Forgotten generations: no money, no job, no home

Forgotten generations: no money, no job, no home

Forgotten generations: no money, no job, no home

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The forgotten generations in Australia (and America and Britain) have experienced years of financial hardship. The forgotten generations have no money, no job and no home of their own. They are constantly attacked by the government that betrayed them and left them behind. They are constantly attacked by the government’s toxic, divisive, media sycophants. The media even smears them in some cases if they dare to speak up (e.g. Duncan Storrar). These generations will never break away or recover from being left behind. This post looks at some of the background. It is some of what the forgotten generations (some of the Baby Boomers and mostly Generation X) have and still are going through in a toxic, divided nation that does not care anymore.

Everything seemed to be good up until the early 1980s when Paul Keating opened up the economy and betrayed some Australians. We were soon flooded with inferior rubbish from Asian countries. Those countries spent the 1970s luring multi-nationals there to exploit low wage workers. It took less than 20 years for Australian jobs to start moving en masse to those countries. The process continues today with government and private sector jobs moving offshore. Millions of immigrants and tens of thousands of foreign workers on visas have taken some of the remaining jobs in Australia. The theory that immigrants create jobs has been discredited. This can certainly be seen in the current jobs crisis. Globalisation, foreign trade agreements, and jobs being sent offshore have been a dismal failure for millions of Australians as a result.

People only needed one job to buy a home and car in the 1970s. It did not take very long to accomplish those goals. You need three jobs to do that these days despite much lower interest rates. It is because housing affordability has never been lower. The trouble is that for South Australians in particular, the economic collapse of the state in the 1980s, combined with globalisation, has resulted in many of Generation X still being renters rather than home owners. This is due to the lack of consistent work where they are frequently on and off the unemployment merry-go-round.

Plenty of Generation X still only work part-time. They cannot save for health insurance or to start a small business let alone buy a reliable car. They certainly cannot get a mortgage on that amount of inconsistent and unreliable work. Their Superannuation is not enough to get a business going legally and get around all the ever-increasing red tape legally as well. They are too broke to pay to set up an Self Managed Superannuation Fund (SMSF) in the first place. They are trapped and will be the first generation in decades to retire with nothing, die with nothing, and still owe university debt. That debt (HECS) is something that previous generations did not have to worry about. This is unless their parents leave them enough to get started. However, by then it will be too late for some of them.

It is still a very sad situation and a big drain on the economy. That is a topic for another part of this story here soon.

Related posts about the predicament that some South Australians are still in are listed below. General related topics for all Australians in the forgotten generations are below that list.


Related unemployment posts (for those reading one here now):

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