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Millennial says boomers have it backward when they talk about wasting money on 'luxuries'

Things couldn't have been more different.

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A young couple can't handle high prices and their dad says to save money.

One of the big talking points in the great American millennials versus baby boomers debate is whether the younger generation has knee-capped itself by its lavish spending habits that have prevented them from owning homes. If millennials stopped buying $14 avocado toast and $1,000 iPhones, would they be able to save enough for a down payment on a modest home?

Freddie Smith, 36, of Orlando, Florida, recently went viral on TikTok for a video in which he challenged the boomer argument with statistics from the Bureau of Labor, Federal Reserve, and the U.S. Census Bureau. Smith believes that the older generations misunderstand millennial finances because their concept of luxury is based on 1980s economics. Smith says that for baby boomers, essentials such as rent and child care were much more affordable, but items considered luxuries (TVs, CD players, computers) were much more expensive.

How is the economy different for millennials than it was for baby boomers?

"The main shift is that core essentials—housing, education, healthcare, and even food—have become more expensive," Smith said. "Housing and rent, for instance, now outpace wage growth, making homeownership feel unattainable for many. The cost of childcare has also skyrocketed, and food prices have increased.”

"As a result, I think older generations have a different perspective on luxury versus necessity,” Smith continued. “They grew up in a time when hard work typically led to financial stability, whereas today, even with hard work, many people struggle with the high costs of housing, rent and medical expenses. Basic survival used to be far more affordable, allowing people more financial room to build a stable life."

Smith’s numbers don’t lie. For a person in the '80s to own three TVs, a CD player, a cellphone, a microwave, and a computer, it would cost them 3.5 years of rent or a 20% downpayment on the average home. So, it was irresponsible for someone in that period to purchase all of what was known then as luxuries. However, these days, for a Millennial to have the average apartment and the equivalent amount of "luxuries" would only cost a little over one month's rent.

1980s, boomers, millennialsA 1980s computer and television. via Canva

"But if you skip that daily $6 Starbucks drink, you’ll have enough for the downpayment in 29.22 years," Yokahana joked in the comments. "I hate that housing and transportation have become luxuries," Molly added. "Imagine spending 3x your rent on a microwave," Donutdisaster wrote.

Why are luxury goods more affordable now than they were in the '80s?

The price of manufactured goods has steadily fallen over the last few decades due to technological improvements and trade policies that have allowed the U.S. to import goods from places where labor costs are cheaper. "International, global competition lowers prices directly from lower-cost imported goods, and indirectly by forcing U.S. manufacturers to behave more competitively, with lower prices, higher quality, better service, et cetera," Sociologist Joseph Cohen of Queens University said, according to Providence Journal.

Why are housing prices so high?

Housing prices in the US have soared due to the low inventory caused by the Great Recession, mortgage rates, and zoning laws that make building more challenging. Rents have increased considerably since the pandemic due to low inventory, inflation, barriers to home ownership, and the fact that more people want to live alone than with a roommate or romantic partner.

Smith’s breakdown of the economic changes over the past two generations makes a strong case for the idea that millennial financial troubles have more to do with systemic problems than spending habits. The boomers got a bad deal regarding luxury items, and the millennials with necessities. Wouldn’t living in a world where both were affordable in the same era be great?

This article originally appeared in February

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Democracy

Millennial woman uses clever '3 wishes' metaphor to explain why she doesn't want kids

"It's not some feminist brainwashing."

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A woman saying "back off."

There’s a growing trend in America of younger people not wanting to have children. In 2018, 37% of adults under 50 said that they didn’t want to have children, and, five years later in 2023, that number grew to 47%. That’s a big leap from those 50 and over, which over 31% said they never wanted to have children.

Why aren’t young people having as many kids?

There are many reasons why people decide not to have kids, whether it’s finances, the current state of the world, or a desire to spend their time and attention on their careers. But among those under 50 who aren’t interested in having children, the most popular reason is, they just don’t want to.

Tara Margulies, women’s health influencer and host of the Understand Your Cycle podcast, used a metaphor about a mythical genie in a bottle to explain why she doesn’t want to have any children. “If you gave me a genie and you said, 'You can have three wishes,' and I said, 'I want unlimited money. I want a 100% guarantee that I'm going to have zero complications in my pregnancy, my birth. It's not going to cause any problems in my relationship at all. And I'd magically have unlimited time to be able to do everything that I wanted as well as raise this child. I still wouldn't do it," Margulies said.

Margulies insists that her child-free choice is genuine and a hallmark of her generation. “And it's not some kind of feminist brainwash telling me that I'm finally allowed and should be selfish. It's that we are the first generation that's openly talking about it like this, and it makes people mad,” she said.

