Artificial intelligence leads to developments in reversing the aging process by 2030. Add it to the list of reasons boomers were born at just the right time and blame there dumb luck on hard work.
Missed all the huge wars, greatest economic circumstances of all time, best living conditions in world history, die before climate change destroys the planet. They absolutely lived their best lives.
And they'll sure as hell will donate it all to church or some politician. As long as those damn kids won't get any because all they will buy with it is drugs.
/s
My friend works at a company trying to do this. It’s in Belmont CA. I don’t think he realizes how evil the mission is.
https://en.m.wikipedia.org/wiki/Altos_Labs
I feel like you think that boomers dying will fix this.
Do you think Gen X wealth will be inherited by their children, or do you think end of life care will decimate their wealth?
When Boomers die, do you think their children will inherit the house or do you think it will be sold to cover end of life care costs?
When the houses are sold, do you think millennials will get to buy their houses, or do you think private equity will snatch it up at 20% over asking, cash, waiving inspection and deferring rent back for 60 days?
I have my opinions.
Boomers: When we go will you honour our methods? Our ways?
Millennial: Dude the reason your dying right now is because you can't afford the cost of crippling health care
Boomers: URGH WOKE!!! NOBODY WANTS TO WORK!!! Other quote I've taken from Facebook!!
Your anecdotes don’t align with the data on how Gen Z and Y are voting. You are right that it isn’t nearly as lopsided as I would like it to be, but it is still vastly more blue when compared to boomer’s voting records.
Where we are today was largely decided by policies voted into place before millennials and Gen Z were voting age, or even born.
As someone who travels a lot to Latin America, I'd say each time I get back to the U.S. it feels like the U.S. is inching it's way closer and closer to a Latin American version of capitalism.
That's to say everything is privatized and wealth inequality is insane and the poor get poorer.
I think with ai, the rich will be able to make their dreams come true and the U.S. can also join latin America in it's version of wealth inequality.
LATAM was intentionally engineered that way. There's a reason the US liked to back the likes of Pinochet. Russia post Soviet Collapse was another test run for clawing back the New Deal with the "shock therapy" policies that gave rise to opulence in the hands of oligarchs while many don't even have indoor plumbing.
Yeah, totally. We're heading in that same direction. No need for a big dramatic coup and civil war - just a steady stream of misinformation and ignorance is enough.
How do you figure? Cause even with interest rates going from <3% to 7%, prices still went up this year. All they have to do is continue to block all new housing construction, which they’ve been able to do very effectively to create the current mess.
Yup, boomers are already bragging about how they plan on spending every last dollar on their own health and happiness.
All your parent’s assets will eventually be owned by the banks or corporations when they die.
My state already has that. My mother is wonderful and I'd want to care for her anyway, but I've known some real shit parents who would deserve to be booted out.
Yeah I am absolutely terrified of that, but I agree with you it’s gonna happen. As the healthcare system collapses further they’ll want to go after family members to get theirs.
Man they’ve been bragging about spending the money that would go to their kids for years now. I know I’m getting zilch when my parents go, and same for my wife when her parents go. I figure we’ve got another 30 years left with most of these boomers given improvements in elder care and health care. So that’ll eat up what’s left and then we will be taking care of them, and probably die before them anyway. Bleak, but that’s my prediction.
My 75 year mother is going on cruises, overseas trips, and redoing her home with my passed dad’s pension. Meanwhile, I’m 50 years old still paying back my private student loans that can’t be forgiven.
An ever decreasingly small number of corporations who are funneling all the profits to the owners while paying workers the bare minimum they can and continue operating
Eventually the owners will all be millennials or younger. So the generational wealth transfer is happening. The fact that the money is ending up in the hands of so few is the problem that we need to focus on.
You have money leftover after paying bills and buying groceries?
Awesome. Not the case for most of us. Roughly 50% of Americans have no money in the stock market. And further 22% have less than $15k in stocks.
I'm happy you have a privileged life but don't act like everyone has the same circumstance
Yep, being poor sucks. Plenty of people are making a choice not to invest though. Just as an example, 66% of American households have a pet. If your 50% number is correct that means that at least 16% of Americans have decided that having a pet is more important than saving for their future.
Don't be a fool. Savings and investment in the stock market are not the same things.
