The View's Guest Makes BOMBSHELL Declaration About Millennials
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- čas přidán 25. 05. 2024
- NYU professor Scott Galloway continues to shock the airwaves about why millenials are not okay economically. Cenk Uygur, John Iadarola and Brian Unger discuss on The Young Turks. Your Support is Crucial to the Show: tyt.com/team
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“Ground zero for what ails America is, for the first time in our nation’s history, a 30-year-old man or woman isn’t doing as well as his or her parents. … Young people aren’t entitled; they’re entitled to be enraged.”
- NYU professor Scott Galloway talks economy on “The View”
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240524__TA05Galloway
“Work ethic” is a direct result of how valued one’s work is. If you tear people down and continually reduce compensation and benefits of people’s work, then they will care less about their work.
Bingo. Since the 1980s and 1990s it’s been clear to anyone who aspires to the middle class bourgeois “American Dream” that the rules had changed to favor the wealthy and the owners of companies and that job security was a thing of the past and that wages were stagnating for all working people no matter how “hard” you worked, and that prices kept going up, their wages never budged, and that the owners and the executives of their employers were basking in ever-greater luxury year after year.
After two more WHOLE DECADES of this, and no amount of work changing this situation, and the effort to “improve your chances” with education being yet another way to go into massive debt to the rich people’s banks without any noticeable increase in pay to compensate, is it surprising at all that younger people got the message?
Neither political party showed any interest in changing this economy that disfavored them, and no amount of hard work made any real, qualitative difference to one’s pay or job security, and education became just a new expensive decade-plus of debt payment prerequisite to any skilled job at all, even at entry level.
After twenty five to thirty years, working class people got the message; there’s no more money coming, no more job security coming, it doesn’t matter what you really do; wherever you work is not going to compensate you enough to provide any of things you were taught to aim to achieve … the house … the established middle-class family by the age of forty with a reliable job that made it responsible to have this family. None of it was available to the average full time working person, and no one was going to change that.
So of course people begin to modify their behavior and expectations and social norms even to accommodate the new economic reality. Including saying “well … since I cannot control my economic situation or my future as I was told I would, then I am going to try something different; maybe I should look elsewhere for satisfaction and reward besides work alone, since for two generations now work isn’t giving the satisfaction and reward that I was told it would, and I originally wanted. So maybe I should “balance” my life instead and see if the other things I like to do can give my life meaning where work was failing to do so? Maybe I can turn my passionate hobby into a reliable source of extra income in ways that I can control that my normal job isn’t and doesn’t seem able to provide? And I will need time to do that so I will seek a “work-life-balance” now to make sure I can give this new way of living a try.”
After forty-plus years of Reaganomics the new generations of the working class have got the message now. The wealthy ownership class doesn’t value their work and is insisting they work harder every year for less money, while their pay, and wealth, and assets, and lifestyle gets ever-more lavish year after year after year. So the younger working class people have learned from experience and from listening to only value their regular work just-so-much themselves, and look for new ways to live their lives, new people and new ways to love, new ways to live in a “family”, since the old traditional middle-class ways just aren’t possible any more for so many millions of average hardworking people.
@@JAI_8 as a Gen-Xer I resonate with this. I watched my dad’s income cut by 50% literally overnight when that trickle down BS was instituted. He was a blue collar guy through and through who worked hard and expected his pay. He still did okay, but we had to be smart about our budget. My mom worked full time as a school nurse so that helped.
As I got old enough to enter the work force, I fallowed the same formula of “hard work = good money” but slowly over the years learned “hard work = someone ELSE’S good money.”
I’ve work myself into the damaged and broken body I have now with now stability or future because others made sure that the rules are in favor of those that already have everything but still want more.
Looking at history, I realized that this isn’t new and humanity will always have those that can never have enough even at the expense of other peoples’ lives. We have evolved technologically but not emotionally or ethically enough to put the value of others above our own perception of the socioeconomic pie.
My faith in humanity to do the right thing is at an all time low as I watch society crumble and those on top take advantage of the situation THEY made.
Fuck’em.
As an aging Boomer, I'd like to say, "You're just getting this now???!!???" Look, the shrinkage in economic opportunity has been going on for at least the last 40 years, but prior generations had ways of compensating for our losses. It has been a very gradual slide, so like lobsters in the pot, we didn't notice until the late Millennials and Gen Z came of age, with very few options for obtaining a really good life.
In the 1980s I remember a magazine cover which said You Will Not Do as Well as Your Parents!!! And I thought, "How can that be?" I went to college. I went to medical school. But life back then was becoming expensive. We compensated by having both parents working, whereas the Silent Generation and the Greatest Generation had stay-at-home wives. And many of them didn't have college degrees either. Then Gen X came along and they were able to compensate by adding easy credit, both personal and credit card debt as well as low-interest mortgages. Low interest rates also fueled the unrelenting Bull Market starting in the early 2000s. Then there was the housing bust and crash of 2008, but the decline in housing prices and further declines in interest rates were a boon for many. Boomers also benefitted. Then our parents died and left us some nice real estate and even more loot.
Enter Gen Y or the Millenials. There was some stuff to be had, but the future was looking bleak. Gen Z or the Zoomers were really going to get screwed, though. College costs soared. Corporations started belt tightening to increase "productivity" as far back as the 1980's. Gone were those easy jobs that required basic computing skills. Gone was affordable real estate. Now you can't even rent for cheap! Private equity is eating away at basic necessities. And what about the future? AI will replace many workers.
And the worst part is we've made young people feel as if this is all their fault. And now they are being brainwashed into giving up any and all social programs. Social Security BAD! Medicare BAD! Bernie Sanders BAD! Unions BAD! SOCIALISM REALLY BAD!
The young Zoomers are pivoting to skilled trades instead of expensive colleges, but I fear that the deck is still staked against them!
🙏
🙏
You’re right about that sir. My father being a Boomer has been saying that for years. He is the main reason why I don’t trust either side. Taught me to be adaptable, be my own leader, and not to be too trusting of anyone in a position of power because they will abuse it at some point.
