Young people have every reason to be enraged, says 'Algebra of Wealth' author
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- čas přidán 22. 04. 2024
- Professor and author Scott Galloway joins Morning Joe to discuss his new book 'The Algebra of Wealth: A Simple Formula for Financial Security'.
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Young people have every reason to be enraged, says 'Algebra of Wealth' author
#Wealth #Money #Business
I’m not angry that people are doing better than me. I’m angry the people doing better than me actively do things to make our lives harder.
Agreed 💯
Exactly
They're called the "trickle down" crowd and their only "purpose" in life is to rig everything they can get their hands on while telling total fiction and finding and constantly harping on emotional surface level "issues", emotionally manipulating the population so they can keep doing it.
Such as?
I was watching shark tank one day and realized those sharks and others like them are exactly why we have experienced the inflation we see since 2020. They suggested an entrepreneur mark up their product far higher than they wanted to. It wasn't enough to turn a healthy profit. Marc Cuban, Mr Wonderful, etc had to be absolute PIGS about their profit margin. It was just vulgar, very "New money" behavior.
Buying the government was the best investment the rich ever made.
The United States of America has the best government that money can buy.
And they aren’t even the American rich.
Your quote needs to be on a bumper sticker!!
You’re absolutely correct and if you look at Americas wealthiest individuals, you will see that they all support our Democrat party. Probably the two wealthiest people in the country are Warren Buffett, and Bill Gates who are both strong Democratic Party supporters and financial contributors. If we look at the countries largest corporations, we will see that the CEOs of these huge corporations are strong and Democrat parties supporters. Our Democrat party is supported by the extremely rich.
@@t.r.campbell6585 I though Musk was the richest man in America? And it is not about a couple here or there it is critical mass. Two uber rich versus thirty or forty who are just about as uber rich is no contest.
That’s was a powerful statement: “we are replicating the most dangerous person; Young, broke, lonely, and ANGRY 😡 men”
And that's why they are talking about it now. They are afraid of what comes next and they want to pretend they care so they don't suffer when people have had enough
@@caliburxzeroFight Club
And the last time there was a lot of that was in the 1930s. Look how that went..
and they're EDUCATED with viable degrees, to boot.
@@caliburxzerothey are not afraid...they already know how are they going to use these men....war....
As a 30 year old man, he’s right. I’ve spent my entire life in school and have a PhD in Computer Science to show for it, but I can’t even get a job because of tech hiring freezes. I’m overqualified for everything, while also underqualified for everything too. I’ve been writing code in C++ for half my life and can do leetcode hards in my sleep, got a perfect ACT score in high school. But I can’t even get a job. I entered into the workplace at the wrong time (graduated with my PhD in May 2023). My dad, aged 70, only has a high school education, is objectively stupid by modern standards, can’t even use a computer, and he makes 200k a year and owns a 1.5 million dollar house that he bought for $200,000 30 years ago, and doesn’t want to retire, all because he advanced his career during a golden era of prosperity that gave him opportunities to move up in his company. I have better luck just waiting for my dad to die so I can live a life of prosperity from his inheritance. How sad is that?
Go work for the government.
Your job was outsourced to India. I saw the handwriting on the wall in the early 1990s when I used to work for a computer software company in their Benefits department in Boston, MA. Software engineers, overworked, high turnover, and unstable life. So glad I studied Business Administration. 401k industry now. My Engineering friends in college used to make fun of me because I was a "business" major. 🙄
Yep, writing is on the wall. The economy may be "healthy" but it has no foundation at this point.
I'm so sorry.
I'm a Gen Xer, and we got messed over almost as bad.
Your dads generation hit the jackpot.
You could teach at a university. Just earn money like you have no buffer or soft place to fall. If you are single, work two jobs. You probably don't sleep much anyway.
Glad somebody older is speaking on our behalf. I’m 30 and dude is spot on.
Gen X here. I don't own a home, but things were way easier for those of us who left high school in the 1990s. We had better opportunities.
This dude is a grifter
@@maniac50ae14hogwash. Boomers are selfish, Galloway is a GenXer & he’s spot on.
He's not. He blames it on younger generations not being able to "adult" ultimately.
@@storksforever2000...my take is that he's not blaming them, he's blaming the overarching gub'ment and country approach to education and societal drift...young people are a part of it in fabric but are not the ultimate seamstress
Im 37. Pretty much worked 12 hours a day since I was 18. I have 1 year of college and 2 year degree in the trades. No criminal problems. No drug problems. I’m struggling to afford a home. We don’t want families if we can’t afford a home. If you can’t have a home or a family and u work 12 hrs a day it gets to be depressing after 20 years.. then to help out, everyone older just says how lazy my generation is..
^This.
I'm a 34yo with an associates and bachelor's degrees, two paid summer internships with NASA (I'm not joking), had my senior research paper published, and have been working since 2009. Clean record, no addictions, good credit, pay all my own bills, willing to move anywhere in the country for a good entry-level job, and yet still not good enough for employers. After years of applying before and after graduating college, while continuing to work my cashier job through the height of covid, I could only land a local job that required a high school diploma. Went from $12/hr cashiering to $16/hr as a lab technician. ....Yeah. All that student debt sure was worth it. >:/ It was my biggest fear to be stuck at home at my current age, but I simply can not afford to move out no matter how many pennies I pinch. I grew up poor, so I know how to be frugal, but I had hoped college would grant me the advantage I needed to do better than my parents. So much for that.
I'm 36, zero higher education which at 18 I was convinced by society that I was destined for poverty, at 21 I bought my first home foreclosure with a zero down loan on minimum wage because the fixed rate mortgage was cheaper than my studio apartment rent. Now I'm debt free in South Florida with a paid off house and rental because real estate has only gone up in the last 16 years and I literally owe it all to dumb luck. I still feel like I'm the one who should be struggling and not the college graduates that live with their parents.
I'm 65 - west of Chicago. 2 Associate degrees - a Bachelors in Computer Programming. A Class A CDL. No vises or issues. Nothing worked out. I don't think I could ever have afforded the same life that my parents had - my father was a low paid barber and my mother was a stay at home mom.
I have a degree and 12 years experience in my field, numerous awards and client accolades. And yet I struggle to find work and get treated like Im disposable.
Nothing makes sense.
Cus the govt / politician make life expencive f.x through building codes, zoninga laws and NIMBY regulations cus that creates jobs and power 4 the politicians. The problem is not the billionares, they compete with each other creating products we want at prices we can afford. The problem is bloated govt that creates products we do not want at exorbitant prices because the govt is the perfect monopoly
I met a Latin American revolutionary that fought his government. He said when you see farm animals eating better than your children, it motivates you to do something about it.
🎯🎯🎯🎯 I read somewhere that in South Africa, the ANC formed a military wing when they realized that (1) they simply couldn’t get justice under the apartheid regime and (2) all forms of peaceful protest were formally criminalized. It was either accept being treated as subhuman in their own land or learn to fight back…even though, if memory serves, they had one person who had ever fired a rifle and nobody owned one…
@@tonyjones1560 prolly after I think the Soweto massacre in 1960s they chose the "armed struggle" option. Thankfully the USSR (and later China) was *perfectly* happy to give them weapons and training!
@@Warsie I think you’re correct. If memory serves, the ANC’s early “military campaigns” revolved around acts of “simple” sabotage. “Sugar in the gas tank” type of things, at least until the Russians, or their proxies, showed up.
@@Warsieweapons didn't defeat apartheid.
@@craigbritton1089 sure about that? Pretty sure the terrorism and whatnot was one of those chipping at the regime's ability to function
We aren’t just angry because of the grim economic prospects. We are also angry because we see horrible, corrupt people at the top way too much. There is a feeling of inherent unjustness of the system, and that does lead one to thoughts of tearing it down. All of these dark and destructive impulses are then exploited and encouraged by political and economic propaganda, creating a vicious cycle.
A society for sociopaths, by sociopaths.
Well, look who is in charge and vote them out.
@@CraigVerdi-MindfulMoney I'm sure we are given valid alternatives
Angry because those corrupt people are laughing at us, calling us lazy.
@@CraigVerdi-MindfulMoney let a lion loose in Congress. You’d see an immediate change. Corruption would return but you’d see a change 😂
In the 1960s a company makes money and the CEO makes money, the CEO gives his workers a bonus or a bump in salary. The employees buy a home and start a family. Now, CEOS give themselves a bonus and the workers get 1 pizza party. And it's written off as employee expense at the end of year for taxes.