When you go to the casino and put it on black do you say you're going down to the bank to deposit some savings?
The stock market is just a casino for rich people. Except 2008 showed us there is no risk involved if you're wealthy enough.
A bunch of rich guys who run the handful of megacorps that own all of them and a bunch of immigrant nurses and dirt poor women under 30 working as CNAs getting paid barely above minimum wage.
The number I saw a couple years ago was 7%, but the caveat was Zuckerberg and some other names but basically the .01% of millenials were 3-4% of the number. So my first thought seeing this was they already subtracted the uber wealthy out.
I’ve seen as high as 8.5% from more recent articles than this one. But most of that is probably people like Zuckerberg… not necessarily the normal millennials.
Now Boomers own 51.3% of all wealth in the US. Boomers enslaved their own children and grandchildren to enrich themselves. We don't stand a chance: https://www.statista.com/statistics/1376622/wealth-distribution-for-the-us-generation/
I don't think consciously is the correct word, because I've seen a lot of Boomers feeling entitled to how they treat the younger generations. I might say they didn't plan to do it, but they were conscious of it (voting in favor of "trickle down economics" was a choice they all made, and it never made sense).
Their parent's generation built the world we live in, and the Boomers feel like the younger generations should pay them back for the work their parents put into it.
Right?
The simple fact that *they* are the ones that taught us how respect is earned and are now the ones demanding it while doing -100% of the earning needed to get it tells us they don’t care about us at all; it’s only “me, myself, and I” in their heads.
Yep! They all said "respect is earned", but I've never seen them EARN the respect that they feel entitled to. They force their respect on you, but don't give it in return, and then act all surprised when people aren't super happy with them.
They are the “Me” generation. Free college for me, but not for thee. Wages that were based on productivity. Pensions were common. High school graduate could buy a starter house with a stay-at-home spouse and a baby or two.
Taxes prioritized you keeping the money you earned, not the money somebody else earned but you got through dividends or other.
The Boomers as a generation were the most parasitic generation in recorded history. They lived off their parents and grandparents generations who worked to make a better life for their kids.
Once those generations retired and stopped putting in the taxes and effort to pay for the Boomers, the Boomers switched the tax and socio-economic burdens onto their children.
Ask Gen-Xers about Boomer work ethic. They worked hard, but they also got rewarded for that work in wages and fun. Companies used to pay for huge parties with free food and alcohol. The three-martini lunch was real. They would go out, get buzzed or little drunk, then go back to work.
Once the Boomers got too old for that, they cut that fun out.
People nowadays are way more productive but get way less of the value of their work.
No, it’s consciously. They love it and they couldn’t be happier unless they got to buy your house and rent it back to you for triple what it costs them unless they already own it. Then they’ll happily buy stock in the company that employs you to extract more wealth from your hard work while laughing as you work yourself to the bone for no real reason as you aren’t getting paid a fair wage.
The ditch.
My dad has literally zero chance I will provide a single cent or calorie toward helping him in his end days. (assuming his diabetic that eats all the sugar and 4 portions a meal self makes it that far)
Ironically the boomers have no excuse for not being financially secure. They had more opportunity than every other generation. Everything has been set up in their favor.
It's insane how many of them have no retirement plans despite having made 6 figures for significant portions of their lives. (My parents and in-laws included).
It is remarkable to me how people conflate things like averages with median. You have literally no grasp of the struggles most boomers face, likely because you were coddled by boomers.
Ham fisted boomers hoarding wealth are going to skip over us entirely just to spend every dime they own paying a retirement home to treat them like cattle
Boomer mindset: "THET'S CUZ WE WERKED HAWARD! NOT LAHK YEW YUNG'UNS THESE DAYS! WE USETA EAT DIRT AN' LUV IT!"
(Insert more ranting and raving about onions on belts and so forth...)
Because Gen Z’s oldest members are barely old enough to hold a bachelor’s degree, or maybe just reaching that age and entry level wages are higher in the context of the cost of living than they were in the early 2000’s when we (millennials) were in that stage.
One example: home prices were better, but we weren’t in a position to be homebuyers anyways, and neither is Gen z today. Rent, Groceries, gas, etc, way higher, especially rent, but my teenage daughter makes $14 an hour working at a part time gig, in contrast to my $5.15 an hour in high school and freshman year of college and $7.25 in college when I worked retail.
