Millennial's growing poorer

Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes

Listening to people beat up on the young folks for having their student loans paid off. Look at this people born between 81 and 96 are getting poorer while the rest of us are getting richer. What this is really saying is people who own assets like real estate are getting wealthier and people with no assets are finding less and less opportunity. I imagine any group whether it be blacks, hispanic, whatever that had a disproportionately lower share of assets is getting disproportionatley poorer. Yes, buy real estate and cash-flowing assets, but next time you are complaining about a kid having their stupid transgender studies loan paid off be considerate of the fact this kid does not have the opportunities of the generations before him. And as mighty and righteous as you are maybe don't lecture these millennials quite as much about how hard you had it and all the jobs you had when you were 12 years old, they didn't invent helicopter parenting they are the victims of it.

https://www.dailymail.co.uk/ne...

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Scott TrenchPro Member

Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes

I believe that this data is about 8 years out of date. Millennial wealth has been skyrocketing, especially in the last few years. And, I believe Millennials are in great position to benefit from the economic realities that are ahead of us (in a relative sense).

Millennials are benefitting disproportionately from the great resignation. Millenial's net worth has doubled since the start of the pandemic.

Lower asset values mean that higher millennial paychecks buy a greater share of GDP per capita.

Fed policy of easy money ballooned asset values for the older generations over the past 10 years. That's coming to an end and was the real insidious evil that kept millennials down and ballooned inequality. Jerome Powell will inflict pain on everyone, but millennials will be hurt the least as they are entering their prime earnings years, finally getting out of debt, and will be able to buy assets in a period of higher interest rates and lower real asset values - an economy that is more "sane" than the one we just experienced for the last 5-7 years.

Older generations, particularly boomers, are exiting their prime earnings years. They must spend that wealth at some point. And the providers of those goods and services will be millennials.

None of this really addresses your point, which seems to be to sympathize with student loan forgiveness. I think that's a tricky issue. I think it's great for the folks who receive the forgiveness, and a bit unfair to taxpayers who repaid similar loans or who did not receive a college education. I don't think people will ever agree on this one.

One thing that I do think will be a benefit from the student loan debate, is that it seems that both sides can clearly agree that student loans are inflicting terrible damage on millions of individuals and society at large.

We need to stop giving them out. And significantly reform them. If we care about this problem enough to spend $300B to forgive debts for current borrowers, surely we care enough about the next generation to prevent them from taking on unreasonable student loan debt the next time around?

My vote:

1) End all federal student loan programs, privatizing the student loan market

2) Establish usury protections for borrowers (can't allow a 17/18 year old to get completely swindled as a "welcome to adulthood...")

3) Allow student loans to be discharged in bankruptcy. Eliminate that exemption.

Within a few years, or perhaps overnight, the 80/20 of the absurdities in higher education would be eliminated. Tuition would plummet, worthless degrees would cease to exist (because no sane lender is giving an 18 year old $100K to study "fashion design" if that student can declare bankruptcy), colleges would eliminate the focus on "experience" classes would be harder, tens or hundreds of thousands of administrative positions at colleges would be eliminated, and ROI would be carefully considered by students, parents, lenders, and colleges.

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Luka Milicevic
Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
4y
I'm a millennial. Graduated college in 2013 and went to work.
Is this post written backwards?
I don't think any generation has had it easier than mine to create wealth and get ahead. I think the previous generations didn't have nearly as much opportunity as I have had.
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Eric Bilderback
OP
Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
4y
Quote from @Luka Milicevic:

I'm a millennial. Graduated college in 2013 and went to work.
Is this post written backwards?
I don't think any generation has had it easier than mine to create wealth and get ahead. I think the previous generations didn't have nearly as much opportunity as I have had.

It appears your personal experience is at odds with the statistics, which one may expect when dealing with millions of subjects.
0 Reply
Eric Bilderback
OP
Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
4y
Quote from @Matthew Bowling:

Quote from @Scott Trench:

I believe that this data is about 8 years out of date. Millennial wealth has been skyrocketing, especially in the last few years. And, I believe Millennials are in great position to benefit from the economic realities that are ahead of us (in a relative sense).