This!
You wish you get a pizza party, you'll likely get a layoff to increase margins and make the shares look better
It has never worked like that. Greed didn't suddenly appear in the last 30 years.
CEOS were all about making money. But CEOs gave bonuses or stock or a living wage to employees so they buy a house and start a family. But During the late 1980s and, especially, the early 1990s, a wave of what was called “downsizing” swept-or allegedly swept-corporate America. That's where it became fashionable to have cut budgets. To have 1 employee do the work of 3 employees. And not get a raise. And the company saved money by not paying 3 people but 1.
Or, stock buy back programs instead of investing in your company or people just to make the Street happy with your share price and consequently earn your fat bonuses.
"We are producing too many of the most dangerous people of the world, and that is a young, broke, and lonely young man."
This is so true. Our society is really messing up here by not only sowing the seeds of revolution, but also providing the perfect stage for it as well.
I mean our country was founded on revolution
That is a total b.s. narrative peddled by the feminists
It worked for ISIS
Exactly. I was telling a feminist this the other day. "I'd pump the brakes on man hating because in a few short years men will become your worst enemy or your salvation. You're gonna have to decide and plan." She looked at me stupid smh. Our society got her by catering to women and not men despite men being the entire foundation of society as a whole.
More money in schools ( I don't trust private schools today) less money into our military.
Note the transparent, immediate pivot by the guy on network payroll to blaming social media, rather than following the thesis of the argument - that the personal selfishness of those with power is the overwhelming cause of these problems.
Good Lord, then the other one uses his time to blame the financial illiteracy of college grads
Yep immediately pivots to personal responsibility. MLK said it best “This country has socialism for the rich, rugged individualism for the poor.”
Personal selfishness covers the entire range of humanity. With 49.999... percent more selfish than average.
And that selfishness covers everything from money to personal lifestyle.
The selfishness of personal lifestyles has gotten more hard right conservatives into power than money.
And that comes from those whose religious views compel them to vote against their economic interests; and the far left/ Woke who tell people they are horrible people if they don't agree that a straight man should date anyone who claims to be a woman.
That really makes me face palm
Is it really a pivot? Look at who owns twitter and Facebook - billionaires. The publicly traded among them are worth billions, most stocks owned by billionaires.
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
Biden is worst thing that happened to us
TRUMP 2024
Having an FA is the best way to go. Based on a direct encounter with a CFP named Julia Hope Marble I can say with certainty that their skills are excellent. She helped raise over 580,000 in 18 months from an initially stagnant portfolio of 150,000
Having an FA is the best way to go. Based on a direct encounter with a CFP named Julia Hope Marble I can say with certainty that their skills are excellent. She helped raise over 580,000 in 18 months from an initially stagnant portfolio of 150,000
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
I live in Boston. The median rent in 2024 in Boston is $3,400/month. The median home price for a very small home is $800,000. And the vast majority of jobs pay $18-$25/hour. Enough said. The numbers speak for themselves.
I had an apartment in the North End in 1989 for $375 a month. Shows you how much Boston has changed.
@sunnyd4734 yeah I make about $95,000 a year and I live in a very tiny apartment and drive a 15 year old car. I have no idea how the people working at grocery stores or in the service industry afford to live
We lived in Jamaica Plain in 95 in a 2 bedroom for $500!
I live in Boston too and I’m back at home bc I can’t afford anything!!
@@sunnyd4734 if we only account for standard inflation, that would be about $950 today. Instead, it's $3,400, which is more than triple what the rent price should look like just from standard inflation. And if we're being realistic, most of these apartments are not getting any nicer!
Who would have thought that optimizing an entire civilization to just increase private profit would have negative consequences…
isn't this why Rome fell? Collapsed from it's own weight...slowly...over a long period of time.
Profit is good, it is a signal of market efficiently.
The problem is large government that can affect the economy.
It opens up a moral hazard for producers to bribe and lobby government, giving them an unfair market advantage.
This leads to less free-market competition, which leads to higher prices, endless wars, and inflation.
The problem is not profit, the problem is a government that can affect the economy.
@@SecretMountainTrollyou realize govt is also responsible for breaking up monopolies and ensuring workers have basic human rights?
@@SecretMountainTroll Counterpoint: Concentrated profit is not good. The inevitable process of an unregulated free-market is that in due time, the competition will start flooding resources to one side to the point there's no more competition. As long as profit becomes concentrated in singular individuals or industry, it will spark the same degree of sentiment. At current, we already are experiencing a close situation with the same process, where this isn't just an economical issue but a societal issue. We have the power of purchase being weaker on one end, while the other has plenty. People finding escape goats instead of genuine improving talents or professional skills in the pursuit to accumulate the most amount of wealth possible in a brief period of time.
This is not a government issue, for it wasn't the government that applied it. Reason why? This is a global issue. Each government in each country has different politics and policies, and yet the same problem persists in a worldwide scale. This is a product of the globalization and access to worldwide information, which sparked societal issues provenient from economical stress.
@@SecretMountainTrolloh yes, is the goverment fault that my landlord raises the rent, is not enough for him owning the whole block earning 50k per month. Pls give me a break
The point about lack of financial literacy I found borderline insulting. It's not that we don't know how to manage money, it's that the entire system has been created in a way where one must have a certain amount of money and means to effectively grow and manage wealth. And we don't have the opportunity to make enough to even get into that system.
By design.
Yeah. Most kids understand credit cards easily, they’re not stupid
That man was about to blame our lack of money on buying too much avocado toast I swear
I am tired of people/ couples making hundreds of thousands of dollars a year saying they are kept out of the system.
Tired of hearing about student debt from people who didn't work in college and have traveled all over the world on borrowed money.
Most medical professionals of my parents generation did not travel outside The US till their kids were through college; now most medical professional students vacation in exotic locations while in school.
The super rich have it way to easy to become even wealthier; but if the students and recent graduates would invest in mutual funds with their daily coffee budget; they would be better off.
I worked at a nonprofit where there were staff who made less than twenty an hour who had hundreds of thousands in retirement; and others who made more who were in perpetual debt
Guess who ate at work and drank company coffee; and which brought in fast food and Starbucks. Which had 60k cars; and which 20-30k?
Guess which were obese?
And the two with the most in retirement were black men.
Exactly. He was doing so well and that’s where he lost me
Because it immediately affects their level of living, people are impacted by inflation far more swiftly than they are by a stock or real estate market disaster. It is hardly surprising that market sentiment is as gloomy as it is right now. We are in desperate need of your help if we are to survive in this economy.
I feel like I could really need more assistance because navigating the market is so frightening to me. I've already sold off the majority of my assets, so I could use some guidance on where to put my money.
I hope everyone has money ready to invest at the appropriate time. Planned actions can help you secure your financial future. You still have the best chance of becoming a millionaire on the stock market.
Biden is not entirely responsible for whatever is going. The economy is cyclical, and things will definitely get better. The first rule of investing is to keep investing, whatever the economy is doing. That is how you make substantial gains.
That's some incredible gains. How do you find a financial advisor? I've been trying to connect with one for some time now, an I don't want to work with hedge funds.
There are many independent advisors to choose from. But I work with Monica Shawn Marti and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
This is not about financial literacy. It's about justice. The only country in the world with a financial system that actively looks to leverage the need for education to exploit students just starting out. What country, parents or grandparents do that?
Then it is time to protest, but not just stand in the streets. That won't do much. If people refused to take out student loans en masse for just one year, colleges and universities would be on their knees begging. They are the reason higher education has gotten so expensive in recent years. Regardless, what I don't get is the Federal Reserve will loan money to companies at absurdly low rates, but the government won't do the same for higher education. Congress could fix this. Tie student loan interest rates to the lending interest rates of the Fed. Whatever sweetheart deal banks get, so too should people getting higher education. Education doesn't need to be free, though that'd be nice, but the cost does need to be fair. And today it isn't.
Exactly, previous generations didn't need financial literacy, the government and companies would look after them. Great pensions, great work opportunities, they never needed to know how to calculate compound interest.
