So apparently there is a massive wage gap when it comes to employed millenials regardless of field
Since raises are percentage-based internally and based on previous salary when finding a new job, won't this mean that the wage gap will persist into the foreseeable future?
What are the chances this will be the final nail in the middle-class' coffin?
If I were a pessimist I'd say this trend has the potential to collapse the economy entirely, starting with housing
Look to the richest cities I'm Canada and you'll find this is true. If I wasn't a decent stock investor, I'd be 40k in debt (don't forget student debt exists because now almost every job wants a uni or college degree). A lot of my normie friends are seriously fucked and I feel pretty bad for them.
The kids of anyone worth over a million will be fine though, since they'll have the money and networking opportunities to build portfolios for future jobs.
I'm really more concerned about whether this would realistically cause a crash - high debt and low income spells a terrible future for the housing market at the least, but if people aren't able to spend then companies can't make profits and demand drops, which causes a negative feedback loop.
I mean, I've already come to terms with the fact that I will assuredly die before I retire and that there is no way for me to really build wealth, but what does that mean for the future of the country in 25 years when the only people making any money are 80 years old?
Imo, the western world relied too heavily on the prospect of sustained innovation, thus creating a young workforce far too educated and with lacking any skills or practical work ethic, but possessing extreme entitlement. Meanwhile, technical progress stagnates and China and the EMs catch up with manufacturing and high-tech.
This is capitalism in action, wealth follows skill, and the average Pajeet is smarter and more skilled than the average Joe.
>millenials lack skill and have poor work ethic
Every shred of evidence points to the exact opposite
Why use data from a damn survey when there's census data on this? The graph is full of shit.
Shut up and get back to work. My social security won't pay for itself.
That's not really the point. The last census indicated a nationwide median of 30k which fits the chart, but that's also not the point.
The point is that there's a wage gap that poses a pretty visible threat to the economy that no one seems to give a fuck about
That's because most people are greedy and lack foresight. Most people would go down protecting 'what is theirs', even knowing full well that it will just hurt them in the long run.
How does one survive on $25k a year? I'm still in college but God if this is what's in store for me I hope I die before I graduate.
Median means half make more and half make less. It says nothing about the distribution.
A college degree automatically puts you in the right side of the curve, and majoring in STEM or having an MBA puts you beyond 2 standard deviations.
>le math 400k starting may may
STEM is bubbling like a motherfucker and it's hard to find jobs in it because everyone and their mother has a generic engineering or CS degree
>English lit major with a minor in psych
How are things in social work?
>tfw Im doing electrical egineering
Now you have me worried. I knew i should've done accounting and complemented it with math, but I have no charisma and the looks required to get a job in that field. Nobody would ever hire me. And now it's too late to switch even if I wanted to. FUCK
It's an interesting question, but I can't help but note that the thread is two hours old and there's no evidence posted supporting the existence of a wage gap nor any indication of how large it is.
Maybe this is a symptom of how gullible Millennials are, but its pretty much impossible to discuss a topic when you don't even know what you're discussing let alone whether its true.
Everyone and their mothers are also looking for engineers because they're actually fucking useful. I was born in 1992. I graduated with a mechanical engineering degree, had a 2.5 GPA coming out, no internship or CoOP experience, and still found a well paying starter job in my field within a year of being out of school. The problem with millenials making such low wages from me eyes is an abundance of average to low intelligence or lazy pieces of shit over saturating a job market that doesn't have a high enough demand for people with those degrees. No one deserves the right to whine about not finding a job or making too little. They aren't looking hard enough or aren't working hard enough.
literally the worst generation in US history
What's true of the job market 4 years ago is not true of the market today
what's true of the job market today will not be true in 4 years
STEM isn't immune to the wage gap and is quickly becoming the domain of H1B's and Indian consulting firms.
You're essentially telling people they should go into massive debt for a shrinking job pool, which is the other half of the problem.
this stupid shit is why we can't discuss this in politics, because people think small and in terms of narratives and what people "deserve" instead of looking at the larger picture.
Even if everyone went into STEM there are only so many engineering jobs and those jobs will still pay less for those workers than for someone older, and getting their degree will put them into massive debt.
Did you even read OP?
So once I'm done with my engineering degree, is there anything I can do to hop fields? Like get a masters in something else unrelated to engineering, would that be feasible?
Look at unemployment rates in engineering disciplines compared to just about every other field dipshit. Experience always yields more money too. No shit you'll get played less as a recent graduate. The point is is that the degree is actually fucking useful, which in turns yields good pay, and good pay with experience. I don't see many engineers complain about overburdening student debt because it isn't an issue for them.
Sorry to be annoying but could you spit out some stats or at least link some sources that I can read, I'm curious about this.
I'm not taking an individual view here, I'm trying to have a discussion about the larger picture.
That picture being the possibility in a decade of a vast portion of the workforce being underpaid while also dealing with crushing debt, driving the nation's purchasing power down, potentially crashing certain markets
"more people should go to STEM!" is not a solution. Putting more people into engineering degrees doesn't increase the amount of engineering jobs available or address the fact that lower initial wages stifle wage growth
Google around. I was reading a WSJ table that seemed legitimate to me.
Im sorry, I missed your point initially. I see what you're saying but how much grey area is there here? Is it clear cut knowing if wage is too low or if someone is stuck with crippling student debt they shouldn't have incurred in the first place because of a job market that doesn't supply enough jobs. How large of a factor does student debt play on people living with these low wages but that are working jobs that they didn't need the degree for?
>Even if everyone went into STEM
>even if everyone went into STEM
Not everyone can go into STEM you retard. Art history and gender studies majors aren't going to suddenly gain the intelligence level required for college level calculus. If you are capable of attaining a STEM degree it makes sense to get one in the long run. That being said, there will almost certainly be more STEM jobs in four years than there are now.
>speak four languages
>apply to 50+ jobs
>two respond to tell me the position has been filled
>it's my fault for being so damn unskilled and entitled
FUCK OFF DAD REEEEEEEEEE
this isn't some new or dire thing.
boomers and gen x started off making shit too. You make more as you get older.
I think I started working for $2.30/hour, at a time when an average wage for someone my age was about $6k per year. At the time the average overall for the nation was almost three times that much.
millennials are making more than half of average, they're already doing better than the last two gens did. Presumably because they're extremely educated.
I think the better question is, do millennials want to continue with the debt/wageslavery cycle that their parents and grandparents first protested and eventually bought into?
I don't really care, neutral observer.
but millennials have more debt and more earnings potential than any generation before. More entrepreneurial spirit too.
all of these things point to the continuation of the status-quo. All generations rebelled against capitalism, millennials are just faster than most to see the potential value of it.