10 ways Generation X is hosed
Members of Gen-X hate their jobs, have racked up crazy debt and have given up all hope of a comfy retirement. No wonder they're so grumpy.
This article is pretty much bang-on. When you're made to think you're expendable by companies, it kinda leaves a sour taste in your mouth. You do a little research and notice the CEOs are getting insanely huge bonuses and companies and banks are making record profits, all the while you've been asked to tighten your belt. They took so much away after the last recession and never gave it back. Don't even get me started on politicians....
And when you start reading crap about "not failing a student because it may affect his self esteem", or "let's not hold him back a year because it'll scar him for life...", it scares me to think that 20 years down the line, that brain surgeon might not be qualified at all for the job but was pushed through for fear of damaging his self-esteem.
I hate the way kids are being raised now, with all the sense of entitlement in the world and expensive smartphones that they won't even mow the lawn to help pay for, or the Gen Y-ers that come into the workforce wanting all the perks and benefits and huge salaries, but can't even write 2 sentences down without mispelling half the words...
So yeah, I'm 40, I'll never be able to retire, and I'm bitter about it. Anyone else would be!
If you live more than half a century, there is no escaping adversity. For Gen X, our grandparents lived through the Great Depression and WWII. Our parents lived through Vietnam, Watergate, and the '70's recession - although, all things considered, our parents probably had it best of all generations past.
Most of the Gen X were too young to go to Vietnam, but old enough to see our brothers, uncles, and neighbors be drafted and never come back and old enough to worry that if the war didn't end soon, we would be old enough for the draft.
We graduated into the stagflation of the 1970's and 1980's. The greatest exodus of USA manufacturing jobs happened right when we were in our twenties and trying to get started in life. Homes were expensive and interest rates were double digit. We saw the "new" management style come from Ivy League's fresh MBA graduates that didn't build wealth like former generations, but dissected existing businesses and cut employees with an utter callousness not seen before.
Today's Gen Y don't really have it that bad- YET. GEN X didn't have the government supports like they do today. Today's economy is bad, but not as bad as the late 1970's and 1980's with stagnation, inflation, and double digit interest rates. HOWEVER, this is the beginning for Gen Y. They too will see great adversity and I do not envy them. There is a new level of greed and callousness in government and Wall Street that has not been seen for a long time. There is an almost sociopathic wave of extraordinarily privileged people who have an insatiable need for more and have little moral conscience about how they get it. Gen X had it tough, but I think Gen Y is going to have it tougher. Gen Y will have to bear the cross when we drop and that cross will be heavier than it was when we bore it.
I was born in '71 during the height of the "Cold War." Our involvement in Viet Nam at the time, just like the USSRs later involvement in Afghanistan were proxies in a bigger picture. We had the constant threat of nuclear attack and radical Islam was taking hold in Iran. In 1987 the markets crashed and no, it wasn't good for our parents. My freshman year of college was the fall of 1989. Ouch.
What separates us from the "bubble-born bedwetters who got trophies for breathing and whose parents hovered over their every move like the air cavalry" is the fact that we all got jobs at Starbucks selling five dollar coffee to yupees to have beer money while we put ourselves through school with grants, GSLs, and a lot of Top Roman. No, we don't understand the entitlement generation or their little occupy statement. Most of us would like to see them get back in school or get a job. At some point they will be responsible for our welfare and frankly, that's frightening.
Personally, I have absolutely no debt but I do own two houses and a vacation home. All of my vehicles, personal and recreational are paid for. My student loans have long been paid off. My family and I vacation every summer, my retirement is secure and my kids college tuitions are provided for. This was accomplished by the good old traditional American values of hard work and dedication. In my opinion, that is what we, as Americans, lack most these days. Any generation can excel with these simple values. Unfortunately, we've bred an entitlement generation who's becoming more and more dependent on a nanny state to take care of it's every need. Everybody wants something for free these days but nobody seems to understand that nothing is free
It doesn't matter what generation you are with, American's have become takers as a whole instead of givers.
25 years into the work force and the only thing that has remained constant is the love of family, everything else seems unimportant.
Maybe that's the key for the Gen X folks. While mom and dad were out living it up, we were the latch key kids staying with depression era grandma and grandpa. We absorbed their lessons, unlike their rebellious kids. Now we've seen the bad times repeat themselves so we're depressed, but we keep plugging along like grandma told us.
Looking back, Gen X didn't really live through several recessions. More accurately, we lived through one long and gigantic recession starting from the 1970's to today with one decade of growth during the Clinton years (OK,OK, maybe Clinton didn't do it, but it was a boom)
Think about it:
1970's: Oil shocks, stagflation, prime interest rate at over 20%
1980's Continuation of stagflation - mass exodus of of USA manufacturing going overseas
1990's: USA, Japan, and most industrial nations have massive economic slow down
1997: Asia and South American economies tank - money rushes into the USA and happy days are here again for nearly a decade
2008: Bush announces there is a recession as he leaves office - much to our surprise. The GOP want to use the recession to hurt the Dems and the Dems want to use it to hurt the GOP. Finally, after long media and political bombardment, people and business start to believe it and the economy does indeed slow down.
2013: A decade later and Obama finds that it is easier to yell "fire" and cause economic havoc than it is to say "All clear" and have the economy recover.
This just means they're still jealous because we had Kurt Cobain and all they got was bieber. Your generation failed.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market finished the Tuesday session on the defensive after spending the entire day in a steady retreat. The S&P 500 (-0.6%) posted its third consecutive decline, while the small-cap Russell 2000 (-0.9%) slipped behind the broader market during afternoon action.
Equity indices were pressured from the start following some overnight developments that weighed on sentiment. The market tried to overcome the early weakness, but could not stage a sustained rebound, ... More
More Market News
Bill Stiritz owns more than 5% of the company, and has experienced an estimated $145 million in paper losses on his investment.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'