Her bottom line is simple: “Not everybody is meant to procreate, and that is okay.”

Margulies' followers shared their reasons for not wanting kids, which are all pretty straightforward. “Read something genius: Would I be a good mom? Yes. Would I be a happy mom? No." Anna wrote. “I don’t want children, and I never have. I have never felt the urge to be a mother. I honestly do not like kids, and pregnancy freaks me out. It is not the life for me. Courtney added.

woman says no, woman raises finger, no kids, childfree, independant woman, millennialA woman holding up her pointer finger.via Canva/Photos

A parent in the comments is totally on board with Margulies’ decision. “As a parent, I really don’t understand the hate and push to everyone to have kids. Kids are hard work. If you aren’t fully wanting it, why would you!" Luce wrote.

Margulies sees her decision as the logical result of the women’s rights movement. "In a lot of cases, we're the first generation of women in our lineage to be privileged enough to have a choice," Margulies told Newsweek. "We can make our own money, own our own property, we don't feel the pressure our parents felt to do what everyone else is doing."

woman says no, no kids, childfree, independant woman, millennial, noA woman with "no" written on her hands. via Canva/Photos

Margulies’ TikTok post is crucial because even though millennial women are in the position where they can confidently make their own reproductive choices, many women in her age group still feel pressured to have children. Those who do not are often stigmatized as selfish by their loved ones and society at large, even though studies show that childfree women are generally happier, healthier, less depressed, less anxious, and more satisfied than mothers. They also tend to have happier marriages and romantic relationship satisfaction.

The good news is that people like Margulies are choosing to be childfree because women have earned the right in developed countries to make their own reproductive choices and are in the position to live life on their own terms. Ultimately, it’s the best choice for all involved, because children deserve parents who fully invest in their decision to have them.

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Politics

Epic video of Mister Rogers addressing Congress resurfaces amid threats to gut PBS funding

"Looks like you just earned yourself the $20 million."

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Epic video of Mister Rogers addressing congress for PBS resurfaces

PBS has been around for generations providing families with wholesome family entertainment, educational programming, and fair and balanced news. Many people rely on PBS for emergency alerts in rural areas as it can be one of the only broadcasting channels available in some places. But recently, Congress has brought up the idea of cutting critical funding to PBS and NPR, both of which are publicly funded as a means to keep people informed.

The services provided by PBS (Public Broadcasting Station) and NPR (National Public Radio) are public and partly funded by taxpayer dollars. Congress members are considering legislation that would essentially prohibit the federal government from allocating tax dollars to support public broadcasting. This proposal to gut funding led to the chief executives from PBS and NPR being questioned at length during a congressional hearing.

While some of the optics and questions from the hearing were amusing, the need to (once again) defend public broadcasting caused a decades old clip of Mister Rogers to circulate social media. In May 1969, Mister Rogers headed to Congress to stress the importance of funding for the newly formed Corporation for Public Broadcasting, which distributes the government funding to PBS and NPR. At the time, Congress was wanting to slash their $20 million in funding to just $10 million—which would've had significant consequences for shows like his.

Fred Rogers was up against a tough crowd, but the PBS executive that introduced him prepped the Congressional committee for his kind nature.

mr rogers, pbs, npr, funding, defensepbs digital studios GIF by PBSGiphy

"Mister Rogers is certainly one of the best things to ever happen to public television and his Peabody Award is testament to that fact. We in public television are proud of Fred Rogers and I'm proud to present Mister Rogers to you now," the executive says.

If you've ever seen an episode of Mister Rogers' Neighborhood then you're aware of his kind, gentle nature, but Subcommittee chairman, Senator John Pastore (D-RI), didn't know anything about everyone's favorite neighbor. The senator was quite rude towards him and appeared to be overall annoyed with Mister Rogers' presence—but that didn't deter the children's show creator.

Rogers shares how his program went from a $30 budget to a $6,000 budget with the help of additional funding before dropping shocking information.

"But $6,000 pays for less than two minutes of cartoons. Two minutes of animated, what I sometimes say, bombardment. I'm very much concerned as I know you are about what's being delivered to our children in this country and I've worked in the field of child development for six years now, trying to understand the inner needs of children. We deal with such things as the inner drama of childhood," Roger tells the subcommittee.

Mister Rogers delivers his whole speech in that familiar comforting cadence which clearly impacts how his message is received. You can watch the congressman relax and become more engaged in real time while Rogers explains what he does with his thirty minute kids show.

mr rogers, mr rogers neighborhood, pbs, pbs funding, fred rogershappy pbs digital studios GIF by PBSGiphy

"We made a hundred programs for EEN, the Eastern Educational Network, and then when the money ran out, people in Boston, in Pittsburgh, and Chicago all came to the floor and said 'we've got to have more of this neighborhood expression of care' and this is what...this is what I give. I give an expression of care every day to each child to help him realize that he is unique," he says in part.