Omg.. thank you for understanding what our generations are facing. We have billionaires buying up all the homes, often before they ever hit the market and over market value. So the few homes that are still available end up having an average cost of nearly 500k dollars. How in the world is a person supposed to start their life with anywhere from 20k-100k+ dollars in student loan debt, when houses cost half a million dollars? Nevermind that the planet is burning and micro plastics are in everything from developing fetuses to the food we eat. All I hear, while I work 40+ hours a week, grinding my ass off just to be poor.. is how lazy us millennials are. My oldest is 19 and in her 2nd year at Michigan State and my youngest is 6 and finishing kindergarten. I've had Boomers ask me why we all have anxiety. Well.. maybe it's because I grind my butt off to get nowhere while worrying myself half to death about the prospective future world being left to my children. Of course I love Boomers, I was raised by them. My parents ARE Boomers. I just wish that many Boomers (especially those in power) would stop hoarding all the money and power to the selves and finally pass the torch. If a person is a Senator or in Congress, their reelection is nearly guaranteed.. especially in the Senate. So now we have all these out of touch, rich Boomers.. using their insider knowledge to game the stock market.. who hold a majority of the seats in our legislative branch. The executive gets even older. It's very frustrating, and makes a younger American feel pretty bleak about their own, and their children's futures.
This comment should definitely be pinned. You are correct on all counts…✌️
Unregulated capitalism inevitably leads to monopoly - not free markets.
WRONG! WRONG! IT IS TRANSFERING MONEY TO THE WEALTHY, NOT THE OLD!
Thank you. To blame old people is a dishonest deflection. And to make this about a collective is to protect the individuals responsible, who can be named.
I don't like this. it's likely being used as a sneaky argument for cutting social security and Medicare. Whats worse. That is the only angle with a negative solution that would hurt us as we get older. Scrap the cap on taxable income for social security and force large companies to eat the loss by raising wages. or pass a minimum wage that is an equation rather than a flat value. Here is a vastly oversimplified example of what I mean.
[Minimum wage] = CoL(avg rent + avg food cost for a family of 3 + utilities avg + homegoods + transportation) + 10%-20%
the 10%-20% is there as truly disposable income that could otherwise be used for self investment like skill gain and tools, enjoyment.
Something like this could much more readily be rolled out nationwide, and per locality for the calculations.
Anything on the view is wrong
“All the tax cuts go to older people” -? Guess he didn’t want to specifically say all tax cuts go to the rich.
Boomers have a disproportionate share of wealth. On average they are rich compared to other generations.
I'm old I don't get half as many tax breaks as the rich and major corporations
Then get rich stupid
Capitalism is not a meritocracy. This idea that hard work will get everything that you want and need is nonsense.
You poor sheep think you live in capitalism?
Darling this is not the 80's. This is not your parents economy, they lived in capitalism and they bought a house by the time they were 30. You live in the new economy defined not by capitalism but by modern monetary theory. Capitalism is about profits. That's over. The new way of making money is simple - you print it. That's what the elites do, that's why they don't care about profits or taxes anymore. That's why no matter how many leftist policies you introduce the wealthy keep transferring money into their pockets. How? THEY! PRINT! IT!
Martha's Vineyard votes Democrat now. Capitalism is old news.
You will own nothing and you will be happy. Aren't you happy? Here, take another pill, you will be...
@@NotYourBusiness-bp2qn They printed money in the 80s as well. Nice try though.
@@Michael0663-qo4wx In the 80's the government printed the money. Starting in the 90's with new monetary theory and especially after 2000 with the introduction of quantitative easing private banks have been printing money. This has resulted in the largest transfer of wealth in human history and the eradication of the American middle class. It's all hidden behind layers and layers of obtuse on purpose financial jargon but at the end of the day if you peel off all that crap the simple truth is the financial elite is printing money and using it to take control of everything. BlackRock, Vanguard and State Street combined control 30% of ALL Fortune 500 shares and that percentage is rinsing fast. It is just the tip of the iceberg by the way, if you count the other investment funds the big three own shares of who themselves own shares in the market the number is probably much higher.
You will own nothing and you will be happy. Get used to it.
It's a pyramid scheme.
I agree.Today American Democracy is defined as the rich and powerful exploiting those that are not.
Unger nailed it. The transfer is to the wealthy. Because of their time in the workforce, a bigger % of old folks have wealth. Simple.
It boils my skin when I hear people say my generation don’t work a lot. We work ridiculously every single person I know my age know at least 40 hours or more. But we’re questioning the compensation and do we even need to work 40
Work life balance has been an issue in Europe for decades. Minimum vacation leave is FIVE WEEKS plus extra days like Xmas.
If you are sick ,time isn't deducted from your annual leave.
The American worker in contrast is almost a slave to the company store ("16 Tons")
Sure, but when I add to this, that I was paying 37% taxes on my minimum wage part time job and later, wheb I got a better job, was paying 49% for all taxes and social security, most Americans look at me, like I am insane.
Those hosts honestly believe they worked that hard. You can hear it in their rejoicing. They didn’t. None of them did.
This! They just worked.
In 1972, my husband and I bought a 3-story Victorian in the Mission District of San Francisco for $27,000. Solid Redwood, built in 1895, didn't have to do much except paint it. From the start of our marriage, we worked and saved. Reagan, with his trickle down theory ruined it for young folk by siphoning off money and giving it to the already-rich with tax breaks in Congress. Blame the rich who pay almost no taxes.
Exactly!
I got a guy on the chat who thinks we all get pensions' he has no clue. I mentioned that I retired during the pandemic, and we all know the government take your money if you retire early ' He says that I shouldn't complain about anything because I get Medicare. He must be some rich guy who knows. He's one of those who believes the thing they make up to justify the spending of our money. I wish i could move to a country where they give me $ 3,200 a month and a home to live in. I guess some Americans just can't see.
