Prof Scott Galloway: How the U.S. is Destroying Young People's Future

[Anonymous]

Wow, this hit hard. And he goes after audience, which is primarily composed of Boomers and Gen X. In short, his thesis is that asset owners are gatekeeping younger generations from not only owning assets, but even the will to live and better themselves. Resource hoarding is turbo-charged in the U.S. and something must be done.

I posted this in "Politics" because his suggested solutions are political in nature and can only be implemented through the political process. He suggests a mix of policies from both liberal and conservative ideologies. But nothing will be done if the entrenched generation with power and money - namely Boomers - don't start thinking about their legacy.

[Anonymous]

Too much work. No way Americans will allow their kids to be forced to serve. Too fat and lazy.

[Anonymous]

There's an easy solution to this - time. The Boomers will not control all resources forever - that's why we keep hearing about the Great Wealth Transfer of boomers passing their wealth to Millennials (or sometimes hear about how it won't happen because Boomers will spend it all first on medical bills). Either way, soon Boomers will no longer be hoarding resources. Then it will be us.

[Anonymous]

Anonymous wrote:There's an easy solution to this - time. The Boomers will not control all resources forever - that's why we keep hearing about the Great Wealth Transfer of boomers passing their wealth to Millennials (or sometimes hear about how it won't happen because Boomers will spend it all first on medical bills). Either way, soon Boomers will no longer be hoarding resources. Then it will be us.

Absent another pandemic or catastrophic war, by the time Boomers pass it will be too late. That's a 10-20 year horizon.

Younger generations need the help NOW - their prime working and child bearing years. Without making changes now, the U.S. will be facing a demographic bomb of no one wanting to have babies. Sure, you can import the foreign labor but that comes with a massive cultural trade-off down the road.

[Anonymous]

Anonymous wrote:Wow, this hit hard. And he goes after audience, which is primarily composed of Boomers and Gen X. In short, his thesis is that asset owners are gatekeeping younger generations from not only owning assets, but even the will to live and better themselves. Resource hoarding is turbo-charged in the U.S. and something must be done.

I posted this in "Politics" because his suggested solutions are political in nature and can only be implemented through the political process. He suggests a mix of policies from both liberal and conservative ideologies. But nothing will be done if the entrenched generation with power and money - namely Boomers - don't start thinking about their legacy.

it is actually far worse than he explained. The gatekeeping is an illusion, its actually because we have a pretty stagnant economy since dot com which has been kept afloat by massive money printing and fed interventions. He seems to believe that this can be solved easily by taxation of capital gains and high earners and tech is so vibrant, but that in itself is an illusionary as the wealthy have a significant portion of their networth tied to stocks, which has been pushed up higher in the last 20 years due to a rising share of passive/index in the market (from about 25% to now close to 50%). The old shedding active management and the young going 100% into index funds for their 401ks have created a market structure issue where every $1 increase in capital going into stocks creates a $10-15-20 increase in market cap (that number is 50-100 for say bitcoin) that has created now a tech bubble larger than Dot-Com. Once that bubble blows up, everyone will be equally poor, its just the rich has been kept "rich" by an illusion in asset prices.

[Anonymous]

Somehow it is always professors, with their fat pensions and their long-lived career potential, who are recommending that elderly blue collar, manual labor Boomers get kicked out of the houses they’ve scrimped and saved to support for forty years for amorphous “equity” reasons. Always.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There's an easy solution to this - time. The Boomers will not control all resources forever - that's why we keep hearing about the Great Wealth Transfer of boomers passing their wealth to Millennials (or sometimes hear about how it won't happen because Boomers will spend it all first on medical bills). Either way, soon Boomers will no longer be hoarding resources. Then it will be us.

Absent another pandemic or catastrophic war, by the time Boomers pass it will be too late. That's a 10-20 year horizon.

Younger generations need the help NOW - their prime working and child bearing years. Without making changes now, the U.S. will be facing a demographic bomb of no one wanting to have babies. Sure, you can import the foreign labor but that comes with a massive cultural trade-off down the road.

The only way out of our already-existing, already-here demographic bomb is another catastrophe, war or natural. We aren't going to fix this from the inside, no country has so far and we are exceptional but not that exceptional. Change will come from the outside (probably climate change, possibly something else).

