FYI: Annie Lowrey at The Atlantic is worried about Millennials during the next recession. She says the next recession will destroy millennials:
Millennials got bodied in the downturn, have struggled in the recovery, and are now left more vulnerable than other, older age cohorts. As they pitch toward middle age, they are failing to make it to the middle class, and are likely to be the first generation in modern economic history to end up worse off than their parents. The next downturn might make sure of it, stalling their careers and sucking away their wages right as the Millennials enter their prime earning years.
The generation’s homeownership rate is a full 8 percentage points lower than that of the Gen Xers or the Baby Boomers when they were the same age; the median age of home-buyers has risen all the way to 46, the oldest it has been since the National Association of Realtors started keeping records four decades ago.
The next recession—this year, next year, whenever it comes—will likely make that Millennial disadvantage even worse. Already, Millennials have put off saving and buying homes, as well as getting married and having babies, because of their crummy jobs and weighty student loans. A downturn that leads to higher unemployment and lower wages will force Millennials to wait even longer to start accumulating wealth, making it far harder for them to accumulate any wealth at all. (Compound interest is magic, after all.) Their trajectory, already terrible, might get even worse.
Many millennials caught a bad break. A combination of a once-in-a-generation recession, a poor job market, stagnant wages, and student loans set my generation back financially.
But I’m going to take the other side of this argument. What if maybe, just maybe, millennials won’t be the generation that gets crushed during the next recession?
Regards,
Ted
https://awealthofcommonsense.com/2019/08/will-millennials-get-destroyed-during-the-next-recession/
