Genx and y are hit pretty hard between increased taxes to take care of Boomer retirement entitlements, public sector union pensions and other 1970s deals coming to roost, and significant student debt. These are expenses the previous generations didn't have to worry about.
With a lower tax load and no student loan payments, my economic life would be fairly different. At least a second car, definitely more travel, nicer house, more random spending, etc. When we do hiring here I'm floored by how low entry-level salaries are for people with 4 year degrees and 1-4 years of work. Hell, we opened a coordinator level position recently and got resumes for people mid-career dying for work.
I think the economic picture isn't as pretty as some stats make it out to be. x, y, and z just won't have Boomer wealth and our economy must adapt to that. Its not the end of the world, but it won't be like the Clinton years again.
Also, there's a pretty rough calculation in regards to real estate prices vs income. A middle class income in the 70s got you a decent house with a reasonable percentage of your salary to pay for it. That relationship is kinda crazy now as high real estate prices have become the norm. I couldn't afford my parent's house I grew up in and I make 3 to 4x what they made. Fixed for inflation, I make easily 2x what they made.
With a lower tax load and no student loan payments, my economic life would be fairly different. At least a second car, definitely more travel, nicer house, more random spending, etc. When we do hiring here I'm floored by how low entry-level salaries are for people with 4 year degrees and 1-4 years of work. Hell, we opened a coordinator level position recently and got resumes for people mid-career dying for work.
I think the economic picture isn't as pretty as some stats make it out to be. x, y, and z just won't have Boomer wealth and our economy must adapt to that. Its not the end of the world, but it won't be like the Clinton years again.
Also, there's a pretty rough calculation in regards to real estate prices vs income. A middle class income in the 70s got you a decent house with a reasonable percentage of your salary to pay for it. That relationship is kinda crazy now as high real estate prices have become the norm. I couldn't afford my parent's house I grew up in and I make 3 to 4x what they made. Fixed for inflation, I make easily 2x what they made.