It makes sense that the boomers would have the most wealth since they have worked the longest and have had time to accumulate it. Don't worry though, the boomers are dying off already and the pace will pick up in the next 5 years.
As a 75 year old boomer (I despise that title) I am spending less and getting rid of junk, not accumulating it. I try to by used things if I need them and don't worry about being able to afford a lifestyle of running around all day like a headless chicken thinking that in my last years I have some 10,000 item bucket list I have to spend every waking moment checking off.
I don't think it's safe to assume that everyone in the top 10% are all boomers. Many very rich people are much younger. I know many boomers who are barely surviving and we always hear about the millions of retirees living on Social Security and not much else. Not much boom there.
I'd bet that much of that boomer spending is on supremely over-priced and over-valued medical care. It does make up almost 20% of the economy.
All largely correct, but I would add a little nuance. Boomers were told incessantly to go to college, buy a house and save for retirement. It worked for us, but the game changed over time and it’s not been the same for a while, especially re: the benefits of an increasingly expensive, and often useless, college degree.
As a mid-boomer, I take issue with the condescending comment "while voting for big government". I have never. I have worked hard and taken risk, both of which most are reluctant to do. Like any rational individual, I have taken advantage of the policies where possible, but I would trade half of my worth to have not had to go through the Orwellian period that we are (hopefully) coming out of.
I’m with you. Born in the middle 50s. Mostly blue collar. Marines, construction, trucker, firearms instructor, management, and others. No student debt, just sweat. Worked my ass off, and always despised the nanny State. Never voted for open borders or debt and deficit. Will I take what’s offered? You bet, I’d be a damn fool not to… at least until the whole mess collapses. Now retired to my rural bunker. HA!
They are not the same. Not even close. A perfect example of how silly, misguided, and sometimes nasty these generation comparisons can be.
If you actually look at the statistics, the % with pensions, the market events, the housing events, the replacement of pensions w/401k, the cohort most affected by the GFC housing debacle, you will find a distinct difference between the cohort 1946-1954 and 1955-1964.
There is a reason that the fastest growing homeless segment in the US are those aged 60-70. They fit perfectly in the younger Boomer cohort.
Lumping the entire 18 years together doesn’t tell the real picture.
I'm in my boomer parents' basement hoping for three things: massively slashing the federal government, real (not USG) GDP growth, and for the Fed to be ended once and for all.
Having been on Social Insecurity for fifteen years steadily losing buying power to inflation I am a boomer gone bust. My 401K disappeared in 2008, the year I retired, from which I never recovered. And my pitiful retirement, which has never been adjusted for inflation, I blame on my company's outsourcing at least twenty percent of its manufacturing to Mexico, China, and Eastern Europe. Any savings from labor has been eaten by 'fees' to corrupt governments, lost purchasing power of Americans to buy their products, and ballooning shipping costs. Incidentally, I have always suspected that their financial scamming was behind much of our losses in our 401Ks. In late 2007 they switched management of 401K funds from Fidelity to some shady outfit just before the 2008 crash, which was engineered by the FED and the banking cronies of American manufacturers.
Off-shoring was part of the banking scam involving bundling bad mortgages and selling them on the stock market. None of the scammers were prosecuted. The top ten percent were the only ones not devastated by that scam, indicating that they were the scammers. Broadly putting the blame on boomers was unfair. Many of the top ten percent may be boomers, but the bottom ninety percent of boomers suffer along with the bottom ninety percent of other Americans.
It's day to day. Approaching the point of having to choose between prescriptions and food. I foresee thinks getting, hopefully, briefly tighter as Trump's corrections come to fruition. The globalists off-shored the entire base of our economy, followed by importing the world's welfare masses, and now Trump, and we, have to deal with economic turmoil and almost certainly another and worse round of rioting and looting. Some of us will surely not survive. A lot depends on whether the ruling class chooses total destruction over losing power.
Of course the Boomers earned what they have, he’s not saying they didn’t. He’s saying that the circumstances were very favorable for Boomers and less so for each generation since. It’s not the Boomers’ fault, anyone would have taken advantage, but the people in their 30s now are bearing the brunt of the bad economic policy that focused on keeping interest rates low and the stock market returns up at the expense of small business formation. At least that’s how I understood his point.
Another item to consider is that most of the "financial" advisors working today have no idea what a "normal" stock market looks like. They are used to the market being propped up the FED. Those days are coming to an end and it won't be pretty. "Just buy the dip" advice is going to bankrupt a lot of folks.
