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Argentium

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    Yeah. That article is ridiculous in premise. The Greatest Generation grew up in the depression and fought the bloodiest conventional war in history against the Third Reich. They still pretty clearly won the unlucky Olympics.

    Agree - also having actually read the article, they caveat it with the following: It’s part of trend of more marginalized groups falling behind. Millennials with a college degree aren’t far behind previous generations in terms of wealth, Kent found, but their less-educated peers have a bit more than half of the wealth they’d expect at this stage, based on previous generations.

    I'm assuming OP has a college degree ... :eyebrow:
     
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    VA Hopeful Dr

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      Yeah. That article is ridiculous in premise. The Greatest Generation grew up in the depression and fought the bloodiest conventional war in history against the Third Reich. They still pretty clearly won the unlucky Olympics.
      Interestingly, that war is likely what helped them recover from the Depression.

      Between stuff like the GI Bill and the utterly booming post-war US economy, that generation got paid back well for what they suffered in the first 20ish years of their lives.
       
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      Mad Jack

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        Yeah. That article is ridiculous in premise. The Greatest Generation grew up in the depression and fought the bloodiest conventional war in history against the Third Reich. They still pretty clearly won the unlucky Olympics.
        The war was economically advantageous in the long run, and provided education, jobs, and housing for those coming back. Not so for millennials. The greatest generation came of age in a time of plenty with regard to jobs and housing, their adult years spent in a growing economy. Research has shown time and time again that graduating into a recession cripples you economically for life, and millennials are being handed two in their prime working years. Most likely, they'll end up accumulating 40-50% less wealth over a lifetime than their boomer predecessors, care of everything from lower wages when compared to the CPI to more expensive health insurance and a lack of pensions and retirement benefits.
         
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        WVUPharm2007

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          The US was left relatively unscathed after WWI and WWII while Europe was utterly decimated. This is one of the major if not the most major reason why the United States was the superpower that it was throughout the 20th century. That's what happens when you stay out of war and then show up at the end when everyone has already been fighting for years. It also helps there hasn't been a war in the United States since 1812. WWII was a massive economic output effort to fight a war overseas at least for the US. Europe owed the United States massive amounts of debts after both wars from what I remember from high school history.

          Those arguing that the great depression and WII were horrible historical events are missing the point. Yes they were two of the most tragic events in human history. The point is that MILLENNIALS ARE FACTUALLY THE MOST ECONOMICALLY DISADVANTAGED GROUP IN US HISTORY AND THERE IS ABSOLUTELY NO EXCUSE. The Great Depression was severe in depth, but the recovery was the strongest economic growth ever seen in the country's history. The nonsense that has transpired over the past 40 years is entirely self-inflicted by the previous generation for the reasons we all know listed above. Your votes over the past 40 years have transpired in unlimited corporate control, zero wage growth, massive wealth inequality, a broken healthcare and educational system, destruction of the planet, reckless debt burden, 20% reduction in interest rates, massive asset inflation, etc. I don't look at anyone in the Boomer generation and blame them, one person can only do so much against the mechanizations of the world. However, your generation was on watch and to pass the buck onto the next generation at literally every possible opportunity was an atrocity. Your children are paying for your Mercedes by working themselves to death at a fraction of the wages. I'm not exaggerating.

          That's the bad news. The good news is that the free market, although never proactive, is always horrifically reactive. There will be a depression once the economy freefalls when the debt bubble, propped up by endless stimulus and artificially low federal funds rates, explodes. A yacht building economy cannot grow indefinitely in a world where 99% of people cannot afford basic housing and food.

          We had pretty awesome childhoods, though. That's being discounted. The Soviet Union fell...there was no boogie man. The worst thing that happened was Timothy McVeigh and Bill Clinton getting a beej in the Oval Office. Very few had the comfortable upbringings we had. Little to fear. Lots of optimism.
           