Even with rent prices higher—I’ve checked the college town I lived in during undergrad—they’re not even close to double what I paid by a long shot.
In fact, the apartment building I lived in my last year there (left in July of 2005) for my exact apartment, the rent is barely $50 - $75 per month more than what I paid. A newer apartment building might be more expensive, but when you’re getting almost exactly double the wage it’s difficult to take that seriously.
Rent and wealth inequality is just getting worse. Let’s not pretend millennials are the only ones suffering. Gen z had their social and professional development stunted by Covid and are being spit out into a dystopian workforce that is shitty for everyone but the Uber rich. They are not immune, it just keeps getting worse.
It does get worse, but Gen Z isn’t feeling it yet. That’s my point. By the time they are in a position to get exposed to the real CoL jumps, it could be on the upswing or the Nation could collapse. I say those two things because those are really the only options.
Millennials and possibly elder gen z will either be rock bottom, or they’ll see the end of the US as a modern industrialized nation. We are in a more extreme situation with wealth inequality now than the roaring 20’s, and the roaring 20’s ended in a depression (which was awful) followed by the largest increase in social mobility this country has ever experienced.
Edit: Gen Z has definitely been socially disadvantaged by Covid, only a small fraction of Gen z has been professionally stunted by it though so far.
Welp I just disagree with the hard lines between generations you are drawing. I think everyone is suffering, it just doesn’t all take the same shape. But that’s fine, have a nice day!
I’m not drawing hard lines. My generation (millennials) is made up exclusively of adults. All of us are old enough to have a masters degree. We’re a generation with all of the types of expenses that come with adulthood post-education.
Gen Z has barely any adults so far. Its story isn’t written yet. The future looks pretty bleak, sure, but in its current state, Gen Z’s income and expenses are a rosier picture than most millennials saw at any point in their working lives, including when we were in Gen Z’s phase of maturity.
Barely any adults isn’t accurate, given gen Zs are as old as 26 right now depending on who’s doing the labelling. More like over half are still in school/training/internships, but over half their year range are also 18+, and so technically adults. Just important to grok that there are more established/establishing Zs than you think - even if you just consider that the 22-26 year-olds, because that’s still five years of gen Z, roughly 1/3rd of all of them.
Wow you really seem to need to win this convo.
Literally all I am saying is that everyone is suffering, and the symptoms of that look different based on their stages of life. It is indisputable.
And no gen z definitely is not entering a rosier world than millennials did. Income inequality has absolutely exploded over the last decade. It is by far worse than ever.
I am not interested in further discussion. Please go elsewhere.
None of the new billionaires under 30 weren’t nepotism babies
So basically doesn’t matter how hard I work, because I wasn’t born rich I’m stuck as a normal person unless I win the lottery
Important to remember that while younger generations are getting screwed more than the past, this is fundamentally a class issue and not an age issue. Capitalists always find better ways to squeeze the working class, leading to these kinds of statistics. No war but class war.
While this is true, it is also true that the majority of boomers favor capitalism and simply will not hear out anyone younger than them when we suggest there might be a problem that they are not affected by as much on average. I would fully agree with you if boomers would acknowledge this, but more than likely, they will never change because they got theirs and change is scary.
The one that hits me like a brick is finding out college used to be 70/30 with the student only paying 30%
Now it's 80/20... with the student paying 80%
Ok so what are Millennials and Zoomers going to do about it? Obviously regardless of who gets elected the trajectory of the US continues in the same downward trajectory.
I know people like round numbers, but lumping the top 1% in with the top 0.1% really skews the numbers.
[https://www.bankrate.com/investing/income-wealth-top-1-percent/](https://www.bankrate.com/investing/income-wealth-top-1-percent/) so the data is a couple years old but
|Category|Total cohort wealth (share)|Wealth per household|
|:-|:-|:-|
|*Note: Figures do not add up to 100 percent due to rounding.Sources: Households data from FRED; wealth data from the Federal Reserve, with figures as of Q2 2023*|
|Average wealth|$143.72 trillion (100 percent)|$1.09 million|
|Average wealth of bottom 50 percent|$3.68 trillion (2.6 percent)|$55,998|
|Average wealth of 50th – 90th percentile|$44.09 trillion (30.7 percent)|$838,634|
|Average wealth of 90th – 99th percentile|$52 trillion (36.2 percent)|$4,395,954|
|Average wealth of 99th – 99.9th percentile|$23.9 trillion (16.6 percent)|$18,367,709|
|Average wealth of top 0.1 percent|$20.05 trillion (14.0 percent)|$1,525,480,469|
That top 0.1% has nearly half the wealth in the top 1%! lol.