I groaned as soon as they shifted to blaming the victim, as if the hosts knew about that stuff when they were young people (50 years ago)
The deck will always be stacked for old ppl because
18-24 year olds vote at 1/3 the rate of seniors and none of them own a SuperPAC or even a lobbyist. They also don't own large businesses so offering a "consulting" job to government officials isn't possible either
@@YouSnoozeYouNooze It's not normal to exploit kids and burden them with loans and the equivalent of a mortgage payment just as they are starting out. To benefit bankers. Only in the USA. Not normal.
As a millennial, I don’t think that I’m failing in life. I think I’m doing the best that I can in a situation that is largely rigged against me. Everyone knows that the way things are going right now is not sustainable. If the older generations disenfranchise the younger generations, it will not only destroy this country, they will lose everything they hoarded for themselves. If you build your big towers on faulty foundations that are cracking, don’t expect those towers to stand.
A lot of those older generations are also suffering. The offshoring and outsourcing that took place between the late 1980s - early 2010s wiped out a lot of jobs. There were books written about it in the early 1990's, when Millennials were still kids. The problem is systemic. I agree with you that the towers are cracking and there will come a time they will fall.
@@chriscampbell9191 Very true, globalism is only good for those set to profit from lower wages abroad. And higher margins when selling thier goods at home. While I have been fortunate, it has never been easy. I worked in one of the most difficult professions to outsource, Sales. In starting my career in computer science however, I saw the careers of many of my peers have thier jobs outsourced to India at a fraction of the cost. This just one short decade after seeing my father's and all his friends lose thier manufacturing jobs ot overseas workers. Our government, in all cases, stood by thier Corporate donors and allowed it to happen. Doubling down with NAFTA which destroyed blue collar wages and sent millions of our youth off to college with the dangerous message of "major in what you wish and you will get a high paying job". I am afraid until we can establish a government that is truely "by the people, for the people", operates with fiscal responsibility, and creates incentives for business to hire and retain American workers this problem will persist. I hate to see that the resement of the young is directed at "older people" when it's not the "older" that should be the focus of our ire. Rather the focus should be "powerful" who constantly stoke division by funding a political class that never solves problems. Government has only proven to makes existing problems worse while enriching themselves at the expense of the lower and middle class taxpayers.
You really want to scare a boomer. Tell them there's a pretty good chance they'll be alive in the year 2044.
democrats are definitely destroying the country.
@@SuperDrake85 Would that scare them? Nope. They want to live, just like everyone else. Yes, there are many older ones who may end up in adult care, and that's nothing to look forward to, but that happens to older people of any generation. As for Social Security running out, that's been said for several decades now, even when Clinton was president. The ramp up of illegals who eventually work and pay in will probably keep it afloat for more than a decade. That said, inflation is socking it to everyone, regardless of generation. And yeah, the younger generations have been getting the shaft, instead of a chance at the American Dream. Like the guy in the video says, the "social compact" is breaking down.
Gen Xr here. I went from 'just work harder' to 'burn this b down' after having meaningful conversations with young adults. Scott's assessment is sobering, and over the target.
I've spent years being a slave to corporate America and got nothing for my trouble...I weep for the future of our youth.
As an elder millennial, I appreciate this segment a lot. I wish more older people understood how the world has changed from when they were my age.
As a 35yr old homeowning millennial, i understand it 100%. This happens when money printing goes too far and reaches a tipping point
@@brent4073 LOL. I find this funny. Your generation will actually be worse than the boomers. Your generation wants students loans forgiven and yet you'll also want social security. You'll be double dippers.
It’s not just the money printing. They print the money and then give it to the rich people. And then they have unlimited immigration to drive down labor costs and if you complain about it you’re racist. And those 2 things are just the tip of the iceberg of why this is happening.
I think they understand. Especially watching my parents' generation struggle with cell phones and the internet... they know the world has changed.
The irony is that older people actually have life experience and perspective to understand the situation younger folks are in, whereas young people have limited to no perspective on the lives of older people and tend to assume they always had it easy. They didn't. They were not sitting in front of computers hanging out on social media all day. They were shoveling coal into furnaces, and cooking just to stay warm... They worked as roofers, and plumbers, and domestic engineers raising many more children than what's considered normal for a family today. They are tired and deserve to rest - yet society generally doesn't show them a whole lot of empathy.
@@drcatrinaking baby boomers would be doing the exact same thing millennials and genZ do if they were born into the iphone age. I would argue that they were much better off not having iPhones and air conditioning. Also they had far better financial opportunities. As cozy as AC and iPhones are, life would be much better without them. That’s not even up for debate.
My two youngest sons (22 & 19) have made plans to leave the US permanently for Europe. As a military veteran this is an outcome that I am completely unprepared for - 'we're the greatest country on Earth! Why would you want to leave???' But as George Carlin put it: "they call it The American Dream, because you have to be asleep to believe in it." 😥
Europe is not better than US.
We face the same problems.
sounds like they are falling for the old "grass is always greener on the other side of the fence"
@@skyboy1956Grass is greener where you water it.
@@siddhartacrowley8759 Europe is WORSE, because at least USA has cheap energy to power their economy.
@@siddhartacrowley8759 Europe is a much easier laid back more rewarding lifestyle, especiallty when not rich.
Like someone above me said: I’m not particularly angry that people are doing better than me. I’m angry that the people who are doing better than me are going out of their way to make it harder for everyone else.
Why repost the exact same comment that you read from someone else instead of simply liking their comment and expressing agreement with them? Do you need attention that much?
In what way? Nobody can make it harder for you except you ! !
@@skyboy1956 Were you born in 1956?
@@skyboy1956We live in a society, that’s why. Does what your neighbor does affect you? What about your mayor? Your boss? What about the job market, assuming you could get laid off tomorrow?
We aren’t lone wolfs.
@@skyboy1956yes because I definitely wasn’t born into the situation I’m in. I have been voting since the Declaration of Independence had been written so ofc it’s my own fault 🤡🤡🤡 it’s also my fault that I owe trillions of dollars that I didn’t even see the benefit from because I became 18 3 years ago, right? Actual animal I swear
Anyone else notice how he started out talking some serious class warfare dialogue, but the interviewers quickly dialed it back to a culture-war context (3:55) and then dialed it even further back to personal responsibility (5:40)? We really went from "society failed its future" so "it's their fault for not knowing about interest rates" in like 4 minutes.
These elements are intimately connected. Remove financial education from schools and the youth will make make poor spending and investing choices, which makes them even more susceptible to the broader economic situation.
The good news is that financial education is free (CZcams, the internet, etc.). The bad news is that the youth are unaware.
Yes, because everyone on that table doesn’t care about the truth surrounding them, except for Scott like half-assedly in this example, and they are on National television broadcasting trends. They don’t want the warfare dialogue to rile up too much for fear of attention and inspiration directly from the person bringing up the matter about what’s happening, so they shifted the blame and focus on the “lack of knowledge” that this generation has.
Any failure by young adults due to "not knowing" is a failure of parenting & education systems. Kids don't chose how they're schooled.
Our modest middle class suburban home's value has gone up 700% since I bought it in the mid-80s. On paper we're millionaires, but still living middle class. Our millennial daughter still lives with us. She has friends working full-time and renting who are in fear of becoming homeless on the street. Housing is being bought up by investors, making housing prices out of reach for people who just want to live in their own home.
Seems like the remaining affordable housing is located in parts of the country where there are no good jobs.
Those investors are getting money from the federal government to buy those houses too. We work and pay our government to buy our dreams out from under us.
Must be nice
@user-zu5do6ri6r USDA .gov has programs to help citizens and acquire housing. The property won't be in a big city but it can be more affordable.
That 700% increase in the value of your home, the banks are loving it.
My Dad was making $20 an hour in the 80s at a blue collar job. How is $20 an hr still seen as good pay ?
$20/h in the 80s was a decent amount of money. He was making tons more than the average American at the time. In today's money, his salary would probably be around $60/h. Not a good comparison.
@@kuroodo_ exactly. I was a teen in the 1980's. Making $20/hr, say in 1985, was big, big money for the majority of people. You could pay the meals for 3-4 people or buy like 6-7 movie tickets with $20.00. The minimum wage where I lived was $3.35/hr in 1985.
Im nordic european here, I work as a painter (4 years of training as an appretice) wages is about 27$ / hour, 42 % In income tax. We have free universal healthcare and education for everyone. Here income tax is exponential to your salary, top tax is 52,05 and after your income goes above 84,5 K a year. Here the social system keeps everyone avaible to function and living. Makes any sense to you?