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            And this doesn't even account for all the other rediculous nonsense our generation is inheriting: unsustainable national debt we'll be paying off, a bloated, expensive, broken, for-profit healthcare system, a bloated, expensive, for-profit educational system, skyrocketing cost of living including unaffordable housing, unlimited corporate control over the government leading to rampant low paying, horrible jobs, job automation, wealth inequality, overpopulation, destruction of the earth and nonrenewable resources, climate change, social security drying up, a complete breakdown of the government's ability to accomplish anything other than require congressmen sit in call centers begging for donations from wealthy interest every day to get reelected. The list goes on. Waiting to see the typical, hypocritical boomer response here of "my generation was handed everything for just showing up and we made selfish decisions that passed problems on to future generations, but it is millennials, not us, who are entitled for thinking that they deserve anything for their work." Don't even think about posting until you read the entire article please.

            What about Generation Xs? Do you blame them too? That’s the generation currently working along with millennials. The Boomers are close to retirement. Then you have Generation Z who partied in Florida’s beaches saying that they cannot get Coronavirus because they drink the Corona
             
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            Old Timer

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              Wow, I had it easy because I was a boomer. You have no idea what my life has been like, If is was poor or rich. The same with
              WVUPharm2007, though not a boomer, you have no clue how he got to where he is.

              If you guys are so screwed by us old guys, why the F don't you vote. Too busy whining on social media. If you don't like the country the way it is, change it. But please, stop whining.
               

              owlegrad

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                Wow, I had it easy because I was a boomer. You have no idea what my life has been like, If is was poor or rich.

                Straw man. No one here is telling you what your life has been like. The point is one generation had better opportunities than the other. Within each generation there will be winner and losers. Doesn’t change the fact that one generation had more opportunities than the other.

                The current pharmacist market is pretty much the perfect analogy. Some are still going to succeed but on the whole many more are going to struggle and that struggle is going to devalue the whole profession, even the winners.
                 
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                Sine Cura

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                  I think Old Timey and the provocateur opponents know all about straw men

                  Humanity (rather human civilization as currently configured) is in terminal decline but that doesn't mean you won't do well for yourself individually
                   

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                    I'm technically a millennial so I have the right to say my generation is the whiniest generation this nation has ever seen.

                    Agree with this. I think that while we millennials do have the cards stacked against us, we're too whiny and adversity-averse for our own good to make major personal sacrifices to improve society. Part of it could be our upbringing which we grew up in a booming economy and were handed participation trophies.

                    Just look at the pre-pharms who pat themselves on the back for getting into and finishing pharmacy school (not a difficult or commendable task), then demand that the government forgive their loans when they can't find a job and/or realize that the real working world is nothing like that the validation they have received and told they would receive as a working pharmacist.

                    The Greatest Generation stormed the beaches in Normandy against machine gun fire. Here we're signing away hundreds of thousands of dollars in student loans and then sitting here pleading for the government to forgive it.
                     
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                    Old Timer

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                      Straw man. No one here is telling you what your life has been like. The point is one generation had better opportunities than the other. Within each generation there will be winner and losers. Doesn’t change the fact that one generation had more opportunities than the other.

                      The current pharmacist market is pretty much the perfect analogy. Some are still going to succeed but on the whole many more are going to struggle and that struggle is going to devalue the whole profession, even the winners.

                      I'm not a millennial, but both of my kids are millennials. There are different opportunities in different fields. When I started out my salary was $12.50 per hour. According to the BLS inflation calculator my salary would now be $32.50 per hour. There is a lot of luck involved. Being a baby boomer didn't entitle me to the salary I have now. It's just dumb luck. Can you predict the future? Maybe this covid thing brings pharmacist into primary care and the opportunity to open your own pharmacy will grow and independent business will boom. No way to tell what is going to happen. I stillstand by my statement, if you guys are unhappy with present govermenmtal situation, vote in people who will do your bidding.
                       