@@THISisHEAVY Wow, is that what you think inflation is. Inflation is legalize counterfeiting . That's the true definition of inflation.
@@THISisHEAVY but you're on the right track. Can you tell me the name of the only president who balanced the budget and got us out of debt?
But wouldn't that amount be $200,000 in today's money? I believe you were doing better than you thought back then!
Cenk has understated how much education fees and costs have exploded. I graduated a top law school in 1980. My annual tuition was $790 (yes, that's right, I don't have dementia), which was the same as undergraduate tuition. The current undergrad tuition is around $15K and the law school tuition is now $45K. Undergrad tuition has therefore mulitplied by about 19 times, and law school tuition has multiplied by about 57 times. Boomers, like me, have no right to criticize the young generation for their disillusionment.
Thank you for being one of the good ones. It's really too bad that you're so outnumbered. Things could have been much different.
It's insane how cheap college used to be. At that time working hard was worth it.
The average income in 1980 was just under 12,000 dollars a year. Everything is relative.
I started my career at $325 a month; houses were $20-35K, cars were $2.5-6k.
Ended my career $10.5K a month houses were $350-900k, vehicles $25-40K.
Nothing was handed to me. I didn't start out with a home, a car, a truck. 3 college degrees.
I worked my way up.
THAT IS THE AMERICAN WAY! THAT IS THE AMERICAN DREAM...
You did good, you earned your way.
Where there's a will there's a way.
@@spankyssurprise1361 Not quite. Using the same index, the current average income is only five times higher, yet tuition has gone up 19 times for undergrad and nearly 60 times for law school.
Back in the day corporations USED to pay 51% TAX and now its 8%
If you're Amazon... it's *0%,* hell they even get *subsidies.*
I don't want to "have it all" I don't want to be in the top 1% or the top 10% or even the top 25% I don't even CARE where I fall!
All I want is a job that pays well enough that I can rent my own 1 bedroom apartment and enough money left over to go out to eat once or twice a week and buy a new video game once or twice a month. That's all. That's the limit of my ambition.
I have worked since I was 14 years old. I listened to the boomers and gen X crowds all my life growing up! I didn't go out partying, I sacrificed friends and social activities for school and work. I listened to the scumbags who did nothing but lie to children growing up: Boomers and Gen X.
Now I'm 32, working full time at the hospital, I've got a college degree AND I STILL CAN'T AFFORD IT.
It's not possible to rent your own place anywhere in the Phoenix area working full time, earning 22 dollars an hour even with full healthcare benefits. I can't find anything less than $1200 a month and nothing smaller than 2-3 bedroom locations meant for 2-4 people.
i have less ambition than you lol i agree !
The sad part is they would also lowkey brag about how they used to go out and party until early morning, yet chastise me of smoking a joint after working 10 hrs
The thing is you need to be in the top 10% just to get those essentials covered.
As a member of Gen X, I do think we’ve failed Gen Y and Z. But it’s not so much that we lied to you as the process that worked for us no longer works for our kids. (And this video goes into some of the reasons why that is.)
This is what I've been repeating for the longest time. CEOs wages have grown 1400% since 1978. Front line staff it has risen just 18%. All the money goes to CEOs and shareholders. Blame them, not boomers, not immigrants. It is all them but they own the press
They own our government, and neither joe biden or lifelong CEO donald trump is going to do anything about it
There's a difference between working hard and being exploited at work. Hard work usually gets you a reward of some kind. Being exploited at work gets you used up and discarded.
Well said. That's said, there are solutions.
The real issue isn't "us" transferring money from the young to the old, it's the ruling class transferring money from the poor to the rich.
BOTH
Plenty of older people live on $1500/month before healthcare and housing and have NO savings. The upper 1-5% are making off with the majority of the cash in the USA.
How many of the women on the view discussed work-life balance to their audience while demonizing the young for wanting the same thing is classic boomer mentality.
Transfers are going to the wealthy, not poor seniors!
Keep on thinking that if you want to. Any of you have $200 million? Go check out the quote from the banker and get back to me. I own everything no payments on anything. How about you guys?
@@metalenvyer exactly..thats me
Cost of living is outrageous. Cost of housing fees and taxes.
Democrats keep pushing the LGBTQ agenda and alienating Christian voters. Republicans run on that. You will have a divided congress until Democrats stop pushing that agenda. Weigh which is more important for the U.S. population. Should the 2% LGBTQ population have this much sway over 99% of the population. Is a man's right to dress up as women really more important than raising wages??
@@rs72098We can have both higher wages and equal rights for lgbt people, those things aren't mutually exclusive. Just to keep things framed in the same perspective, is DENYING a man's right to dress up as a woman really more important than raising wages?
@@rs72098exactly. I don't understand why LGBT is such a high priority.
