start increasing again. Meanwhile there is always printing. There are many reasons SS will always be there. Not the least of these is that we don''t want old folks on the streets and we want them consuming.

Ironman says

We can always count on your little girl, second grade comments

That's still several grades above you.

By the way, why do you think females are inferior to males? Is it because of your sexual frustration?

mmmarvel says

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=welder+salary
https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=liberal%20arts%20salary

You are what you eat, and your daughter kept visiting me.

But she's so into hate sex and posting the videos online.

Heraclitusstudent says

They expect to receive social sec and medicare they didn't fully pay for

True, I guess. Although they pay more relative to what they get than any previous generation. Also, for couples it's only the medicare that they are getting back more than they paid in. That could change if we could lower costs, and maybe not spend quite as much at the very very end of life. Yes, I'm talking something like death panels. IF someone's going to die soon, don't be wasteful with life prolonging measures.

Ironman says

The boomers (and everyone else who works) pay a tax on their paychecks for 50 years before they start receiving S.S. or Medicare at 66. Plus, their employers pay into the fund for 50 years too... What happens if the boomer dies at 65?? It's NOT an entitlement!!

Hey Bozo, just because you paid into the fund means you paid ENOUGH, to deserve the payments SS say they will give you.

Typical reaction of an entitled idiot: "I paid for 50yrs!!!" Whine whine whine.

The social security fund is projected to run dry as early as 2034 because of boomers retirements.
Then taxpayers (=millennials) pay for you.

Ironman says

How about home owners insurance when you make a claim? You collect a lot more if you have a fire than you paid in!

That's an idiotic statement in the context of a discussion on social security.
Fires are not very likely to happen and statistically, home owner pay more than they get out.
Old age is 100% likely to happen.
Get it?

Ironman says

Sad how clueless the next generation is... This country is fucked

Without the millenials, YOUR retirement and all your investments are fucked! Have some perspective asshat!
The millenials are on their parents' basement because their jobs don't pay enough to provide them their own address, in addition to student loan payments, cell phone bills, and paying into a social security retirement plan they will never see.
Why? Because your generation outsourced America for a fast buck, jacked the price of housing to the sky, and built the largest pile of bad debt in history.
Oh and as a coup de gras, you saddle the millenials with an unsupportable burden of social security and Medicare entitled oldsters who are going to live longer on the government tit than any generation before them! The next generation will have to work until they're 90 to provide your wrinkled ass with room and board for the next 30 years.
And you dare to criticize your victims?
Most selfish generation indeed!

Quigley says

Without the millenials, YOUR retirement and all your investments are fucked! Have some perspective asshat!

The millenials are on their parents' basement because their jobs don't pay enough to provide them their own address, in addition to student loan payments, cell phone bills, and paying into a social security retirement plan they will never see.

Why? Because your generation outsourced America for a fast buck, jacked the price of housing to the sky, and built the largest pile of bad debt in history.

Oh and as a coup de gras, you saddle the millenials with an unsupportable burden of social security and Medicare entitled oldsters who are going to live longer on the government tit than any generation before them! The next generation will have to work until they're 90 to provide your wrinkled ass with room and board for the next 30 years.

And you dare to criticize your victims?

Most selfish generation indeed!

But the millenials directly vote for the continuation of those policies. More free shit, print moar money and make debt disappear, let's all go to overpriced colleges and then demand debt forgiveness for our stupid choices. The millenials do not deserve any pity as it is in their hands to stop that deficit spending nonsense, refuse to live in overpriced shacks, tell the healthcare monopoly and the career socialist/crony-capitalist politicians, the corrupt housing and banking cartel to take a hike and march with pitchforks to imprison the Fed and the past 2 administrations which have abolished the rule of law. They had the chance in 2008 to make their voices heard and prevent the biggest heist in taxpayer history. They largely saddled themselves with the coming debt tsunami.

It's not my generation, but hey you know what you get what you ass-ume?! I'm Gen X, managed to get some shit for myself before it was all gone, but I feel bad for the millenials who not only don't have anything, can't get a decent job to get anything, and have to live in squalor because of the shit the previous generations pulled, but also get looked down on by the very people who pulled the rug out from under them. Dick move. Boomers decided that might made right. Well when you're all wearing depends and depending on others for your next puréed meal, you'd better hope the millenials don't adopt the same slogan, break out the pitchforks and refuse to care for your wrinkled butts anymore or support your crooked system.
You decided to do all these selfish things because you had the power and you could. But hey, If simple force is all that's required to define morality, then you're doubly fucked because your ability in that regard is going downhill fast. The only thing that's standing between you and the cold hard street is a common sense of decency enjoyed by my generation (X) and the millenials.

Did you ever consider the founding fathers just fucked up?

summary of living generations -

"silent generation": post-war conformist, very lucky ... they enjoy a relatively stable existence
"baby boomer": self-absorbed, child abusing ... they attack the established order in favor of social ideals and spiritual agendas, and guide the next crisis
"generation x": crisis manager, resilient ... they are alienated and nomadic, pragmatic leaders, and hardened elders
"millennial": over-confident, optimistic ... they fight the big wars, become political leaders, and then get attacked by the next crop of baby boomers
"homelander": post-war conformist, very lucky ... they enjoy a relatively stable existence

'the fourth turning' by strauss and howe

Quigley says

Boomers decided that might made right. Well when you're all wearing depends and depending on others for your next puréed meal, you'd better hope the millenials don't adopt the same slogan, break out the pitchforks and refuse to care for your wrinkled butts anymore or support your crooked system.
You decided to do all these selfish things because you had the power and you could. But hey, If simple force is all that's required to define morality, then you're doubly fucked because your ability in that regard is going downhill fast. The only thing that's standing between you and the cold hard street is a common sense of decency enjoyed by my generation (X) and the millenials.