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                      mentos

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                        I'm not a millennial, but both of my kids are millennials. There are different opportunities in different fields. When I started out my salary was $12.50 per hour. According to the BLS inflation calculator my salary would now be $32.50 per hour. There is a lot of luck involved. Being a baby boomer didn't entitle me to the salary I have now. It's just dumb luck. Can you predict the future? Maybe this covid thing brings pharmacist into primary care and the opportunity to open your own pharmacy will grow and independent business will boom. No way to tell what is going to happen. I stillstand by my statement, if you guys are unhappy with present govermenmtal situation, vote in people who will do your bidding.

                        I'm a millennial and I've noticed that most boomers never admit they've had it easier.

                        My Dad had a full scholarship to an ivy league for grad school - he admits there was much less competition back then and he wouldn't have that opportunity today. He bought a house in CA and my mom stayed at home to take care of us - they admit that would not have been possible for them today. They did not have to deal with enormous student loans that millennials have.

                        My wife and I bought a house in the nicest neighborhood in town for 750k. The previous owners paid 225k in the early 90s (less than it was listed for) which is about 420k in today's dollars. So they profited over 300k even after inflation. The house was in turn-key condition for them. We had to get a new boiler, new windows, replace the floors, and have the yard leveled. Most of our neighbors are old boomers who are retired with adult kids who moved out. Getting into this neighborhood was basically a once in a lifetime opportunity for us because the boomers never sell. It was easy for them to get into the neighborhood because there was no competition for them. They did not have to deal with a bidding war to get their houses, they were free to pick and choose which house they wanted. This situation will not change no matter who we vote in or out of the government.

                        So can you see why millennials think boomers had it easier than us? Yes it was dumb luck, you guys were luckier than us.

                        I mean this in the nicest way possible, your comment about Covid-19 creating opportunities for pharmacists to become primary care or opening a booming independent pharmacy just shows how ignorant you are of our situation. In case you haven't noticed all the threads about hours being cut in this forum, Covid-19 is doing the exact opposite for us.
                         
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                        Old Timer

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                          I'm a millennial and I've noticed that most boomers never admit they've had it easier.

                          My Dad had a full scholarship to an ivy league for grad school - he admits there was much less competition back then and he wouldn't have that opportunity today. He bought a house in CA and my mom stayed at home to take care of us - they admit that would not have been possible for them today. They did not have to deal with enormous student loans that millennials have.

                          My wife and I bought a house in the nicest neighborhood in town for 750k. The previous owners paid 225k in the early 90s (less than it was listed for) which is about 420k in today's dollars. So they profited over 300k even after inflation. The house was in turn-key condition for them. We had to get a new boiler, new windows, replace the floors, and have the yard leveled. Most of our neighbors are old boomers who are retired with adult kids who moved out. Getting into this neighborhood was basically a once in a lifetime opportunity for us because the boomers never sell. It was easy for them to get into the neighborhood because there was no competition for them. They did not have to deal with a bidding war to get their houses, they were free to pick and choose which house they wanted. This situation will not change no matter who we vote in or out of the government.

                          So can you see why millennials think boomers had it easier than us? Yes it was dumb luck, you guys were luckier than us.

                          I mean this in the nicest way possible, your comment about Covid-19 creating opportunities for pharmacists to become primary care or opening a booming independent pharmacy just shows how ignorant you are of our situation. In case you haven't noticed all the threads about hours being cut in this forum, Covid-19 is doing the exact opposite for us.
                          I didn't say it would, I said it might. You never know what is going to happen in the world. I was just lucky to be a pharmacist at the time the chains were expanding and they decided everyone had to get a Pharm-D so there were no graduates for a year and pharmacist pay sky rocketed. Just pure luck., Born too young to go to Vietnam and die or be maimed physically or emotionally

                          But my father died when I was 13 with no life insurance. My mother worked full time and we survived on SS and Veterans benefits. I was dirt poor. My dad went to Korea and I didn't go to Vietnam, I went to state school and started out at $12.50 per hour. It's luck. My first mortgage was 10% and if our parents didn't help us a liittle we would never have been able to buy a house. I'm not asking anyone to feel sorry for me. Life is what life is.

