Paychecks & Balances is joined by Michael Hobbes (@RottenInDenmark), author of that viral story you should have already read but just in case you didn't now you can listen to us talk about it, Millennials Are Screwed: Why millennials are facing the scariest financial future of any generation since the Great Depression. Even Generation X and the Boomers receive honorable mentions this week. See ladies and gentlemen of generations past? Gone, but not forgotten! Armed with Michael's 8-plus months of research you'll have the evidence-based facts you needed to throw in the next person's face that inaccurately says Millennials (ages 18-35) have it "easy" based on their cursory reading of clickbait headlines and reimagined facts made-up from biased opinions. We cover a lot on this one but it comes with a happy ending! A non-exhaustive breakdown of the topics covered:

The Surprising (Depressing?) Facts

• Over 40-percent of Millennials are now mothers.
• 1 in 5 Millennials lives in poverty.
• On average, Millennials have 300% more debt than our parents and would need to work 4,000+ more hours to pay for our college educations compared to Boomers.
• In 2007, more than 50 percent of college graduates had a job offer lined up. For the class of 2009, job offers were solidified for fewer than 20 percent.
• Over 60-percent of Millennials don't have a college degree.
• According to one analysis, Millennials won’t be able to retire until age 75 (Note: the average lifespan is currently only 78).
• On average, Boomers could expect a 6.3% average annual stock return; while Millennials may be forecasted to see as low as 2.9% in their lifetime.

The Solutions

• Focusing on the "local level" solutions in your city and state
• Establishing laws that give workers more leverage against companies that treat them as if they’re disposable.
• Attach benefits to work instead of jobs (i.e. For every hour you work, your boss chips into a fund that pays out when you get sick, pregnant, old or fired. The fund follows you from job to job, and companies have to contribute to it whether you work there a day, a month or a year.)
• Establish equity of pay (and risks) for employees versus contractors to slow employers rush to contract everyone and everything out just because it's cheaper and more profitable

References Mentioned in this Show

• Generation FML by Michael Hobbes
• Michael Hobbes Social Media:
  • Twitter: @RottenInDenmark
  • Website: https://rottenindenmark.wordpress.com/
• Federal Poverty Guideline by Household Income and Size of Household
• Here's How Rich You'd Be If You Stopped Drinking
• SmartAsset: What Americans Spend The Most On
• Where Americans Spend Their Money

ICYMI

• Book Review: Dollars a