Tag Archives: Millennials

Failed States, Part 1: Hopeless European Millennials And The Populist Takeover, by John Rubino

European’s younger people are discovering their future has already been borrowed and spent. From John Rubino at dollarcollapse.com:

Europe is frequently held up as an example of how the rest of the world should behave on a variety of issues. But this comparison misses at least two things: First, “Europe” is actually a lot of different countries in a lot of different situations. Second, much of what seems to work over there only does so because it’s being financed with ever-increasing amounts of debt.

For countries, as for individuals, borrowing money is fun at first but beyond a certain point becomes debilitating, as interest payments begin to crowd out everything else. That’s where a growing number of Europe’s failed states now find themselves, with overly-generous pensions and overly-restrictive labor laws making it virtually impossible to run a functioning market-based economy.

The result: Fewer good jobs and more frustrated voters – especially young ones who have seen only the downside of the current system – and the resulting rise of populist political parties that recognize the problems without offering coherent solutions, thus guaranteeing even more chaos in the future.

As Today’s Wall Street Journal notes, in Italy and Greece, nearly a third of young adults not only aren’t working but aren’t enrolled in school or training. What are they doing? Apparently just sitting around and stewing about life’s injustice.

European unemployment failed states

As for where they’re sitting and stewing, in Greece, Italy and Spain it’s now normal for adults all the way into their 30s to live with their parents, largely because they can’t find work that pays enough to afford a house, car and other requirements of independent life.

Europeans living with parents failed states

Not surprisingly, they’re also failing to attract mates — because who wants to marry an unemployed 30-year-old who lives with his or her parents?

Italian marriages failed states

To continue reading: Failed States, Part 1: Hopeless European Millennials And The Populist Takeover

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Beware Former Central Bankers Telling You to Work More, by Michael Krieger

Our progeny will have to work harder than we did to pay off the promises we made to ourselves. From Michael Krieger at libertyblitzkrieg.com:

I’m not the only one of course. The financial crisis of 2008/09 similarly shattered the worldview of tens, if not hundreds of millions of people across the globe. I believe that the old manner of doing things as far as organizing an economy and society died for good during that crisis and its aftermath. Sure it’s been shadily and undemocratically propped up ever since, and we haven’t yet transitioned to what’s next, but for all intents and purposes it’s dead. It’s dead because it has no credibility.

– From last year’s post: The Generational Wheels Are Turning

Hard work is fundamental to our continued existence and advancement as a species. I would never devalue the importance of hard work, particularly when combined with intense passion and drive, which leads to extraordinary technological progress and soaring artistic creations. Nevertheless, my ears perk up whenever I hear an older person lecture millennials about how they need to work more just to have a reasonable chance at a retirement compared to generations that came became before.

Yet that’s exactly what happened when I read an article published at Politico by 75-year old Alicia Munnell, and academic who also worked for the Federal Reserve Bank of Boston and the U.S. Treasury Department under Bill Clinton.

She seems to understand the problem. She notes:

A comparison of millennials (adults currently ages 25 to 35) with earlier cohorts (Gen-Xers and late baby boomers) when they were the same age shows that even though a higher percentage of both millennial men and women have college degrees, they are behind in almost every economic dimension.

One reason is that millennials entered the labor market during tough times. Most turned 21 between 2002 and 2012, which meant that they were graduating from college during a period that included both the bursting of the dot.com bubble and the Great Recession. This experience appears to have been particularly hard on millennial men, who have labor-force participation rates below earlier cohorts.

That’s all true, it’s her unimaginative, and quite frankly, offensive conclusion about what’s to be done that I take issue with. She writes:

My research suggests that those concerns are real, and millennials really are building wealth more slowly than the other working generations. But they are not insurmountable—as long as millennials are willing and able to work longer than their parents and grandparents did.

To continue reading: Beware Former Central Bankers Telling You to Work More

Opioids Are Responsible For 20% Of Millennial Deaths, “Crisis Will Impact US For Generations”, by Tyler Durden

The opioid crisis is especially severe among millenials. From Tyler Durden at zerohedge.com:

The opioid crisis has become a significant public health emergency for many Americans, especially for millennials, so much so that one out of every five deaths among young adults is related to opioids, suggested a new report.