I'm a professor so I spend time nearly daily with Gen Z, and these folks are beyond overwhelmed and frustrated. Now my issues with Galloway are numerous, and don't appreciate him discussing psychological issues of men and women, because he isn't a psychologist,but an economist. I'm a psychologist and I discuss those issues with 29 years of teaching experience so when he delves into issues and a field that he isn't qualified to discuss,I get quite ticked off. However, with regard to these issues he has a legitimate point. And I do respect that. Now, just a point he didn't mention, but is important is that millennials aren't the first generation to be told they wouldn't live as well as their parents and grandparents and that dubious honor goes to Gen X, which is Galloway's generation and mine. And if you look at pension system,I certainly don't have it,nor do many faculty have tenure or tenure lines. Galloway is wealthy and he did benefit as a younger person. That wasn't uniform for all Gen Xers BTW. But, millennials and Gen Z do have a right to be ticked off!!! But, the players in charge of our country and lives are deep and quite disturbing. Trump and Biden aren't going to save us. But, I am picking Biden because team Blue isn't trying to remove all of our rights. To Millennials and Gen Z, and my son is part of Gen Z, I am right there with you ticked off at what is happening. None of this is fair. Not even close. My generation warned everyone and Boomers called us slackers and lazy because we saw the system was rigged against us and it is. We might be doing a little better,but I put in that well over 20 years of being on the hamster wheel to be successful and my entire 20's were in school so I could have this career,so really it was 30 years of life to get to this point. The quick rich schemes are often just that.. a scheme. Yes,some do it, but most have to put in their dues and company loyalty is often bogus. My parents generation, a boomer and silent generation member, had pension system, could work 40 years for one company and be treated well, Gen X learned we couldn't trust the institutions that told us they would be there for us because they weren't. Instead, things just became that much more competitive and Regan era led to government giving much and receiving much from big business in exchange for deregulation, slashing pension funds, lay offs, and a complete lack of accountability to their employees. The out sourcing of factory jobs overseas spread in 60's and 70's getting rid of factory jobs for less skilled workers, which impacted existing companies hiring. They could demand more education and degrees for jobs that previously were done by those with a high school diploma, which edged many out of those jobs. And college tuition spiked like crazy and student loans interest rates rose. My student loan was at a 7.8 interest rate, with good credit, which it took 14 years but I paid off. So none of this surprises me, but damnit I am not okay with him saying this is a new phenomenon, when we were freaking out about this in the 90's. Millennials, those in my generation and the younger ones join you, because this is NOT OKAY and none of this is our fault. The generations before us inherited a thriving economy, little to no national debt, reasonable college tuition,good wages for jobs that could sustain a family on one income. We shouldn't have a trillion dollars worth of debt. We hear you and you have something we never did, you have numbers on your side. They can't ignore you like they did us. And we reared ourselves so we are feral and beyond caring because no one gave a damn about us or what we were going through. But you all have youth and numbers on your side! Grow some political clout to make the changes we need. Some in my generation are doing their part,and some out right disgust me because they've sided with big business for their political ambitions. You folks are less influenced by such things and are a mentally healthier group then many of us. Still on the hamster wheel and just keep putting one for in front of the other. Hoping you all can usher in a better time. They can't ignore your numbers and message. Remember that.
Team Blue sure does hammer away at the 2nd Amendment right though...
They'd take it away if everyone let them, fortunately enough people won't let them.
@@Juan-os4hs we have the right to keep our AR's as long as they are used solely for target practice or to display as collectibles; but that's not what they were made for, is it?
Newsflash; BOTH of you can talk about anything
Using logic and facts
The thing that Scott Galloway should have added to his speech about the Work-Life balance was that - Most people who spend the first 20 years just working - sacrifice their life on the altar of Capitalism - Most of those people will still not be rich and successful. Hard Work does not always equal success and wealth. Especially now. Its a myth.
The issue with work-life balance in America is that workers don't get reasonable rights or pay
How dare ppl want to have a life outside out their job. This is why this country will continue to go down the drain. The birth rate will continue to fall.
"Have it all?" Most people just want a place to live, enough to eat, clothes and a car and a lot of people can't afford these.
Exactly. Let alone the fact that many of us started with a can-do attitude and great work ethic. The problem is that we were sold a bill of lies. Working hard does nothing to get you up that corporate ladder. As a matter of fact, they will make you work more because you are efficient, while not giving you what you are worth. Meanwhile the lazy person that's in "the club" will get all the promotions.
Suffice it to say, young people have figured out that working hard doesn't mean you will "have it all", let alone enough.
@@how050
👍🏾
Dude said America sucks for people in their 30's and under and her follow up question was "yea because they don't want to work, right?". Tf is the difference between The View and Tucker Carlson at this point. Jfc.
Underrated comment.
Dude, anybody who works anywhere with ANY political leanings knows that 35 and below people are lazy and annoying. There is truth to what he says, but they really are little shits.
Tucker Carlson is a nut bag full of missed aborted opportunities. The View has issues with trying to moderate the nonsense to leave out AIPAC Modi embedded corruption. Because of sponsorship. But Tucker? Tuck Tuck is literally currently worshipping PUBLICLY CONFIRMED PEDO PUTIN.
Who omits a dude's pedophilia and imagines that's not relevant?
Oh, creeps guilty of same things.
Guess Tuck's daughters have something to say. Paid not to no doubt.
The young are screwed, because they have to complete for minimum wage jobs with middle aged and older people.
Minimum wage jobs used to be mostly for the inexperienced and young, now college educated (with useless degrees) are vying for those low paid positions too.
I find his condemnation of Social Security laughable. The vast majority of recipients rely on it exclusively to live.
yup, that's one of my big disagreements with him. his take on SS is tone-deaf af.
Yes we need to get back to the average family can afford to buy a washing machine or fridge when needed, or move into a house. Go to college ? 1981 I paid $606.00 per term at University of Michigan. As an 18 yr. old I could bust my hump at McD's and be able to pay tuition, books & dorm/food. Now ? Over $10,000 per term, JUST TUITION ! Whats wrong with this picture ?
Because we see the corporate greed that they try to pass off as inflation.
They keep using “millennial” and “young people” interchangeably. Millennials are entering their 40s
Yep. Only the youngest of the millennials (28-30 year olds) could be considered (relatively) young people.......the majority are above 35 now.
The problem is…… it’s not the work ethic. That’s just passing the buck to the worker, which is crap. There are plenty of people who have done nothing but work for decades that are still screwed. It’s pathetic at this point. You want people to work, give them a reason to. Corporations, and businesses don’t do that today. To say otherwise, is a damn lie.
The ones at the top really like it when we punch down instead of up
I laughed at the "just working hard for twenty years" line. Hate to break it to him, but that's not the case. That's why people aren't buying into the system anymore. If the game is wrigged, not playing is understandable.
Work-life balance did NOT come with COVID. We have been having that discussion for DECADES. I am 72 and we were discussing this in the 70s.
My grandkids in their early 20's still live at home.
Many are still living at home and having to save for a car , house , kids and starting a retirement plan .
