The revenge of the milennials

I have some sympathy with milennials, but it is limited. There are lots of sites written by milennials that claim they are better than their reputation, and they have a few points.

The apartment I spent most of my childhood in is a good illustration of the problem. These apartments typically cost 25 000 – 30 000 NOK ($ 3 000 – 3 600) when my parents bought one in 1975. The same apartment today costs 1,3 million + 3 000 NOK ($ 360) per month to cover the debt all the apartments share, and this is absolutely the cheapest you can find in my small town. It’s hard to find anything for less than 2 million NOK, and as the banks won’t even consider a loan application unless you have at least a 15 percent down payment, many get desperate.

My parents struggled with low income too, but these were affordable apartments in the 1970's. It's not anymore.
My parents struggled with low income too, but these were affordable apartments in the 1970’s. It’s not anymore.

Norway seemingly escaped the financial crisis completely, but there could be a milennial bubble waiting to burst. I have noticed a growing number of companies that offer loans up to 500 000 NOK without security, and many young people with a job use these loans for the down payment. The interest is usually around 9 percent, which doesn’t sound so bad compared to credit cards, and there are some that use credit cards too. This still means that they are very sensitive to very small changes, and many could end up without a house, but with a debt they wouldn’t be able to pay during their lifetime.

The milennials is the biggest generation so far, and it will probably be the first generation that have no chance of accomplishing what their parents did. They have been become victims of things they couldn’t control, and as they like technology, but have no money, they support companies that move the production to Asia. It is possible to make a difficult situation worse , and maybe that’s what milennials are doing when they cut corners. Some may have to accept the fact that it could take them 20 years of working and saving before they can buy a house.

I wonder if this impatience could explain the strong reaction after the US election as well. It’s like the rules many elementary schools in Norway have. Imagine that a child is being bullied. The victim is expected to forgive and forget, even when the bullying continues. So the victim is not allowed to turn anyone down. There is also a rule that if you invite one classmate to your birthday party, you have to invite all of them. It doesn’t matter how the victim feels about it. Nobody likes to lose, so we don’t learn how to deal with it.

George Bush won the 2000 election with a margin of 537 votes in Florida. Al Gore challenged the result all the way to Supreme Court, but eventually gave up. He also won the popular vote, like Hillary Clinton. It may seem like a flawed system, but that’s how democracy works in many countries, and the same people probably would have been happy if the situation was reversed.

The most disturbing part of this is how media is getting people worked up. Norwegian press had headlines for three days about Hillary Clinton winning the popular vote, while they were showing pictures of angry and terrified people. It’s over, and if these protests had been allowed to grow to a dangerous level, it would probably not have helped at all.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s