The study is called “The Burden of Opioid-Related Mortality in the United States,” published Friday in JAMA. Researchers from St. Michael’s Hospital in Toronto, Ontario, found that all opiate deaths — which accounts for natural opiates, semi-synthetic/ humanmade opioids, and fully synthetic/ humanmade opioids — have increased a mindboggling 292 percent from 2001 through 2016, with one in every 65 deaths related to opioids by 2016. Men represented 70 percent of all opioid-related deaths by 2016, and the number was astronomically higher for millennials (24 and 35 years of age).

According to the study, one out of every five deaths among millennials in the United States is related to opioids. In contrast, opioid-related deaths for the same cohort accounted for 4 percent of all deaths in 2001.

Moreover, it gets worse; the second most impacted group was 15 to 24-year-olds, which suggests, the opioid epidemic is now ripping through Generation Z (born after 1995). In 2016, nearly 12.4 percent of all deaths in this age group were attributed to opioids.

“Despite the amount of attention that has been placed on this public health issue, we are increasingly seeing the devastating impact that early loss of life from opioids is having across the United States,” said Dr. Tara Gomes, a scientist in the Li Ka Shing Knowledge Institute of St. Michael’s.

“In the absence of a multidisciplinary approach to this issue that combines access to treatment, harm reduction and education, this crisis will impact the U.S. for generations,” she added.

Over the 15-year period, more than 335,000 opioid-related deaths were recorded in the United States that met the study’s criteria. Researchers said this number is an increase of 345 percent from 9,489 in 2001 (33.3 deaths per million population) to 42, 245 in 2016 (130.7 deaths per million population).

To continue reading: Opioids Are Responsible For 20% Of Millennial Deaths, “Crisis Will Impact US For Generations”

 

Socialized Medicine: A Dose of Reality, by Ileana Johnson

Too bad college kids in favor of socialized medicine can’t be given a one-way ticket to a country with socialized medicine when they’re sick. From Ileana Johnson at thegatestoneinstitute.org:

  • Although Britons do have affordable access to primary-care doctors, and everyone in the UK is covered through high taxes, they are subjected to extensive waiting periods for specialists, surgeries and hospitalization. The fact is that many patients die waiting for treatment.
  • Rather than rejecting the basic free-market principles of the US economy — as a 2016 Harvard University survey found that most do — young Americans would do well to ask themselves why it is that so many people from countries with socialized medicine flock to the United States for treatment.

According to a recent Pew poll, support for universal health care, provided and paid for by the federal government, is higher among American millennials than among older generations. Young Americans seem to believe that socialized medicine is a “cure-all” for health-care ills in the United States, as it ostensibly is elsewhere, such as Canada and Britain.

Unfortunately, there are facts that would appear to put this fantasy to rest by the facts — for instance, the tragic and untimely death of a 20-year-old British woman in her dorm room last March. Victoria Hills, a first-year student, died of an ear infection, after “postpon[ing] visiting her campus general practitioner because her student loan had not come through and she couldn’t afford the prescription.”

There seems to be a myth that all medical care, procedures and drugs are free under a socialized system. Although Britons do have affordable access to primary-care doctors, and everyone in the UK is covered through high taxes, they are subjected to extensive waiting periods for specialists, surgeries and hospitalization. The fact is that in the West, as the ability of physicians to provide services becomes stretched, many patients die waiting for treatment.

To continue reading: Socialized Medicine: A Dose of Reality

Children Learn What They’re Taught, by Robert Gore

Karl Marx

Many millennials embrace Marxism. So do their parents and grandparents.

From the millennials’ abilities will supposedly flow the wherewithal to fund “needs”: their elders‘ entitlements, debt, and ever-expanding blob of a government. Horror of horrors, polls and studies indicate that many millennials are embracing Marxism: they want somebody to fund their “needs”! Where did they learn this nonsense?

It must be those left-wing, snowflake sanctuary, social justice warrior haven, gender-bending colleges and their washed up Marxist professors. This is America, where everyone stands on their own two feet. That’s not how they were reared!

Except it is how they were reared. Good parents know their kids pay more attention to what they do than what they say. America has been slouching towards collectivism for decades. This bipartisan trend has been differentiated only by the hypocrisies the red and blue teams peddle. Regardless of what’s said, this country does statist collectivism. That anyone should express surprise or dismay that the young embrace collectivism betrays self-serving delusion that only fuels their cynicism.

