Morning Joe made a big mistake this morning and let someone on their show who speaks the truth!
Scott Galloway came on to promote his book and explain why young people today can be a little resentful about their economic outlook.
[Trigger warning for the "just work harder" folks]
For the first time in our history, a 30-year-old man or woman isn't doing as well as his or her parents were at 30. That is the social compact breaking down.
Now listen to these facts.
People aged 30-34, 60% of them in 1990 had one child. Now it's 27%. People are opting out of America, they're not optimistic about it, they're not having kids. Young people aren't having sex. They're not meeting, they're not mating. The pool of emotionally and economically viable men shrinks every day. Which lessens household formation.
The country young people are inheriting is NOT the same country the previous generations were given by their forefathers who built up America. America now is a different place than it was 40 years ago.
They (millennials and Gen Z) look up, they see wealth, exceptional wealth, across my generation and people in certain industries, and they are really struggling. Their purchasing power is really going down...
He makes an argument that I don't think makes much sense, about the value of college degrees. If anything, too many people are going to college, not too few.
But the rest of his points land.
We get very concerned with housing and traffic once we own the housing. Housing permits are sequestered from young people, housing prices have gone from 290 to 420 in the last 4 years.
So a young person, a house, stocks that I don't own, skyrocket in value, let's have Covid relief and flush the markets and take assets way up because a million people dying would be bad, would be tragic if I got less wealthy, and we're doing it on their credit card.
I mean, take a look at the graph that was at the front of this video.
Yeah, that's a steady decline starting in the '40s, and now, 80 years later, it has collapsed.
The system that was built that allowed wealth to pass from generations and allowed opportunity to increase is gone.
What's the solution to this mess? Because "buckle down and work hard" ain't enough.
P.S. Now check out our latest video 👇