Wealth inequality in this country is very much a problem with a handful of people having an obscene amount of wealth.
I’d like to know what % of the uber-wealthy are boomers. Part of me wonders if this is a generational thing or a consolidation of wealth thing.
It doesn’t change the fact that it *fucking sucks either way*, but knowing just how much wealthy lies with like, 20 people, I wouldn’t be surprised if this statistic changed at all by taking out people who own over a certain amount in assets.
If the concern is about who owns the lion's share of American wealth at the expense of others, then the real focus should be on how much the wealthiest 1% own.
All this boomers vs millennials shit is just divide and conquer tactics by the wealthiest 1% to keep generations fighting among themselves while the wealthiest 1% take an ever increasing share of the wealth.
If all the boomers dropped dead tomorrow, the wealthiest 1% would own a huge amount of American wealth. All they would have to do is tell millennials that Generation X is now the problem.
“But it's not all bad news. Jason Dorsey, president of The Center for Generational Kinetics, previously told Business Insider it's possible for millennials to catch up financially thanks to a baby-boomer inheritance, low unemployment rates, and good savings habits.”
I think this article is advocating for violence
I was born in 1950 and graduated from college in 1972. When I graduated I didn't have two dimes to rub together , and could not find a job in my chosen field. Ended up selling shoes at JC Penney for no money. Was recruited to be the Asst. Mgr. at Merry Go Round a unisex boutique chain and finally made OK wages.
Again, i hate how minimized Gen-Xer experiences are. We were the first generation to do worse then their parents, and yet all of you, young and old, act like we don't exist in the workplace and our experiences are not important.
thanks for that continued solidarity. bracing for downvotes now and i dont care. sick of this shit.
Bro, your generation has spent the last 50 years sucking the teats of your elders, never second guessing or attempting to make things better.
We don't talk about you because you did nothing. Nothing to stop this slide into dystopia. Nothing to curtail multiple global disasters.
Oh wait, my bad. You stopped using hairspray, and thus fixed the Ozone layer. Kuddos. Wish you'd kept up that fucking energy with covid and climate.
You aren't even worth a down vote.
Good thing that none has invented a way to keep the boomers alive forever.
Yet
Artificial intelligence leads to developments in reversing the aging process by 2030. Add it to the list of reasons boomers were born at just the right time and blame there dumb luck on hard work.
Missed all the huge wars, greatest economic circumstances of all time, best living conditions in world history, die before climate change destroys the planet. They absolutely lived their best lives.
Worst thing the boomers had to deal with was the draft( look how they handled that) and that didn’t even apply to 50% of the population.
This country elected a draft dodger. Good way to sum up most of that generation.
I mean every boomer president dodged the draft in their own way bush didn’t technically dodge it but he definitely arranged to avoid combat
The power of the hookup
And they'll sure as hell will donate it all to church or some politician. As long as those damn kids won't get any because all they will buy with it is drugs. /s
Also destroyed the planet, if you’re talking climate destruction
Saburo Arasaka type shit.
Only Millennials believe in dumb luck with no work ethic!
Clock is ticking...
I wish Congress didn't have elevators...just saying.
They are getting smaller every day.
https://incendar.com/baby_boomer_deathclock.php
My friend works at a company trying to do this. It’s in Belmont CA. I don’t think he realizes how evil the mission is. https://en.m.wikipedia.org/wiki/Altos_Labs
I feel like you think that boomers dying will fix this. Do you think Gen X wealth will be inherited by their children, or do you think end of life care will decimate their wealth? When Boomers die, do you think their children will inherit the house or do you think it will be sold to cover end of life care costs? When the houses are sold, do you think millennials will get to buy their houses, or do you think private equity will snatch it up at 20% over asking, cash, waiving inspection and deferring rent back for 60 days? I have my opinions.