Believe it or not, a fair number of millennials are reasonably well-informed. They just don’t get their information from their parents’ and grandparents’ favorite hypocrisy peddlers. The median age of Americans watching CNN, MSNBC, and Fox News is over 60, with Fox the most geriatric at 68.

The younger set watches a lot of videos, some from consistently ideological sources but many representing eclectic viewpoints that can’t be pigeonholed. Between the internet and their own experiences, the millennials are getting a pretty good idea of what the future holds, even if they don’t know the current vice-president or America’s allies in World War II. The future, after all, is far more relevant to them than Mike Pence or a war 72 years past.

Local, state, and the federal government spend over 35 percent of the GDP. Taxes paid skew heavily towards the most productive under our progressive tax regimes; that’s where the money is. Around half the population receives some sort of largess from one or more governments. From each according to their ability to each according to their need. However, need doesn’t carry the same requirement of deprivation that it did when the welfare state got rolling during the New Deal.

The needy still include those true tales of woe invariably cited by welfare state fans. But they also include relatively affluent Social Security and Medicare beneficiaries receiving far more than they put in. And tax-funded professors, administrators, and athletic coaches drawing fat salaries at public universities. Let’s not forget legions of other government employees, whose average pay, retirement pensions and medical benefits exceed those of their private sector brethren who support them. Then there are the hordes of contractors, lobbyists, and other teat-suckers who cluster around Washington D.C. and state capitals like flies cluster around particularly redolent corpses and turds.

Communist commissars—the “needy” class in the old Soviet Union that actually got most of the loot—never had it so good. For all their tax-looting, America’s commissars still spend more than they take in, so they’ve placed a huge claim on future production: debt and unfunded pension and medical promises. Even some of the dimmer millennial bulbs recognize who gets to pick up those collectivized obligations. That’s in addition to their not inconsequential student loan debt. The more astute realize that this mound of obligations has something to do with the anemic economy and dismal job prospects.

History demonstrates that collectivist regimes which stifle economic and political freedom often turn to war, plunder, and empire building to mask their repression and failures at home. Doesn’t that describe the US government to a tee? It has military bases and deploys special operations forces all over the world. In the name of global order and fighting terrorism, it has engaged in more wars this century than any other government. To instill domestic “order,” the national security state surveils everyone, including a president-elect, and subverts the press.

Not only do wars add a lot of chits to the debt pile, but guess which generation gets to fight them? Not that the military is having trouble filling its ranks. It offers steady jobs with good benefits—hard to find in the private sector—for those who avoid getting killed or maimed.

It takes a while for those millennials who find their way into the private sector to discover how thoroughly it is dominated by the public sector. The meddling, stifling, counterproductive hand of government weighs on every important economic activity. In some jurisdictions kids can’t even sell lemonade without a permit. It takes time, experience, and investigation to discover another truth: regulation protects the entrenched and stifles the new and innovative.

The apotheosis is finance and banking. Central bank debt monetization and interest rate suppression promote government debt and add to the millennials’ load. The Fed is owned by the banks, buys their securities, promotes their cartel, and acts as their agent in Washington. Cheap money drives up the price of financial assets, which millennials by and large don’t own. Reams of legislation and regulation not only make it difficult to impossible for competitive new entrants, but are explicitly designed to ensure that members of the old guard don’t fail. When they nevertheless fail, they get bailed out.

It is the intellectual crime of the century to call this bastardized state of affairs capitalism or freedom. Capitalism—investment, production, and voluntary exchange—is what people do when they’re left to their own devices and are free to pursue their own legitimate interests. It was dealt a mortal blow in 1913 with the establishment of the central bank and income tax, and buried in the New Deal. It’s no surprise the left falsely labels the grotesque and failing mixed economy capitalism. It’s every failure can be ascribed to capitalism and used as a justification for more government.

What’s revolting is the rhetoric of capitalism’s so-called defenders. Conservatives ritualistically praise a “free market system” that hasn’t existed for decades. It’s useful cover: invoke the free market while supporting and profiting from collectivist skims and scams. From the dwindling ranks of true entrepreneurs and honest businesspeople the rhetoric snares some of the more gullible. However, even when the red team has full control of the government, it just keeps getting bigger, more intrusive, and more powerful, reminiscent of communism.

