Morning Call: pick of the comment

The ten must-read pieces from this morning's newspapers

1. This is not class war (Guardian)

The Schools Secretary, Ed Balls, uses the first working day of the new year to launch into pre-election rhetoric. Labour has always fought for the many, not the few, he says, and Tory claims to do the same are a con trick

2. A simple way to keep law and order -- make everyone kiss and cuddle (Telegraph)

Over at the Telegraph, the Mayor of London, Boris Johnson, writes a light-hearted piece arguing that people are often frustrated by a complicated justice system when all they want is an apology.

3. China -- handle with care (Daily Telegraph)

The emotional condemnation that followed the execution of Akmal Shaikh is exactly the wrong way to deal with the world's next superpower, writes Malcolm Moore from Shanghai. Britain's tone must emphasise respect, although it may not agree with all of Beijing's policies.

4. The west's preaching to the east must stop (Financial Times)

Meanwhile, at the FT, Ronnie Chan argues that the west must get used to the new global reality -- it will not be as dominant as it was in the past, which could result in a better and safer world.

5. The world must tread carefully in Yemen (Independent)

The terror threat from Yemen cannot be ignored, but other countries must ensure that, before anything else, they do not make matters worse.

6. The war on terror has been about scaring people, not protecting them (Guardian)

The ease with which the plane bomber could operate exposes the vacuity and recklessness at the heart of the US response to 9/11, says Gary Younge. Measures have done little to protect us, but much to radicalise ever-growing numbers of people.

7. Britain doesn't need a dose of shock therapy (Times)

Commentary on Britain's economy has come to resemble tabloid reporting on the World Cup, argues Bill Emmott. We'll have to endure some pain over the next few years, but ignore the pundits -- the economy isn't a basket case.

8. Well done, P D James. But will the BBC get the message? (Independent)

Yasmin Alibhai-Brown says she loves the BBC, but the most prestigious political programmes and documentaries are not open to "people like us".

9. Belching cows can help to rescue our planet (Times)

Although the prodigious methane output of cattle is bad for the environment, Graham Harvey puts forward the argument that their grazing on grass will soak up carbon.

10. Unlearnt lessons of the Great Depression (Financial Times)

The Princeton academic Harold James analyses parallels between now and the Great Depression of the 1930s, and considers the lessons we should learn from this.

 

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In your 30s? You missed out on £26,000 and you're not even protesting

The 1980s kids seem resigned to their fate - for now. 

Imagine you’re in your thirties, and you’re renting in a shared house, on roughly the same pay you earned five years ago. Now imagine you have a friend, also in their thirties. This friend owns their own home, gets pay rises every year and has a more generous pension to beat. In fact, they are twice as rich as you. 

When you try to talk about how worried you are about your financial situation, the friend shrugs and says: “I was in that situation too.”

Un-friend, right? But this is, in fact, reality. A study from the Institute for Fiscal Studies found that Brits in their early thirties have a median wealth of £27,000. But ten years ago, a thirty something had £53,000. In other words, that unbearable friend is just someone exactly the same as you, who is now in their forties. 

Not only do Brits born in the early 1980s have half the wealth they would have had if they were born in the 1970s, but they are the first generation to be in this position since World War II.  According to the IFS study, each cohort has got progressively richer. But then, just as the 1980s kids were reaching adulthood, a couple of things happened at once.

House prices raced ahead of wages. Employers made pensions less generous. And, at the crucial point that the 1980s kids were finding their feet in the jobs market, the recession struck. The 1980s kids didn’t manage to buy homes in time to take advantage of low mortgage rates. Instead, they are stuck paying increasing amounts of rent. 

If the wealth distribution between someone in their 30s and someone in their 40s is stark, this is only the starting point in intergenerational inequality. The IFS expects pensioners’ incomes to race ahead of workers in the coming decade. 

So why, given this unprecedented reversal in fortunes, are Brits in their early thirties not marching in the streets? Why are they not burning tyres outside the Treasury while shouting: “Give us out £26k back?” 

The obvious fact that no one is going to be protesting their granny’s good fortune aside, it seems one reason for the 1980s kids’ resignation is they are still in denial. One thirty something wrote to The Staggers that the idea of being able to buy a house had become too abstract to worry about. Instead:

“You just try and get through this month and then worry about next month, which is probably self-defeating, but I think it's quite tough to get in the mindset that you're going to put something by so maybe in 10 years you can buy a shoebox a two-hour train ride from where you actually want to be.”

Another reflected that “people keep saying ‘something will turn up’”.

The Staggers turned to our resident thirty something, Yo Zushi, for his thoughts. He agreed with the IFS analysis that the recession mattered:

"We were spoiled by an artificially inflated balloon of cheap credit and growing up was something you did… later. Then the crash came in 2007-2008, and it became something we couldn’t afford to do. 

I would have got round to becoming comfortably off, I tell myself, had I been given another ten years of amoral capitalist boom to do so. Many of those who were born in the early 1970s drifted along, took a nap and woke up in possession of a house, all mod cons and a decent-paying job. But we slightly younger Gen X-ers followed in their slipstream and somehow fell off the edge. Oh well. "

Will the inertia of the1980s kids last? Perhaps – but Zushi sees in the support for Jeremy Corbyn, a swell of feeling at last. “Our lack of access to the life we were promised in our teens has woken many of us up to why things suck. That’s a good thing. 

“And now we have Corbyn to help sort it all out. That’s not meant sarcastically – I really think he’ll do it.”