It's definitely NOT that easy as when l grew up in the 70's !!
They work full time !!
He’s blaming seniors because they vote for people who put policies in place that harm young people.
Yes, politics is such a science.
We get a choice between two clowns and you want to base a choice by a naive,
overworked and uneducated electorate, on them, because that’s the easy play that the
Uncritically informed will grab for,
And for the record he doesn’t blame old people.. 8:10
This has been going on for generations. The difference now? Government takes more taxes, business are using inflation to gouge, and workers are accepting less in wages just to survive.
Specifically, government takes more in taxes exclusively from lower earners.
34 years old. I have my own trucking company of one. Still live with my parents, dont have saving or health insurance. Not even a 401k. My knee just went out, loss my father, a marine for 6 years just passed away couple months ago. My mental health is in the trash. I cant understand why im doing this anymore.
You had me going with the trucking company then I read the rest of the Story,like damn
@@tylerharris4392 ...thank you
You aren’t alone friend. I’m also nearing middle age and the world has consistently got worse over my lifetime, so I’ve basically written off the possibility of myself getting to enjoy the benefits of the change we are working towards. It will be hard to beat the stacked deck that the 1% plays against us, but if we all come together, we just might be able to make a difference for the next generation.
“A society grows great when old men plant trees in whose shade they shall never sit.” -unknown, attributed to Ancient Greek proverb
"Why does the young generation job hop so much?"
Because promotions and pay raises are mostly a thing of the past. If you want a raise, you have to quit and find a job that pays better.
This
Crazy how they can say with a straight face that "expect yo do nothing but pretty much work for 10 to 20 years" and then wonder why people are opting out of "capitalism." He admitted himself the system just takes our many to give to the rich, why should I miss out time with my family and friends just to make a rich man richer?
They missed the balance point. Young people know they have to work...... They just dont want to make little too no money while working
Exactly! They have witnessed adults who have worked their asses off for what little they have and then billionaires who don’t have to pay taxes tell them they had the wrong job for 30 years.
This is what happens when you put all of your faith in capitalism.
You are ALL missing the biggest reason why the younger people are having the hardest time. It’s not taxes, although they could be better, it is the housing market, realtors, and the banks all in bed together. By raising all of the housing values and the interest rates out of reach is exactly why the established people with houses (older people) values have gone up. Break up the bull going on with the lenders and realtors and you will solve the problem.
Scott saying you need to do nothing but work for 20 years to be successful isn't the win the ladies on The View seem to think it is.
The point isn't that young people aren't working hard and expecting everything to be handed to them anyway.
What it tells you is that we live in a country where it's literally impossible to lead a respectable middle class life without a confidence of extreme devotion to work, a good education, a highly competitive resume, and an excellent social network.
But if we want to call that "the middle class" as in, the median standard of living, why are we expecting the people who earn that standard to perform at the level of the upper 10% of human beings?
This is the result of what happens when you stop hitting average people to move up into positions of authority.
My uncles were very successful in their careers but both of them (Boomers) admitted that they would never have gotten hired at their companies today because they wouldn't have been qualified enough at that time.
It says so much about the advantages older generations had in finding good jobs, and how much harder its become for good workers to be given the same opportunities today.
Yep. It used to be enough to just be average. Nowadays one needs to stand out as you said. That is because of increased competition, there's just way more people on the planet competing than 40-50 years ago.
No it says how much the mindset of business has changed. Businesses used to see their employees as a valuable resource to be leveraged. But the MBA mentality has taken over, and now everything (and everyone) is a cost to be minimized.
So there is no loyalty, and no willingness to invest in anyone’s development. Result? Everyone gets treated like a commodity, that needs to give an opportunity immediate return.
@@zuzanazuscinova5209Thank you. This doesn't get said enough. We have doubled the population in the world and almost doubled here in the US since the 70s.
Way off. The wealth of the United States is not going to the older generation, but rather to the one to two percent at the top of the wealth hierarchy. The elderly are suffering just as bad as the younger generations under the trickle-down economics the government uses to support the US oligarchy. This guy is the Dr. Phil of economics.
Term limits. Campaign finance reform. Give the choice back to us
Im 60. My 80 yr old parents make more than i do. I worked hard and got nowhere. So i cant blame young people for not wanting to kill themselves to get nowhere....
Scott Galloway is absolutely horrible.
As is The View.
He lays out many of the problems and then says the answer is to "Pull yourself up by your bootstraps!"
Not to change the system which caused the problem.
He jerks off to capitalism.
The sad thing is that 'work-life balance' exists, and it exists outside the US.
I live in a Nordic country. I work from home, log off at 4pm every day, am about to start my 4 weeks of summer vacation and my salary is high enough to afford trips abroad and fun splurges in moderation. My friends are all the same.
Holy shit that sounds amazing. I'd give anything to have that here
Gen Z has decided: "We can't afford kids.' Galloway has that right. The rest is tone deaf: "Back to the mines "
Not long ago, Whoopie Goldberg admonished Gen-Z about needing to "work harder" and give up the avocado toast and latte's. Many states have raised their minimum wage so those wage earners can afford to live in the area those jobs exist. Maybe a small business that needs a few workers. It's tough because those companies find it hard to pay those wages, but the alternative is to lower the cost of housing and other costs. How do you do that?
The vast majority of people work for large corporations. They need to be brought to heel to help the American worker. That will then raise wages for mom and pop store workers. Sheesh strawman
I’m not trying to be in the top 10%. I would like to be able to buy a home.
One person who is often not mentioned is Ronald Reagan. Do you remember his budget cuts and tax cuts for the rich? There was also the Southern Strategy, thanks in large part to Lee Atwater, and the push for free trade among other things. Yes, there were democrats who supported his policies, Reaganomics, and Thom Hartmann often talks about Reagan. Our problem is that this country is still in the Reagan paradigm.