Millennials are benefitting disproportionately from the great resignation. Millenial's net worth has doubled since the start of the pandemic.

Lower asset values mean that higher millennial paychecks buy a greater share of GDP per capita.

Fed policy of easy money ballooned asset values for the older generations over the past 10 years. That's coming to an end and was the real insidious evil that kept millennials down and ballooned inequality. Jerome Powell will inflict pain on everyone, but millennials will be hurt the least as they are entering their prime earnings years, finally getting out of debt, and will be able to buy assets in a period of higher interest rates and lower real asset values - an economy that is more "sane" than the one we just experienced for the last 5-7 years.

Older generations, particularly boomers, are exiting their prime earnings years. They must spend that wealth at some point. And the providers of those goods and services will be millennials.

None of this really addresses your point, which seems to be to sympathize with student loan forgiveness. I think that's a tricky issue. I think it's great for the folks who receive the forgiveness, and a bit unfair to taxpayers who repaid similar loans or who did not receive a college education. I don't think people will ever agree on this one.

One thing that I do think will be a benefit from the student loan debate, is that it seems that both sides can clearly agree that student loans are inflicting terrible damage on millions of individuals and society at large.

We need to stop giving them out. And significantly reform them. If we care about this problem enough to spend $300B to forgive debts for current borrowers, surely we care enough about the next generation to prevent them from taking on unreasonable student loan debt the next time around?

My vote:

1) End all federal student loan programs, privatizing the student loan market

2) Establish usury protections for borrowers (can't allow a 17/18 year old to get completely swindled as a "welcome to adulthood...")

3) Allow student loans to be discharged in bankruptcy. Eliminate that exemption.

Within a few years, or perhaps overnight, the 80/20 of the absurdities in higher education would be eliminated. Tuition would plummet, worthless degrees would cease to exist (because no sane lender is giving an 18 year old $100K to study "fashion design" if that student can declare bankruptcy), colleges would eliminate the focus on "experience" classes would be harder, tens or hundreds of thousands of administrative positions at colleges would be eliminated, and ROI would be carefully considered by students, parents, lenders, and colleges.

Preach! According to the NAR, millennials are now the largest segment of home buyers at 43% They are also the most educated, which as we know historically produces higher incomes over a lifetime. They're inheriting wealth at a rapid pace and buying houses!

I would describe millennials as the most schooled and the least educated generation in American history. To pickup on an idea of Mark Twain,
1 Reply
J. Mitchell Bernier
Lender · Southwest Georgia · Member since 2017 · 315 posts · 278 votes
4y
Quote from @Eric Bilderback:

@Dan H.

I think the demographics are the most telling just look at family formation, young people are not having children, they are not getting married, the policies of our government are discouraging that. Which is the issue not the redonkulus college degrees the government is having tax payers finance.

I 100% agree that this is the bigger issue. I hate the idea that student loans are to be subsidized by tax dollars, but the bigger problem is the slow decline of family formation. Look at what has happened to Japan, Europe, Russia, and what China has coming down the pipe. If we are not careful and if we continue to make family formation harder, rising cost of raising kids and the devaluing of the family organization, we will be heading into an iceberg.
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Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y
Quote from @Eric Bilderback:

I would describe millennials as the most schooled and the least educated generation in American history. To pickup on an idea of Mark Twain,

No doubt about that.....sad....
2 Reply
John MorganPro Member
Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
4y
It’s all about the grit someone has. No excuses. Look at all the immigrants that come here and work their tails off to success. They don’t keep making excuses as to why they are broke or complain about the success and wealth of others. They educate themselves, grind and make it happen. I have several tenants like this and it’s fun to see their success to wealth over the years. Lazy people will always blame others. Those with a little hustle and determination will succeed.
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Eric Bilderback
OP
Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
4y
@John Morgan
My post is not about grit it is about demographics. But I agree with you if we are going to raise kids that are soft, go to college for 6 years to get gender studies degrees, we will need immigrants to do the real work that needs to be done. Immigrants are fine I don't blame them a bit but they are being used to push wages down which negativity impacts who our country should be concerned about American citizens. I also can't help but think if immigrants are as great as you and others say why come to America with all the "Lazy people that always blame others."
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John MorganPro Member
Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
4y
Quote from @Eric Bilderback:

