New research released today shows that – far from being the lazy, self-entitled, whining generation that the media want the British public to believe – millennials – those born between 1980 and 1995 – have actually been well and truly screwed over by the now entirely-discredited neoliberal policies of successive Tory and New Labour governments – policies which are now, finally, coming home to roost in the form of cold hard statistical evidence.
The landmark study, released today by the Institute for Fiscal Studies (IFS), shows that nowadays just 25% of young adults earn enough to be able to afford their own home. Whilst, just 20 years ago 66% of 25 -34 year olds – the vast majority – had incomes sufficient to buy their own homes.
The IFS study shows that – contrary to the ridiculous media narrative that even attempted to blame Millennials’ lack of money on them supposedly buying too many sandwiches – whilst the wages of today’s 25-34 year olds have completely stagnated – rising by just 22% over the last 20 years – house prices have skyrocketed by an incredible 152% over the same period.
New IFS report out today on decline of homeownership among young adults: just 1 in 4 middle-income young adults own their own home, down from 2 in 3 20yrs ago https://t.co/Bs1OU5UOOe @ESRC pic.twitter.com/KeUGQ1DnJL
— Institute for Fiscal Studies (@TheIFS) February 16, 2018
The IFS study shows that across all regions of the United Kingdom the same trend holds firm, with the biggest decline in home ownership amongst young people being felt in areas where house prices have generally risen the most – in London, the South East, and Yorkshire and Humber.
Across all regions, homeownership among young adults has fallen, with the biggest drops in London, the South East and Yorkshire and Humber.
New IFS report out today: https://t.co/Bs1OU5DdWG @ESRC pic.twitter.com/7lhw0Q9m2h— Institute for Fiscal Studies (@TheIFS) February 16, 2018
The director of the IFS, Paul Johnson, stated “Middle earners used to be like high earners in housing tenure. Now they look, perhaps feel, more like those at the bottom of the income distribution”
Home ownership rates among middle income young people have collapsed in last 20 years. Middle earners used to be like high earners in housing tenure. Now they look, perhaps feel, more like those at the bottom of the income distribution https://t.co/dOTlhtiY9g pic.twitter.com/KyuHwgSSuR
— Paul Johnson (@PJTheEconomist) February 16, 2018
The IFS study also showed that, since the 1960s, the age at which people have been able to afford their own home has been increasing exponentially. Over 70% of people born between 1960 and 1964 had wages sufficient to buy their own homes during the 80s and 90s, whilst just 25% of those born between 1985 and 1989 have been able to set foot on the property ladder in recent years.
Young adults today are much less likely to own a home at a given age than those born earlier https://t.co/Bs1OU5DdWG 2/5 pic.twitter.com/HMnwvmXQI9
— Institute for Fiscal Studies (@TheIFS) February 16, 2018
With the new research showing that wages are clearly no longer sufficient for younger generations to enjoy the security of buying their own home, the majority of Millennials have been forced to rent privately – with 24-35 year olds now paying 59% of all rent paid in Britain.
The total rent paid by Brits to private landlords in 2017 amounted to £51.6Bn – a staggering rise of over 110% from just 10 years ago when the total bill was just £22.6bn in 2007.
Of Britain’s current £51.6Bn rent bill, Millennials are paying £30.2Bn, the majority of which will go straight into the pockets of private landlords, who are comprised almost exclusively of the generation that supported the implementation of the very policies which are now financially benefiting themselves whilst penalising their children.
If you only read one thing today make it this pic.twitter.com/uoJHc6k2SU
— Peter Stefanovic (@PeterStefanovi2) September 16, 2017
Youthquake
It is little wonder, with younger generations rightly angry that previous governments have effectively sold their futures down the river, that they have almost no faith in the current status quo.
The popularity of Corbyn with today’s youngsters – who merely want to benefit from the same policies that older generations were lucky enough to enjoy, such as free higher education, secure jobs, steady wages, affordable housing, and national utilities run for the benefit of the country, rather than the bank-balances of private shareholders – isn’t hard to explain when you see the cold hard facts.
However, with an upper-class-dominated media increasingly intent on demonising Millennials to further the status quo that only benefits the already well off, older generations are increasingly being turned against the very children they brought into the world, through vile, evidence-free propaganda.
A poll released yesterday showed that a staggering 74% of over 65s would support the reintroduction of national service for 18-24 year olds.
So, safe in the knowledge that they would be entirely unaffected by such a proposal, it seems the majority of over 65s seem to have the opinion that, rather than trying to solve the problems they find themselves in through democratic means by voting for a party who are proposing policies that might actually benefit the people for a change, Millennials should be forced into conformity in their own repression through military service instead.
On bringing back compulsory military service for young people:
Support: 48%
Oppose: 36%—
18-24 yr olds:
Support: 10%
Oppose: 62%65+ yr olds:
Support: 74%
Oppose: 18%via @YouGov, 15 Feb
— Britain Elects (@BritainElects) February 15, 2018
Not content with overwhelmingly voting for Brexit – a policy which looks set to hit Millennials hardest whilst vast numbers of elderly Brexiteers won’t even live to see the effects of Britain’s departure from the EU – and not content with supporting 40 years of neoliberalism, a now entirely-discredited greed-based ideology which has effectively sold younger generations down the river, the majority of over 65s now want to force their kids into the army, presumably in some vein attempt to stop Millennials from finally exposing just what a complete mess the short-sighted policies they supported have left for us – their kids.
Cheers guys. Much appreciated.
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