Ah yes. School til 22, work nonstop til 42 try to have a kid or buy a house at that point (choose one or the other). A retire at 70 miserable with a life filled with regrets. But financially stable
The process of wealth transfer Galloway mentions started with Reagan and his “Reaganomics” that favored the rich and corporations (by massively cutting their taxes and starting that as the GOP rallying cry for the next almost half century now), and arguing for radical privatization of resources, which means after a half century now the nation and its citizens has to pay the country’s richest people the equivalent of RENT / leasing fees in order to use the resources and infrastructure that half a century ago mostly belonged to ALL the American people. And the rich used the money they saved with tax cuts to buy the public assets of the nation along the way over the next forty-plus years.
It’s outrageous!
What Scott Galloway talks about is true, but it’s also a convenient deflection from the explanation about exactly who we have to blame for this economic disaster. It’s not ALL older people that have set up this enraging wealth transfer from Gen-X, Gen-Y, and the Millennials now. It’s almost entirely the richest 5%; the super-rich and the old, wealthy “ownership class”.
Notice also that Galloway says “average seventy year-old”? Well, the eye-wateringingly high wealth of the seventy-plus year olds in the top 5% drags up the apparent wealth of the “average” seventy-year old by a significant amount; and in the difference between the “average” seventy-year old and the “median seventy year old” there’s a lot of very poor seventy-year olds barely able to afford to go on living. This is a working class versus capitalist ownership ruling class issue. The generational divide is yet another smokescreen meant to divide the working class and leave us arguing with each other instead of keeping the attention where it belongs… the super rich ownership class that has played our capitalist nation’s freedoms against the rest of us in order to remain this hidden problem that’s hiding in plain sight.
Ultimately it’s the super-rich, ruling class oligarchy in the top 1%, and their professional, legal, financial and political enablers (in BOTH parties now, since the time of Clinton and his Democratic Party’s economic sellout of the middle-and-working class he called “The Third Way”) that make up the rest of the economic top 5%, that they pay off to enable this giant wealth and asset transfer to continue while they also create the cover of the ridiculous “culture war” that divides us and distracts us from what they are doing to all of us economically.
Regan = worst president ever after trump. He broke the poor and let corporations run wild.
Yeah,don't care about being wealthy.
I just don't want to be forced to trade my very existence for some basic human rights.
I should be able to earn a living wage plus wiggle room for LIFE AND LIVING- if i want golden toilets and a house full of servants, then i can work more.
You shouldn't have to trade your LIFE TO LIVE...
The rules are always against common people. Period !!
I've been working since I was 15. I have 14 years of professional experience. Things were looking great in 2018 & 2019. I had a nice saving, jobs were abundant, food was inexpensive, housing was affordable, and the overall quality of life was pretty good. Now, I have no saving, jobs are scarce, food is expensive, I'm on the verge of homelessness, and overall the quality of life is poor. I've been working so hard for 14 years, I even had 3 jobs during the pandemic and experienced really bad burnout. I was getting 4 hours of sleep at best. All of this hard work with nothing to show for. But yeah I guess I'm just too lazy, I should have worked 6 jobs and I guess sleep is for the dead😒
It because to the rich we are just insects to them
Be specific. Tell young people the WHY. Tell the young people the WHO & HOW. America's economical realities are not accidental or coincidental. Its PURPOSEFUL.
Well, younger people absolutely were talking about remote work prior to the pandemic. I’m not even that young, and it’s all I wanted. So glad we got it! It has changed my life for the better. 🎉
I've noticed a big increase in young American CZcams reactors focusing on European perspectives regarding general social issues - but particularly "work/life balance". And most are shocked to discover that America is the glaring exception in the modern world, in the callous way it treats and disposes of its' workforce. (So much so, some are making tentative plans to move to Europe).
These young US citizens have realized that other nations treat their citizens with far more consideration when it comes to "quality of life". Proper employee protection, 4 or 5 week PAID vacation, paid maternity and paternity leave, reproductive rights enshrined in law, inexpensive nationalized healthcare, quality public transportation etc., etc..
The point is, the same reactors are disseminating their disquiet far and wide - largely to young US subscribers, and I do feel it must be having some effect. I think social media is finally penetrating the US isolationist bubble that has until recently kept the troops in line, and some young Americans are now starting to question the US status quo, which so obviously benefits the rich at the expense of young people about to enter the fray. Who wants to play when the rules are stacked against you?
And they haven't taken care of anyone since the 80's. So now people in their 50 or 60's don't have any retirement.
They arent paying us enough money.
They need to also tell them the other side of that “nothing, but work for 20 years” though. Tell them if they have children during that time, they won’t be able to actually be a family because they won’t have any time to spend with them/ to raise them and it’s going to mess those children up for life. Their spouses will most likely be having affairs because there will be no time to have a relationship. Tell them working that way is going to destroy their health & happiness and take years off their lives.
Tell them that what is meant by you can’t have balance is, for example, if you do nothing but work, you’ll be able to have some sort of home, but you’ll hardly, if ever, be there. It’s unreasonable, in america, to have a home AND actually have time to live in it. And that’s the reality that they’re clapping about with glee on their faces. They want that for you. They don’t want any better for you. And they’re rich and doing fine forever. You’re not and never will be and you should think that’s great and make sure you don’t do anything to make it better for the next generation. In fact, it would be better if it only got worse for them.
The voice of reason thank you beautifully said and tragic
"Work/life balance" has existed long before Covid. Young people have one complaint, they can't live an average life without working like they're in the top 10%. Prices ARE up while wages are stagnant or down. Young people would be more than happy to live an average life with an average work effort, but that option doesn't exist. The comparisons with the past are unnecessary and there's a very simple premise everyone should get on board with "People should be able to live an average life with an average work/life balance".
Exactly. You need to be in the top 10% of earners to live a middle class life these days nothing extravagant.
It's ao frustrating for me because I'm almost 'old' and I'm struggling. It's not all/most "seniors", it's elite class/c-suite etc, mega churches leaders etc.
Sorry to bust your bubble bub,,, but This started in the 80s. It's just more mainstream now.