At root, the conservative problem with capitalism is the phrase, “free to pursue their own legitimate interests.” The second law of government is that you can do almost anything to people if you tell them you’re doing it for them. (The first law of government is nothing succeeds like failure.) Liberals and conservatives alike pose as benefactors. A system based on freedom and self-interest—capitalism—obviates that pose. Ostensible benefactors can’t use government and other people’s money to bestow their “munificence,” extract their rents, and grasp their power. In part it explains the vitriolic hostility of both sides towards Ayn Rand, who extolled freedom and rational self-interest and condemned coercive altruism.

Millennials would be best advised to fight for their and others’ right to their own lives. Unfortunately, millennials learn what they are taught, and cutting through all the hypocrisy, the lesson plan is collectivism. As are the generations preceding them, millennials are collectivists. The only difference is they want to be the ones doing the collecting.

The Individual, Not the Collective

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Doug Casey on Why Millennials Favor Communism

Here is the short answer: because they are uneducated and what passes for the education they have received has corrupted them. From Casey at caseyresearch.com:

Justin’s note: Communism is better than capitalism.

At least, that’s what a growing number of young people in the U.S. think.

I wish I were joking. But a recent study from the Victims of Communism Memorial Foundation, a D.C.-based nonprofit, found that half of the millennials it surveyed would rather live in a socialist or communist country than a capitalist society.

And 22% of those surveyed had favorable views of Karl Marx… while 13% viewed Joseph Stalin and Kim Jong-un as “heroes.”

To figure out what’s behind this disturbing trend, I called Doug Casey…


Justin: So Doug, about half of U.S. millennials would rather live in a socialist or communist country… What’s gotten into the youth?

Doug: The youth are being corrupted, and it’s more serious than ever.

I say that a bit tongue-in-cheek, however.

That’s because one of the two charges against Socrates when he was executed in Ancient Greece was corrupting the youth. Older people always think the youth are foolish, ignorant, lazy, crazy, and generally taking the world to hell in a handbasket. And of course many of their charges are, and always have been, true.

But as kids get older, they generally get wiser, more knowledgeable, harder-working, and more prudent. Nothing new here. The world has survived roughly 250 new generations since civilization began in Sumer 5,000 years ago. And it will likely survive this one too.

That’s the bright side. And, as you know, I always look on the bright side. But, on the other hand, the American university system has been totally captured by Cultural Marxists, socialists, statists, collectivists, promoters of identity politics, and people of that ilk. These people hate Western Civilization and its values, and are actively trying to destroy them.

To continue reading: Doug Casey on Why Millennials Favor Communism

Undoing the Dis-Education of Millennials, by Adam J. MacLeod

A law school teacher sets himself a monumental task. From Adam J. MacLeod at newbostonpost.com:

I teach in a law school. For several years now my students have been mostly Millennials. Contrary to stereotype, I have found that the vast majority of them want to learn. But true to stereotype, I increasingly find that most of them cannot think, don’t know very much, and are enslaved to their appetites and feelings. Their minds are held hostage in a prison fashioned by elite culture and their undergraduate professors.

They cannot learn until their minds are freed from that prison. This year in my Foundations of Law course for first-year law students, I found my students especially impervious to the ancient wisdom of foundational texts, such as Plato’s Crito and the Code of Hammurabi. Many of them were quick to dismiss unfamiliar ideas as “classist” and “racist,” and thus unable to engage with those ideas on the merits. So, a couple of weeks into the semester, I decided to lay down some ground rules. I gave them these rules just before beginning our annual unit on legal reasoning.

Here is the speech I gave them.

********************************

Before I can teach you how to reason, I must first teach you how to rid yourself of unreason. For many of you have not yet been educated. You have been dis-educated. To put it bluntly, you have been indoctrinated. Before you learn how to think you must first learn how to stop unthinking.

Reasoning requires you to understand truth claims, even truth claims that you think are false or bad or just icky. Most of you have been taught to label things with various “isms” which prevent you from understanding claims you find uncomfortable or difficult.

To continue reading: Undoing the Dis-Education of Millennials