Tuesday, October 29, 2019

Millennials already Drowning in Debt will have to compete with AI for Jobs








Millennials have a lot going for them. A recent study shows they're better educated than the rest of us, more ethnically diverse, more economically active. But - and here's the problem - they're the most financially illiterate. And that's a big deal when you are the face of the future. Thirty-four percent of millennials, a study says, are unhappy with their financial situations, but lack the tools to fix it. Welcome to The Atlantis Report. Millennials are good at one thing and one thing only. Making debt. More like Generation of bad decisions. The REAL purchasing power of the average American worker is now HALF what it was in 1972, adjusted for inflation. Historically, every Generation has enjoyed higher living standards than the one before. But if economic trends continue, people in their 20s and early 30s will be worse off than their baby boomer parents. Millennials are disproportionately burdened by student debt and often can't afford to buy a home. Millennials are the first US generation to see the full impact of a falling standard of living. Millennials are already making 20 percent less what Baby Boomers made at the same age. One reason why Millennials are racking up debt is simply that debt is so widely available. Millennials do not feel obligated to pay back loans. Credit cards freely distributed, and Interest charges on loan and debt are the cause of personal debt. Cut up your Credit Cards, learn delayed gratification, and learn to economize and live on your wages. Central Bankers and the financial system is at fault for lending to those who cannot afford to pay interest and debt. The solution ? : try to live on less than you make, don't borrow money, pay off your debt, invest in assets that generate money, and save, hustle, stop spending money on useless degrees, on vaping, and tinder and other apps and games and phones, and entertainment, and avocado toast. Stop getting useless degrees in media studies, anthropology, and sociology. Get STEM degrees or do a two-year Associate Degree in the likes of physical therapy, culinary schools, or become an LPN. Do apprenticeships instead of taking classes in "gender studies" and the like. The idea of a 4-year degree (any degree) getting you right up on the ladder are over. There are too many people coming out of schools with these silly, impractical degrees that get them nowhere unless they have connections. They are a total waste of time and money, and graduates come out of college with all sorts of opinions and no real life or work experience. Pay attention to real economic and geopolitical news, not silly "LGBTQxyz" issues. The breakdown for Generation Y is also because central banks have continued QE for markets. These policies push the fiat currencies lower, hurting the working class while simultaneously rewarding asset owners. This artificially creates a massive bubble in asset prices; stocks, bonds, and real estate. The boomer generation currently owns 86% of all assets. For millennials wanting to purchase these assets, they must go into massive debt and overpay. Since wages are stagnant, the cost of living continues to rise, causing many to become the "working poor." Furthermore, the boomer generation is working longer in sought after careers, causing a bottleneck effect for those who follow. Millennials with useless degrees (that their parents helped to fund) are also the first generation to not know the difference between "need" and "want." Spending money on "experiences" is fine if you can afford them. Starbucks, nights out every week, and vacations are wants, not needs. So being surprised at the end of the year when there's no money in the bank is ridiculous. The world's developed economies are breaking down also because technological growth is happening faster than human transformation. In a nutshell, machines are cheaper and faster than humans. Therefore wages are either stagnant or declining drastically in nearly any sector where AI, RPA, IoT, robotics, automated machinery are potentially advantageous, which is nearly every industry, and these technologies will deeply accelerate over the next 30 years. How can any college student graduate with overinflated government-backed debt be expected to earn more money or the same amount as graduates pre-1990s? They cannot and never will, at least at scale. Very few jobs exist in high paying fields and are not applicable to the vast majority of the population of working-class individuals. The future is bleak because of several things that occurred in the past and continues to the present, broken societal structures based on a pre-technological era. The main culprit in society is the relationships and basic nature of banks and governments. The banks fund innovative technologies (VCs/Angels) and merge and consolidate industrial giants (PEs/IBD). Together these fund and develop technological shifts in the world around us. The government helps with research, regulations, and bailouts when banks and entrepreneurs have either gambled or have innovated too much with either technological (cost efficiencies), markets (social sales), or monetary policies (inflation/debt). These things, in general, are a good thing. Innovations bring down the cost of doing things we already do or bring about new things we didn't have before. These improvements better society as a whole. All other gains are superficial and are mostly monetary policy reactions to buffer technological change or gambling/failures effects on people as they benefit shareholders and executives majoritively. Over time governments and banks have directly and indirectly regulated and invested in the increase of housing costs (land/construction), the increase of healthcare costs (drugs/payroll) via monopolizing treatments, and backing student loans, therefore, increasing university tuition prices over the past couple decades. The government has also created a surplus of college graduates who cannot find jobs because there are not enough jobs in the fields students graduate in, and technology has been quickly deleting jobs that used to exist and are continuing to delete jobs going forward. This has therefore increased the student, credit card, and mortgage debt of societies across the world because of low wages, stagnated middle classes, and increased taxes. People are ultimately being laid off, let go, work temp/contract/part-time, and more pronounced never hired due to technological growth and mismatched supply and demand within the labor force. Current and future trends in automation, AI, robotics, software, nanotechnologies, RPA, and you will have unemployment rates seen in the US during the Great Depression as a permanent issue in developed and developing countries on an international scale. New jobs won't work, because these automation technologies add a fraction of new jobs compared to the ones they delete. Autonomous driving in the US could wipe out nearly 3-5 Million jobs in the coming ten years. There are another 3.4 million cashier jobs that could easily be automated for over ten years with no replacement. A large percentage of office jobs can be automated within accounting, financial services, and clerical/administration within the next 10-20 years from Robotic Process Automation (RPA), AI, App development. These three major trends could do it by themselves. Jobs that are remaining, which will be primarily automated, are in the IoT, AI, personalized medicine, DNA therapy, and nanotechnologies sectors of healthcare over the next 30-50 years. The paradigm is no longer heading towards a sustainable world where people in mass can live based solely on wages/salary based work for themselves, let alone a family. It is very simple. It all leads to a mixture of things. There will be a quarter of the population who will become permanently unemployed. There will be about half that will need a supplemental income to survive. Another 15% % will be able to survive on their own income, but this group will not last for more beyond the next 50 years without transitioning to a mixture of work-based income and supplement. The last 10% will be able to maintain survival on their own, nearly indefinitely. These will be your elites, governmental leaders, celebrities, entrepreneurs, business executives, investors, bank heads, and very very few specialists (STEM). If producers of goods and services are able to produce something at near-zero marginal costs (variable costs with little to no overhead), this becomes compounded (raw material then to final product), then the prices would have to fall if the producers in that industry are competing and not an oligopoly or monopoly. Therefore prices would drop, reducing the cost of living for certain goods and services; however, if widespread unemployment occurs, this means less buying power and, therefore, will raise prices that would otherwise be maintained due to increased or stagnant buying. This process will in effect flood the market with default mortgages (unemployed), lower taxes and therefore larger deficits, increase homelessness/poverty in groups of people losing jobs, government handouts drying up faster than usual, and ultimately increase the number of producers to go bankrupt as fewer consumers exist in the overall market. Therefore a financial asset reset will occur. Add in a finite but large group of baby boomer retirees who have an inadequate retirement savings and a ballooned government retiree bailout plan also known as the only legal Ponzi scheme, social security programs/pensions, all paid in by those working in the economy, which will become a shrinking group and a poorer group over time. All this leads to a negative but honest review of the future if governments and elite groups are allowed to continue ballooning national debts and allowing a couple of thousand individuals to own the vast majority of all the world's wealth. You get a revolution. Or at the least, you should have a revolution. A fight to rebalance the generations and the wealthy with the middle class. No matter what, there will be a transition, and it will be painful. In the meantime pumping up overinflated stock markets and using monetary and fiscal policy to extend it another couple years before another global recession is the plan and another 20-30 years before a great depression. This economic system does an excellent job of pointing out the foolish, stupid & naive members of it that don't have the smarts to Make It. Instead of letting them fall by the wayside we insist on saving them, thereby penalizing the members taking the wise/smart path. No one's winning. Old people hope to flip homes to pay for their needs and can't because, at prices they want, no one can afford a house, except a flipper. Young people can't accumulate property and can't earn income. A giant pot of frogs, young and old, slowly boiling. Many Millennials today are becoming aware of the benefits of minimalism and foregoing starting a family because personal freedom is of primary importance to happiness. They don't need marriage or a family to be happy. They don't need material wealth or conspicuous consumption to be happy. The fewer things that you own, the fewer things that own you.









