11 May 2008

No Boomer, actually you don't know what its like out here.

Here's a pair of articles, neither about the US, but talking about the same trend and I'm willing to bet that the same is true here.

After the boomers, meet the children dubbed 'baby losers'

'Some talk of a war between the generations, but that's a little simplistic. It is more that the system means that the haves are keeping what they have and no one is helping the have-nots,' said Chauvel. 'The big determinant in France now of success is not your educational level but the wealth of your parents, if they can support you during your twenties as you fight your way into a closed employment market.'

Young people entering workforce still earning less than parents did

Across all age groups, median salaries for full-time workers have changed little in 25 years. Workers today make, on average, a mere $53 more than they did in 1980, when adjusted for inflation, according to the census.

One could argue that this is the US, not Europe or Canada, but I seriously doubt that the demographics there are really that much different than the demographics here.

But as the boomers retire, surely jobs will open up. Maybe.

The looming retirement of the baby boom generation and the labour shortage that's expected to ensue could, however, spell good news for young folks anxious to enter the labour market or earn more cash.

Still, Morissette cautions the jobs may not materialize.

"In the face of labour shortages, some firms will make use of foreign outsourcing of services and will use labour abroad to fill up their orders," he said.

"These labour shortages might not necessarily lead to wage increases for younger workers."

Lehmann added there's also a good chance young people struggling to find well paying work today may simply be too old to take advantage by the time the market opens up.


So the boomers retire, here in the US they get on to the already stressed Social Security roster, and the people that are supposed to be earning money to refill the coffers, can't earn enough to build the stability that the middle class needs.

I'm not expecting to live beyond my means. I don't want a big house, two big cars and a huge TV, but I want to be able to buy a house in the next five to seven years. I want to be able to afford a child. I want a job that puts food on the table. I know that my grandparents gave my parents the down payment on the house I grew up in, and I'm not too proud to accept that kind of help. But I want to make it on my own, and that looks harder and harder everyday.

By the way, congrats to all the new college grads. I've been out here in the real world for a year, and let me tell you, that shock you're feeling, your parents don't actually know what its like.

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