70s and 80s and hit the black community first. The loss of factory/manufacturing jobs and then the crack epidemic. Blacks were told it was a moral or maybe even genetic failure. Flash forward the 90s and it was mostly white and then the opioid epidemic but then it became came we need to understand why this is happening
You can't raise the minimum wage because corporations are NOT going to absorb the cost of that! They will pass the cost to the consumer and it will start the issue all over again. We need to reign in the corporations first!
Yes they will if the government gives them no option to by taxing them on their stocks and luxury items
When people say they want a work life balance, it doesn’t mean that they are unwilling to work. It means that they don’t want to work excessively. It is often said that too much of anything is bad for us like alcohol, sugar, salt, or time spent on social media so why is an excessive amount of work also not bad for us?
Many people skoff at the idea of a work life balance. They say that you can either have money or free time but not both and if you want both then you are greedy. Well, a gun is useless without bullets and bullets are useless without a gun so is a hunter greedy for saying he needs both to hunt?
A person needs both money and free time to be happy just like a hunter needs both a gun and bullets to hunt. When I was a child I once heard someone ask, “How can you be happy by being rich if you have to work so much that you have no time to enjoy your money?” I heard that question over 25 years ago and have heard other people ask it since then. However, I’ve never heard anyone give a good answer to that question.
His point is that no one who has ever had great success has led a “balanced” life. Everything comes at a cost.
Thomas Edison worked obsessively. Only sleeping about 4 hours a night, and many of those hours were asleep in his lab.
The point he is making is that many in their 20s and 30s want the benefits of success, but are unwilling to pay the cost.
@@kellygreenii The Thomas Edison story actually enforces my point. He was a very rich and successful man but it seems like he didn't get to enjoy his money much in his youth and middle age because he was constantly working. He didn't have a more reasonable work life balance until he was in his 60's. So by the time he finally took some free time to enjoy his money, his life was about 75% over and many people see nothing wrong with this.
A lot of people want to work but they also want some free time so they can enjoy their money while they are still young and healthy enough to do so. If you wait until you have saved enough money to slow down, enjoy your life, and follow your dreams like climbing a mountain, then you may be too old and in poor health when that day finally comes.They also want to get a reasonable amount of sleep at night because sleep is important to good health. If you regularly drive, then getting inadequate amounts of sleep is very dangerous with anyone that shares the road with you.
Unfortunately, a work life balance seems like too much to ask for many people. They think that people should work around the clock with very little sleep or else they deserve to be poor. So option 1 is that a person should either be miserable because they are overworked and not getting enough sleep and option 2 is that they are miserable because they are poor.
@@jasonmultin4781 He didn’t enjoy life as YOU define it. For some their work IS their play. One of my colleagues is like that.
Get him talking about the intellectual aspects of what we do and his ga e lights up like a kid on Christmas Day. As a result he has worked like a dog for decades and accomplished a lot with little support from others.
That’s what it takes and you won’t work-life balance your way into that kind of success. But I’m sure it has cost him in other ways.
It all comes down to what you want…and if you’re willing to pay the price for it.
Most people aren’t…so they don’t.
Gen X, still being left out of the conversation. The idea that younger generations in the workforce aren't working as hard is BS. With the advancement of technology, we've been turned into numbers on a spreadsheet. Working harder while being micromanaged for less money. There is no company loyalty anymore either. Many older folks who are retired are disconnected from this. Companies staff skeleton crews to maximize profits.
Galloway is not saying you “have to” do nothing but work for 20 years, he is saying if you want your career to flourish, you cannot begin your career by focusing on life balance. This is a truth, however, I actually admire the instinct of younger people, because companies stopped caring about their people a long time ago. A generation ago, companies EARNED the loyalty of workers, but those days are gone, gone, gone. I don’t blame younger people today for their attitude. Why kill yourself working for a corporation that offers me no security, no stability, and no dedication to my well-being.
Exactly f*** the corporations❤❤
"Kill yourself working"? This is a cultural shift, through most of human history, work was a given, we did it to survive, to thrive, to have something to do. Seems only now through endless online propaganda, young people are equating work with death and a complete lack of a life. Sure there are things to worry about but opting out is willful failure. Employers didn't give a toss about employees 40 years ago either.
Bernie was the solution. It was Bernie. Bernie was the anti-trump. The corporate democrats blew it for America.
They threw it... intentionally
20 years after graduation is such a blessing... most will work for 40..
At 53, I worked my butt off for ten + years and have nothing still. Be careful who you listen to
Work smart not hard. You need to find loopholes to get ahead (connections, family, luck, etc.). That's the real truth.
The amount of work is irrelevant to join the top 10%. If you want it, you cannot be a worker.
Half truth at best..what you are saying is not logical.
There's some truth to that. There's a difference between hard work and smart work. You need a balance of both. Also, investing is key to wealth building.
And do we have to buy your timeshare or your book to achieve this magical Jack and the Beanstalk dream😂😂
There's nothing wrong with wanting a work/life balance. It doesn't mean you don't have any work ethic or are lazy- as some people try to make it out to be. It means you work to live and don't live to work. It means you value your free time and want to actually LIVE your life while also making a living. It shouldn't be an either/or situation. Your life shouldn't begin only after you retire.
They will never, ever let it get better.
People need to organize and go after some of these CEOs and Lobbyist call them out and stop buying their products. We need to change laws.
We're on month 2 of a nationwide boycott of the country's largest grocer (59% market share for Canada). They responded by doing some very shady, illegal crap .... investigations are being opened in every province for fraud and price fixing. Now they're talking about going to the government for "grants" to make sure that the investors make their projected record-breaking gains anyway, and the brother of the leader of one of our federal political parties is a lobbyist for them so they'll probably get it.
One of the shady things they're doing is colluding with the other 4 major grocers to fix the price of necessities (especially bread). They've been caught doing it twice in the past too.
