Young people have every reason to be enraged, says 'Algebra of Wealth' author

Professor and author Scott Galloway joins Morning Joe to discuss his new book 'The Algebra of Wealth: A Simple Formula for Financial Security'.



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Young people have every reason to be enraged, says 'Algebra of Wealth' author

#Wealth #Money #Business

[CCJJChannels]

I’m not angry that people are doing better than me. I’m angry the people doing better than me actively do things to make our lives harder.

[IamJMcGill]

Glad somebody older is speaking on our behalf. I’m 30 and dude is spot on.

[colleenedgren]

That’s was a powerful statement: “we are replicating the most dangerous person; Young, broke, lonely, and ANGRY 😡 men”

[Nickgyw]

As a 30 year old man, he’s right. I’ve spent my entire life in school and have a PhD in Computer Science to show for it, but I can’t even get a job because of tech hiring freezes. I’m overqualified for everything, while also underqualified for everything too. I’ve been writing code in C++ for half my life and can do leetcode hards in my sleep, got a perfect ACT score in high school. But I can’t even get a job. I entered into the workplace at the wrong time (graduated with my PhD in May 2023). My dad, aged 70, only has a high school education, is objectively stupid by modern standards, can’t even use a computer, and he makes 200k a year and owns a 1.5 million dollar house that he bought for $200, 000 30 years ago, and doesn’t want to retire, all because he advanced his career during a golden era of prosperity that gave him opportunities to move up in his company. I have better luck just waiting for my dad to die so I can live a life of prosperity from his inheritance. How sad is that?

[thjbird]

Buying the government was the best investment the rich ever made.

[bturcz]

In the 1960s a company makes money and the CEO makes money, the CEO gives his workers a bonus or a bump in salary. The employees buy a home and start a family. Now, CEOS give themselves a bonus and the workers get 1 pizza party. And it's written off as employee expense at the end of year for taxes.

[ChristopherAbelman]

Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favourable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich.

[ebrens]

Note the transparent, immediate pivot by the guy on network payroll to blaming social media, rather than following the thesis of the argument - that the personal selfishness of those with power is the overwhelming cause of these problems.

[joejoe]

Im 37. Pretty much worked 12 hours a day since I was 18. I have 1 year of college and 2 year degree in the trades. No criminal problems. No drug problems. I’m struggling to afford a home. We don’t want families if we can’t afford a home. If you can’t have a home or a family and u work 12 hrs a day it gets to be depressing after 20 years.. then to help out, everyone older just says how lazy my generation is..

[Chertoff]

I live in Boston. The median rent in 2024 in Boston is $3, 400/month. The median home price for a very small home is $800, 000. And the vast majority of jobs pay $18-$25/hour. Enough said. The numbers speak for themselves.

[allanc]

I met a Latin American revolutionary that fought his government. He said when you see farm animals eating better than your children, it motivates you to do something about it.

[IordanIovkov]

We aren’t just angry because of the grim economic prospects. We are also angry because we see horrible, corrupt people at the top way too much. There is a feeling of inherent unjustness of the system, and that does lead one to thoughts of tearing it down. All of these dark and destructive impulses are then exploited and encouraged by political and economic propaganda, creating a vicious cycle.

[kitecorbin]

"We are producing too many of the most dangerous people of the world, and that is a young, broke, and lonely young man."
This is so true. Our society is really messing up here by not only sowing the seeds of revolution, but also providing the perfect stage for it as well.

[ravenclaw]

As a millennial, I don’t think that I’m failing in life. I think I’m doing the best that I can in a situation that is largely rigged against me. Everyone knows that the way things are going right now is not sustainable. If the older generations disenfranchise the younger generations, it will not only destroy this country, they will lose everything they hoarded for themselves. If you build your big towers on faulty foundations that are cracking, don’t expect those towers to stand.

[smithlenn]

The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25, 000 a year.

[VotePaineJefferson]

I've spent years being a slave to corporate America and got nothing for my trouble...I weep for the future of our youth.

[rfn]

Who would have thought that optimizing an entire civilization to just increase private profit would have negative consequences…

[ljosephdumas]

My two youngest sons (22 & 19) have made plans to leave the US permanently for Europe. As a military veteran this is an outcome that I am completely unprepared for - 'we're the greatest country on Earth! Why would you want to leave???' But as George Carlin put it: "they call it The American Dream, because you have to be asleep to believe in it." 😥

[GregLeeentertainment]

Gen Xr here. I went from 'just work harder' to 'burn this b down' after having meaningful conversations with young adults. Scott's assessment is sobering, and over the target.

[rammy]

Anyone else notice how he started out talking some serious class warfare dialogue, but the interviewers quickly dialed it back to a culture-war context (3:55) and then dialed it even further back to personal responsibility (5:40)? We really went from "society failed its future" so "it's their fault for not knowing about interest rates" in like 4 minutes.