By the end of the meeting Mister Rogers had won over the senator. "I think it's wonderful. I think it's wonderful. Looks like you just earned yourself the $20 million," the senator says.

Watch Mister Rogers' full speech to Congress here:


There's no Mister Rogers this time to head to Congress and try to convince them not to cut vital public broadcasting funding, but it's important to remain hopeful. Communities still rely on the programming for news, alerts, and educational programs like Mister Rogers' Neighborhood, (reruns of which still air on the network today).

For now, the fate of federal funding for PBS and NPR is still in the air, but the recirculation of Mister Rogers' congressional visit is reminding us exactly why public broadcasting is so important.

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Democracy

Trevor Noah implores U.S. journalists to ask themselves this one vital question

"Ask yourself that question every day, because you have one of the most important roles in the world."

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Trevor Noah received high praise for his closing remarks at the 2022 White House Correspondents' Dinner.

Back in 2022, for the first time in six years, the annual White House Correspondents' Dinner (WHCD) was held with the president of the United States in attendance in Washington, D.C. The WHCD has been a tradition in Washington for more than a century and for the past several decades it has taken the form of a comedic roast of both the government and the press. The dinner on April 30, 2022 was hosted by comedian and former host of "The Daily Show" Trevor Noah, who's known for his smart, witty commentary on social and political issues.

The "let's invite a comedian to publicly and viciously make fun of us for a couple of hours" idea may be a bit odd, but these events have proven quite popular over the years, with many viral moments (including President Obama's infamous GIF-worthy mic drop) coming from them. The dinner opened with Noah joking about it being a superspreader event, earning some uncomfortable laughter as the COVID-19 pandemic was still fresh, and then the individual roasts commenced. Noah didn't hold back slamming people across the political and media spectrum—all in good fun, of course—including President Biden himself.

But it was Noah's closing remarks that earned the most attention. In his signature style, Noah managed to bring a serious and thoughtful element to a night of ribbing and laughter when he admonished the press to recognize both their freedom and their responsibility.

- YouTubewww.youtube.com


“If you ever begin to doubt your responsibilities, if you ever begin to doubt how meaningful it is, look no further than what’s happening in Ukraine," Noah told the reporters in the room. "Look at what’s happening there. Journalists are risking and even losing their lives to show the world what is happening. You realize how amazing that is?

“In America, you have the right to seek the truth and speak the truth, even if it makes people in power uncomfortable. Even if it makes your viewers or readers uncomfortable. You understand how amazing that is?" he reiterated.

Noah pointed out that he had just stood there and made fun of the president of the United States and he was going to be fine. Then he contrasted that with the reality Russian journalists are living under Vladimir Putin.

“Ask yourself this question," he said to the members of the media. "If Russian journalists who are losing their livelihoods … and their freedom for daring to report on what their own government is doing—If they had the freedom to write any words, to show any stories, or to ask any questions—if they had, basically, what you have—would they be using it in the same way that you do?

"Ask yourself that question every day," he said, "because you have one of the most important roles in the world."

People had high praise for Noah's entire evening of hosting, but especially for his closing remarks. Russia's war on Ukraine has put a spotlight on many things we tend to take for granted, including the freedom of the press.

Journalists play a vital role in society and it's one they must take seriously. To be fair, most journalists do feel the weight of their responsibility, but the corporatization of news media and a 24/7 news cycle has created a competitive landscape in which coverage is sometimes determined by what will drive traffic or viewers rather than on what's truly newsworthy or important. The demonization of news outlets by some has also created a hostile media environment, and news organizations have to resist the urge to kowtow to the loudest voices or inadvertently amplify the wrong things. Journalists often have to fight for the truth on multiple fronts, sometimes inside their own newsrooms.

As we see attacks on the media ramping up, both legitimate criticisms and blatant violations of the first amendment, the responsibility shouldered by journalists is weightier than ever. Speaking truth to and about power may not always be popular, and being careful to get the facts straight may not result in as many clicks as sensational or conspiratorial headlines do, but when you cut through the noise of social media and the political melee, what will endure—hopefully—is the real reporting of what's actually happening. In addition to the public need to be intelligently and accurately informed, future generations will depend on the historical record that real reporters and journalists help provide.

Thank you, Trevor Noah, for reminding reporters that the fight is worth it and for using this opportunity to remind the press of its primary purpose with such a simple yet profound question.

This article originally appeared three years ago.

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