Lots of talk these days about an approaching recession….the markets yo-yo sessions….up one day down the next 2….just feeds this predictions.
Do you remember the crash of 2008?
The markets bottomed out and billions of wealth was lost….especially the Baby Boomers…their savings was wiped out for the most part.
I bring this up because if and when we have another recession the group that will be destroyed monetarily are Millennials….
Most are already have massive debt and an recession would wipe out any economic progress they have made……
The trade war is dragging on. The yield curve is inverting. Investors are fleeing to safety. Global growth is slowing. The stock market is dipping. The Millennials are screwed.
Recessions are never good for anyone. A sputtering economy means miserable financial, emotional, and physical-health consequences for everyone from infants to retirees. But the next one—if it happens, when it starts happening—stands to hit this much-maligned generation particularly hard. For adults between the ages of 22 and 38, after all, the last recession never really ended.
Millennials got bodied in the downturn, have struggled in the recovery, and are now left more vulnerable than other, older age cohorts. As they pitch toward middle age, they are failing to make it to the middle class, and are likely to be the first generation in modern economic history to end up worse off than their parents. The next downturn might make sure of it, stalling their careers and sucking away their wages right as the Millennials enter their prime earning years.
This group will suffer more problems than the “Boomers” did…..they cannot prepare for this possibility if there is no savings to help lessen any blow from a recession.
Poverty will increase and bankruptcies will increase and financial ruin will be the only option for many.
“Lego Ergo Scribo”