[Anonymous]

Anonymous wrote:There's an easy solution to this - time. The Boomers will not control all resources forever - that's why we keep hearing about the Great Wealth Transfer of boomers passing their wealth to Millennials (or sometimes hear about how it won't happen because Boomers will spend it all first on medical bills). Either way, soon Boomers will no longer be hoarding resources. Then it will be us.

This has nothing to do with Boomers. It’s a viscious, nihilistic power class that is on a collision course with life itself. Unfortunately, the more power and wealth they lose abroad, the more violent they become domestically.

[Anonymous]

? what am I supposed to do? Not live in a house?

-gen xer

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's an easy solution to this - time. The Boomers will not control all resources forever - that's why we keep hearing about the Great Wealth Transfer of boomers passing their wealth to Millennials (or sometimes hear about how it won't happen because Boomers will spend it all first on medical bills). Either way, soon Boomers will no longer be hoarding resources. Then it will be us.

Absent another pandemic or catastrophic war, by the time Boomers pass it will be too late. That's a 10-20 year horizon.

Younger generations need the help NOW - their prime working and child bearing years. Without making changes now, the U.S. will be facing a demographic bomb of no one wanting to have babies. Sure, you can import the foreign labor but that comes with a massive cultural trade-off down the road.

The only way out of our already-existing, already-here demographic bomb is another catastrophe, war or natural. We aren't going to fix this from the inside, no country has so far and we are exceptional but not that exceptional. Change will come from the outside (probably climate change, possibly something else).

have you started stockpilling caps and radAway?

[Anonymous]

As a GenX, I fondly remember the day I graduated from high school and was handed my undergraduate college diploma, keys to my new car, and the deed to my first SFH.

Are you telling me they don't do this anymore?

[Anonymous]

I’m sorry but this is just bs. Gen x here. We had two kids before we got our first (small) house in an ok neighborhood. We were in our 40s and had always rented. We didn’t take vacations, had one car, and it was a financial crisis when we had a gas leak.

We’re better off now. But for goodness sake. What’s with all the whining and grievance.

[Anonymous]

Anonymous wrote:I’m sorry but this is just bs. Gen x here. We had two kids before we got our first (small) house in an ok neighborhood. We were in our 40s and had always rented. We didn’t take vacations, had one car, and it was a financial crisis when we had a gas leak.

We’re better off now. But for goodness sake. What’s with all the whining and grievance.

It's not whining and grievance. When young people do not see a future, they pick up guns and get drawn into radical social movements. They become unhinged.

When they cannot envision owning a home, having a spouse, having kids, having a job that covers the essentials - the basics of middle class life - they will destabilize a system that does not work for them. The median home in the U.S. has gone up by 50% in the last 5 years.

Handwaving about "whining and grievance" is acting like an ostrich. Look at the data presented in the video - it is shocking and unprecedented in the history of our nation. And to make it explicitly clear - yes, you had it easier than kids today. And if we don't change course, I will have it much easier than your kids.

Sincerely,
Elder Millennial who "Got Mine"

[Anonymous]

Anonymous wrote:There's an easy solution to this - time. The Boomers will not control all resources forever - that's why we keep hearing about the Great Wealth Transfer of boomers passing their wealth to Millennials (or sometimes hear about how it won't happen because Boomers will spend it all first on medical bills). Either way, soon Boomers will no longer be hoarding resources. Then it will be us.

That's not going to solve the problems he's talking about, because it will simply multiply existing inequalities. The single mother's daughter who managed to finish college with loans, grants, and scholarships and is teaching for $65k a year in middle America might get a modest inheritance if mom manages to stay out of the nursing home during the last years of her life, while her classmate whose parents paid for everything will get a $500k to a couple of million (depending on how much went to pay for fulltime care at home).

[Anonymous]

Anonymous wrote:There's an easy solution to this - time. The Boomers will not control all resources forever - that's why we keep hearing about the Great Wealth Transfer of boomers passing their wealth to Millennials (or sometimes hear about how it won't happen because Boomers will spend it all first on medical bills). Either way, soon Boomers will no longer be hoarding resources. Then it will be us.

How is that a solution? You're basically just saying "let's now concentrate the wealth with the Boomer Juniors". Or maybe that's the point you're making...