                          Life is what life is. If you compare yourself to others, you can al;ways find others who are doing better than you. They had this benefit or that. I never worried or cared if others made more than money. In my circle of friends I always had the lowest income. That's the way it is. Life is too short to spend time complaining about others have.

                          You only get one life. It is too short to say we millennials are screwed. If you can't afford your home move to a different neighborhood.
                           
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                          VA Hopeful Dr

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                            I didn't say it would, I said it might. You never know what is going to happen in the world. I was just lucky to be a pharmacist at the time the chains were expanding and they decided everyone had to get a Pharm-D so there were no graduates for a year and pharmacist pay sky rocketed. Just pure luck., Born too young to go to Vietnam and die or be maimed physically or emotionally

                            But my father died when I was 13 with no life insurance. My mother worked full time and we survived on SS and Veterans benefits. I was dirt poor. My dad went to Korea and I didn't go to Vietnam, I went to state school and started out at $12.50 per hour. It's luck. My first mortgage was 10% and if our parents didn't help us a liittle we would never have been able to buy a house. I'm not asking anyone to feel sorry for me. Life is what life is.

                            Life is what life is. If you compare yourself to others, you can al;ways find others who are doing better than you. They had this benefit or that. I never worried or cared if others made more than money. In my circle of friends I always had the lowest income. That's the way it is. Life is too short to spend time complaining about others have.

                            You only get one life. It is too short to say we millennials are screwed. If you can't afford your home move to a different neighborhood.
                            I don't think it's unreasonable to point out that millennials economically speaking have it worse than previous generations. I'm technically a millennial and haven't had much trouble but that doesn't mean the whole generation has had an easy time of it.

                            We've had 2 massive economic downturns in the 15 years since I finished college. Our student loan burden is significant (though the next generation does have that worse than we do).
                             
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                            mentos

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                              You only get one life. It is too short to say we millennials are screwed. If you can't afford your home move to a different neighborhood.

                              What does that have to do with anything? I never said millennials are screwed. I just said boomers had it easier, and that most boomers do not admit it. Your post just proved my point. Instead of admitting you guys had it easier, you told me to move out of my neighborhood if I can't afford it. The neighborhood where boomers paid 250k to get in vs 750k for us millennials.

                              I have no problem saying that millennials have it easier than generation Z. They will have even more student loan debt, higher health care costs, less job prospects, and higher real estate costs than us millennials. See how easy that was for me to admit!
                               
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                                Not me. We are the youngest people in the nicest neighborhood, I think we've done good. I'm just pointing out that it was easier for my boomer neighbors who bought their houses new for 250k - something the boomer in this thread has yet to admit.
                                What was their income when the house was 250K? What was the interest rate on your parents mortgage?
                                I don't think it's unreasonable to point out that millennials economically speaking have it worse than previous generations. I'm technically a millennial and haven't had much trouble but that doesn't mean the whole generation has had an easy time of it.

                                We've had 2 massive economic downturns in the 15 years since I finished college. Our student loan burden is significant (though the next generation does have that worse than we do).
                                We had the same economic downturns plus some other economic downturns. We have less time to make up the 2 downturns before retiring. 49,000 baby boomers were killed in Vietnam.
                                Look at this thread. All those people making money are baby boomers? Bet most are your underprivileged Generation M
                                 
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                                VA Hopeful Dr

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                                  What was their income when the house was 250K? What was the interest rate on your parents mortgage?

                                  We had the same economic downturns plus some other economic downturns. We have less time to make up the 2 downturns before retiring. 49,000 baby boomers were killed in Vietnam.
                                  Look at this thread. All those people making money are baby boomers? Bet most are your underprivileged Generation M
                                  Yes because clearly a finance subforum on a forum few games for doctors means that millennials are just kicking ass.