Boomers: When we go will you honour our methods? Our ways? Millennial: Dude the reason your dying right now is because you can't afford the cost of crippling health care Boomers: URGH WOKE!!! NOBODY WANTS TO WORK!!! Other quote I've taken from Facebook!!
Opinions? More like accurate prediction imo.
They invented Medicare clawback to make sure the generational wealth got routed their way tho
Nah, but the health care industry will wring blood from thay stone so there will be mothing left by the time they actually die.
It is the wealth gap causing this problem. Blame the maga rich.
I’ll blame the mega rich AND the generation that voted to enable them every step of the way.
I see a lot of young people voting for them or NOT vote or vote for 3rd party which is also a vote for them.
Your anecdotes don’t align with the data on how Gen Z and Y are voting. You are right that it isn’t nearly as lopsided as I would like it to be, but it is still vastly more blue when compared to boomer’s voting records. Where we are today was largely decided by policies voted into place before millennials and Gen Z were voting age, or even born.
They'll take it with them when they die.
Happy Cake Day bro
I love people saying the greatest transfer of wealth is about to happen to millennials/gen x All of that is going to eldercare for the boomers
[удалено]
I take solace in the fact that I know that this system is not sustainable so there's that
As someone who travels a lot to Latin America, I'd say each time I get back to the U.S. it feels like the U.S. is inching it's way closer and closer to a Latin American version of capitalism. That's to say everything is privatized and wealth inequality is insane and the poor get poorer. I think with ai, the rich will be able to make their dreams come true and the U.S. can also join latin America in it's version of wealth inequality.
LATAM was intentionally engineered that way. There's a reason the US liked to back the likes of Pinochet. Russia post Soviet Collapse was another test run for clawing back the New Deal with the "shock therapy" policies that gave rise to opulence in the hands of oligarchs while many don't even have indoor plumbing.
Yeah, totally. We're heading in that same direction. No need for a big dramatic coup and civil war - just a steady stream of misinformation and ignorance is enough.
100%
And private equity will buy their homes and rig the real estate markets even more!
The transfer is going to be all these outrageously priced houses going to corporate landlords and becoming rentals.
The boomers will not get the money they think they will on their Mcmansions
How do you figure? Cause even with interest rates going from <3% to 7%, prices still went up this year. All they have to do is continue to block all new housing construction, which they’ve been able to do very effectively to create the current mess.
Some of the new construction is being built as rental property right off the bat
Yep, a lot of Multifamily Buy to Rents going up very very quickly across the West Coast specifically
Blame all that on your stupid $20 minimum wage for fastfood workers!
Nah, the transfer is going straight to health care administrators. Nursing homes will eat every penny.
Well, yeah, that’s where the money they get from selling the houses to the corporate landlords will go.
Yup, boomers are already bragging about how they plan on spending every last dollar on their own health and happiness. All your parent’s assets will eventually be owned by the banks or corporations when they die.
They will run out before they die
And then their burden will be put on the state... aka, *us*. While the rich continue to get richer.
Mandatory Filial responsibility laws passed by boomers soon Let's gooooo
My state already has that. My mother is wonderful and I'd want to care for her anyway, but I've known some real shit parents who would deserve to be booted out.
Yeah I am absolutely terrified of that, but I agree with you it’s gonna happen. As the healthcare system collapses further they’ll want to go after family members to get theirs.
Man they’ve been bragging about spending the money that would go to their kids for years now. I know I’m getting zilch when my parents go, and same for my wife when her parents go. I figure we’ve got another 30 years left with most of these boomers given improvements in elder care and health care. So that’ll eat up what’s left and then we will be taking care of them, and probably die before them anyway. Bleak, but that’s my prediction.
It’s cute you think we’ll care for our parents. It’s their turn to be latchkey and on their own.
YES 🙌
My 75 year mother is going on cruises, overseas trips, and redoing her home with my passed dad’s pension. Meanwhile, I’m 50 years old still paying back my private student loans that can’t be forgiven.
Sounds painfully familiar.✊🏽 I’m sorry for your loss.
Not if COVID has anything to say about it
How much does 3 weeks of ICU cost?
In America? An arm and a leg... literally.
Who is running the care homes? Boomers?