@John Morgan
My post is not about grit it is about demographics. But I agree with you if we are going to raise kids that are soft, go to college for 6 years to get gender studies degrees, we will need immigrants to do the real work that needs to be done. Immigrants are fine I don't blame them a bit but they are being used to push wages down which negativity impacts who our country should be concerned about American citizens. I also can't help but think if immigrants are as great as you and others say why come to America with all the "Lazy people that always blame others."
I disagree with younger generations getting left behind. Anyone can succeed if they hustle and have a work ethic. That’s why immigrants are coming here. They see ton a of opportunities and will capitalize on it. Education is key and many are taking advantage of it to better themselves. So good for the younger ones who have that grit and determination even if they come from a lower socioeconomic community. A good buddy of mine immigrated from Haiti at 7 years old growing up in the projects. He took advantage of our education system and climbed his way up going to college and getting his masters. He’s doing doing very well now after struggling for the first 10 years here. He’s 31 years old and bought 6 rentals in the last two years as he’s diversifying his investment portfolio. Two other friends of mine immigrated here and are now airline pilots. One is from Mexico and picked crops during half the year and went to school the other half. He’s a captain now at a major airline. It doesn’t matter what your demographic is or excuses people say. The ones who are lazy will be left behind. The ones that want to succeed will do very well if they have the drive and determination.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Eric on the flip side I do business with mainly millennials in our out of state funding bizz.. many of them are doing extremely well of course thats my narrow niche of Real estate though
these late 20 to late 30 year olds I fund are going to be very wealthy. I mean right now they have some great paper wealth but as they start to retire debt and own the assets for a decade or longer they will be so far ahead of earlier generations. And that is not even counting the very well of Tech Millennials I do business with from CA.
on the flip side of course there are millennials that just like every group with minimal education drive and street smarts and those are your real estate investors life long clients IE renters all their life
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Scott Mac
Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
4y
But also remember the so-called "Yuppies" who supposedly used to be poor penniless "Hippies".

Who suddenly got a shave and a haircut and bucked up and got jobs and were supposedly making big money.

Whatever happened to the "Yuppies" (???)

Maybe the Melinials will turn into Yup-inials or something.
But seriously, I think America has a shortage of good paying jobs like it used to have.
People did used to live much better.

2 Reply
Eric Bilderback
OP
Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
4y
@John Morgan @Jay Hinrichs @Scott Mac

This generation is building wealth at a lesser rate, getting married later and less, and having children at a reduced rate than prior generations, thats just how the statistics are trending of coarse there are millions of individual cases that we can hold up that would contradict those statistics. Asset prices and therefore the cost of putting down roots is becoming more expense than in prior generations. The flip side of that is people like myself have done very well because asset prices have gone up so much in value. And I think it is fair to point out while everyone is ripping these young folks getting bailed out on their student loans, many of us have immensely benefitted financially from the same policies which has made it more difficult on these young folks and contributed to their generation being labeled as soft.

I have known many an immigrant I'll spare you the details but coming to America is very rational decision. But it undoubtedly contributes to making working jobs less desirable through decreased pay, and who in there right mind would drop of their 11 year old daughter to pick berries and the like now days when the field is going to full of migrants between 20 and 50 years old? This also contributes to making these kids sit around their house and play video games. This is making it more difficult for young Americans to build wealth, start families etc. And that to me is a shame.
Thank you for engaging I really enjoy discussing this and think it is very important,
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Quote from @Eric Bilderback:

@John Morgan @Jay Hinrichs @Scott Mac

This generation is building wealth at a lesser rate, getting married later and less, and having children at a reduced rate than prior generations, thats just how the statistics are trending of coarse there are millions of individual cases that we can hold up that would contradict those statistics. Asset prices and therefore the cost of putting down roots is becoming more expense than in prior generations. The flip side of that is people like myself have done very well because asset prices have gone up so much in value. And I think it is fair to point out while everyone is ripping these young folks getting bailed out on their student loans, many of us have immensely benefitted financially from the same policies which has made it more difficult on these young folks and contributed to their generation being labeled as soft.