                                  I can't speak for everyone, but my boomer mother made back the 2008 loses in 18 months. She's currently only down I think 12% with this one. Totally the same as a second recession when you're actively trying the build wealth versus just preserving it.

                                  400k greatest generation folks were killed in WW2. Doesn't mean that the ones who came home didn't come home to a great economy.
                                   

                                  VA Hopeful Dr

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                                    Yes because clearly a finance subforum on a forum few games for doctors means that millennials are just kicking ass.

                                    I can't speak for everyone, but my boomer mother made back the 2008 loses in 18 months. She's currently only down I think 12% with this one. Totally the same as a second recession when you're actively trying the build wealth versus just preserving it.

                                    400k greatest generation folks were killed in WW2. Doesn't mean that the ones who came home didn't come home to a great economy.
                                    Oh, and let's not forget the debt burden.

                                     

                                    mentos

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                                      What was their income when the house was 250K? What was the interest rate on your parents mortgage?

                                      No idea but the sellers were already retired at age 55. The 500k profit from their house is just icing on the cake. They own a vacation home in the Cape too.

                                      The point is they purchased their home in turn key condition, paid below listing price and did not have steep competition or a bidding war to get in. They had their pick of the litter. We had to compete with multiple bids, and even after we bought the house we had to put in 65k in home improvements/repairs.

                                      There is no convincing you that it was easier for boomers, that's fine. I'm used to this, it's like trying to convince prepharms not to attend pharmacy school right now.
                                       
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                                      VA Hopeful Dr

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                                        It was way harder for them as I have pointed many times in the Covid thread. They endured 4 years of unadulterated hell and we cry after locking down for 3 months,
                                        You seem to be having a hard time understanding this.

                                        There's a reason everyone else in this thread is focusing purely on economics. That generation did have a very bad time between the war and the depression, but at the end of the former they had the most economic growth of any generation in our history.
                                         

                                        Old Timer

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                                          You seem to be having a hard time understanding this.

                                          There's a reason everyone else in this thread is focusing purely on economics. That generation did have a very bad time between the war and the depression, but at the end of the former they had the most economic growth of any generation in our history.
                                          The millenials are just starting on their journey,. They need to stop comparing themselves to others and move with their lives. History will have to record how screwed they have been when their journey is over. And focusing on economics is not the only measure of life. I also focused on economics and can't get answers. Current mortgage rates are less than 3% My first mortgage rate was 10.9% My salary was lest than 50K. Even with inflation salaries today are higher and you can afford a lot more house with interest rates 8% lower. Those are economics too. I'm not saying they don't have it tougher. I'm saying what does it matter. This is life, Live it If you are unhappy with economic situation vote for people who will improve it.
                                           
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                                          VA Hopeful Dr

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                                            The millenials are just starting on their journey,. They need to stop comparing themselves to others and move with their lives. History will have to record how screwed they have been when their journey is over. And focusing on economics is not the only measure of life. I also focused on economics and can't get answers. Current mortgage rates are less than 3% My first mortgage rate was 10.9% My salary was lest than 50K. Even with inflation salaries today are higher and you can afford a lot more house with interest rates 8% lower. Those are economics too. I'm not saying they don't have it tougher. I'm saying what does it matter. This is life, Live it If you are unhappy with economic situation vote for people who will improve it.
                                            No one is arguing any of the points you're refuting here.
                                             
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                                            mentos

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                                              The millenials are just starting on their journey,. They need to stop comparing themselves to others and move with their lives. History will have to record how screwed they have been when their journey is over. And focusing on economics is not the only measure of life. I also focused on economics and can't get answers. Current mortgage rates are less than 3% My first mortgage rate was 10.9% My salary was lest than 50K. Even with inflation salaries today are higher and you can afford a lot more house with interest rates 8% lower. Those are economics too. I'm not saying they don't have it tougher. I'm saying what does it matter. This is life, Live it If you are unhappy with economic situation vote for people who will improve it.