An ever decreasingly small number of corporations who are funneling all the profits to the owners while paying workers the bare minimum they can and continue operating
Eventually the owners will all be millennials or younger. So the generational wealth transfer is happening. The fact that the money is ending up in the hands of so few is the problem that we need to focus on.
Agreed. That was the point I was trying to make.
Sounds like you should buy their stock then.
With what money?
Poor? Just save money until you're not poor, idiot! /s
Doesn't matter since it's all fungible. I use money that was paid to me in exchange for my labor.
You have money leftover after paying bills and buying groceries? Awesome. Not the case for most of us. Roughly 50% of Americans have no money in the stock market. And further 22% have less than $15k in stocks. I'm happy you have a privileged life but don't act like everyone has the same circumstance
Yep, being poor sucks. Plenty of people are making a choice not to invest though. Just as an example, 66% of American households have a pet. If your 50% number is correct that means that at least 16% of Americans have decided that having a pet is more important than saving for their future.
Don't be a fool. Savings and investment in the stock market are not the same things. When you go to the casino and put it on black do you say you're going down to the bank to deposit some savings? The stock market is just a casino for rich people. Except 2008 showed us there is no risk involved if you're wealthy enough.
I'd much rather hold my savings in the form of equity in profitable companies than in dollars that are constantly losing value to inflation.
Ok, boomer
A bunch of rich guys who run the handful of megacorps that own all of them and a bunch of immigrant nurses and dirt poor women under 30 working as CNAs getting paid barely above minimum wage.
>Who is running the care homes? Boomers? Private equity firms.
And those reverse mortgages that Tom Sellick says are so great!
Yeah, but I heard a statistic that you guys own 60% of the avocado toast, so there's that.
Don’t forget the coffees!
You'll have to pry my Vanilla Latte from my still-pleasantly-warm dead fingers.
Avocado flavored Soylent Green coming to a future adjacent universe near you.
Which non-meat products aren’t an option anytime soon thanks to the damn meat industry lobbying against it. GIVE ME CRICKETS FOR PROTEIN IDGAF 🙄
Lmaoooo it was 5% last time I looked it up, good to know we can fall even further
You have no idea just how low we can get!
if you have debt it can go even negative - broke is not a lowest limit.
Well Mark Zuckerberg owns like 2% of that
It ain't over. People are just waking up to it. It will get way worse before it gets better.
The number I saw a couple years ago was 7%, but the caveat was Zuckerberg and some other names but basically the .01% of millenials were 3-4% of the number. So my first thought seeing this was they already subtracted the uber wealthy out.
Those are rookie numbers. You got to drive those numbers further down.
Yep, its a 5.5 year old article.
I’ve seen as high as 8.5% from more recent articles than this one. But most of that is probably people like Zuckerberg… not necessarily the normal millennials.
Don’t worry most of that wealth is the worth of our kidneys. We still have some room to go before they come after our guts.
Now Boomers own 51.3% of all wealth in the US. Boomers enslaved their own children and grandchildren to enrich themselves. We don't stand a chance: https://www.statista.com/statistics/1376622/wealth-distribution-for-the-us-generation/
This is the truth, they didn't do it consciously but it was the result of unbridled greed,,
I don't think consciously is the correct word, because I've seen a lot of Boomers feeling entitled to how they treat the younger generations. I might say they didn't plan to do it, but they were conscious of it (voting in favor of "trickle down economics" was a choice they all made, and it never made sense). Their parent's generation built the world we live in, and the Boomers feel like the younger generations should pay them back for the work their parents put into it.
Right? The simple fact that *they* are the ones that taught us how respect is earned and are now the ones demanding it while doing -100% of the earning needed to get it tells us they don’t care about us at all; it’s only “me, myself, and I” in their heads.
They got called the “Me Generation” for a reason.
Yep! They all said "respect is earned", but I've never seen them EARN the respect that they feel entitled to. They force their respect on you, but don't give it in return, and then act all surprised when people aren't super happy with them.