The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

No comments:

Post a Comment

Blog Archive

“Control oil and you control nations; control food and you control the people.” Henry Kissinger


once a standing army is established, in any country, the people lose their liberty.”
George Mason

“Military men are dumb, stupid animals to be used as pawns for foreign policy.”
Henry Kissinger

“If you are an ordinary person, then you can prepare yourself for war by moving to the countryside and building a farm, but you must take guns with you, as the hordes of starving will be roaming. Also, even though the elite will have their safe havens and specialist shelters, they must be just as careful during the war as the ordinary civilians, because their shelters can still be compromised.”
Henry Kissinger

"We don't let them have ideas. Why would we let them have guns?" Joseph Stalin

The people who cast the votes decide nothing. The people who count the votes decide everything.
Joseph Stalin

Governments keep a lot of secrets from their people . . .
Why aren't the people in return allowed to keep secrets
from the government?

PHILIP ZIMMERMAN, DER SPIEGEL

“Some call it Communism, I call it Judaism.”

Rabbi Stephen Weiss

“Anti-Communism is Anti-Semitism.”
Jewish Voice, July - August 1941

Taxing People is Punishing Success
UNKNOWN

There's the rich, the poor, and the tax payers...also known as the middle class. Robert Kiyosaki

The Tax you pay is The Bill for Staying Stupid

Stefan Molyneux


“The modern banking system manufactures money out of nothing. The process is, perhaps, the most astounding piece of sleight of hand that was ever invented. Banks can in fact inflate, mint and un-mint the modern ledger-entry currency.” Major L L B Angus

The few who understand the system will either be so interested in its profits or so dependent on its favours that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system will bear its burdens without complaint and perhaps without even suspecting that the system is inimical to their interests.
The Rothschild Bros

"Debts must be collected, bonds and mortgages must be foreclosed as rapidly as possible. When, through a process of law, the common people lose their homes they will become more docile and more easily governed through the influence of the strong arm of government, applied by a central power of wealth under control of leading financiers.