@@CookieMonster-zn8oc I was also a teen in the (mid) 1980's. Federal minimum wage was $3. 35 per hour for "non tipped" workers (tipped workers made $2.12 per hour) this lasted well into the 1990's. My first job was at McDonald's, where my first wage was $3. 45 an hour (because I had no previous work experience). My second job a year later in 1987 was at K Mart, they offered me a starting wage on the lowest part- time position available of $3. 60, a whopping .25 ¢ over minimum wage and I had a solid year of "work experience".
Though $20 an hour was not the top hourly pay in some manufacturing jobs, it was a lot at the time - enough to be the sole income that supported a family. Inflation has changed that.
@@AahFukIt"Here the social (...) function and living."
If they're lucky... and that's a very big "if".
First half of the interview was exceptional, second half basically is an example of how media framing serves and reinforces the economic problem that drives the social problems
An adulting class. Because his own son can't understand interest rates. Seems like a "him" problem.. cable media boomer ideas are contributing to the destruction because boomers REFUSE to acknowledge what is going on.
Thank you lol
Fear is a dangerous component, hindering us from taking the bold steps we need in other to reach our goals. Nobody can become financially successful overnight. They put in background work but we tend to see the finished part.
Baby boomers never had to deal with such high inflation that younger folks in Gen Z are having to deal with. I've seen archive films from the 1960s/70s/80s of grocery store prices; you could get a big shopping cart full of groceries for only $20!! These days, $20 at a grocery store only gets you a few items.
I had great financial literacy, but until I started making enough money to have anything left after food and rent, it did not matter. I would laugh at financial experts saying that I should not pay more than 25% of my income in rent when that would not have even rented a cardboard box in the city where I was living.
roommates
@@jakevb141 Roommates? What? Till you retire? Roommates do exist. They're called PARENTS!!! Stop being so glib
@@fatherfigure5 until you can afford housing or get a partner
100% I know a fair amount about real estate and money but it's hard to leverage that knowledge without any capital.
@@jakevb141 Truly genius player
The young people are going to end up tearing down the walls because they have NOTHING TO LOSE!
Where will you put your cheap Chinese TV?
It's not just the young.
What would they gain?
@@beingsshepherdSatisfaction and change
@@beingsshepherd Catharsis
Young men didn't turn their back on society. Society turned it's back on young men.
I wonder where all the male-only places went tbh
Feminism kills young men. We have let them set the new rules. And the new rules are pro woman, and anti male. The media loves it. They hate moms, they hate families. They shame women who stay home and raise kids. This is the issue.
Especially if you're white.
@@djbombba Anyone who helps men or supports men is automatically deemed 'toxic'. Even Jordan Peterson had to deal with that.
That’s soo truee !
His TED talk show was so good.
My grand kids will not have kids because of this scheme. Life is too expensive! It's work all the time! It's mother nature to suspend procreation when resources are NOT there. Time is a resource. Raising kids is an investment of time and money. Kids don't have either.
Population decline incoming, and it's the rich people who is making their slave labor go away.
Yup parents 30 or 40 years ago might not have a lot of time but they had the money to make up for it.
Life has always been expensive and perilous. My mother was born in Warsaw during WWII with literal bombs falling all around. People are not having kids cuz they don't have to. It's called birth control and its ubiquitous use in society is a relatively new phenomenon. Also, kids used to be considered a blessing. Hardly anyone believes that anymore. Also, "quality of life" is really the only thing people care about and kids WILL NOT improve that
I would argue they had more time back then too. Many women were housewives or they lived very close to grandparents who could babysit. And there was a lot less birth control.
Interesting point about resources & suspending procreation.
I've been saying this for over 20 years. Nobody listened until it affected them.
Yeah, exactly. This isn't a new problem. It's been going on for 40+ years now, and the only reason it evened out somewhat for a lot of Gen X was the 90s tech bubble. But it was clear 20 years ago this was a problem and it was growing, and then especially in the wake of the recession. But now that Boomers are aging and don't have any grandchildren because their kids are barely scraping by at 37, along with people under 50 now making up much more of the electoral cohort, you're starting to hear it taking more seriously. But it might be too late. If only it was taken seriously back in the 2000s instead of responding to legit complaints with things like "Quit whining! Let me tell you about interest rates in 1978!" and the entire political establishment courting the by then over 50 crowd, it might have been dealt with properly.
People still aren't listening. They won't until their lives are in danger.
Yea that's what covid showed, they don't understand until it happens to them, but some have cognitive dissonance
@@gf4670that’s the Me generation strong at work
My dad got a construction job in downtown toronto nearly 40 years ago and it paid 16$/hr with no experience required. You just had to walk onto the site, say you wanted to work, and they gave you a job. The job was very hard, but simple. As a teen he was digging holes with a shovel for hours. But imagine making that much money decades ago. He was already in his own home in his early 20's (with a family wife and two kids).
He has a TED Talk that explains this in more depth. He's 100% right. He needs to be out there more explaining this. Nobody's putting it together like he does
Left wing groups have been shouting this from the rooftops but we are being gaslighted by the media as blue haired SJWs with too much money.
Because they want to give the populace the perception that the people who are trying to fight for your rights are the crazy ones.
The left is economically focused on taking money back from the rich and giving it back to the working class. We've been telling yall for over millenia.
I need to take a moment to apologize to all the great socialist thinkers of the past that have already explained all of this in great depth and have predicted exactly how this all plays out, which has always proven exactly right on target every time.
My mom begging us to have kids while they refuse to help us care for them is comical. She thinks I'm exaggerating when I say daycare PER CHILD is literally a little over half of my monthly salary. We can't save any money or buy a house.
I recently came to the realization that I’m probably not going to be a grandmother. First, it’s too unsafe for my female children to be pregnant in this country at this time. Second, with climate change wreaking havoc through severe weather events and fires and such, the planet won’t be habitable. Better not to bring kids into that. And third, my kids won’t be able to afford having kids. The cost of daycare is absolutely insane.
My mom is the same, except I actually had the kid. None of my aunts, uncles, parents helped.
@@OhHollyOGood people not having kids makes this country even worse. Hopefully you help them find self-respect, confidence as well as find respect and kindness in their relationship. They may not have money for childcare, but perhaps living in a multigenerational household will be even better as a solution. It's about values and what you are willing to do. Do you value independence and your free time more than the well-being of your extended family? We must do things that require work if we want to have those close knit family ties. I'm not advocating against having free time boundaries. Having grown up in a different country and in a different time, I find that the current world is unnecessarily complex. E.g. instead of paying 3-4 bills a month, we have over 20. So instead of helping elderly parents manage that, groceries and other things, why not live together. Elderly can help with grandkids and kids can help when they their parents no longer can do things by themselves. Some aspects will be harder, but overall there's a lot of time that can be gained, as well as money. I've met lots of Indian and Muslim families (my husband's high school friends), who are business owners and millionaires in the US. They all live with their extended families in mansions. There might be two siblings with their families and their elderly grandparents. I'm sure it's not easy. But if people communicate well and respect boundaries, they can have an easier and wealthier lives together. Not all Indian and Muslim families are millionaires or have an easier life. What I'm saying is that even those who make it to 1% have something to gain when they stick together. My parents aren't ideal when it comes to respecting boundaries, but I find value in resource preservation, or pulling resources together. I also have daughters and I hope they stay close and help each other as opposed to isolating and looking for their own communities.
@@OhHollyOTo be clear, I don't have traditional values. I'm just pragmatic. I value my free time , but also feel obligated to help my parents as they age. That's what people who love each other should be doing. Even if your parents don't help, it doesn't mean you have to become someone like them.
@@OhHollyO Oh come on.. Cheer up.
Italian here, but I feel the sentiment translates outside the US as well, and want to share an opinion - people are getting angrier, more reclusive, and look for low-risk, low-effort, high-reward paths in life because high-risk and/or high-effort don't guarantee high reward anymore. What's the point of toiling away, if your chances are so slim anyways, and you're going to get beaten down in the process of pursuing them? There's no such thing as a simple, dignified job leading to a comfortable, wholesome life, where you can enjoy being alive, while building something that might outlast you for whoever comes next, be it a buyer or a heir. And the mention of having to teach "adulting" in school, as if that's something that used to be common before, is just a sign of certain facets of society having become both unavoidable AND overly complex, to the benefit of a very select section of people. There used to be a time when everybody could just play their role in society, while relying on others to fullfill theirs, and we could rely on one another. If dealing with certain paperwork is too much, it's ok, because I can afford to rely on someone who instead understands that, and has made a point of offering that as a service, to build his own success over, so that I could focus on living my life while building on my proclivities, that he too may come to me for, if needed, and we could all afford to rely on each other. Having to bear the full burden of EVERY aspect of a very complex society, with no reward other than just surviving, that's what's killing people. It's a zero-sum game, for most.
