It Sucks to Be 33
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- Опубликовано: 13 мар 2024
- Jeanna Smialek, who covers the U.S. economy for The Times, will be 33 in a few weeks; she is part of a cohort born in 1990 and 1991 that makes up the peak of America’s population.
At every life stage, that microgeneration has stretched a system that was often too small to accommodate it, leaving its members - so-called peak millennials - with outsize economic power but also a fight to get ahead.
Guest: Jeanna Smialek (www.nytimes.com/by/jeanna-smi...) , a U.S. economy correspondent for The New York Times.
Background reading:
• When millennials gripe that they get blamed for everything, the accusers might actually be onto something (www.nytimes.com/2024/03/02/bu...) .
• Millennials have the children, but boomers have the houses (www.nytimes.com/2024/02/01/re...) .
For more information on today’s episode, visit nytimes.com/thedaily (nytimes.com/thedaily?smid=pc-t...) . Transcripts of each episode will be made available by the next workday.
The baby boomer generation had a participation trophy economy; you play the game and you receive a middle class lifestyle. As a peak millennial, i have to play to win
I was born in 1962, which puts me in the “late boomer” cohort that birthed the peak millennials. Oh, yeah-it was great hitting college age while there was simultaneous double-digit unemployment, double-digit interest rates, and double-digit inflation (yes, you heard that right-do a little bit of research about it next time you’re tempted to gripe about the more recent bout of inflation or the current Fed funds rate hikes). The people in that late boom cohort who were slightly older than me had the fun of finding a job or looking for an affordable home in that economy. Me, I just had to deal with losing my financial aid and taking a few years longer to finish college. I did give y’all a gift, though, by not contributing to your swollen ranks. You’re welcome.
She got so close to realizing that thinking about economics divorced from sociology is ineffective 🤦♀️
Im 33 and this makes so much sense. Thank you for doing this episode. It was validating and inspiring. I've had a sense that my accomplishments do not reflect my capabilities, but I did not have a macro-economic / demographic story to match the sentiment.
Interesting podcast. You know, it's easy to be myopic about one's own situation and one's own "generation". Smialek did her homework related to peak millennials, but she lacks historical perspective on previous generations.
I am curious how much the spike in births was impacted by the increased hope at the end of the Cold War. Looking at the Berlin Wall falling at the end of 1989, the timing seems to match.
I had avocado toast for the first time last night, actually.
It was delicious.
It was also 13 dollars so.
Not an every day indulgence 😂
I'm a Gen Xer about to turn 50. Life hasn't been a hay ride for me either. I have dealt with multiple recessions, chronic underemployment, hiring biases, etc. I was able to buy a house at 33 because I bought a small entry level home in an uncool part of town and put a ton of sweat equity into it. I don't see many 33 year old doing the same today, though the same buying opportunities still exist in my neighborhood, and it makes me wonder. Are things really that bad for you or do you just have unrealistic expectations?
economist discovers that delayed life milestones due to economic and social headwinds means when the opportunity presents itself for people to try to grab that milestone, a huge swath of the generation does it all at once.
I'm 33 and I don't know how to feel about this. 😅
The job market isn't zero-sum. Having more people means both more need for jobs and more people to fill them. We just have to have better management of jobs to keep the demand met by the supply and vice versa.
I think her very last sentence might have lost some of us😬. Up until then, I was 100% supportive
As a 33 year old millenial I can confirm I am listening to this
I'm turning 33 this year. I'm a happy exception because my parents drilled into me that my life will be competitive due to global forces, and that led me to make good choices. For most people I know my age that wasn't the case. Very few people from my high school year have started families so far. The consequences over the next few decades as the collapsing birth rate starts to show it's effects will be devastating.
the competition with other millenials is bigger than what baby boomers to deal with. but this is a fact of life.
As a 32 year old who grew up very poor, I would say there is still plenty of opportunities to get ahead as I have but I am really angry about 2 things largely boomers set up and benefited from. 1) Housing prices and lack of new homes at all. Only my 30 y/o younger brother and myself where just 3 years to slow to get a home before in my area home prices have more than doubled and inventory available is down 92%, all of my older siblings and parents bought a home before 2017 and have all been gifted 100s of thousands in home equity and all refied in 2021 for sub 3% 30 year loans. 2) Debt and SSI/Medicare/Medicaid. These are programs I never got a vote on and do not want yet I am by law forced to pay into the Ponzi scheme that will not be there for me but will on average pay much much more out to already wealthy baby boomers who on an avg collect $700K more out than they paid in. And they in both parties know boomers wont vote for someone who will actually elect a person to change this.
This video is like "if we don't look beyond the oversimplifications of capitalist theory, how much can we try to understand about what's happening?" - and the answer is "not much", since the theory does not properly describe reality.
Blame the shear scale of vulture capitalists, not boomers.
Being 23 however is amazing! So many high quality jobs! Booming economy! Incredible housing market! Oh. wait. no. No, that's not true at all. Nevermind.
But millennials also at the same time, do not stay and grin and bear it thru jobs they don’t like as much as they were hoping - so they also job hop too much to build savings for retirement … I get some of that job hopping had to do with jobs no longer paying (respecting) enough nor providing raises until a couple years ago- and only time will tell if this old expectation (of better pay and raises) will maintain again now. … … And if you millennials care about these issues, it means you need to vote and not give in to lethargy and disinterest! : )
Oh no I was the 33 like
lol, the conclusion: “We are the problem; but, it’s not our fault.” I can’t think of a more apt characterization of a certain member of this generation of ineffectual whiners.
Keep in mind that Taylor Swift, one of the most successful artists of all time is “peak millennial”
I'm just hearing "wahhh wahhh whahhh". JFC, find something that interests you and try to make a living and work towards it...isn't that how it's done? Poor cohorts😢
As a 33 year old turning 34 in a few weeks, that final phrase is so infuriating, to say that it's not our fault, bro literally everything in your life is your fault, take responsibility, grow up.
If I am born with 1 arm or 1 leg was it my fault?
no, but everyone needs to grow up and take control of their own life. stop making excuses@@opengrapefruit1534
Peak millennial = vocal fry + upspeak
I don't understand this phenomenon at all. I tried talking like that and I can't even imitate it on purpose. It's such a weird and unnatural way of speaking. And incredibly unpleasant to listen to. It sounds like a computer voice with a speech defect.
D
Baby Boomers: The “me” generation
Millennials: The “Poor me!” Generation.
The US Bureau of Labor Statistics publishes 20 fastest growing occupations list. Just get a job in one of those and you're in the middle class. It's not capitalism's fault, just learn it and work it.
Hi from the baby boomer generation, one of the largest generations like the Millenials. We experienced the same mass increases in expenses that you are complaining about and perhaps even more. While I’m in sympathy for your situation I think it’s a bit much for you to feel victimized by it all. My generation didn’t victimize our problems.
Entitled Fragile snow flakes is a new thing for sure
She’s just explaining the financial math of being Gen Y versus being a Baby Boomer. How is that “being a victim?” 🤔
Leave it to New York Times to put out this narcissistic garbage…I’m 38 and it was clear as day 20 years ago the way forward was to start a business and find a wife. Like always before and after. Tell your Zionist bosses to cover evil jews in Isreal
But the Baby Boomers were coming right after the New Deal and huge increases in the social safety net, while the Millennials are came after Reagan and Chicago School Economists worked to get rid of the safety nets and put their faith in corporate profits trickling down to the rest.
whats the song playing at 22:40?