I have known many an immigrant I'll spare you the details but coming to America is very rational decision. But it undoubtedly contributes to making working jobs less desirable through decreased pay, and who in there right mind would drop of their 11 year old daughter to pick berries and the like now days when the field is going to full of migrants between 20 and 50 years old? This also contributes to making these kids sit around their house and play video games. This is making it more difficult for young Americans to build wealth, start families etc. And that to me is a shame.
Thank you for engaging I really enjoy discussing this and think it is very important,

A lot of the markets I work back east the asset prices in many instances are less than they were 2 decades ago.. I will let you figure out why :)
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Carlos Ptriawan
Member since 2019 · 7k+ posts · 4k+ votes
4y
Quote from @Eric Bilderback:

@John Morgan
My post is not about grit it is about demographics. But I agree with you if we are going to raise kids that are soft, go to college for 6 years to get gender studies degrees, we will need immigrants to do the real work that needs to be done. Immigrants are fine I don't blame them a bit but they are being used to push wages down which negativity impacts who our country should be concerned about American citizens. I also can't help but think if immigrants are as great as you and others say why come to America with all the "Lazy people that always blame others."

I agree with all your point except immigrants bring wages down. Actually immigrants bring wages up not down lol but it's lengthy to explain

What really happened, In the context of housing. I think in my own word in the last 5 years there's "reduction status of middle class", eg: if in 2020 middle income is someone that could purchase $500k house, in 2022 a middle class income is someone that could buy a mil house. But what kind of job could pay a mil house is extremely limited.

If in the past we could said the top 20% control the 80%, that 20% is becoming the 10% now (the landlord/investors/etc).

The destination moving forward is pretty clear, for those who can't buy house, most likely they will become renter forever.
0 Reply
Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
4y
I think it really depends on the person. Also people have changed what they want. I know several millenials who say they never want to own a home as it requires too much responsibility with maintaining it. That is their choice. I know others who have bought houses. Others value experiences more and opt to travel. All of these choices have a huge impact down the road. 25 years later, those that bought will have a huge decrease in their living expenses as their mortgage is paid off, those that rent will have seen increases as rent goes up every year. Personally I can't imagine not having money in the bank and a mortgage free home when I retire...everyone is different. With the internet, people have so many options to learn.
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Eric Bilderback
OP
Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
4y
@Jay Hinrichs

I think the less people you have fully vested in the community the less desirable the community. That maybe part of why some areas are declining in value. Every town in America can't bring in Californian's in with millions of dollars by the plane full! LOL

@Carlos Ptriawan
That is another symptom. The richest .5% in America own as much as the lowest 90%.

1 Reply
John MorganPro Member
Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
4y
So in a nutshell, the younger generation today is lazier than previous generations, most likely from helicopter parenting or what not. I see less hustle in them. They seem content renting forever playing video games on the couch all day and not getting ahead. This explains most of my tenants. I try to give some of them financial advice to get ahead, Renting should be temporary. Saving for a down payment on a house should be a priority. It’s not for most of them and they seem cool with their expensive life style eating out, driving nicer cars than me and playing video games all day with low paying non skilled jobs. My lower income immigrant tenants are the opposite. And it’s fun to see them grind to get ahead. They want a better life than most young Americans and they see how good we have it here in America with opportunities for everyone, not just the wealthy like in many countries. Not generalizing most millennials, but from the majority of the ones I know, this is them in a nutshell. And they don’t take any responsibility for anything. They blame the government for their predicament and debt vs digging deep to change their lives and getting a good education or skilled/specialized job.
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
This nothing knew in my mind but very true
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Gary L Wallman
Rental Property Investor · Beavercreek OH · Member since 2018 · 422 posts · 970 votes
4y
Quote from @Eric Bilderback:

Listening to people beat up on the young folks for having their student loans paid off. Look at this people born between 81 and 96 are getting poorer while the rest of us are getting richer. What this is really saying is people who own assets like real estate are getting wealthier and people with no assets are finding less and less opportunity. I imagine any group whether it be blacks, hispanic, whatever that had a disproportionately lower share of assets is getting disproportionatley poorer. Yes, buy real estate and cash-flowing assets, but next time you are complaining about a kid having their stupid transgender studies loan paid off be considerate of the fact this kid does not have the opportunities of the generations before him. And as mighty and righteous as you are maybe don't lecture these millennials quite as much about how hard you had it and all the jobs you had when you were 12 years old, they didn't invent helicopter parenting they are the victims of it.
https://www.dailymail.co.uk/ne...

Eric,
I totally disagree with the notion that millennials have less opportunity then previous generations. Work from home, sell online, become a TikTok influencer, have an Amazon storefront, self publish books, music and how-to courses. Millennials can reach millions of people on their personal devices. I had a rotary phone with expensive long distance. So I say hogwash to the no opportunity nonsense.
Now, the asset problem is different but true. We have a Federal Reserve that exists to protect government. Our government can't stop spending money like drunken sailors. Since they don't have the money they borrow/print it. As a consequence the currency gets debased i.e. inflation. Inflation is loved by big debtors (US Government) and abhorred by savers.
The Federal reserve keeps interest rates artificially low to benefit the drunken sailors (US Government). This causes a flight of capital to assets that produce a real rate of return. Older people have assets and capital. They can diversify into farmland, other real estate and the stock market. Young people haven't had time to accumulate assets. Also, while inflation rages, what little dollars the millennials have accumulated are declining in value.
BTW it's just not millennials that get screwed by our Federal Reserve system. Imagine scrimping for 45 or 50 years of working to save a million bucks, expecting a 5 percent (passbook) or 8 or 9 percent (money market) rate of return and getting .1 percent instead. Granny just went from 50,000 to 90,000 per year in retirement income to a thousand bucks. I'd say they really got the short end of the stick. 50 years of doing what's right to be at the end of your life with virtually no income from your savings. Probably why we see so many older folks still working. A damn shame.
1 Reply
Travis Oneill
Member since 2020 · 26 posts · 6 votes
4y
@Eric Bilderback I'm a millennial making 80k salary with benefits and I can't afford no houses in NYC or NJ. I'm glad you brought this up. We definitely have it hard. Inflation is attacking my generation at an insane rate. 100k salary use to be the golden gloves. That salary now to me is very much so a regular salary. When I was a kid my uncle brought a House for 160k in Long Island that very House today cost 700k
I really believe the generation before the millennial had it better at least from an Economic standpoint.
1 Reply
Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y
Quote from @Travis Oneill:

@Eric Bilderback I'm a millennial making 80k salary with benefits and I can't afford no houses in NYC or NJ. I'm glad you brought this up. We definitely have it hard. Inflation is attacking my generation at an insane rate. 100k salary use to be the golden gloves. That salary now to me is very much so a regular salary. When I was a kid my uncle brought a House for 160k in Long Island that very House today cost 700k
When you account for inflation and COL over the past 30 years, it's not much different. When I was in my 20s inflation was even higher than it is now.

1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Quote from @Gary L Wallman:

Quote from @Eric Bilderback:

Listening to people beat up on the young folks for having their student loans paid off. Look at this people born between 81 and 96 are getting poorer while the rest of us are getting richer. What this is really saying is people who own assets like real estate are getting wealthier and people with no assets are finding less and less opportunity. I imagine any group whether it be blacks, hispanic, whatever that had a disproportionately lower share of assets is getting disproportionatley poorer. Yes, buy real estate and cash-flowing assets, but next time you are complaining about a kid having their stupid transgender studies loan paid off be considerate of the fact this kid does not have the opportunities of the generations before him. And as mighty and righteous as you are maybe don't lecture these millennials quite as much about how hard you had it and all the jobs you had when you were 12 years old, they didn't invent helicopter parenting they are the victims of it.
https://www.dailymail.co.uk/ne...

