MILLENNIALS NEVER RECOVERED FULLY SINCE THE GREAT RECESSION AND NOW COVID-19 IS BRINGING A PAINFUL ECONOMIC RECKONING. HALF OF US HOUSEHOLDS OWN NO STOCK | WHAT REALLY HAPPENED

MILLENNIALS NEVER RECOVERED FULLY SINCE THE GREAT RECESSION AND NOW COVID-19 IS BRINGING A PAINFUL ECONOMIC RECKONING. HALF OF US HOUSEHOLDS OWN NO STOCK

SOURCE: MY BUDGET 360
While the pandemic has caused unrelenting and blistering damage in every segment of our economy, the pain is simply not distributed equally. Many of our essential workers are in the least secure jobs, with weak healthcare support, low wages, and ultimately are in jobs that keep them financially stuck while risking their health. What is troubling about this scenario is that we are seeing crony capitalism rearing its ugly head yet again – with the large bailouts we still do not have a clear picture as to where trillions of dollars went and we are devaluing actual work to support opaque networks of money. We do know that Millennials and younger Americans are getting pummeled once again in this crisis. Millennials shoulder a disproportionate amount of the more than $1.6 trillion in student debt, have lower home ownership rates than previous generations, and are also taking a big brunt of the job losses from this pandemic. Millennials never recovered from the Great Recession and this economic contraction is hitting them even harder.

Real estate wealth lagging dramatically

Americans build wealth through real estate for the most part. This is largely accomplished through buying a home. Most don’t view their home as an investment but in large part a home is a forced savings account. Just like compound interest, continually paying a mortgage overtime will build equity and ideally after 30-years, you will have a paid off home. The problem is that Millennials were lagging in this respect because of the Great Recession but are now going to be hit harder in this Covid-19 crisis:

This chart is rather startling. It shows how far behind Millennials are from Baby Boomers and Gen X in terms of building up real estate wealth. It is hard to see how this will change any time soon. Part of this has to do with massive debt from student loans but also because of lower wages from the current economy. While Millennials were making some recent headway, that has reversed with this crisis:

Webmaster's Commentary: 

Right now, whether you own a home or not, it is a good time to get into precious metals, if you can do this at all; silver is very attractive, because of its convertibility.

But please, to our readers; if you haven't started prepping yet, the time to do this is absolutely now. That means potable water, and long-term storage food, and extra meds for you, the people you care for, and your pets. You also need a bug-out bag, and a plan that tells you when, under what circumstances, and to where you will bug out, if the fertilizer is really hitting the ventilation system where you live.

We are very fortunate to live in a very rural area, where people are fundamentally kind, and neighbors help neighbors, which in times like these is a real blessing.

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