Embarrassing: Millennials Spend More Than They Earn
Human nature sucks.
May 19, 2012 - 10:00 am
From Larissa Faw at Forbes, Why Millennials Are Spending More Than They Earn – Forbes:
There’s a striking disconnect with today’s Millennials that can be best described through Steve Jobs’ infamous reality distortion field: Millennial lifestyles and spending habits do not reflect their financial realities.
The majority of the 79 million U.S. Millennials are either unemployed, underpaid, or weighed down with student loans. One in four Millennials, for instance, has more debt than savings, according to Bankrate.com. Some 94% of college students currently graduate with debt. The current unemployment rate among workers ages 20-24 is 13%, compared to 8% for older workers, according to the most recent economic data.
At the same time, Millennial college students (without full-time jobs) spend $784 a month on discretionary expenses, especially food and entertainment, according to the Mooslyvania marketing agency. Millennials are the largest demographic purchasing new technological gadgets and fashion apparel. And their spending on jewelry increased 27% in 2011, according to American Express Business Insights. They even start riots at outside retail malls over $200 limited-edition Air Jordan sneakers.
In my generation’s defense: it’s not like our predecessors did any better.
In order to avoid throwing his money into the maw of an increasingly oppressive and spendthrift government, Facebook co-founder and about-to-be gazillionaire Eduardo Saverin has renounced his U.S. citizenship in favor of Singapore. To put an end to such sensible behavior, Democratic Senators Chuck Schumer and Bob Casey have proposed a punitive tax on any wealthy Americans who try to escape the clutches of Democratic Senators Chuck Schumer and Bob Casey by leaving the country.
But I have a much better idea, a much simpler and more effective idea. Why not just build a wall? Come on, this is a great, creative approach! How could it not work? We build a wall around the country and anyone trying to escape with his money or his brain power or his hard work, we capture him and bring him back. Or shoot him, if we have to.