Millennials: 20 Percent Poorer than Boomers at Same Age

According to USA Today, with a median household income of $40,581, millennials earn 20 percent less than post World War II baby boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data. The analysis gives concrete details about “a troubling generational divide that helps to explain much of the anxiety that defined the 2016 election.”

Hmmm…Last time I checked, millennials voted Democratic more than Republican. Their lack of enthusiasm for Hillary Clinton happened because they saw her as not socialistic enough, which is why many of them preferred the openly socialist Bernie Sanders. If socialism is so good for the economy — and we’ve had plenty of it under Obama with much higher taxes, much more regulation, much more “spreading the wealth” — then why would millennials want even more of what is making them 20 percent poorer than their parents at the same age?

Millennials have half the net worth of boomers. Their home ownership rate is lower, while their student debt is drastically higher.

Student loan debt is a problem. But remember the laws of economics, millennials: Student loans are backed by the federal government. This enables colleges to increase their tuition at far higher rates of inflation than would have otherwise been the case, had the federal government never entered the business of student loans. Without federal backing (and ultimately a bailout, which we know is coming), colleges would be forced to operate in a free market atmosphere where the law of supply and demand sets the prices, rather than artificially inflated government tuition.

The generational gap is a central dilemma for the incoming presidency of Donald Trump, who essentially pledged a return to the prosperity of post-World War II America, says the USA Today article.

Well, you won’t get prosperity without free markets. Donald Trump has the right idea when it comes to lowering corporate and income taxes for everyone. The rich need these cuts most of all, because they spend the most and therefore have the greatest influence on the economy. It’s fine to hate rich people, but if you’re part of the 99 percent who “hate rich people,” then like it or not, you need that wealth production to continue, unless you’re to live in a third world country. Tragically, the millennials who are making 20 percent less than their elders did at the same age are 20 percent on the way to a third world economy. How much more socialism will we have to take before people get the message that socialism impoverishes, and does not create wealth for anyone!?

The economy surged after John F. Kennedy’s and Ronald Reagan’s tax cuts, in part because of their across-the-board tax cuts. Of course, the national debt was not $20 trillion in those days, but thanks to a decades-long refusal to privatize social insurance and restrain spending, we’re about to hit a fiscal Armageddon any time now. The only way I could be wrong about that would be if debt into infinity doesn’t matter. Donald Trump and Republicans will of course get the blame, but it’s really the spending of both parties — including the fiscally unsound and unsustainable Medicare and Social Security — that we have to blame.

These poor millennials were born into this mess. They didn’t ask for it. They’re right to be resentful, but not for the reasons (“Evil capitalism!”) many of them have been trained to think by ignorant or socialistic educators. If they think all-out socialism will be the answer, which in today’s era would literally have to involve outright nationalization (like Communism) of the entire economy, then they’re in for the rudest awakening in all of human history.

Unless millennials want to be poor, we need the exact opposite of what we’ve been getting. We need unhampered free market capitalism and economic growth for all. On our present course, we’ll continue our descent into mediocrity and ultimately widespread poverty. It’s up to you, younger people, not to let this happen!

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