Article 43

 

Monday, May 13, 2024

The Gen-Z Economy

image: retirement poll
 
As an economist, I am astonished that the American economics profession has no awareness whatsoever that the U.S. economy has been destroyed by the offshoring of U.S. GDP to overseas countries. U.S. corporations, in pursuit of absolute advantage or lowest labor costs and maximum CEO performance bonuses, have moved the production of goods and services marketed to Americans to China, India, and elsewhere abroad. When I read economists describe offshoring as free trade based on comparative advantage, I realize that there is no intelligence or integrity in the American economics profession.
- Truth Has Fallen And Has taken Liberty With It, Paul Craig Roberts, 2010
 
The national debt has never been higher. Consumer debt has never been higher. Savings have never been lower. The trade deficit has never been higher. The dollar is spectacularly weak. Foreclosures are mushrooming. Quality jobs are disappearing in droves. People are working longer to maintain the same standard of living, or often less. Employers are economizing, among other ways, by cutting healthcare benefits. Real estate values are plummeting.
-The Fire This Time, 2008
 
In 2007, the financial crisis destroyed America’s retirement fantasy. Jobs evaporated or were downsized. The stock market took a nosedive. Millions of Americans who had worked hard, straining to sock away a portion of their salary for 401(k)s, watched helplessly as a black cloud formed over their golden years. In October 2008, the Congressional Budget Office revealed that Americans had lost $2 trillion in just 15 months - money that will likely never be recovered. Not long after, President Obama betrayed the public by turning away from the jobs crisis to create a deficit commission whose leaders had the stunning lack of foresight to advise cutting Social Security at a time when the retirement train wreck was quickly picking up steam.
- How Americas 401(k) Revolution Rewarded the Rich and Turned the Rest of Us Into Big Losers, Lynne Parramore, 2013
 
Having been unable to find even part-time work, I look forward to going through the rest of my savings before TAPPING INTO MY IRA - you know, the thing that was supposed to carry me into my alleged Golden Years since I’m too young for Social Security.
- Boomers Burned By Recession Part 7, 2014
 
In December 2023, the chained consumer price index stood at 171.02, an increase of around five when compared with the previous year. More information on the consumer price index and inflation in the United States can be found HERE.
- Statista
 
Economic recovery is now treated as consistent with declining standards of living. Lowered expectations and acquiescence in long term working-class hardship are now built into what we are told to regard as recovery.
- Still Trapped In Unemployment, 2013
 
Looking at the situation in which a proxy is being waged on Russia from Ukraine, nothing seems to add up. The same is true for the genocide now going on in Gaza. And when we superimpose problems like curing cancer and other diseases, environmental problems, and failing economies, the only thing we can see is that our leaders have failed miserably at prioritising. It’s also obvious that we, the people, are the farthest thing from their minds.
 
There are over 33,000 homeless veterans who fought these wars for the United States. The billions in military support only for Saudi Arabia would be enough to gift each one of those vets $1.7 million. You do the math. What is being spent to kill millions of us, could save the millions being killed plus millions of others starving, wasting away, or swept away by disasters.
- Humanity Under Assault By The Elites
 
In a July poll conducted jointly by Axios and Ipsos, 29 percent of workers under 55 answered a retirement query with, “I don’t think I will ever retire.”
- More Americans say they can never retire, August 2023
 
Among gig workers, 60% work multiple gigs - 23% work three or more - spending around four to eight hours per week on a job, according to the research. Additionally, less than 10% of gig workers make over $2,000 a month.
- Gig Work Is Getting Less Profitable, December 2023

---

Generation Z Is Furious About What Has Happened To The Economy
And They Are Blaming Previous Generations For Wrecking It

By Michael Snyder
The Economic Collapse Blog
May 12, 2024

No matter how hard they work, millions of Gen Z Americans are just barely scraping by month after month, and many of them are seriously pissed off about it.  In fact, videos of Gen Z Americans ranting about the economy on TikTok have been racking up millions of views.  Many of those that are ranting about the economy absolutely hate the fact that no matter how much they try they can never seem to get ahead.  Others just keep getting deeper and deeper in debt because they can never seem to make enough money to pay all the bills.  And do you know who they are blaming for the pain that they are experiencing?  They are blaming those that belong to previous generations for wrecking the economy, and they are right.  We were handed the keys to the greatest economic machine in the history of the world, and for decades our leaders have been systematically destroying it.  The bright future that future generations of Americans were supposed to have has been wiped out, and Gen Z Americans are starting to REALIZE that EVEN MORE PAIN AND SUFFERING ARE AHEAD.

If I was a member of Gen Z, I would feel the exact same way.

The economy has been ruined, and it is people my age and older that did it.

We should be absolutely ashamed of ourselves, but we’re not.

For many years I have been warning that someday young people would be absolutely furious because of what we have done to their future, and now that is precisely what is happening.

One Gen Z TikTok user named Nicholas Summers recently made headlines all over the nation when he ranted about the fact that he is struggling to survive each month even though he makes THREE TIMES THE FEDERAL MINIMUM WAGE:

But when NICHOLAS SUMNERS took to TIKTOK to rant about the difficulty of surviving in America, millions of people tuned in to agree. He claims that he makes three times the MINIMUM WAGE, which would mean hes making at least $21.75 per hour and is still struggling to survive.

