25% Of Millennials No Longer Having Sex Due To Financial Problems

Authored by Simon Black via SovereignMan.com,

My grandfather was just a toddler when soldiers came home from World War One in 1918.

They brought the deadly Spanish Flu with them, which killed well over 50 million worldwide.

As a young adult, my grandfather struggled through the Great Depression with the rest of the world.

And just as things started looking up, World War II broke out.

Lucky for me, he survived it all.

After the war, my grandfather took a job as a teacher. And on that single salary he was able to buy a house, provide for his family, afford a car, and have a secure pension for when he retired.

His wife (my grandmother) started a small hair salon in the family living room to earn money on the side.

They saved nearly every penny they ever earned. They never went into debt.

And they invested conservatively, often buying short-term government savings bonds that paid  over 4% by the late 1950s– well above the rate of inflation.

This wasn’t just my grandparents’ experience either.  Back then, this was the fundamental promise of America: you were rewarded for working hard and saving money.

But now things are entirely different.

For starters, cost of living is totally out of control. My grandfather’s teaching salary was more than enough to support his family in a comfortable, middle class lifestyle.

Today that would be almost impossible.

More often than not, it takes two working parents to make ends meet in a typical household.

Census statistics show that just 25% of married households with children were dual income in 1950. Today it’s nearly 70%.

Plus, to even qualify for a lot of jobs today, you must have a university degree… which carries its own enormous costs.

Even after adjusting for inflation, a typical university education in the US costs over five times as much as it did in 1960, according to the National Center for Education Statistics.

A typical young person today emerges from university with student debt exceeding $40,000. And millions of young people have student debt exceeding $100,000.

Speaking of debt, my grandparents had none.

And they had plenty of cash savings, as was typical of their generation.

But today’s median household (according to Federal Reserve data) has racked up consumer debt exceeding $30,000, with a bank balance of less than $5,000.

And that bank balance earns a pitiful interest rate of just 0.02%. So even for people who have savings, the interest they earn doesn’t keep up with inflation.

Housing costs are also out of control.

Home prices are near record highs, making it extremely difficult for young people to afford a  down payment.

And rents have been steadily rising for years, far outpacing the rate of inflation (and lackluster wage increases.)

Perhaps that’s why a survey from Zillow last year found that nearly 25% of 24-36 year olds were living with their parents. They simply can’t afford their own housing.

Coincidentally, a study from the University of Chicago last year showed that roughly 25% of people in their 20s reported having zero sex in the previous 12 months, almost the same amount as people living with Mom and Dad.

While this might sound comical, it matters: young people are putting off children as well.

In fact, the US fertility rate is now at its lowest level in DECADES, well below the amount necessary to maintain a stable population.

It’s simply too expensive to have kids.

When my grandparents started having children, the hospital bill was about $100.

Today it can easily be more than 100x that amount. And the cost of rearing a child today through the age of 18 can now exceed $200,000, not including university tuition.

Then there are retirement challenges as well.

Back in my grandparents’ era, it was common for workers to have well-funded private pensions.

Today private pensions are nearly extinct. And of the few that still exist, about 25% are insolvent.

Public pensions (as we discuss frequently) are in terrible condition, with a mutli-trillion dollar funding gap worldwide.

And then there’s Social Security, which is in such financial ruin that even the Social Security Administration admits the program’s trust funds will run out of money in 2034.

I also think back to how easily my grandmother was able to start her own hair salon. She bought a pair of scissors one day and started cutting hair in her living room. Simple.

Today you’d have to navigate a mountain of permits, licenses, bureaucracy, and legal liability, the cost of which is prohibitive for most people who dream about starting their own business.

Unsurprisingly, Census data show that the number of new startups in the US continues to decline.

This is a long way from the original Promise of America, where the average person could work hard, save money, and afford to retire.

Today, the system is no longer designed to provide any of that.

Wages and savings don’t keep pace with inflation. Debt has exploded. People are working harder and becoming less prosperous. And retirement is anything but secure.

These problems can’t be fixed in a voting booth. Or by waiting for the Bolsheviks to engineer prosperity for all. And certainly not by following the status quo.

A better solution is to walk a different path altogether– one of self-reliance and independence.

For example, you CAN secure your retirement. Not by relying on a broken pension, but by taking matters into your own hands with a more robust structure like a solo 401(k).

You can obtain a top quality university education by studying abroad at a fraction of the price.

You can start a new business in a tax-advantaged jurisdiction (like Puerto Rico, where you can pay just 4% tax on your profits).

There are countless solutions to fix these challenges. It just takes a little bit of education and the will to take action.