I'm surprised to see you joining in the insanely stupid generalizations of people born in certain time windows.

Funny, people understand it with race, they understand it with gender, but somehow when we talk about the time frames of when people were born ? OH, for that we can totally generalize and blame or credit as if it makes some kind of sense.

Quigley says

and built the largest pile of bad debt in history

Ronald Reagan was not a boomer.

Blaming all the boomers for the policies that were extensions of policies initiated by Reagan and other members of the so called "greatest generation" is absurd.

If you were blaming the plutocrats and our corporatist state that you pladge allegiance to as a republican, I could understand. IF you blamed the 1%, and their selfishness and disdain for the regular Americans, I could understand. But instead you want to blame people born in an arbitrary time window ?

What the fuck ?

Adult diaper stocks have a bright future. Diaper stocks and flipping, great hedges against cannibal anarchy.

Ironman says

The boomers (and everyone else who works) pay a tax on their paychecks for 50 years before they start receiving S.S. or Medicare at 66. Plus, their employers pay into the fund for 50 years too... What happens if the boomer dies at 65?? It's NOT an entitlement!! Plus, retirees continue to pay for their Medicare premium, even after they have retired and don't have a paycheck.

Somehow you missed one of the most widely reported facts in the history of the republic, that pretty much everyone is collecting more than they paid in?

Ironman says

Do you say the same thing about your car insurance, when you total it after paying auto insurance for two years and the insurance company pays out more than you put in?

How about home owners insurance when you make a claim? You collect a lot more if you have a fire than you paid in!

How about Health insurance? Go in and have a surgical procedure done, the health insurance company will pay out a hell of a lot more than you put in!

How about Life insurance? Most people collect a lot more than they paid in when they die!

Are all of these "entitlements" since you receive more than you paid in??

This sets a new low bar for laughable logic using non existent math skills even for you. What percentage of home owners owners ever make a claim vs the percentage people who collect their ss (that number would be 100%). Average health insurance 5k per single person, 15k per family a year. What percentage of people have surgeries that cost more than that in their life up to 65?

I wouldn't dream of educating you one the economics of life insurance since it involves way more than 2rd grade math skills. As little as 2% of life insurance policies (life insurance companies obviously make this number almost impossible to research) actually get paid. http://www.huffingtonpost.com/wm-scott-page/the-life-insurance-indust_b_1937246.html Life insurance company cool trick number 1, they use Social Security Administration's Death Master File to stop payouts like annuities, but not to check for a possible claim. If there is a policy the family isn't aware of insurance companies won't remind them.

It's not "you" that receives more back in SS than they paid, its almost everyone. Only a very very few people get more than they put in in your examples.

bob2356 says

It's not "you" that receives more back in SS than they paid, its almost everyone

Actually this is false, according to what I looked up the other night.

For an average-wage-earning, two-income couple turning 65 in 2010, the pay-in, pay-out ratio for Social Security by itself will actually be slightly negative —- the couple will have paid $600,000 in lifetime Social Security taxes and will receive only $579,000 in lifetime Social Security benefits. (Remember, the couple didn’t literally pay out $600,000; that’s the current value of what they paid out over the years, plus an additional 2 percent they may have gotten had it been invested.)

http://www.politifact.com/truth-o-meter/article/2013/feb/01/medicare-and-social-security-what-you-paid-what-yo/

And if I understand the parenthetical part of my quote, (with typo) they are adding to what is paid in to account for (conservatively) what it would have done if invested.

Then for couples with above average incomes, it's obviously going to be more negative.

I guess if you don't adjust it , making the pay in some kind of realistic present value, then you are right, it would almost never be negative.

Medicare is where the amount paid back exceeds the amount paid in (obviously this is on average).

http://money.cnn.com/2013/04/14/news/economy/social-security-benefits/

Quigley says

but I feel bad for the millenials who not only don't have anything, can't get a decent job to get anything, and have to live in squalor because of the shit the previous generations pulled, but also get looked down on by the very people who pulled the rug out from under them. Dick move. Boomers decided that might made right. Well when you're all wearing depends and depending on others for your next puréed meal, you'd better hope the millenials don't adopt the same slogan, break out the pitchforks and refuse to care for your wrinkled butts anymore or support your crooked system.

They will eventually have to if we continue down this path. But I think by then we will have laxer regulations wrt EOL care and people (incl. those that care for them) have more freedom in deciding when it's time to go. I think there is some healthy respect for the elderly missing (mostly because the elderly move away and don't mix much with the younger crowd anymore), but we cannot expect them to care for an army of old zombies. Young and old need to come together to solve this and break the current mold of the fiefdom of the career politicians and vote those bums out and enact needed (some painful) reforms and balance the debt (incl. defaults).

Kill the BoomFucks! Kill them ALL!

Ironman says

The Labor Force Participation Rate is at the level it was back in the 1970's. Once again, the money isn't going INTO the fund if this many people aren't working...

That's the main issue. It's a mix of more welfare deadbeats not working and people going galt due to higher and higher taxation.

ThreeBays says

Exactly. If the SS fund is on track to go bankrupt, they should raise revenues or cut benefits NOW (or 10 years a go). Boomers still in work, Gen X and Millennials should be compensating for the gap. Instead they are kicking the can down the road which is essentially taking more from future generations to give to Boomers followed by X'ers.

This has been the modus operandi since the neo-Keynesian voodoo-economics have made a spectacular comeback since the Weimar Republic. Kicking the can down the road, on both sides of the party isle, it's really one big party kicking the can down the road.