Yes, China and Japan too.
Well said! Scott seems to understand HALF of the problem, but just can't grasp the concept that life has actually become harder in ways he is insulated from.
Very well said. Its the same in germany, too.
Bingo. There's not even career development or training anymore. You have to compete with the boomers still in the work force, too, in a job market where employers expect prior experience.
Yea and Americans have to do their own taxes, set up their own healthcare plan, set up their own dental care plan (dental is not covered in healthcare) We all need a car in order to have a job because only a few cities here have functioning public transit, and we have to pay out of pocket for college.
No other developed country in the world requires their citizens to do all these things on their own or force them to own a car in order to work. Just in the USA
Count yourself lucky as an Italian and take advantage of the programs you have access to.
The hosts are complete tools for shifting this conversation from the greed of the elderly to the feigned ignorance of the young.
Yea that other old man was about to blame our lack of saving money due to buying avocado toast.
He expects us to have financial literacy when we have no finances 😂
I am a 36 year-old male that is broke and is lonely. 100% of what this man is saying is true in my experience; the disenchantment and hardship that I feel is, at sometime, beyond my ability of convey to my folks of older generations.
It's because you've been alienated. Marxist theory gets very deep in its analysis of why this happens but there is a short essay that you could give a shot called "Estranged Labour", discussing how work culture where workers create commodities ultimately become commodities themselves. People become alienated from not only the things they create, but also alienated from the natural world and from even themselves. Everyone is hyper individualized and only focuses on their own personal rat race in the system.
Can’t really trust them to ever understand. They didn’t grow up seeing our struggles, therefore they likely won’t validate them unless it was affecting them in some ways.
If only companies would hire more entry level positions, and then MENTOR them. Boy... wouldn't that be nice...
The president of Ford in the 80's said that companies don't have a duty to their employees, they have a duty to their share-holders...that was 40 years ago.
@@jamesstanford9010 over the last 40 years ford has gotten a reputation for cars that are constantly breaking down and unreliable. Aside from their pickup trucks, Ford doesn't have a particularly enticing or popular line up of cars.
@@jamesstanford9010 Your only duty is to buy the cheapest Chinese TV you can.
You are good at this.
There's only so many positions a company can hire people for. Expecting companies to provide more of the same old isn't going to fix things.
@@fitsodafun Regardless, Dems sure do love cheap, slave built products. They do not have a moral code.
The system is not broken. It is working exactly as intended.
Spot on … they don’t want the larger sevens to of the population to have buying power or real access to power/influence
It's not working as intended. It's been corrupted and it's working as intended by those who corrupted it
If Covid hadn't happened, we would have never got the chance to stop and think "what the heck is going on?"
@@user-yx6ox7us9v Then we need to ask who was capitalism designed to work for.
When those ol' Boomers the 'Beach Boy's 'sang 'Let's go Serf'n now' ... people should've been pay'n more attention.
Get angry, get organized.
Government and corporations need to fear the people they represent and supply service to.
It's slowly getting to that point now. Finally.
Its called extraction. All the wealth is being extracted by the people at the top.
Finally, a real segment from MSNBC
I don't even watch MSNBC but I took a moment to watch based on the topic
I kinda watch only watch Joy Reid, Aman and Velshi. The rest of them are all bought and paid by AIPAC and pro Gcide🤮🤮
Right like mainstream media speaking the truth for once??
@@pwetty4r4Fwiw, things getting so bad mainstream media probably wondering if 'French Revolution 2' sequel will be showing up someday🤔😒😟
Yeah was not expecting this.
My dad was a salary man and my mom a housewife so I grew up as a financially illiterate boomer. When my wife and my small business started to do well in the 80s we walked into the local bank and they offered us a rotating line of credit and the SBA at the college helped teach us the basics of financial projection and planning. These days the banks don't extend loans to individuals without huge collateral, complying with what is required in a small business is 10 times as hard, and the reward of home ownership is no longer a guaranteed result of your hard work. I'm not even sure how to realistically support or encourage young folks in my family and community.
Reagan really believed that giving tax breaks to large business owners would cause trickle down economics, but they used that money for stock buy-backs, buying politicians/judges/lawmakers and bonuses for executives etc, Reagan had to raise taxes on the working class 7 times to make up for the blunder of trickle down. 40 years of trickle down economics has lead us to the second gilded age. I don't blame Reagan because I think he really thought he was doing the right thing, but it's turned out to be a disaster.
Help your kids, send them to college in Europe. Encourage them to never come back.
Mentorship! Your knowledge and experience can help other younger people avoid early traps in starting a small business. Also your social capital (from years working in your community) can help open doors for those just starting.
@@nicomythI agree but most don’t have access to what you’re talking about.
Im 30 and I want to raise a family badly, but It just seems extremely irresponsible for me to do, not only financially, but the trend is only getting worse, dont want my kids to have it even worse than I do now.
What makes me mad is the older generation thinking this generation is lazy. It’s more disillusioned. Working 40 hours is no longer a guarantee of middle class
My father was a mechanic, my mom a typist, they bought a great house at 20 and were able to pay adoption fees to adopt me when they were 23. Things are NOT the same
There is ALWAYS money for war to go overseas... However when it comes to helping regular Americans all of a sudden there's no money. ❤❤
If you needed that money, you wouldn't have given it to the government in the first place.
@@user-zu5do6ri6rlmao you think people have a choice? Naive little fool.
We spend a zillion dollars on the military but have no idea who’s coming into our country either. Stuff doesn’t add up
@@Will-ck7hi have no idea who's coming into the country?? You wouldn't be referring to immigration, would you?? Because if you were then you would know that the situation is not going to change into a rich white men are put in prison. Rich white CEOs who perpetuate the immigration "crisis". Rich white men who hire illegal immigrants. Lol. Like Donald Trump having illegal maids in his hotels...
Bitcoin fixes this. When a government has the ability to print money, they will get to decide where it goes, and usually to proxy wars overseas. Look up the Cantillon Effect. With Bitcoin, no one controls the issuance, and the power to enrich the lives of others, or finance wars, or overall where it gets spent is entirely up to the people to decide. It is the most democratic form of money ever created/discovered.
It's not that we don't know anything about financial literacy. The problem is that we don't earn enough to invest. We're smarter than our parents and grandparents. We've been dealt a different hand.
Our grandfathers could support a family of three on a factory worker's income. We have graduate degree and work at Starbucks.
The corporate elite have taken away too much at our expense.
This issue is again the class war - rich people stealing and stacking the system ... not the generation war.
Facts
The fact you think you're smarter than your parents and grandparents is contrary to Professor Galloway's entire 6 minute lecture on the cause of social decay....and a telling clue that the epiphany was missed. People that think like this, are the men he's talking about........
It is the cost of government that has increased exponentially since your grandparents time . How can you be so clueless?
@@roughhabit9085 Now there's a good old-fashioned scapegoat right there!
I think another important point he mentioned is that the system is encouraging young people to prioritize soft skills at the expense of practical skills that solve problems. Growing up our uneducated parents could do things around the house that now require a college degree for young people to perform those tasks today. The wealthiest people are intentionally encouraging and flooding the market with soft skills that will not make an average Joe wealthy. On the other hand, practical skills that are the bedrock of the economy become less pronounced. An influencer, a streamer, or a keynote speaker can make more in a single day and eclipse the entire lifesaving of an engineer or teacher. This encourages more young people to chase pipe dreams at the expense of learning what made the wealthiest people wealthy. The wealthy remain wealthy and young people are left to play squid games.
This administration is putting many families in difficult situations. A lot of people are financially struggling to live, put a roof over their head and put food on the table. Things are getting worse these days, if you don't find means of multiplying your money you might wake up a day to realise you didn't plan well for yourself and family.
I agree with you and I believe that Professionals are currently dominating the market since they have access to both the necessary strategy for making money in this industry.
