Author Topic: Millennial Pretends to be insightful  (Read 1903 times)

0 Members and 1 Guest are viewing this topic.

Offline Weisshaupt

  • Conservative Superhero
  • *****
  • Posts: 5731
Millennial Pretends to be insightful
« on: March 09, 2016, 04:47:53 PM »
http://www.zerohedge.com/news/2016-03-08/millennials-are-deflation-generation.

Quote
In sum, millennials’ inflationary basket isn’t as simple as weighting goods within large standard components like food, housing, transportation, and entertainment. Student loans, obviously not directly in the Consumer Price Index, account for one of our largest monthly payments. We therefore can’t afford a house, and a lot of us live with our parents as rental costs continue to climb. Many also can’t afford a car, in which Uber proves especially helpful. That’s why we depend on services that provide access to goods without requiring ownership. This keeps expenses low and convenience high. We care about what our friends think and have serious FOMO (fear of missing out), so we’re less reluctant to save and more inclined to travel or buy new clothes when we can. Fortunately, however, technology and startups continue to bring costs down as we benefit from each other’s contributions online and in the sharing economy. In this sense, we are more privy to the deflationary impact of technology and services, in contrast to our parents’ experience with inflation of physical goods, such as food and gasoline.

Now, I realize economists wouldn’t consider the four themes I outlined as actual inflation or deflation. They simply show how my cohort experiences price pressures that inform our thinking on the topic. This is important, however, for policy going forward as it could alter the Fed’s dual mandate on the inflation side. The expectation of deflation is already incorporated in millennial psyche, so it doesn’t necessarily delay spending as seen in Japan. We adopt technologies that force deflation. Therefore, in our world, deflation is the mark of a healthy economy.

Comment: Since when is shrewdness "Deflation?"

 The standard inflation number doesn't trace what millennials spend their money on because most of them aren't running households. They live with mom and dad, probably do not purchase most of their food, can not own a home or a car, and are generally so Fad driven ( apparently they call that FOMO now)  that they don't know what savings are. So you see they ave a "deflationary mindset" because they can't afford the items that are inflating in price...

IF we had true deflation   this guy would be on  about how his student loan payment costs more and more each month.  But hey, he has no other debt... because no one will give him a loan. And without people who own cars and houses, there is no uber and there is no place to crash for these people.

Oh well, reality will settle in one way or the other
 




Offline Alphabet Soup

  • Conservative Superhero
  • *****
  • Posts: 5610
  • Hier standt ich. Ich kann nicht anders
Re: Millennial Pretends to be insightful
« Reply #1 on: March 09, 2016, 06:38:39 PM »
I have to guess at the age range of the target demo for his article - I'd say mid 20's to low 30's. I still recall that time of my life. I had a car - a 15 year old beater van that ran because I spent a lot of my free-time crawling underneath it to put it in order. Tee shirts, jeans and cowboy boots were the order of the day (no trendy fashions for me).

My "Entertainment Centre" was a boom-box and a 13" B&W portable TV.

I did own music equipment and it afforded me some amusement, entertainment and a way of earning a few extra dollars (usually plowed back into more music equipment).

No home, no new car, no vacations - a vacation for me was a half-rack and a drive to the ocean for the weekend.

I was extremely lucky in that, although I made a few stupid mistakes, I never had need of a hospital, a lawyer, or a cop. I dropped out of college and went to work. When I went back I paid as I went so I incurred no outstanding debt.

Two of my brothers and (especially) my sister leaned on my folks to help them financially. I did not (except for a short stay when my wife delivered the baby 10 weeks early). I went without.

It was a life with struggles and low-rent expectations. It was the sort of life that should be typical. Millennials have unrealistic expectations. There's nothing wrong with wanting stuff but there is if you expect me to pay for it. They indulge in FOMO because someone else is picking up the tab.


Offline Libertas

  • Conservative Superhero
  • *****
  • Posts: 63663
  • Alea iacta est! Libertatem aut mori!
Re: Millennial Pretends to be insightful
« Reply #2 on: March 10, 2016, 07:26:13 AM »
It's always funny when freesh*tters try to sound rational!  ::hysterical::

Reality is coming, their fate is sealed. So sad too bad.
We are now where The Founders were when they faced despotism.

Offline Glock32

  • Conservative Superhero
  • *****
  • Posts: 8747
  • Get some!
Re: Millennial Pretends to be insightful
« Reply #3 on: April 13, 2016, 11:00:51 AM »
A lot of their problem boils down to the fact that "one of (their) largest monthly payments" -- their student loan -- was incurred for a degree in English, or one of the now-ubiquitous "<insert self-indulgent subject name> Studies."

The student loan situation has perfectly demonstrated that when buyer and seller are separated by an intermediary, neither has incentive to control costs, and education costs have rapidly outpaced inflation.  Funny how you don't hear as much about that, since academia is part of the Left's protected pantheon, so there's no greedy corporate fat cats to vilify.

But these kids have made a bad situation infinitely worse by getting worthless vanity degrees.
"The Fourth Estate is less honorable than the First Profession."

- Yours Truly

Offline Libertas

  • Conservative Superhero
  • *****
  • Posts: 63663
  • Alea iacta est! Libertatem aut mori!
Re: Millennial Pretends to be insightful
« Reply #4 on: April 13, 2016, 11:17:48 AM »
Yup, and we have breaking news on that front right here...

http://itsaboutliberty.com/index.php?topic=7154.msg153420;topicseen#msg153420

Free sheet fo da speshul, sore anus fo eberybudy elze...

 ::outrage::

We are now where The Founders were when they faced despotism.

Offline Predator Don

  • Conservative Superhero
  • *****
  • Posts: 4576
Re: Millennial Pretends to be insightful
« Reply #5 on: April 13, 2016, 02:31:11 PM »
A lot of their problem boils down to the fact that "one of (their) largest monthly payments" -- their student loan -- was incurred for a degree in English, or one of the now-ubiquitous "<insert self-indulgent subject name> Studies."

The student loan situation has perfectly demonstrated that when buyer and seller are separated by an intermediary, neither has incentive to control costs, and education costs have rapidly outpaced inflation.  Funny how you don't hear as much about that, since academia is part of the Left's protected pantheon, so there's no greedy corporate fat cats to vilify.

But these kids have made a bad situation infinitely worse by getting worthless vanity degrees.

Ironically, if this student was a corp, requesting a large "loan" against a degree which would only turn a 30k per year "profit"( if employment in said field can be acquired), the bank would turn the loan down.
I'm not always engulfed in scandals, but when I am, I make sure I blame others.

Offline Libertas

  • Conservative Superhero
  • *****
  • Posts: 63663
  • Alea iacta est! Libertatem aut mori!
Re: Millennial Pretends to be insightful
« Reply #6 on: April 13, 2016, 09:03:07 PM »
Yeah, good thing for these miserable wretches the Fedcoats put a gun to banker heads and told them they have to, then winked and said the stupid taxpayers will cover your bad debt. They're all in on the scam and deserve a whupp'n! And then the wretch goes on the Federal teat. Triple double fail and the taxpayer gets hosed and the ignorant kabuki voter shrugs.

#failureistheonlyoption
We are now where The Founders were when they faced despotism.