Millennials were priced out of capitalism | Hacker News Reader

Millennials were priced out of capitalism

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14 pointsnailer9 comments

I am not from the US but my understanding is that student debt only started to be a problem when the government started to guarantee it, in the 80s.

So they were priced out of interventionism.

And salaries stopped following increases of productivity after Nixon gave the final blow on the gold standard in 73. So again, priced out of interventionism.

Student debt became a problem when the cost of college rose significantly faster than the ability to pay for it, immediately and from degree benefit. One can argue that educational bureaucracy metastasized as a byproduct of government debt guarantees, thus driving the cost curve.

I would say that, because government started guaranteeing the student debt, demand became insensitive to price.

I have been trying to build a house in Washington state for five years and cannot even get past the first step of splitting my twenty acre parcel to two ten acre parcels. Government red tape created the housing crisis and only abolishing this red tape will solve it.

> Thiel nailed it. Millennials don’t hate capitalism because of ideology, they were priced out of it.

> That’s why you see the anti-Tesla, anti-Elon movement.

> Record student debt, negative real wages, no assets, etc…

> You won’t fix this with moral and socio-political lectures.

> The real fix is new opt-in modes and new tech (e.g. AI + btc).

> What else?

> Record student debt, negative real wages, no assets, etc…

No assets? The Great Wealth Transfer to millennials (and Gen Z) is happening right now.

https://www.ml.com/articles/great-wealth-transfer-impact.htm...

Lmao. "Great wealth transfer". At face value, it reads like a social program to actually rebalance to scales towards young people. In reality, the article is about rich people dying and transfering their wealth to their kids...

Because that is what will fix gen Z issues and beyond lol. A subset of them getting the unearned wealth of their parents.

> The real fix is new opt-in modes and new tech (e.g. AI + btc)

This way of talking "new opt-in modes" reminds me of the typical LinkedIn thought leader shpiel.

But it is BS. New bubbles to fix old bubbles? Btc is zero sum. For you to buy a Lamborghini with the Bitcoin yoy got in 2012, someone else needs to pay for that with the dollars they have today.

Also, generative AI is being pushed as a tool to replace and deskill workers. I'm not sure how that is going to help Millenials saddled with negative real wages and priced out of housing.

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