That's awesome to hear. I invested 5k in Robin hood about a year ago and it steadily went down, now my portfolio is down to $800. I don't know what to do and i am in between jobs
@@face2lune Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances.
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the expertise that assisted you and how to get in touch.
@@face2lune I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..
I'm a middle aged man and I absolutely agree with this professor. I see exactly what he describes for not just young men but also men in their 40's and 50's. I've seen many of those men also drop out of society and / or go down the same rabbit holes that the professor describes.
As a guy, algorithms lead me to those rabbit holes, even if I'm not interested, and not only are they frightening, they're full of an extraordinary amount of angry young men. That can't end well. But what happens on dating sites where 5% of men get 95% of women's interest? At least my generation learned how to socialise without a cell phone and the internet. Kids today are getting eaten alive.
I agree.
@@Cosmos_Mariner Absolutely right. Gen X is always assumed to be fine whenever this issue comes up, but they're not. I see it all the time.
@@CommaCamActually, Gen X was the first to take the hit…things have just snowballed worse for other generations since then.
I’m Gen X. I just accepted a second full-time job at a meat packing factory so I can pay my bills and save money. “Vote with your wallet, not with your feelings.”
"GM, if you don't pay your workers enough money, they won't be able to buy your car." -Michael Moore (Rodger and Me)
And GM says, “That’s fine, that’s what credit cards and loans are for”
So Michael Moore, does McDonalds pay $20.00 per hour, eliminate more jobs, and increase the cost of a hamburger to $14.95? Or is this just more INFLATION?? DUH. Stupid logic.
And sooner than later, there won't be any money to buy a car. Unless you have a wheelbarrow to carry the money in. The root of Michael Moore's plan of evil is INFLATION! Just ask yourself what cars cost in 2020. Are you better off now than 4 years ago?
And then average people can’t afford them either
They're shooting themselves in the foot. In the next decade they will realize that they can't sustain their businesses when your average consumer can't afford what their selling
Dude is 100%. I'm 30 making more then my mom did at 30 but I'm living much worse then her. Doesn't make any sense. Thank you so much for speaking on my behalf.
Schools absolutely should teach more real life lessons. Basic home repair, personal finance & budgeting, vehicle maintenance, self-sustainability (gardening), etc. Just the basic things that all adults deal with.
I agree with everything he said. Young men are focusing more on themselves instead of dating. The birth rate will likely continue to decrease over time.
As an analyst, I have been calling the United States a functional oligarchy for years, now. And the data clearly backs this up. Universal health care, universal education and universal child care. These are things that all other developed nations do to varying degrees, except for the United States. And as a consequence, wealth is concentrated. Significant estate taxes, capital gain taxes must be imposed in a meaningful way.
"Universal health care, universal education and universal child care."
Yes, Sir!! I am in full agreement.
It's leaking over into Canada too. We have some great programs that are completely underfunded because nobody seems to want to pay for it. "All hail our corporate masters" is great in theory, when you're immune from the effects, and we're finding out now that it was a bad plan. We have 3 major companies that own all the grocery stores that are gouging us, but the olds (who have to budget for the first time in their lives) are more angry at the people wanting more than minimum wage than the businesses that took public money and then posted record profits year over year since 2020.
My province is a microcosm of what happens when the Boomers eat their young and care about nothing but living it up. They drove all the young out by not giving them opportunities, and now we're in a position where we spend so much taking care of the old we can't afford public payroll, infrastructure, etc.
Meanwhile they're driving gas guzzlers down to the end of the driveway with a beer and bucket of KFC in their hands, angry at the "healthcare system" for not being able to get their blood pressure and diabetes under control.
20 years from now this is going to be a much better place and I can't wait for it.
@@b.w.6535Trudeau is a clown.
@@b.w.6535Canada… great example 😂
I think it’s more of a plutocracy.
They were so close... as a 27 year old, the social and economic factors are not separate categories. At one point, I was working 70+ hours a week, and I still couldn't make enough to afford living somewhere other than my parent's home. That affected my self-esteem and social life. Also, meeting people in person typically costs more than meeting online (food, gas, tickets, etc...). In the same vein, taking a date out is a significant cost.
I do think financial literacy classes in high school would be good, but it's not effective to teach kids how to be responsible with money when they don't have enough in the first place. There has to be a structural change in the tax code and its alignment with our societal values to make anything else worthwhile.
Thanks for the soap box, everyone, and I welcome *respectful* discussion and dissent.
Well said.
Excellent points. There's a profound feeling of defeat involved when you come of age or graduate, and are met, without context or warning, with the sobering realities of our current economy. It can absolutely disrupt your social life, going forward. Potentially for the rest of the race. It ain't right.
Well Said. You need to make more than "just enough" to get ahead. It is a lot more difficult to work a 9-5 and make enough to one day retire; at this rate, it is almost impossible.
Exactly. Whats the point of learning how a mortgage works when you’re already guaranteed to never be able to afford one?
What about the fact that capitalism is build on ecologically unsustainable incentives? A system that requires endless profit growth means using more and more resources to create more stuff to buy and sell and that continues to enrich a small number of super wealthy. That's wildly unsustainable. The system is already in collapse but the question is: Are we brave enough to recognize it and make changes to build a better system to replace this one?
If you look at "A Viable Society" by Peter Joseph, the talk goes over what is wrong with our system and what a viable system would look like and how we could create it. It starts at home, in our community, but with cooperation, collaboration and co-ownership, we could keep building out the new system as more communities and groups join with this new train of thought.
Something quite like One Small Town Contributionism is already occurring in many towns around the world. How about that? Each member contributes a minimum of 3 hours per week towards co-owned community businesses and projects and each member gets benefits that are shared, such as free meals, free monthly gift basket of goods the community helped produce and profit share. This isn't a hippie colony. This is to be done in existing towns, with existing infrastructure and resources. But building as much local production as possible to create abundance and prosperity for all.
This would be very much in line with Doughnut Economics as Kate Raworth has described.
Money is supposed to be passed DOWN from generation to generation (generational wealth), not the other way around. Also note, if you have children, there is nothing wrong with teaching them yourselves about financial literacy. Stop thinking schools should be the ones to do this, yes that would be nice, but as a parent you should mold your own children how you want them to become.
This is a spot on comment but nobody replies to you. Taught my kids and now starting on my grandkids. I’ve already started passing assets to my kids. No need to wait til I’m dead.
Scott Galloway saying it like it is right to their faces. Good on you sir
Im a college student taking a class in estate planning and it’s all about how to help rich people avoid taxes.
That's what the wealth management field is too, correct?
@@Petey-se1lo correct, it’s just my elective
Frankly everyone should try to understand this. You will be more wealthy if you understand tax structures. But many are too busy to learn or don't care.
@@kat_sf agreed but looking at those dollar thresholds. It applies to very very few people. Likely 20M in wealth and higher
@@kat_sf almost like that are deliberately opaque and hidden from view under the guise of companies like H&R Block and Turbo Tax.. but tell me i don't care about Tax code.. when i do my own taxes.. no the issue is how obscured the system is from the common man.
40K in 1970 had you comfortable af.
40K in 2024 will have you looking for a second full time job
I'm that boat...@65k in High cost off living area.
No one made 40k in 1970 unless you owned a company. My dad made $1.25 max an hour. I made $3.35-$4.25 an hour in college in the 80s-90s. W a masters degree I earned 21k w a private practice. Noe on disability at age 55, I get 13k a year!!
@@michellecd4722- You are a tough individual. Anybody living on a disability income has to have a survivalist type mentality. The biggest crime is many House Republicans want to make further cuts to benefits. That’s insane… 😮
While that us true, my first job out of college in 1978 paid 1275 per month, far lower than that 40k you mentioned, and that was a decent entry job then.
I made 6k per year as a new teacher in 1972.
He saying a lot of things ive been thinking for years. Thank you Scott.
This is a great analysis. My only gripe is Morning Joe loves to talk about the problems facing young Americans without actually talking to any young Americans.
You can't understand the experience of a contemporary 20 or 30-something by sitting around talking to a bunch of over 40s.
because if morning joe talked to the real people he would not like to hear that some of them and probably a lot of them blame Joe Biden for the last 4 years.
Joe's show comes on while people are getting ready for work. My retired husband watches it. 😂
I was thinking something exactly like this like he was talking about all the problems young people have without really giving any solutions.
