Why are millennials falling behind? | Chart of the Week

This week, Scott breaks down America's economic growth by generation.

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[jesusfranciscoquevedoosegu]

I would propose three reasons:

1) The two economic recessions, 2008 and 2020. Economic recessions are hypothesized to reduce lifetime earnings due to poorer "matching" between employees and employers.

2) Longer time in college. Many milllennials in America did NOT entered the workforce at 18 years of age.

3) Slower American growth. I bet anything that Millennials starting income is itself higher than that of their parents

[TimReilly]

Not the strongest video from Prof Galloway. The answer of "why?" is "GDP growth is slow", but that just begs the question of why GDP growth is slow. 3 recessions in 20 years doesn't help, moving manufacturing overseas has eliminated a lot of higher paid blue collar jobs, while offshoring a lot of IT jobs has eliminated a lot of higher paying white collar jobs, too. We consume more, produce less, consolidate wealth into ever shrinking % of the population, and ask the middle / upper middle to carry much of the tax burden (especially as a % of net worth). I'm not an economist and I suspect some of my points are wrong--or without enough context--but those are the kinds of things I expected to hear. Not "GDP is slowing"

[stephen_mcateer]

It seems to me that America's golden years are in the past, for whatever reason.

[gregor]

This is such a stupid idea. Millenials aren't "worse off", if you measure liberties at work, more flexible employment arrangements, less work hierarchy, the access to the world overall, the quality of work and life for educated people has been going up drastically. Also the chances to have a life-altering accident at work are far down. If you just go by GDP metrics, then yes. But we don't walk around measuring contrasting our GDP growth in daily life, we all measure our "worse offness" in marginal returns, and there, we advanced in areas that gave us a great bonus over previous generations.

[holycrapchris]

Millennials being "worse off' than their parents is subjective. I think modern times are pret-ty good compared to how things were in the 1970s. Airfare was expensive, clothes were expensive, communication was expensive (and crappy). Computers were unobtainable for most people. Cars were unsafe, crime was worse, and the National Guard was shooting college students. Significant discrimination existed in the workplace, compared to today. No gay marriage. Oh yeah, and Nixon.

For a lot of millennials, they are not worse off than their parents.

[calvinvastelli]

This is why I only accept remote work and have since 2018. If I'm going to be paid less for my labor, then I'm going to perform that labor in my pajamas.

[stevetwork]

Inequality is one of the drivers to lower productivity. People with less not having the means with a higher barrier to entry. But we can blame a generation of people based on the previous generation limiting their abilities. Stop blaming and start

[kb]

soon, living in a basement apartment will be considered "rich"

[jettv]

Like these updates, its great to get "Wide Angle" Look at what's happening as the rich get richer!

[VT-ixoh]

Scary, when you think how much the government has spent during those years, the more gov spends the less people get. dont blame dollar value please,

[TheLuckyShepherd]

Is it because I keep buying GameStop stock?
☯️🦍💎🙌🚀🌚🏴‍☠️

[benzpinto]

what about the coming generation after the milennials? :D

[jamescollins]

Professor G…. We pray to God you Do Not Die (at least while many of Us Baby Boomers are still alive.) The younger people seem somewhat clueless and wrongfully think they know everything. They need to get humble and be teachable to your insights. Have only just discovered your videos. Thanks much. (As a side note, my favorite A#1 Expert in Relationships, who I actually met face-to-face, thought a miraculous occurrence, in a never-before-attend church in a St. Louis, Mo. area church in 2006, was the genuinely famous, Dr. of Psychology, Gary Smalley. Dr. Smalley was popular for his successful info-commercials where he sold his very successful premier product called >> Keys to Loving Relationships <<. Recently bought a complete set of the original VHS cassette series amazingly from Ebay. The box arrived and the video cassettes were complete and totally unopened (!!!!). With a later reproduction, Dr. Gary repeated his conference before a live studio audience, released on DVDs, which may still be available.)

[berrytrenzy]

Mr Brian Nelson is the best, recommending him to all beginners who wants to recover losses like I did.