Monday, April 27, 2015

Sunday Globe Special: Millennials Making Money

I hope you kids like mixed me$$ages:

"Millennials show financial gains since recession’s end; Young workers are now more secure in savings, jobs" by Eden Shulman Globe Correspondent  April 26, 2015

Young workers were among those hit hardest by the last recession, unable to break into the job market, weighed down by college debt, and forced to delay the milestones of life, such as marriage, children, and homeownership.

But as the economy has improved, so has the situation for the so-called millennial generation, those who have come of age in this century. The unemployment rate for this age group, roughly 18 to 29 years old, is still well above that of the rate for all US workers, but it has declined sharply to its lowest level in six years, according to the Labor Department.

Why would anyone believe what the U.S. Labor Department says? Seriously.

Several surveys have shown millennials earning more, saving more, and feeling better about job security. One of the most recent, by the financial services website, found that one in three millennials said they were more secure in their jobs, compared with just 4 percent who said they were less secure.

That's usually when the pink slip comes.

One in three millennials also said they were better off financially than a year ago, compared with just 16 percent who said they were worse off.

Greg McBride, chief financial analyst with, said part of the reason millennials’ financial situation has improved is they took lessons from the 2008 financial crisis, including socking away money for rainy days.

“Millennials were in the front-row seat for the recession,” he said. “Compared with other age groups, they’re less consumption-focused and more likely to save.”

This, we are told, when the U.S. economy is doing better than most and people are spending money, blah, blah, blah. 

God I love the $mell of a $wirling pile of propaganda pre$$, don't you?

The improved circumstances for young workers is another example of how the benefits of the strengthening US economy are finally starting to spread, nearly six years after the last recession ended in June 2009. The number of long-term unemployed has plunged by more than 1 million in the past year; job openings are at their highest level in more than a decade; and retailers and employers in low-wage industries are increasing pay.

And if it's in print in the Globe, by golly it mu$t be true!


Although the prospects for millennials have improved, they still lag in some areas, such as overall wealth, said McBride,who has conducted the monthly financial security survey of Americans since 2010.

Aren't you kids tire dog the buts, stills, howevers, althoughs, and all the other creative qualifiers the pre$$ offers after dropping dung on a plate in front of you?

One reason: They are less likely to own homes than older generations, he said. But as they age, he said, they should begin accumulating more assets, including homes, and their net worth should increase. 

Oh, and the $tatu$ quo excu$es and rea$ons offered for such?

Many are getting a good start.

I'll just disregard so many articles I've read in the Globe then.

A 2014 study by the financial services firm Wells Fargo & Co. of San Francisco found that 30 percent of millennials were saving more than 10 percent of their earnings for retirement, compared with just 18 percent of baby boomers who were saving at least that amount.

Oh, a Wells Fargo study backs up the Labor Department! Who could doubt the veracity of either?

Chris Christopher, an economist at the Lexington forecasting firm IHS Global Insight, said the higher savings rates among millennials might be the result of them putting off marriage, homeownership, and car purchases. Many are burdened with high student debt, he said, and are reluctant to take on additional obligations.

Or they simply can't, loan denied.

The Wells Fargo study found that nearly 50 percent of millennials are devoting more than half of their monthly income towards paying off various kinds of debt.

At least they are making more money, feeling more secure, blah, blah, puke.

“Things are going to be tough for a while,” Christopher said. “Part of it is the conditions, and part of it is the debt.”

Gee, kids, I'm dealing feeling confu$ed. 

Of course, where I an elite of Bo$ton or New England and accumulating more wealth while the inequality yawns further, reading this article would make me feel good and le$$ guilty. Everyone getting their piece of the pie, finally (as this economy again shows the signs of a major crash).

Karen Carr, a financial planner at Society of Grownups, a financial advising company in Brookline, said millennials tend to be more conservative with their money, investing more heavily in bonds than stocks. She said millennials appear concerned about the future, with many worried about saving for retirements that might be more than 40 years away.

With all due respect, I don't believe her. They can't even make ends meet.

Bad sign for Democrats though. Fiscally conservative kids, uh-oh.

Coming of age during the worst recession in 70 years “would make anybody more security-seeking,” Carr said. “I definitely don’t think millennials have their heads in the sand.” 

But we do know who does.....


Just pulled it out, and it appears that "Candice Springer knows the struggles of the millennial generation" -- just as this old fart with a useless history degree does.


"When he entered law school, the economy was flourishing, and he had every reason to think that with a prestigious degree he was headed for a secure well-paying career. He convinced his parents, who work in Silicon Valley, that he had a plan. But the economic collapse in the fall of 2008 left graduates facing a harsher job market that has shown few signs of a robust recovery. At the time, scholars predicted that when the economy turned the corner, the new graduates would find jobs. But...."

I've grown tired of the di$ingenuou$ne$$. Sorry.