I’m with you, my first home in 1992 had a 10% mortgage interest rate and we were thrilled that it was so low. I’m genX, but I really hate how young people are bashing on the Boomers... they would have all done exactly the same things. It’s just like them being mad at ‘corporate greed’ without understanding that it’s government regulation that’s so distorted the market. They think they know so much when in reality they don’t understand how things work.
I’m a baby boomer and Vietnam veteran. There weren’t many jobs when I came home. Nixon had a federal hiring freeze in place. Most Americans had a hard on against Nam vets. I worked with my father on his farm. We cut trees, essentially for for the paper mills in Maine. Unemployment was so high, that many others resorted to cutting trees. The price for a cord of fir was $28.00, and you needed 14 cords to fulfill an order. If life didn’t have a struggle it would be boring.
I love it (speaking sarcastically) when people like you foment division by using generalities like "boomers" for the rich elite. Most boomers barely survive on social security and had the life sucked out of them by those you are referring to. The generalities you use in your writing and statistics discredit everything you say, even though it's pretty accurate regarding the elite. But of course, younger people looking for someone to blame will identify with what you say. And I'm sure they are who you are marketing to and that your writing is greed motivated, not truth motivated. Because you don't seem to be that stupid. Of course, bias and prejudice is its own special form of stupid.
Corporations decided that paying American workers $30.00 an hour plus benefits was too much. The jobs left and service sector jobs don’t qualify for bank loans.
IOW, Boomers were born when the Empire was at its peak, and so got more per capita benefits than those born afterwards during its decline when the oligarchy started extracting more wealth from the middle and working classes.
They're also more likely to believe government propaganda precisely because they are better off, as a group.
I know this because I'm a boomer myself; just not one of those who had the luck to not NEED Social Security when I retire.
It makes sense that the boomers would have the most wealth since they have worked the longest and have had time to accumulate it. Don't worry though, the boomers are dying off already and the pace will pick up in the next 5 years.
As a 75 year old boomer (I despise that title) I am spending less and getting rid of junk, not accumulating it. I try to by used things if I need them and don't worry about being able to afford a lifestyle of running around all day like a headless chicken thinking that in my last years I have some 10,000 item bucket list I have to spend every waking moment checking off.
I don't think it's safe to assume that everyone in the top 10% are all boomers. Many very rich people are much younger. I know many boomers who are barely surviving and we always hear about the millions of retirees living on Social Security and not much else. Not much boom there.
I'd bet that much of that boomer spending is on supremely over-priced and over-valued medical care. It does make up almost 20% of the economy.
All largely correct, but I would add a little nuance. Boomers were told incessantly to go to college, buy a house and save for retirement. It worked for us, but the game changed over time and it’s not been the same for a while, especially re: the benefits of an increasingly expensive, and often useless, college degree.
Is that Rockville Illinois?
Place hammered by offshoring
In any case as Machiavelli wrote fortune good or bad is half the story for outcomes
Time of turmoil is here
As a mid-boomer, I take issue with the condescending comment "while voting for big government". I have never. I have worked hard and taken risk, both of which most are reluctant to do. Like any rational individual, I have taken advantage of the policies where possible, but I would trade half of my worth to have not had to go through the Orwellian period that we are (hopefully) coming out of.
I’m with you. Born in the middle 50s. Mostly blue collar. Marines, construction, trucker, firearms instructor, management, and others. No student debt, just sweat. Worked my ass off, and always despised the nanny State. Never voted for open borders or debt and deficit. Will I take what’s offered? You bet, I’d be a damn fool not to… at least until the whole mess collapses. Now retired to my rural bunker. HA!
Baby Boomers born in 1946.
Baby Boomers born in 1964.
They are not the same. Not even close. A perfect example of how silly, misguided, and sometimes nasty these generation comparisons can be.
If you actually look at the statistics, the % with pensions, the market events, the housing events, the replacement of pensions w/401k, the cohort most affected by the GFC housing debacle, you will find a distinct difference between the cohort 1946-1954 and 1955-1964.
There is a reason that the fastest growing homeless segment in the US are those aged 60-70. They fit perfectly in the younger Boomer cohort.
Lumping the entire 18 years together doesn’t tell the real picture.
Abolish the FED, they do more harm than good
I'm in my boomer parents' basement hoping for three things: massively slashing the federal government, real (not USG) GDP growth, and for the Fed to be ended once and for all.