This isn’t surprising, considering the RISING INGFLATION and WEALTH GAP between America’s richest and poorest. Some see America as the greatest country in the world, but many citizens live like its a third-world country. And now, the masses are angry and ready for a revolution, as evidenced in Nic’s rant, which he concludes by saying, “The American dream is dead.”

A lot of my readers can identify with what he is going through.

It can be absolutely soul crushing when there simply is not enough money month after month even though you are working as hard as you can.

In his video, he asked if someone can explain to him IN CRAYON-EATING TERMS why even the basics have become so difficult to afford:

With hot inflation numbers to prove it, one hacked-off Gen Z American took to TikTok, where he detailed a “struggle to survive” and pay for everyday items.

“Can somebody explain to me in crayon-eating terms why I make over three times the federal minimum wage and I cannot afford to live?” the user allegedly named Nic started to say.

“And I do not want to hear the ‘Pull yourself up from your bootstraps, work 90 hours a week.’ That’s not the goal, guys,” he continued ranting. “A one-bedroom apartment, $1,800. Two-bedroom apartment, $2,200. Who the f*** can afford that? It is embarrassing to come out and say that it is a struggle to survive right now. But I know so many people are struggling.”

I can certainly understand his frustration.

I have been writing about these things for years, but our leaders never listen.

Conditions have been deteriorating for a very long time, and in a subsequent video Nicholas observed that this has been happening NO MATTER WHO HAS BEEN IN CONTROL IN WASHINGTON.

I just now realized that regardless of which side I vote, it wonӒt be fixed, Nic said. ԓThey continue to pull this bulls. The spending budgets that they keep approving, the foreign aid they keep sending out when we need that in America.ה

“How many homeless veterans are out on the street right now?” he added in the recent post. “Government overreaching, government overspending has continued to happen and it is getting worse and worse.”

Our leaders are just going to keep doing what they are doing until the entire system completely and utterly collapses.

Another rant about the economy that has already been viewed more than 6 million times was posted on TikTok BY A GEN-Z WOMAN NAMED CHAILYN:

In her candid VIDEO, Chailyn, a Walmart employee, stated, “I cannot stand how the news has been dogging Gen Z and calling them lazy for not wanting to work 9-5 for the rest of their lives… I work five days out of the week, 40 hours a week. I [still] do not make enough to live on my own.”

She then highlighted the stark financial disparities that exist between her generation and previous ones.

“Twenty years ago, when you were getting started [with your career], you could live on your own. Twenty years ago when you first started, you were able to do everything that I am now struggling to do,” she said.

And she is very clear about who she thinks is responsible for creating the giant economic mess THAT WE ARE NOW FACING:

“You can sit here and call Gen Z lazy all you want, but I have been working my tail-end off just to barely make it by, and respectfully, I don’t want to do that for the rest of my life,” she said. “I don’t want to work my tail-end off, wasting all of my life working, just to barely be able to pay my bills.”

Chailyn concluded her message with a pointed argument, shifting the blame to previous generations for the current state of the economy and the burden it places on Gen Z.

“You tell me how it got ruined. We can sit here and we can call Gen Z lazy all you want. But you let the economy turn into what it did.”

She added, “You let it all run to hell, and now it’s Gen Z’s ‘fault’ because we don’t want to work to fix your mistakes.”

Bingo.

She doesn’t want to work for the rest of her life to pay off the 34 trillion dollars that has been ruthlessly stolen from her generation and future generations of Americans.

And I don’t blame her one bit.

If we lived in a just society, those responsible for getting us 34 trillion dollars in debt would be in prison.

But instead we treat them like heroes.

Shame on us.

Because the cost of living is so ridiculously high, most young adults cannot make it on their own in this economy.

As a result, vast numbers of them ARE LIVING IN POVERTY, and debt levels among our young adults have risen TO VERY ALARMING LEVELS:

Then there’s Gen Z, which has higher debt levels and delinquency rates for a number of credit products - from credit cards to mortgages and student loans - than Millennials did at the same age a decade ago. “The Gen Z frustration is real,” writes Jonathan Levin for Bloomberg Opinion. “If you have a job, a house and some stocks, you’re probably doing just fine. But America’s two-track economy is leaving many behind, particularly young adults.”

In recent years, the Federal Reserve flooded the system with TRILLIONS OF DOLLARS, and the “experts” assured us that there wouldn’t be any serious consequences.

They were dead wrong.

And our politicians have been adding about a trillion dollars to the national debt every 100 days, and the “experts” assured us that everything would work out just fine somehow.

They were dead wrong about that too.

Our leaders are destroying our currency, they are destroying our economy, and they are destroying our future.

And if you think that things are bad now, just wait until you see what THE NEXT FEW YEARS bring.

We are on a highway to economic oblivion, and when Gen Z blames the generations that came before them they are right on target.

About the Author: Michael Snyder’s extremely controversial new book entitled “Chaos” is available in paperback and for the Kindle on Amazon dot com. He has also written seven other books that are available on Amazon dot com com including “End Times”, “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  You can connect with Michael on YouTube, Facebook and Twitter, and sharing his articles on your own social media accounts is definitely a great help. These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.

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Posted by Elvis on 05/13/24 •
Section Dying America • Section Next Recession, Next Depression
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