Eric,
I totally disagree with the notion that millennials have less opportunity then previous generations. Work from home, sell online, become a TikTok influencer, have an Amazon storefront, self publish books, music and how-to courses. Millennials can reach millions of people on their personal devices. I had a rotary phone with expensive long distance. So I say hogwash to the no opportunity nonsense.
Now, the asset problem is different but true. We have a Federal Reserve that exists to protect government. Our government can't stop spending money like drunken sailors. Since they don't have the money they borrow/print it. As a consequence the currency gets debased i.e. inflation. Inflation is loved by big debtors (US Government) and abhorred by savers.
The Federal reserve keeps interest rates artificially low to benefit the drunken sailors (US Government). This causes a flight of capital to assets that produce a real rate of return. Older people have assets and capital. They can diversify into farmland, other real estate and the stock market. Young people haven't had time to accumulate assets. Also, while inflation rages, what little dollars the millennials have accumulated are declining in value.
BTW it's just not millennials that get screwed by our Federal Reserve system. Imagine scrimping for 45 or 50 years of working to save a million bucks, expecting a 5 percent (passbook) or 8 or 9 percent (money market) rate of return and getting .1 percent instead. Granny just went from 50,000 to 90,000 per year in retirement income to a thousand bucks. I'd say they really got the short end of the stick. 50 years of doing what's right to be at the end of your life with virtually no income from your savings. Probably why we see so many older folks still working. A damn shame.

"I had a rotary phone with expensive long distance. So I say hogwash to the no opportunity nonsense." that reminds me of my starting days in real estate I was one of the first in my county to have an 800 number and it worked .. people were very conscience of long distance calls and my buyers were in another area code so always long distance. And of course the standing add I had in the SF Chronicle want adds that was 500.00 a month in the late 70s and that was for 4 lines I believe you know a litlte want add section was out of area real estate.. Just think were it has all evolved to today.. those two tools allowed me to make a better than average living in the day.
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2 Reply
Carlos Ptriawan
Member since 2019 · 7k+ posts · 4k+ votes
4y
Quote from @Travis Oneill:

@Eric Bilderback I'm a millennial making 80k salary with benefits and I can't afford no houses in NYC or NJ. I'm glad you brought this up. We definitely have it hard. Inflation is attacking my generation at an insane rate. 100k salary use to be the golden gloves. That salary now to me is very much so a regular salary. When I was a kid my uncle brought a House for 160k in Long Island that very House today cost 700k
I really believe the generation before the millennial had it better at least from an Economic standpoint.

80k family household is lower class income by 2022 standard.

I think the strength of American family buying power is extremely defined by whether husband and wife are working on good professional white collar job. If only one member family working with blue collar job thing is extremely hard.

household income of $350k-$400k is very common in our area and that's the reason why average house is north of a million. Just 10 years ago, it's difficult to get that level of salary.

This is all started because of insane salary that some tech and financial giving to employees, making almost everyone grossly overpaid but yet exicting for the employee.

It is only possible because the company is paid by "Wall Street".

If America has no wall street definetely things will be much more slower/under control.
1 Reply
Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y
Quote from @Carlos Ptriawan:

Actually they can do either. They have done both throughout history. It depends on the specific market....
1 Reply
Carlos Ptriawan
Member since 2019 · 7k+ posts · 4k+ votes
4y
Quote from @Bruce Woodruff:

Quote from @Carlos Ptriawan:

Actually they can do either. They have done both throughout history. It depends on the specific market....

understand , there is a highly educated immigrant that brings the wages astronomically up and there's wage pressure in blue collar construction jobs from labour intensive immigrants as well.
The result is the pressure on the 'American citizen' competitiveness is getting lower every day, unlike in their father's era. It's true in global competitiveness as well.
0 Reply
Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y
Quote from @Carlos Ptriawan:

I agree, there are the highly educated immigrants that bring wages up, and then there are the completely uneducated immigrants that force wages downward. Unfortunately, there are far more of the latter.......

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