Having been on Social Insecurity for fifteen years steadily losing buying power to inflation I am a boomer gone bust. My 401K disappeared in 2008, the year I retired, from which I never recovered. And my pitiful retirement, which has never been adjusted for inflation, I blame on my company's outsourcing at least twenty percent of its manufacturing to Mexico, China, and Eastern Europe. Any savings from labor has been eaten by 'fees' to corrupt governments, lost purchasing power of Americans to buy their products, and ballooning shipping costs. Incidentally, I have always suspected that their financial scamming was behind much of our losses in our 401Ks. In late 2007 they switched management of 401K funds from Fidelity to some shady outfit just before the 2008 crash, which was engineered by the FED and the banking cronies of American manufacturers.
Off-shoring was part of the banking scam involving bundling bad mortgages and selling them on the stock market. None of the scammers were prosecuted. The top ten percent were the only ones not devastated by that scam, indicating that they were the scammers. Broadly putting the blame on boomers was unfair. Many of the top ten percent may be boomers, but the bottom ninety percent of boomers suffer along with the bottom ninety percent of other Americans.
It's day to day. Approaching the point of having to choose between prescriptions and food. I foresee thinks getting, hopefully, briefly tighter as Trump's corrections come to fruition. The globalists off-shored the entire base of our economy, followed by importing the world's welfare masses, and now Trump, and we, have to deal with economic turmoil and almost certainly another and worse round of rioting and looting. Some of us will surely not survive. A lot depends on whether the ruling class chooses total destruction over losing power.
Oh, sure blame the boomers for everything.
You know, they actually worked for everything they have right now.
Of course the Boomers earned what they have, he’s not saying they didn’t. He’s saying that the circumstances were very favorable for Boomers and less so for each generation since. It’s not the Boomers’ fault, anyone would have taken advantage, but the people in their 30s now are bearing the brunt of the bad economic policy that focused on keeping interest rates low and the stock market returns up at the expense of small business formation. At least that’s how I understood his point.
In 1980 I purchased a house and the VA mortgage rate was 12%.
In 1980 I also purchased a new car and the interest rate was 16%.
Not exactly the time of easy money.
Another item to consider is that most of the "financial" advisors working today have no idea what a "normal" stock market looks like. They are used to the market being propped up the FED. Those days are coming to an end and it won't be pretty. "Just buy the dip" advice is going to bankrupt a lot of folks.
I’m with you, my first home in 1992 had a 10% mortgage interest rate and we were thrilled that it was so low. I’m genX, but I really hate how young people are bashing on the Boomers... they would have all done exactly the same things. It’s just like them being mad at ‘corporate greed’ without understanding that it’s government regulation that’s so distorted the market. They think they know so much when in reality they don’t understand how things work.
In the early 1980s the interest rate for mortgages actually went up to 18%.
Can you image?
While still on active duty, I purchased a condo in 1993 and the VA mortgage rate was 7.5%. I was thrilled to have it so low!
Wow, that is HIGH. We have definitely lost perspective with the free money of the last 20 years or so.
We’re the new “Russians”. Responsible for every bad thing that happens.
Excellent comment...and so true.
You should read my earlier comments about how high interest rates were in the early 1980s.
It was not a time of easy money...or easy borrowing.
Because of the Federal Reserve.
I’m a baby boomer and Vietnam veteran. There weren’t many jobs when I came home. Nixon had a federal hiring freeze in place. Most Americans had a hard on against Nam vets. I worked with my father on his farm. We cut trees, essentially for for the paper mills in Maine. Unemployment was so high, that many others resorted to cutting trees. The price for a cord of fir was $28.00, and you needed 14 cords to fulfill an order. If life didn’t have a struggle it would be boring.
Gen Z never signed up to this deal, and have been raised with Gen X attitude. They will not remain serfs
Great stuff. Hadn’t given it much thought before.
I love it (speaking sarcastically) when people like you foment division by using generalities like "boomers" for the rich elite. Most boomers barely survive on social security and had the life sucked out of them by those you are referring to. The generalities you use in your writing and statistics discredit everything you say, even though it's pretty accurate regarding the elite. But of course, younger people looking for someone to blame will identify with what you say. And I'm sure they are who you are marketing to and that your writing is greed motivated, not truth motivated. Because you don't seem to be that stupid. Of course, bias and prejudice is its own special form of stupid.
Corporations decided that paying American workers $30.00 an hour plus benefits was too much. The jobs left and service sector jobs don’t qualify for bank loans.
IOW, Boomers were born when the Empire was at its peak, and so got more per capita benefits than those born afterwards during its decline when the oligarchy started extracting more wealth from the middle and working classes.
They're also more likely to believe government propaganda precisely because they are better off, as a group.
I know this because I'm a boomer myself; just not one of those who had the luck to not NEED Social Security when I retire.
Maryland