In a December episode of "The View," Whoopi Goldberg sparked controversy with her remarks aimed at Gen Z and millennials, attributing their struggles in achieving homeownership to a lack of work ethic, suggesting they prefer to work only four hours per day. This stance quickly ignited a debate, especially considering the significant challenges these generations face, including inflation, student debt and a turbulent housing market.
Goldberg, an Oscar-winning actress with a reported net worth of approximately $60 million, argued that the path to success involves more dedication than what she perceives younger generations are willing to commit.
"We busted our behinds. We had to," she said. "Every generation comes and wants to do better than their parents did. Every generation. But I’m sorry, if you only want to work four hours, it’s going to be harder for you to get a house.”
Don't Miss:
- Investing in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
- Miami is expected to take New York's place as the U.S. Financial Capital. Here's how you can invest in the city with as little as $500 before that happens.
The audience applauded Goldberg's comment. She continued, "You know, I feel for everybody that feels this but I'm sorry, we busted our behinds. We had to bust our behinds because we didn't have the option of going back."
Alyssa Farah, a millennial co-host on "The View," immediately cut Goldberg off and countered her remarks by highlighting the severe economic hurdles her generation encounters, such as postponing starting families because of financial constraints and the necessity for many to reside with their parents into adulthood. Farah pointedly reminded Goldberg, “Y'all gave us the housing crisis,” underlining the broader systemic issues at play.
Goldberg’s comments did not go unchallenged, as she faced criticism for being out of touch with the realities of modern work and economic environments. In contrast to her views, data and research paint a grim picture for younger generations attempting to navigate today’s economic landscape. For instance, a CNBC and Generation Lab poll revealed that over half of 18- to 34-year-olds believe it is harder to buy a home or advance in their careers now compared to past generations.
Evidence supports the contention that Gen Z and millennials are at a disadvantage, with home affordability plummeting and salaries not keeping pace with the cost of living. Clever Real Estate’s analysis, based on Census data, found that home prices have surged by 118% since 1965 when adjusted for inflation, while incomes have only increased by 15%.
According to Gigworker.com, about 93% of working Americans report having some form of side gig, with millennials (50%-61%) and Gen Z (53%-59%) leading the pack in engaging with side hustles. This trend is not merely a choice but a reflection of the economic pressures faced by these generations. Deloitte’s 2023 Gen Z and Millennial Survey reveals that the high cost of living and economic uncertainty are causing younger generations to postpone major life decisions, such as buying a house or starting a family, pushing many toward side jobs to make ends meet.
Goldberg’s critique, especially considering her own work schedule and compensation, sparked backlash on social media platforms, where users accused her of being disconnected from the realities faced by many young professionals today. Critics highlighted the disparity between Goldberg’s work schedule and compensation and the demanding, often precarious work situations of younger generations striving for financial stability and a semblance of the American dream.
Read Next:
- Elon Musk has reportedly bought 6,000 acres of land just outside of Austin. Here’s how to invest in the city’s growth before he floods it with new tech workers.
- Collecting passive income from real estate just got a whole lot simpler. A new real estate fund backed by Jeff Bezos gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.
Image from The View on YouTube
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.