Are Millennials Staring Down a Double-Barreled Gun?

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Jan. 10 (Bloomberg) –- TKNG Capital Partners Chief Investment Officer Neil Grossman discusses the problems facing Millennials including earning less, saving less and paying more with Trish Regan and Matt Miller on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

You have our parents out there that spent away all this money that we are going to be liable for going forward.

You think about -- kids in school today.

I started in this with my father and the argument was you can see the dynamics from a long way off.

This began to accelerate when i look at my baby daughter in started to realize i was living her or going to leave her with the headache.

In debt.

To pay for us.

Rex and reduce services.

The economy will become less dynamic and less competitive, less efficient.

If you have a child or an today, -- born today, it is inborn with a million dollar tax liability.

What i am wondering is when we will see a backlash.

When we you see young people say , we were talking about protesting earlier.

When are those protesters going to come out of the woodwork.

When do you think the youth is going to say this is not right and this is not fair, it needs to change and have an uprising?

There are two things in that.

The first is a big piece of what you're talking about with the payroll.

Children came into the workforce.

The unemployment rate for older people is over double.

The first problem is getting them into the workforce.

When you go to work and you start to take home pay checks and you start to see significant sizes.

When you finally do get a job.

That money starts to be withdrawn to pay for these problems.

You want to send your kids to school and the kids -- the schools are deteriorating.

I do not think we are all that far from that point.

It will take a while for the dynamic.

This is not so much about the pure solutions from a monetary perspective.

It is about the fact to the children who are coming, you are fighting against the most organized, powerful political voice this country has seen in the form of the elderly lobby.

I can remember my parents going down to vote on something that would be important for the school system but not all the parents were going down . you had older people so the measure they were trying to put in for the school system could get shot down.

It had to get -- to do with parents who could not get down to the voting booth in time.

But the retired people could.

Florida is an enormous problem.

The transfer system, we transfer $11 million to the elderly well we give one dollar to every child.

They will vote for entitlement and benefits themselves.

If you're going to rob peter to pay paul you can count on paul's support.

In a democracy you will have everyone vote for free stuff for them paid by a minority.

Maybe someone who cannot vote like a block of kids.

If i recall my political philosophy, that is the ultimate outcome of democracy.

Someone said we may not have a great system but show me why that is better.

I have been trying to tell my daughter to organize her friends just lick the people in san francisco and to start to have a voice.

There is a solution to the problem which ultimately is -- you will have to rearrange how we allocate resources.

I know you guys like this.

It used to be $.30 on every dollar the government took in was spent on benefits.

$.30 on every dollar went to investment in infrastructure and the economy.

Those numbers are close to 70%. 15% applying for infrastructure.

You can tell when you travel around the roads in america.

The air traffic system -- they just expended the space tatian's life or year.

We do not launch men into space anymore.

I find it absolutely amazing that we stopped investing in rate -- basic research.

They do not have the money.

If we are charging our unborn children for the benefits that we expect that we feel entitled to, we do not have enough money to continue the space program.

Entitlement is always -- also a dangerous word.

Congress allocates this every single year and they can stop them if they so choose.

But you want to talk about protests when that happens.

This will have to be something where the country comes together and they will have to change the formula.

There is low hanging fruit, things like means testing.

The longer we wait, the more this problem grows, it is growing exponentially.

The longer we wait, the more the cost.

This generation really does need to save -- say wtf.

We will see you in a bit more we

This text has been automatically generated. It may not be 100% accurate.


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