This truth is well known among our principal men now engaged in forming an imperialism of Capital to govern the world.

By dividing the voters through the political party system, we can get them to expend their energies in fighting over questions of no importance. Thus by discreet action we can secure for ourselves what has been so well planned and so successfully accomplished."

USA Banker's Magazine, August 25 1924


Cutting Tax Rates stimulates Economic Growth creates more Profit , more Jobs and therefore The Treasury ends up with more Tax Money
UNKNOWN

Taxation is legalized Theft
UNKNOWN

"The Objective of the Bank is not the control of a conflict , it's the control of the debt that a conflict produces . The real value of a conflict , the true value is in the debt that it creates . You control the debt , you control everything . this is THE VERY ESSENCE OF THE BANKING INDUSTRY , to make us all , whether we be nations or individuals , SLAVES TO DEBT " An UNKNOWN Banker

Patriotism is the last refuge... to which the scoundrel clings .... Steal a little and they throw you in jail ..steal a lot and they make you king ....

Bob Dylan


"Corporations are stealing billions in tax breaks, while the confused, screwed citizenry turn on each other. International corporations have no national allegiance, they care only for profit." Robert Reich


There is NO political answer to a spiritual problem!
Steve Quayle


Po
litical Correctness is a Political Stand Point that does not allow Political Opposition , This is actually The Definition of Dictatorship
Gilad Atzmon

The modern definition of racist is someone who is winning an argument with a liberal
Peter Brimelow


When People lose everything and have nothing left to lose , They Lose It !

GERALD CELENTE

Your Greatest Teacher is Your Last Mistake
DAVID ICKE

The one who Controls the Education System , Controls Perception
UNKNOWN

"The world will not be destroyed by those who do evil, but by those who watch them without doing anything."

Albert Einstein

In The Left Nothing is Right & in The Right nothing is Left
UNKNOWN


No man escapes when freedom fails; The best men rot in filthy jails. And those that cried 'Appease! Appease!' Are hanged by those they tried to please
UNKNOWN

Freedom is not Free
UNKNOWN

Don't Steal The Government Hates The Competition

Ron Paul

"Buy The Rumor , Sell The Fact " Peter Schiff


You can love your Country and not your Government

Jesse Ventura


" The Government Works for ME , I do not answer to them They Answer to ME "
Glenn Beck

"Tyranny will Come to Your Door in a Uniform "
Alex Jones

"The Government is not The Solution to our Problems , The Government is The Problem "

Ronald Reagan


"The price good men pay for indifference to public affairs is to be ruled by evil men." Plato


The world is a tragedy to those that feel, and a comedy to those that think...Beppe Grillo

"The people should not fear the government for it is the government who should fear the people" UNKNOWN

"If You are looking for solutions to the world's problems , look in the Mirror , You Are The Solution , You have the power as a human being on this planet " UNKNOWN

"They don't control us , We empower them " UNKNOWN

"Serial Killers do on a Small Scale What Governments do on a large one..."

Serial Killer Richard Ramirez

There is a Class War going on in America, & unfortunately, my class is winning." Warren Buffet

"When the people fear their government, there is tyranny; when the government fears the people, there is liberty."

Thomas Jefferson

"College is a waste of Money"
Albert Einstein

Schools manufacture people who think that they're smart but they're not.
Robert Kiyosaki

Education is what you learn after you leave School
Robert Kiyosaki

" ‏Schools were designed to create employees for the big corporations."
Robert Kiyosaki


"If a law is unjust, a man is not only right to disobey, he is obligated to do so" Thomas Jefferson

Dissent is the highest form of patriotism
Thomas Jefferson

“True education makes you feel stupid. It makes you realize you have so much more to learn.” Robert Kiyosaki


"One day your life will flash before your eyes. Make sure it's worth watching." - Gerard Way

"Aspire not to have More but to be More "
UNKNOWN

The losers in life think they have all the answers. They can’t learn because they’re too busy telling everyone what they know.
Robert T. Kiyosaki ‏

"Failure is simply the opportunity to begin again. -This time more intelligently." Henry Ford

What You Own Owns You
UNKNOWN

If you expect the government to solve your problems, you have a problem. Robert Kiyosaki

"Those who give up their liberty for more security neither deserve liberty nor security." Benjamin Franklin

"None are more hopelessly enslaved than those who falsely believe they are free.” -
Johann Wolfgang von Goethe

"Always trust someone who is seeking the truth , never trust someone who found it" Jordan Maxwell

Be The Change you want to see in The World
UNKNOWN

Failure inspires winners but defeats losers
Robert Kiyosaki ‏

“If you are planning for a year, sow rice; if you are planning for a decade, plant trees; if you are planning for a lifetime, educate people” A Chinese Proverb

"First they came for the Socialists, and I did not speak out--
Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out--
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out--
Because I was not a Jew.
Then they came for me--and there was no one left to speak for me." UNKNOWN