What Happens When Millenials Run the Workplace?

There is currently no real down side to shirking responsibility in this country. Eventually, the grand pendulum of history will reach the end of its arc and that will change. It has all happened before and will happen again.

 

and... why do you ever have to pay down the national debt? (god i love this)

 

If debts and deficits don't matter (Dick Cheney) then why have people pay federal taxes? Just monetize it.

 

they only matter in as much that growth doesn't disappear or inflation doesn't run away. we've done this before a few times... its cute. every time.

 

Agreed, it's a balancing act for sure. Japan seems to be pushing their limits in this case. With the US being the reserve currency there's more latitude but there are still limits.

 

japan also has no natural resources and a shrinking workforce and a skewed aging demographic. amongst other problems. we got some problems, but not those problems.

 

You have alluded to enlightening us all on economic matters on multiple occasions, but all I remember actually seeing is reflections on your own brilliance. Please take this opportunity to give me a crash course in global economics. Macroeconomics for dummies, if you will. I feel that without the benefit of your manifestly superior education, I am at a bit of a disadvantage here. Help a brother out. Bring me up to speed so that I don't look foolish.

 

lol godamnit. just search my name for posts in the Dungeon. there were like 2 threads i think with decent conversation. i'm not saying i'm fucking Keynes or Friedman, but equating national debt/economics/budgeting to household economics is retarded... is all i meant. so whenever somebody talks about paying down the debt, i can't help the contempt from escaping haha. just find the threads from earlier this year/last year. there's some good talk and some good links and that should give you at least a decent perspective.

 

Yeah they're a demographic disaster
http://www.economist.com/blogs/dailychart/2010/11/japans_population
Their current monetary policy is seems to be taking a hit since they went to negative rates

 

Millennials suck but so do the Boomers. Talk about entitlements, boomers think that what they were worth in the past, in the boom days, are what they are worth now plus a raise.

Doesn't matter that they were out of work for a few years.

 

To answer your question of "Why pay down the national debt?"...It's because the interest on that debt is significant even at the current very low interest rates. With the ever increasing debt, plus the very real possibility of increased rates, we will see much more of our federal budget dedicated to interest payments...for which we get NOTHING in return. Eventually the largest owners of the debt (which is ourselves, by the way) will get stiffed. The collapse of the government will immediately follow. Anything of value will be on the market, much like Europe after WWII. By the way, with the exception of the ability to print even more money (Which I assume you are not proposing), the logic between household economics and national economics is not too far off. Sure time scales differ as do magnitudes, but positive and negative outcomes are the same. I wish you good luck with Prez Bernie...

 

You are worth what you can get....just like any other enterprise. Don't like it? Don't hire me, it's your decision, after all....see if I care.

 

I didn't.

 

Let's see... i'll keep it short and sweet since, "who cares about trying to convince you otherwise, because I don't care whether you understand or not"...

1) Nope b/c in the simplest terms possible without even considering anything else, if growth > increase in debt then that's negated.

2) Nope b/c the ever increasing possibility of rates going frommmm 0% to "not"? 0%? ohh noessssss...

3) You got something in return, you got your current shit. Kill all the old people and make our military not equal to that of the next 10 countries if you feel so strongly about debt % of GDP.

4) Nope b/c why will you get stiffed? We can print money homeslice, this debt is not founded on anything concrete that can't move, such as: household income, state budgets, city budgets, your checkbook, your company, etc... so why? explain why?

5) Here comes the gloom and doom government collapse... you and Alex Jones have fun.

6) So you're equating not paying off our national debt and completely ignoring the resulting catastrophic stagnation or deflation with, a time period when A) most of those nations were in ruins, B) their workforce and infrastructure was obliterated, C) they were not a fiat currency, D) they had all types of manufacturing and trade restrictions on their industry, E) they had to pay back war debts for losing (in Germany's case).
6b) Are you trying to equate our situation to a country like Greece? Where austerity has run amok and they literally have zero recourse to alter some of the key components that give a country ability to combat inflation/debt/interest rates as being part of the EU and not being able to control their own currency in step with the condition of their specific country economy? Issues that we do not have at all?

7) You're completely wrong in household vs. nation economics at its core foundation, and if you don't understand what controlling the money supply gives you the ability to do, well... i mean its obvious you don't understand much of this, but with that... i dunno what to tell you my fellow. Good luck being a patsy for the rest of your bitter days and balancing your checkbook.

8) You should really learn about public vs. private debt and multiplier effects. Its important.

 

The low interest rate environment is really putting the squeeze on pension fund solvency. Just my opinion, but the fed raising rates was a one time thing. They talked about it so much they almost had to do it to retain what little credibility they have left. They are boxed in the corner because their QE policies didn't get the result they wanted and using the jedi mind trick of telling everyone things are great isn't working either. There's no room to lower rates anymore and going negative will entail backlash. NIRP hasn't effective in countries that implemented it (Japan, Sweden) so it's not like they can point to them as an example that it'll be successful.

 

You obviously weren't alive when interest rates were greater than 10%, if you think that was fun.
The nothing I was referring to was looking forward...most of the unwashed has no comprehension of what happen in the past...remember we are talking about millenials here.
I will agree, we are rather lucky currently to be in the cat birds seat, that can change rather quickly.
"Multiplier" effects? You mean like spending money you don't have so it floats 4 times thru the economy? Went to the Bernie Madoff school of economics, Huh?

 

See that's just it though...

The Boomers had skills. They could machine things, run industrial machinery, mine coal, dig ditches, plant fields. The problem back then was that everyone could do that and those kinds of people were everywhere. The national bullpen for bad@ss dudes was at a surplus.

Now it's exactly the opposite. You have a really high percentage of people that can code and work with their minds, but have no desire or push to get their hands dirty.

I shouldn't complain though. My father, who is retired, makes more money now than he every did. He bought some industrial machinery from the local trade school that shut down (surprise, surprise) and started up his own business doing machining and fabricating in his spare time.

Ain't life grand.

 

Oh, give me a boomer machinist, welder or tradesman any damn day. Shit, I'll put up with their shit and pay them their worth because they are worth it.

Nope, we're talking EE/ FAEs. They don't have much that I can't get from a Gen Xer.

 

I quit going to all the seminars about workforce planning and development. The last one I attended, these high end people were discussing where to find Engineers, Analysts, etc..

When the forum came to me I said I wasn't worried about any of those jobs. We have more than we need. In the next 20 years you will either find yourself outsourcing manual labor, or going to the nursing homes to bring in new recruits.

In the next 25 years, the skilled trades will be the moneymakers. I'm not talking about factory work. That will be done by robots or done overseas. Americans need to let go of that dream because in large, that ship has sailed.

Pipefitters, Carpenters, Electricians, and Welders.

 

Werd. Add masons, plumbers and HVAC guys to your list.