And to continue learning how to ensure you thrive no matter what happens next in the world, I encourage you to download our free Perfect Plan B Guide.

via zerohedge

One comment

  1. Yeah!! Because they don’t want to work, they want everything FREE … fact is nothing in this world is FREE, all this FREE STUFF, sooner or later will bite you on the ASS!! Millennial’s generation is the stupidest, dumbest, laziest, ever born to this world, and are the one’s to destroy this country and nations into SLAVERY!!
    Believe it!! …. OR … NOT!! SUCH IS COMING, BE WARNED!!
    Millennials Worst Generation EVER
    For years, Americans have been told that millennials are our future. Barack Obama told them, “THEY are the ones we’ve been waiting for.” Young people were supposed to lead us to the Golden Age of Tolerance, the Technological Age of Wisdom. The White House website quotes President Obama, explaining:
    Regardless of your political affiliation, you’ve got to be involved, especially the young people here. Your generation. If you don’t give us a shove, if you don’t give the system a push, it’s just not going to change and you’re going to be the ones who end up suffering the consequences. But if you are behind it, if you put the same energy and imagination that you put into Facebook into the political process, I guarantee you, there’s nothing we can’t solve. Hahahaha WHAT A LAUGH … MORE LIKE NOTHING THEY CAN’T DESTROY!!
    THAT MY FRIENDS …. IN PLAIN AND SIMPLE FACTS!! DESTROY IS THE SIMPLE TRUTH!!
    WELL, THERE MAY BE A FEW THINGS THEY CAN SOLVE. Like simple reading comprehension problems, for example. And how to stop living in mom’s basement.
    Truth be told, millennials are the least useful generation in America. By a long shot. Here are seven indicators that this is so:
    They Think Colbert Should Be President. According to the latest Fusion poll, Hillary Clinton handily defeats all comers among millennials. But their real preference is for Stephen Colbert, host of The Colbert Report, who spends his time playing a mock-up of the worst stereotypes about conservatives. 19 percent of millennials say that they’d like to see him as president, versus 17 percent each for Jon Stewart and Tina Fey. Dave Chappelle clocks in at a competitive 15 percent.
    They Don’t Know Anything About Politics. Seventy seven percent of millennials couldn’t name a senator from their home state, according to the Fusion poll. But they do love the government – 57 percent say that government is helpful rather than harmful. In fact, according to a Reason Foundation poll from 2014, millennials hate both political parties but somehow have a higher opinion of Congress than any other age group, and 42 percent favor socialism over capitalism.
    They Don’t Know Anything About Money. According to a 2013 Bank of America/USA Today survey, millennials say they’re smart with their cash. They’re not. Over half admit they’re “living from paycheck to paycheck,” according to CNBC.com, and “many are still living with or living off their parents.” More than one in three still draw cash or resources from mom and dad. But one in three are also saving for vacations, and they’re saving for vacations rather than homes. But good news: over 80 percent say they’ll be richer than their parents.
    They Disproportionately Oppose Vaccination. According to a recent You Gov poll, young people oppose vaccination more than any other age group. One in five millennials believe that vaccines cause autism, a scientifically-dis-proven nostrum trotted out by idiots in Marin County. A plurality of millennials therefore believe that government should not mandate vaccinations for diseases like measles, mumps, and whooping cough, as opposed to large majorities of those of older generations who actually remember what the world was like when people died of polio.
    They Smoke. These medical geniuses also smoke more than other generations. According to Ipsos, 23 percent of millennials admit to smoking, more than 35-54 year olds or even those aged 55+. More than one in three young people admit to hiding their cigarette use from others. Because they’re responsible and all.
    They’re Lazy. A 2014 You-gov poll shows that 69 percent of Americans think those under 30 are lazy. Even a majority of young people, 55 percent, say that their generation is lazier than past generations. Overall, 31 percent of people aged 18-29 think adults over 30 are harder workers than they are. Sixty percent of Americans think that millennials lack purpose. It’s hard to argue when millennials are still whining about student loans and Obamacare at age 26, which is probably why 57 percent of people under 30 agree that they lack purpose.
    They’re High on Self-Esteem. Thanks to their perennial adolescence, helped along by parents, media, and government, millennials believe they’re smarter than they are, and certainly wait to involve themselves in social institutions like marriage, which would require them to stop being selfish jackasses. As sociologist Jean Twenge writes, millenials are uninterested in the society around them, less likely to help the environment, less likely to “say they wanted a job that was helpful to others or was worthwhile to society.” Twenge skews left, by the way.
    As Dinesh D’Souza relates in his biography of Ronald Reagan, when Reagan was governor of California, he confronted a college antiwar protest. As he drove away in his limousine, one of the protesters held up a sign reading, “We are the future.” Reagan promptly grabbed a piece of paper, scribbled something on it, and held it up to the window. It read: “I’ll sell my bonds.”
    It may be time for us to sell our bonds.

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