Joe advocates for our country to go into FURTHER DEBT ($36 Trillion ++) by funding foreign wars!!!!
Galloway Is a professor or was at NYU so he saw 20yo. We older people have been younger and the comment is on the difference with our past. You don't need to a baby to see one teething
I'm still in awe that he was allowed to say that on a news show. I'm guessing he won't be speaking on any other channels now.
Yeah this was his best opportunity. He's finished now lol
He's extremely popular and has been preaching this message for years. Has two podcasts and is on news shows all the time. Politicians don't have to take him seriously though, because they've convinced us that the other in our society (black, or male, or white, or female, or immigrant, or whatever) is the enemy.
I don't know if what happened was intentionally malicious. It was an unintended consequence and Galloway is one of the first people to articulate the problem so well. Clearly change is needed, but it can't happen until people really speak out.
He is spot on on this topic but is a good little boy on Israel/Palestine....he will never be in trouble
@@aaronknightstep5372nice call out
I just turned 40 and I’m a Marine Combat Veteran on 100% disability and I can’t afford a home where I live. I just receive a degree in Forest Management Technology but I m not going to work and pay taxes and lose my credentials with the VA. Whatever this country is right now is not what I went overseas to risk my life for.
Minimum wage in most Southern States is $7.25. Yet our housing cost are similar in the rest of the country. Raise the Federal minimum wage.
Can we also just point out that there is no point… 80 percent of the jobs don’t make enough to ever buy a house… and I’m my area 40 percent don’t make enough to qualify for a 1 bedroom rental! These are important jobs that someone has to do but they do not pay for a life worth living. So why would anyone be motivated or optimistic to find a job that will never ever lead to anything but basic survival?
I, for one, am not motivated in the slightest! I plan to live as cheaply as possible, make art, and travel. That's it. There's no reason trying to compete in the rat race, beyond affording the basics.
@@tavisbalkin4564 AMEN! That's where I'm at!
You could always consider leaving whatever urban hellhole you live in and try the suburbs or even better, rural areas. Cities really are terrible in every possible way unless you're rich.
No amount of financial literacy can help a simple lack of money. The problem is that productivity has been stripped away from workers' incomes. People aren't getting paid fairly for the work they do anymore. Wall Street has sucked all the value out of the rest of the economy.
Read The Bitcoin Standard. It is more a result of easy fiat debt driven money creating worthless jobs and the people who do actual work get paid nothing. Just too much easy money sloshing around. We need to go back on the gold standard or go on the bitcoin standard, something to tether money to reality again.
I agree, but the lack of financial literacy literally makes all of this that much more difficult.
they won't give an inch either, even in the face of complete collapse, they hate you that much.
Mika herself makes 8 million a year. Is she worth that???
@@jonnyfendi2003 Who cares? What does it matter what Mika makes?
Thank you so much for highlighting this, my kids are young adults who might likely never be able to buy their own homes. For that matter, since I sold my home, I may never be able to buy another home!
Bless this beautiful man, Scott Galloway
I’m 32 and this dude hit everything. It’s crazy
I am 33 and my parents are from west Africa Liberia my parents intend to go back to Liberia next year I have earned as associate in arts degree and a Bachelor of Arts degree in Interdisciplinary Entrepreneurship Studies. I have always wanted to be an entrepreneur because books written by author named Robert Miyazaki who wrote the book rich dad poor dad says that jobs will soon be obsolete. I have now realized I will probably have to move to Liberia where my parents are from. I wanted to get a masters of science from graduate school but working two minimum wage jobs. I no longer believe in the American dream. I believe Americans should put themselves over their country because their country put itself over them.
@@Bwilli1990 I am an immigrant like you as well. But it is sad that so much about America has changed compared to when we arrived as a kid.
@@kolyxix yes it is sad whoever becomes president this election can’t really change anything hi no and I am predicting that eventually the people who will be moving will be the “educated” Americans the ones who gave the degrees and the skills mark my words if that happens the us government will try to limit the extensions of passports and make it that much harder to leave or give up their citizenship.
Financial literacy doesn't mean anything if you're being ripped off by your employer.
And also the governments.
I hate that I am not getting a raise in 2years but we have a bunch of DEI people and other dumb positions that just look at their phones all day during work. Like there is so much inefficient waste going on.
at least you understand that you're being ripped off:-)
Precisely. "Financial literacy" is not the real solution here. Ending the wage theft is the solution.
But it teaches you that you are being ripped off and what you can do about it.
This guy is spot on. Ive been saying this for years. My sons are experiencing this despite my efforts to educate them. They are cynical about their futures rightly so. I breaks my heart. I have had to struggle to gain in life financially, but have had reasonable housing costs throughout my life. Bought my first house for 90K in a metro area in the 90’s. That same house is now worth 500K with no upward income to make it affordable to young people. Shame on the lawmakers who have helped billionaires to the expense of every other citizen.
They are Rookie numbers. In the UK, $60k is considered an “upper income” and taxed at 42% tax. 120k is considered “high” and taxed 62%. Wealth is taxed at 20% (maximum) and we have triple locked pensions for millionaires.
Corporate media should have people like Scott Galloway on 24/7, but of course they won't because well, they're corporate media.
Yeah, I was surprised he was saying basically that the advantaged were around the table during the discussion. I wonder how much that'll effect his future air time or if there's an intention behind the self-barb on MSNBC's part.
He’s a professor at NYU he can’t be on that much. He does talks often if you really do want to see him
Professor Galloway is on TV because he is out promoting his new book. (FYI-Galloway is worth $35 million.)
@@woodentoyscom nothing wrong with promoting a book if you are an ally to the working class.
@@clarkdavis1779 haha he's extremely wealthy off tech from early noughts listen to pivot. He's probably the richest person at that table.
Because the people who write laws are the wealthiest people who benefit from them.
The people who write laws are typically rich, not wealthy. And they're rich due to blowbacks from the wealthy.
well they aren't the wealthiest but they are paid by the wealthiest
CEOs compensation needs to be tied to workers compensation and not to shareholder compensation, buybacks need regulated heavily
"People around this table...". I love this guy.
Not to mention at every turn portions of income are being syphoned off by insurance, healthcare, bank fees, parking meters, interest, while middle class inheritances are going to elder care. Have kids? Please!
And at some point, someone will figure out how to capitalize on the air we breathe.
Yes. Not to mention the epic "transfer of wealth" that millennials are supposed to enjoy will never happen, because the money will be siphoned off by taxes and eldercare costs.
I watched house prices outpace wage increases and my ability to save for decades, and I’m a software engineer. Took me until 43 to buy my first house.
I'm 46 and finally have enough saved for the down payment and a year's worth of expenses. I can't find a house though, because we're 10,000 homes down in a city of 120,000 and anything that hits the market is gone within a 2 hour window.
And all the local construction companies are booked years in advance for luxury retirement condos and fast food restaurants, so building is out of the equation too.
Try being in a place like Toronto good grief ugh
Yep. Now imagine what it's like for the lower incomes and those who've been dealing with "trickle down" corporations' total power fake "salaries", fake "minimum wage," etc. since the 1990s.
I sold my house in my early 30s to relocate and now I regret it, with the condition of the current housing market I doubt if I’ll ever be able to afford to buy a house again 🥴 I see why people are doing “ van life “
If it took you…43 years…while probably making more than $100k a year, then you made some really horrible financial decisions. My dad saved up $30k in 20 years, while making $40k a year and living in the most expensive city in the country. In this situation, you’re the one to blame.
"we are replicating the most dangerous person; Young, broke, lonely, and ANGRY men" Me literally thinking bad stuff 24/7 cause I cannot afford to just live in a house.
Not just the cost of home but the mortgage rates. I work with a lot of late teens early 20s and I feel so bad for them. I managed to get in at age 28 (I'm 34 now) and bought a house before everything jumped off. I bought the house at $132,000 with a 30 year 4.5% fixed rate and refinanced in 2020 to a 15 year, 3% rate. I'm so thankful for that. Because now, its 7% for the same loan and the same house would now cost $270,000 instead of $132,000. I don't remember the amount but I think the same loan and house would now cost like $2100 a month when it's currently $1200. With the cost of food now and inflation, there's no way anyone is affording a home, especially if they have a kid. A 3 bedroom home in my area costs over $1500 a month to rent. There's no way you can save for a house with that kind of cost. To give perspective the same home was $900 just 5 years ago. The average wage in the area for full time is about $32,000 a year. I'd be mad too.
