Earlier in the week The Guardian published this very interesting piece:
Revealed: the 30-year economic betrayal dragging down Generation Y’s income
Exclusive new data shows how debt, unemployment and property prices have combined to stop millennials taking their share of western wealth
We all know this already, but the piece is very frank about the extent of the problem:
The full scale of the financial rout facing millennials is revealed today in exclusive new data that points to a perfect storm of factors besetting an entire generation of young adults around the world.
Hello from NZ.
A combination of debt, joblessness, globalisation, demographics and rising house prices is depressing the incomes and prospects of millions of young people across the developed world, resulting in unprecedented inequality between generations.
Interesting that globalisation is included – recall that the TPP is going to cost NZ jobs.
A Guardian investigation into the prospects of millennials – those born between 1980 and the mid-90s, and often otherwise known as Generation Y – has found they are increasingly being cut out of the wealth generated in western societies.
Where 30 years ago young adults used to earn more than national averages, now in many countries they have slumped to earning as much as 20% below their average compatriot. Pensioners by comparison have seen income soar.
And so on – read the full piece at The Guardian for plenty more.
Experts are warning that this unfair settlement will have grave implications for everything from social cohesion to family formation.
Exactly.
Here in NZ Bernard Hickey worked all this out years ago, see his challenging open letter: Dear Generations X and Y: leave ASAP. What The Guardian piece is telling us is that there is nowhere much in the western world to run to.
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