                                              You keep saying the same thing over and over again that has nothing to do with anything.
                                              1) No one here said millenials are screwed. Why do you keep saying this? The only thing we are saying is that boomers had it easier than millenials. We're not saying it was easy for you. We know it was hard. It was just EASIER (which does not mean it was easy) for boomers than millenials. That is all.
                                              2) You keep saying focusing on economics is not the only measure, yet you keep bringing up salary, inflation and mortgage rates.
                                              3) My main argument had nothing to do with mortgage rates or salaries. My main argument is that boomers had it EASIER (not easy) than millenials when it came to buying a house in a desirable area. Boomers did not have to deal with a housing shortage or enter a bidding war, or wait until the previous generation moved out of their house and downsized. This is just a result of overpopulation and it will be harder for generation Z. Your solution to vote for people in/out of office will not change this situation at all.
                                               
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                                              wagrxm2000

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                                                What's the point of this thread? To feel bad for yourselves? A shoulder to cry on?

                                                Maybe because nothing interesting happens in pharmacy other then people complaining about it so when other topics outside pharmacy are started, they are way more popular.

                                                There's a reason why there's a jobs subforum, it's all the same stuff.
                                                 
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                                                mentos

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                                                  Generation Z isn't guaranteed to be worse off then Millennials. See the chart from the article I posted. 2001, 2008 and now whatever this recession turns out to be have been historical outliers. The system is fragile in a world where we've been printing money and borrowing for 40 years to pay for everyone's homes and retirement.

                                                  I'm mostly referring to real estate and desirable neighborhoods. In the northeast, there is literally no more land to build houses if you're within 1 hour of a major city. There are many high paying jobs and lots of competition to get into the good school districts and safe neighborhoods where kids can play in the street without getting hit by a car. Location location location. Demand outweighs supply. Some old run down houses that cost 300k in 2010 are worth like 1mil today, imagine how much it will cost in 2040? Most SFH are owned by boomers who have not downsized. Many of these are in trust funds that will be passed onto their heirs. So there are slim pickings now and there will be even less when the population is higher in a couple decades. This is why housing prices are absurd and you have to enter a bidding war to own a fixer upper. Only the top 5% of working couples can afford these types of homes. The American dream is no longer possible for most millennials and will be even less possible for generation Z.
                                                   
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                                                  Momus

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                                                    I'm not a millennial, but both of my kids are millennials. There are different opportunities in different fields. When I started out my salary was $12.50 per hour. According to the BLS inflation calculator my salary would now be $32.50 per hour. There is a lot of luck involved. Being a baby boomer didn't entitle me to the salary I have now. It's just dumb luck. Can you predict the future? Maybe this covid thing brings pharmacist into primary care and the opportunity to open your own pharmacy will grow and independent business will boom. No way to tell what is going to happen. I stillstand by my statement, if you guys are unhappy with present govermenmtal situation, vote in people who will do your bidding.
                                                    So, looks like our bottom average will be $32.5/hr. We will have it by 2022.
                                                     
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                                                    BidingMyTime

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                                                    1. Pharmacist
                                                      What about Generation Xs? Do you blame them too? That’s the generation currently working along with millennials. The Boomers are close to retirement. Then you have Generation Z who partied in Florida’s beaches saying that they cannot get Coronavirus because they drink the Corona

                                                      Generation X really is the most screwed generation. 1) we are small, so people ignore us or don't even know we exist....even my own kids call me a "Boomer", the don't believe there is a Generation X 2) Generation X is stuck caring for their lazy, irresponsible Boomer parents who didn't plan for their own retirement AND their Generation Y/Millennial children who can't get a job because the economy was stripped bare by the Boomers. Generation X'ers all know we will work until we die, there is no retirement for us.

                                                      Even so, ALL of us are living at the best time ever in history. Seriously, think back to how life was 100 years ago (no antibiotics, most people had no running water, very little entertainment (and what existed certainly wasn't free like StudentDoctor is!) All of us living today are so incredibly privileged...it's just that Generation X is less privileged than all you other guys.
                                                       
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