Stunningly accurate picture of young American men.
Wow!! I'm a boomer and he's so right!! We have stacked the deck against the younger generation.
I'm a 29 year old male who grew up in Denver Colorado. It hurts. I have to claw for everything by my fingernails.
He didn’t even mention student loans… I’m 37 and crushed by student loans.
That's nonsense. Corporate capitalism, in all it's forms, is creating this situation. And government enabling of it.
It's Late Stage Capitalism, and it's ugly. The system is the sickness as Prof Richard Wolff to expertly describes. We need to move beyond capitalism, it was never capable of producing health, wellness and prosperity for all.
Let's re-invent the economy to end oppression, something like The New Human Rights Movement by Peter Joseph or Ubuntu Contributionism by Michael Tellinger. You can read and learn or choose to ignore, but this is kind of a Blue Pill / Red Pill Matrix moment. Ignore and blue pill yourself or follow the sources down the rabbit hole of truth and see how far it takes you.
Thank-you for being Honest! 👊👊✊✊👏👏👏
I managed to find the love of my life while in college. We both graduated, got married, and found professional roles. We’ve followed all of the “steps” and WE STILL CANT FATHOM THE WEALTH OF OUR BOOMER PARENTS
They’re dancing around the primary issue: the Boomers have taken everything for themselves.
Close: the Boomers have taken everything the Billionaires haven't taken for themselves.
Not true. The super rich are taking everything for themselves. And don’t get fooled, they got both parties in their pocket!
100%
In his long format talks he does mention that, check out his talk with Rich Roll.
Yes he absolutely does agree with that. He talks about that all the time. And it's no surprise this is the case -- it's the Boomers who helm our federal government and benefit from taking everything for themselves.
As a 33 year old dude who is only just about to close on his first house, I'm happy to feel heard by the author of this book. It's freaking hard out there, and lonely -_-
When I was 28 years old, I worked in sales for a company, the product did really good, so I left that company after six months and started going door to door selling that same product and started making 50% more income in the same amount of time. After that, I got too busy so I started taking on employees. I also lived below my means and saved as much as I could. Now, I am 43 years old, and don’t have to worry about money for the rest of my life and can work as much or as little as I want. Anyone can do this plan, they just need to do one step at a time and it doesn’t happen overnight, there is a lesson I have learned everyday and it has been challenging but very rewarding.
"The social compact is breaking down." (two minutes into the vid.) Yep. Says it all, right there.
Gen X here.....were feeling the pain too. It's not just the 'younger' generations.
Facts!!!!!
My parents are the wrong type of Boomer and have financially cannibalized my siblings and myself for decades (identity theft). I went no contact a decade ago and now (at 46) I'm finally debt free and have enough in savings to make a down payment on a house.
They were handed more opportunity by 18 than their generation ever handed to me, and it wasn't enough. Almost half of them have no savings at all, when they're in the most expensive stage of their lives.
A generational Ponzi scheme, designed to make the Boomers the only generation ever to be coddled from cradle to grave. Selfish, selfish creatures.
Canary in the coal mine. Ours was the first gen that it happened to, albeit in smaller numbers.
Your generation dropped the ball. It’s evident all over the world. If your generation had a once of the courage or drive of millennials, the world would be better for all of us. It’s your generation’s time to lead, but almost everywhere you look, save a few exceptions, boomers have tried to hold on to power too long, or gen Xers were completely passed over to put a millennial in charge. Highest generational rates of drug abuse, suicide, and too many kids you didn’t pay for. Gen Xers are struggling because they won’t or can’t lead…..I think Mr. Calloway makes a great point about introducing basic financial and relationship management courses into the high school curriculum. A very good starting point to change if you ask me.
@@bernardwylie9760 Do you realize just how outnumbered we were and how the Boomers literally outvoted us to give themselves the cushiest existence that any group has ever experienced? We couldn't do much more than hold the line.
2018 was the first year EVER that the Boomers were a smaller voting bloc than the rest of us combined. 45 years of complete political dominance.
And you think it's our fault. I hope the rest of you aren't as arrogant, or Gen Yet to Be Named is going to be having the same conversation about you in 40 years.
I've never heard someone say so many absolutely perfectly accurate words in succession.
I am 29 and work at a very upscale decorative lighting store. I run the Returns department. I make $20.35 hr. That used to be a flex. Not so anymore. I have to run thousands of dollars worth of lighting fixtures to older people and even some younger driving in porches, lambos, Maseratis and the like. You constantly feel lesser than when the average client is nearly or are a millionaire. I see them day in and day out buy expensive things to build a million dollar home I can only dream of owning. I'm afraid at this point we will be like the many countries who have most of their population living in highrises with little resources and rampant crime. The system needs to change or it WILL collapse. I don't know that I can say I am proud to be an American anymore. 😞
Much of this still falls back on families not staying together and parents not parenting as they should. When Scott speaks I love to hear what he says, but this problem started way before college and even high school.
I think that’s a parallel issue, not the cause. Many of these financial problems come from the top down.
The problem isnt that kids dont underatand their credit cards interest rate, its that we allow credit card companies to do what they do.
Ask Joe Biden. The credit card companies have been his top funder for years.
EXACTLY!!!
The credit card companies also send letters indicating your account will be closed if you have zero balance and haven’t used the card over a certain period of time.
My goal (and sure others) is to be debt free and not accumulate more debt that you end up paying more back with their high percentage rates.
Its simple. Don't pay credit card interest. Why give away money, just keep that $ for yourself.
@@mph5896 Credit cards are a double edged sword. If you treat them like debit cards and only spend what you owe, rewards miles and other benefits are sick. If you aren't responsible with them, you're stuck in a bottomless debt pit.
I love that this guy was so straight up and real. When he said that the problem is why people like those sitting around that table are systematically insured that they stay wealthy at the cost of young, low-income people. That was so spot on. And it's also true for Gen X-ers like me who still rent, but then again, I DO live in San Francisco. But still...
What he's saying has been true since the 1990s. It's just gotten so bad now no one can keep denying it without being seen for what they are.
the issue is they aren't even wealthy necessarily nor do they hold power. They think since they made a few million it's all good, not understanding that they too are in the same boat as the rest of the 99%, just fighting for scraps
I’m 30 and he couldn’t be more spot on. Dating apps are terrible and it’s extremely difficult to even establish friendships with guys my age.
7:06 to 7:07 is such a tone def transition its hilarious.
I'm no economist, but I do know this: my parents were both bus drivers and from the 70s til the 00s they bought like 10 or 12 houses. Both my wife and I have master degrees and wouldn't be able to buy ONE HOUSE in my home town.
Funny thing is, the economy has continued to expand since then. Maybe it has something to do with the fact that CEOs used to make 10 times the average wage but now it's like 3,000 times?
💯
Your comment says most about the (lack of) value of your master's degrees.
@@chiplangowski3298 Over demand for masters degrees, for jobs that don't actually need them.
You're ignoring that we're also living in an age in which '90s rappers have become billionaires.
Facts
This guy speaks the truth. I'm an angry, broke basement dwelling 30 year old who feels incredible rage regarding billionaires and boomers draining the wealth of our nation while those my age have a fraction of the purchasing power and economic stability that our parents had at the same age. The political establishment on both sides of the aisle have stacked the deck against us such that we face a no win scenario.
Read The Bitcoin Standard. Our currency is the problem, too much money printing.
@@brent4073 The problem is that we are evolved imperfect bipedal apes and our system of commerce is based on resource scarcity and was created by imperfect bipedal apes. If there is a solution, maybe we will find it. But its also well within the realm of possibility that given sufficient time we end up just oscillating between poverty and extreme wealth inequality no matter what we do. There will always be Washington insiders, there will always be celebrity elites, there will always be lobbyists and bankers. The unfortunate dregs of society will never have equality with the elites because we are apes and apes are biologically hierarchal animals.
Dude is a grifter. Hes tied to the money that lobbied for the tiktok ban
Is everyone a 'grifter' who uses their money to make money...even if it's 'tied to oil' or 'tied to TikTok ban' or ? // I don't care if it's 25$ a week // get smart and find some guidance to invest some dollars. Change your mindset and change your life. Find a friend and a mentor
@@maniac50ae14But the TikTok ban makes sense from what he’s saying. Makes kids depressed and not experience life.