UK millennials suffer worst fall in earnings of advanced economies apart from Greece

[Tennis]

http://www.independent.co.uk/news/bu...-a8217676.html

UK millennials have suffered the second-worst falls in their earnings of any of the dozen advanced economies surveyed by a think tank over the past decade.

In a new report, the Resolution Foundation calculates that average real hourly earnings for under-30s in Britain fell 13 per cent between 2007 and 2014.


Only Greece, where real earnings slumped by 25 per cent over the same period as the eurozone country plunged into depression, saw a worst performance for this age group among the dozen advanced economies Resolution analysed in the latest research from its Intergenerational Commission.

British millennials experienced bigger earnings falls than other crisis-hit southern eurozone states such as Portugal and Italy, where they fell 12 per cent and 6 per cent respectively.

Average earnings for Spanish millennials fell by only around 2 per cent.

Resolution also found that the gap between the pay performance of UK millennials and workers aged between 50 and 59 was particularly pronounced, with older UK workers seeing their pay fall by around half the extent of the younger group.

In Italy and France the declines were roughly in line. In Germany, Spain and Italy the older group of workers saw larger pay declines than millennials.

“The pay squeeze has been deeper in the UK than in most other places, and more focused on young people in particular,” said Resolution.


However, the jobs market for UK millennials was, in other respects, much healthier than in other countries.

The under-30 unemployment rate rose by only around 2 percentage points over the period. In Portugal it shot up by 12 percentage points and in Italy by 16 percentage points.

In Spain and Greece the millennial jobless rate jumped by around 26 percentage points.

“The UK has traded off more pay growth for younger workers than other countries with similar youth unemployment experiences,” said the think tank.

Another major finding from the study is that millennials in the UK, relative to younger people in other high-income countries, have experienced a pronounced “bust” in rising living standards, following a long “boom” of generation-on-generation advancement in previous decades.

“Only Spain echoes the UK experience [of] a ‘boom and bust’ income cycle where significant generation-on-generation gains for older generations have come to a stop for younger people,” said Daniel Tomlinson, a policy analyst at Resolution.

Ouch and with Brexit at our doorstep, it's going to get even worse. All we can hope for now is change during the next election.

[bladeXcrasher]

Cosplaying a Brit today I see.

[Calfredd]

http://www.independent.co.uk/news/bu...-a8217676.html



Ouch and with Brexit at our doorstep, it's going to get even worse. All we can hope for now is change during the next election.

You are Canadian, stop acting like you care or live in these other countries.

[Strawberry]

What they need to do is invest in Bitcoin.

[Machismo]

What they need to do is invest in Bitcoin.

That reminded me of this:

https://slate.com/technology/2018/01...ute-sales.html

[THEORACLE64]

Yes baby boomers, keep fxking up the economy for us and telling us we're just lazy and it's our fault! Love ya.

[PC2]

Millennials could get more useful skills for higher pay jobs or they could become bums.

[NihilSustinet]

The uk is about to have another lost generation like they had in the 70s.

[Strawberry]

That reminded me of this:

https://slate.com/technology/2018/01...ute-sales.html

Old news, fixed now.

[Machismo]

Old news, fixed now.

And it points to the fundamental flaw of many of the cryptocurrencies... most businesses have no desire to touch it.

[Strawberry]

And it points to the fundamental flaw of many of the cryptocurrencies... most businesses have no desire to touch it.

There is no flaw. Bitcoin network was spammed by bots.
https://bitcointalk.org/index.php?topic=2841612

[Trassk]

Wait, is tennis British or just posing as one to score millennial points?

[Machismo]

There is no flaw. Bitcoin network was spammed by bots.
https://bitcointalk.org/index.php?topic=2841612

Well, the flaw is that it ended up costing too much money for transaction fees.

[Strawberry]

Well, the flaw is that it ended up costing too much money for transaction fees.

When you DDOS banks they go down and you can't even do any transactions.

[Zelk]

I wonder why the under 40 vote for labour was so high last year....

[Machismo]

When you DDOS banks they go down and you can't even do any transactions.

How is that a justification for bitcoin transaction fees?

That's why people still like cash.

[Strawberry]

How is that a justification for bitcoin transaction fees?

That's why people still like cash.

I once walked around with €10.000 in cash. I was so paranoid that I would get robbed. It's not worth it.

[Machismo]

I once walked around with €10.000 in cash. I was so paranoid that I would get robbed. It's not worth it.

Well, it's worth it to some, and bitcoin can't really offer that luxury. It's also not accepted at many places, and is highly volatile. It's also based on a mathematical model where the price is designed to rise exponentially over time.

So far, it's not much of a currency, as we've seen.

[Strawberry]

Well, it's worth it to some, and bitcoin can't really offer that luxury. It's also not accepted at many places, and is highly volatile. It's also based on a mathematical model where the price is designed to rise exponentially over time.

So far, it's not much of a currency, as we've seen.

Well it's not a currency everywhere but you can buy stuff in quite a few countries. Japan, Sweden just to name a couple of rich countries where Bitcoin is accepted as payment.
Most people agree crypto is in its infancy even though Bitcoin is almost 10 years old.

[Machismo]

Well it's not a currency everywhere but you can buy stuff in quite a few countries. Japan, Sweden just to name a couple of rich countries where Bitcoin is accepted as payment.
Most people agree crypto is in its infancy even though Bitcoin is almost 10 years old.

And all it will take, is for a government to ban exchanges within their borders, and it would almost completely destroy the currency immediately.

There's also the issue of the sheer number of currencies, most of which will inevitably fail... and be worthless.

I look forward to the day when we can use cryptocurrency, but the current design of most of them is not tenable.