The former face of the company (the owner's son) has a summer property next to Balmoral Castle in Scotland, that cost him 120 million. He gets there in a super yacht that he named "Bread" to rub it in our faces.
Thank you for saying that the money is not going to the older generation. We older generation is not having a great time of it also.
That because not all was able to get the good luck
So you graduate high school at 18,
If you commit to college, on average you’ll be there anywhere from 2 yrs (associates degree) to 8 yrs depending on what you’re majoring in.
Let’s say you do the bare minimum and stay for those 2 yrs to get your associates you are now 20 yrs old.
Now you have to work for at least 20 more yrs to achieve the top 10-1%? So you’re now 40 yrs old.
This is incredibly depressing and enraging when someone is sitting there telling you from a tv show, that you have to work that much to achieve work life balance.
Where is the time and energy to start a family if we work so damn much?
What is the point in working so hard when taxes, inflation, crises strike and supersede the stagnate wage we try to survive on?
I have done nothing but work for 20 years and I don't own a house or car. Why because I work in a job where there is no over time. But there is over work.
In the 80s most GenXers knew that the *"work 30 years, get a gold watch retirement"* era was ending.
Mr Mom showed us that.
@@anneb889
That movie gave me hope, I wanted to be the stay at home dad, and let wife do the FT 40-50+hr grind.
ERA!
Drizzle drizzle.
@@Juan-os4hs Once you get the flow of drop off and pick up down….you’re set! I hope you got to be a Mr Mom and live the dream! Lol
My father is the last person. I know that retired.
@@anneb889
Sadly, no.
It was just to ahead if it's time, it was still expected-despite the ERA movement and the feminism of that era that men were still supposed to be the main bread 🍞 🏆 winner.
Hopefully the 20-30 something guys today will be able to achieve that dream.
managing starving slaves gets complicated....
Work balance is also the result of working parents who realize their kids need them.
Where are the wealthy older generation ?
They are as dirt poor as the young ones.
Exactly! The transfer is not to the old in general, it’s the RICH OLD
Fun fact, I’ve been working straight fresh out of college with a degree in engineering. I’m 30 now and don’t get to have vacations or a house. I’ve done everything they said and I have NOTHING to show for it. So they’re just lying
Workers in the 50s and 60s had a work-life balance.
No they didnt.
@@bbeyes1 Yes they did infinity plus one jinx no tag back. Is that the best you've got?
@@therealjammitso you are 50 60. Explain how you balanced work and life.
No. After WW2 the generation going into the 50s and the 60s and the 70s ( not counting Korean and Viet Nam wars,) that generation did very well. Many are the millionaires and billionaires of today.
@@user-ok2mq6ig5y I am in that age range. We got paid for work, and that pay would cover living expenses. We had unions. We had a government who made the rich pay taxes like the rest of us. The kids today got screwed over by my generation. When the government took away corporations paying fair taxes it didn't bother us. We were already made, but the new generation took the added load.
What is wrong with work-life balance? Too many people in this country are stressed out, burned out, frustrated and just tired and that leads people to take their frustrations out on others. Doesn’t America have the highest population of people with mental health issues? Doesn’t America have the highest crime rate of any Western nation?
We have coddled the young for decades now, and they want everything now, and don't want to work hard to get what they want!!! Those born post WW2, worked long & hard to get what they wanted, and since then, we've raised a bunch of whiners & spoiled brats!!! My 53 yr. old son, took on a second job to pay off his credit card debt, and the young people he works with, )half his age), do half of what he does, take more breaks or just disappear for a time, leaving him to do the bulk of the work!! There was time that schools taught what was expected of people in the work force, I'm not sure they do that anymore, like how lax they became on a dress code for the workplace!!!!!
You (and I) are living the globalist dream.
@@dianarobertson3478you’re the problem boomer. Cry more.
Welfare incentivizes poverty, poverty creates crime. The US welfare system follows a free-rider/mommy state model, rather than a work-conditioned system like those in low-crime countries such as Singapore, Switzerland, Japan, and South Korea. The US federal welfare system discourages self-reliance, hard work, personal responsibility, social cohesion, and community support networks. While there is significant funding in the nanny state, it ultimately results in a net loss of wealth and fosters a culture of free riding.
@@tyronewashington230 spoken like a true Trump cultist.
the typical "damn kids don't want to work" response from Scott ... Why would they if they don't have anything to show for it ?
Shareholders are among the most entitled people on the planet, demanding money for doing no work and getting at the expense of the workers. Investors are thieves, and the stock market is an atrocity. CEOs are also very entitled, getting paid amounts each year that nobody can do sufficient work in a lifetime to earn.
This is why I’m against capitalism, I hate capitalism with a passion
@@Democratic_union
Go move to Venezuela or North Korea.
Look at ceo pay vs worker pay at the same company and try not to get pissed at the disparity or explain it away how that is appropriate
I disagree, transferring to the rich not the elderly
I'm 58 and yes I see its much hard for young people today.
Just do the math on buying a home or the cost of rent versus anytime in the past
Thank you, because I'm 65 and I'm not rolling in dough. I'm struggling and living paycheck to paycheck like most of the old people I know. Don't come for us with that "all old people are rich" bullshit! Do the research and find out who the TRUE enemy is. It ain't us, that's for damn sure.
Millennials are the most educated and screwed over generation. Generation X and baby boomers who were managers and executives of companies hiring stood at the gate only letting their children and friends in. I know so many people with BA’s and Master degrees who couldn’t gain experience in their field because employers said cool you have a degree but where is your work experience… get to the back of the line. It’s like dude this job isn’t rocket science we could learn it rather quickly. My dad got a $30 hr job with no degree at the age of 26, my sisters are now 26+ with degrees and barely cracking $23 per hr. Wages are a joke compared to cost of living (California -Cities).
To be fair it’s always been working at the same job 20-30 years to be able to retire. This is only because our politicians are generational monarchy enslaving us all.
He misspoke, we are transferring money from the poor to the wealthy...that never ends well.