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Millennial shuts down judgy boomers by comparing cost of 'luxuries' in 1980 vs 2025

The data backs him up.

via Canva

Millennial man says "luxuries" aren't the reason young people can't afford to live.

Millennials constantly lament the high cost of living and the fact that so-called "American dream" is out of reach for many of them. Housing prices have skyrocketed, as has the cost of a college education. Eating out has gotten drastically more expensive, and making food at home with fresh groceries is hardly any cheaper. It's just so hard, they say, to get a foothold in the modern economy. Boomers, who grew up in the 50s, 60s, and 70s, however, aren't wasting any sympathy tears.

One of the big talking points in the great American millennials versus baby boomers debate is that, yes, things are more expensive; but has 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 house?

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. That's when most boomers were coming of age and buying their own family homes, and their ideas of saving up for a down payment and affording a monthly mortgage are heavily outdated.

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.”

The home price to income ratio is currently at an all-time high. The Joint Center for Housing Studies of Harvard University writes, "In 2022, the median sale price for a single-family home in the US was 5.6 times higher than the median household income, higher than at any point on record dating back to the early 1970s." That ratio was closer to 2.5 in 1980.

Even transportation has skyrocketed. Buying a new car now costs about as much as the median yearly salary, with entry-level vehicles disappearing rapidly and being replaced with high-tech, fuel-efficient offerings.

"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."

  - YouTube  www.youtube.com  

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, for millennials, these "fancy toys" are a lot more affordable compared to the big ticket items of housing, childcare, and college education. Skimping out on them won't make a meaningful difference in the attempt to save up the massive amount of cash required for a down payment on a modern home. To wit:

"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.

Older people may see millennials with multiple TVs in their home, along with iPhones and tablets, and think that money could be better saved up in service of the "American dream." But the truth is that those savings won't really help, and worse, they'll make life pretty unenjoyable in the meantime!


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.

Even as recently as the early 2000s, a high-quality TV was likely to cost over $1,000. Nowadays you can get an equivalent, or better, television set for just a few hundred bucks.

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. It has been updated.

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Democracy

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

Things couldn't have been more different.

via Canva

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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millennials
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."

@birbigs/Twitter

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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History

A forgotten feature of the Statue of Liberty is an apt symbol for how we treat our history

There's a broken shackle and chains at her feet for a reason.

Photo by Jeff Burak on Unsplash

Most Americans associate Lady Liberty with welcoming immigrants, but that's not what she was meant to represent.

If Americans were asked to describe the Statue of Liberty without looking at it, most of us could probably describe her long robe, the crown on her head, a lighted torch in her right hand and a tablet cradled in her left. Some might remember it's inscribed with the date of the American Declaration of Independence, July 4, 1776.

But there's a significant detail most of us would miss. It's a feature that points to why Lady Liberty was created and gifted to us in the first place. At her feet, where her robe drapes the ground, lay a broken shackle and chains—a symbol of the abolishment of slavery.

Most people see the Statue of Liberty as a symbol of our welcoming immigrants and mistakenly assume that's what she was meant to represent. Indeed, the opening words of Emma Lazarus's poem engraved on a plaque at the Statue of Liberty—"Give me your tired, your poor, your huddled masses yearning to breathe free"—have long evoked images of immigrants arriving on our shores, seeking a better life in The American Dream.

But that plaque wasn't added to the statue until 1903, nearly two decades after the statue was unveiled. The original inspiration for the monument was emancipation, not immigration.

“The Statue of Liberty we now associate with immigration was a gift from France to commemorate the emancipation of American slaves. Before you lift your eyes to her torch of enlightenment, first pass them over the broken shackle and chains at her feet.”

According to a Washington Post interview with historian Edward Berenson, the concept of Lady Liberty originated when French anti-slavery activist—and huge fan of the United States' Constitution—Édouard de Laboulaye organized a meeting of other French abolitionists in Versailles in June 1865, just a few months after the American Civil War ended. "They talked about the idea of creating some kind of commemorative gift that would recognize the importance of the liberation of the slaves," Berenson said.

Laboulaye enlisted a sculptor, Frédéric-Auguste Bartholdi, to come up with ideas. One of the first models, circa 1870, had Lady Liberty holding the broken shackles and chains in her left hand. In the final iteration, her left hand wrapped around a tablet instead and the anti-slavery symbolism of the shackle and chain was moved to her feet.

Writer Robin Wright pondered in The New Yorker what Laboulaye would think of our country today. The America that is embroiled in yet another civil rights movement because we still can't seem to get the whole "liberty and justice for all" thing down pat. The America that spent the century after slavery enacting laws and policies specifically designed to keep Black Americans down, followed by decades of continued social, economic and political oppression. The America that sometimes does the right thing, but only after tireless activism manages to break through a ton of resistance to changing the racism-infused status quo.

The U.S. has juggled dichotomies and hypocrisies in our national identity from the very beginning. The same founding father who declared "that all men are created equal" enslaved more than 600 human beings in his lifetime. The same people who celebrated religious freedom forced their Christian faith on Native peoples. Our most celebrated history of "liberty" and "freedom" is inseparable from our country's violent subjugation of entire races and ethnicities, and yet we compartmentalize rather than acknowledge that two things can be equally true at the same time.

Every nation on earth has problematic history, but what makes the U.S. different is that our problematic history is also our proudest history. Our nation was founded during the heyday of the transatlantic slave trade on land that was already occupied. The profound and world-changing document on which our government was built is the same document that was used to legally protect and excuse the enslavement of Black people. The house in which the President of the United States sits today was built partially by enslaved people. The deadliest war we've ever fought was over the "right" to enslave Black people.

The truth is that blatant, violent racism was institutionalized from the very beginning of this country. For most of us, that truth has always been treated as a footnote rather than a feature in our history educations. Until we really reckon with the full truth of our history—which it seems like we are finally starting to do—we won't ever get to see the full measure of what our country could be.

In some ways, the evolution of the design of the Statue of Liberty—the moving of the broken shackle and chain from her hands to being half hidden beneath her robe, as well as the movement of our perception of her symbolism from abolition to immigration—is representative of how we've chosen to portray ourselves as a nation. We want people to think: Hey, look at our Declaration of Independence! See how we welcome immigrants! We're so great! (Oh, by the way, hereditary, race-based chattel slavery was a thing for longer than emancipation has been on our soil. And then there was the 100 years of Jim Crow. Not to mention how we've broken every promise made to Native Americans. And honestly, we haven't even been that nice to immigrants either). But look, independence and a nod to immigration! We're so great!

The thing is that we can be so great. The foundation of true liberty and justice for all, even with all its cracks, is still there. The vision in our founding documents was truly revolutionary. We just have to decide to actually build the country we claim to have built—one that truly lives up to the values and ideals it professes for all people.


This article first appeared five years ago.

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