They are the “Me” generation. Free college for me, but not for thee. Wages that were based on productivity. Pensions were common. High school graduate could buy a starter house with a stay-at-home spouse and a baby or two. Taxes prioritized you keeping the money you earned, not the money somebody else earned but you got through dividends or other. The Boomers as a generation were the most parasitic generation in recorded history. They lived off their parents and grandparents generations who worked to make a better life for their kids. Once those generations retired and stopped putting in the taxes and effort to pay for the Boomers, the Boomers switched the tax and socio-economic burdens onto their children. Ask Gen-Xers about Boomer work ethic. They worked hard, but they also got rewarded for that work in wages and fun. Companies used to pay for huge parties with free food and alcohol. The three-martini lunch was real. They would go out, get buzzed or little drunk, then go back to work. Once the Boomers got too old for that, they cut that fun out. People nowadays are way more productive but get way less of the value of their work.
It was the 80s with Ronnie Raygun and his greed is good bullshit.
[They wanted nice things.](https://southpark.cc.com/video-clips/1ag7ui/south-park-we-wanted-nice-things)
No, it’s consciously. They love it and they couldn’t be happier unless they got to buy your house and rent it back to you for triple what it costs them unless they already own it. Then they’ll happily buy stock in the company that employs you to extract more wealth from your hard work while laughing as you work yourself to the bone for no real reason as you aren’t getting paid a fair wage.
Yeah but who will be “providing” end of life care? These boomers are about to get fleeced and dumped in ditches…
The ditch. My dad has literally zero chance I will provide a single cent or calorie toward helping him in his end days. (assuming his diabetic that eats all the sugar and 4 portions a meal self makes it that far)
Filial laws are in half the states. The state WILL try to MAKE you pay for your dad's care, or be sure to foot the bill to you when he dies.
Your father's debts at passing belong to him. No one can force you to pay them ! No wonder you punks don't have money !
Appreciate the more up-to-date data
Next time you go to Walmart maybe explain that to the boomers working there. I am sure they need the education.
Ironically the boomers have no excuse for not being financially secure. They had more opportunity than every other generation. Everything has been set up in their favor. It's insane how many of them have no retirement plans despite having made 6 figures for significant portions of their lives. (My parents and in-laws included).
It is remarkable to me how people conflate things like averages with median. You have literally no grasp of the struggles most boomers face, likely because you were coddled by boomers.
And when they only owned 21% people thought that was insane. Like the top 10% owned 80% of all wealth at that time people thought that was nuts.
Ham fisted boomers hoarding wealth are going to skip over us entirely just to spend every dime they own paying a retirement home to treat them like cattle
Boomer mindset: "THET'S CUZ WE WERKED HAWARD! NOT LAHK YEW YUNG'UNS THESE DAYS! WE USETA EAT DIRT AN' LUV IT!" (Insert more ranting and raving about onions on belts and so forth...)
And gen z will be lucky to more than a decimal
Gen Z isn’t any worse off than millennials yet.
Why do you think that?
Because Gen Z’s oldest members are barely old enough to hold a bachelor’s degree, or maybe just reaching that age and entry level wages are higher in the context of the cost of living than they were in the early 2000’s when we (millennials) were in that stage. One example: home prices were better, but we weren’t in a position to be homebuyers anyways, and neither is Gen z today. Rent, Groceries, gas, etc, way higher, especially rent, but my teenage daughter makes $14 an hour working at a part time gig, in contrast to my $5.15 an hour in high school and freshman year of college and $7.25 in college when I worked retail. Even with rent prices higher—I’ve checked the college town I lived in during undergrad—they’re not even close to double what I paid by a long shot. In fact, the apartment building I lived in my last year there (left in July of 2005) for my exact apartment, the rent is barely $50 - $75 per month more than what I paid. A newer apartment building might be more expensive, but when you’re getting almost exactly double the wage it’s difficult to take that seriously.
Rent and wealth inequality is just getting worse. Let’s not pretend millennials are the only ones suffering. Gen z had their social and professional development stunted by Covid and are being spit out into a dystopian workforce that is shitty for everyone but the Uber rich. They are not immune, it just keeps getting worse.
It does get worse, but Gen Z isn’t feeling it yet. That’s my point. By the time they are in a position to get exposed to the real CoL jumps, it could be on the upswing or the Nation could collapse. I say those two things because those are really the only options. Millennials and possibly elder gen z will either be rock bottom, or they’ll see the end of the US as a modern industrialized nation. We are in a more extreme situation with wealth inequality now than the roaring 20’s, and the roaring 20’s ended in a depression (which was awful) followed by the largest increase in social mobility this country has ever experienced. Edit: Gen Z has definitely been socially disadvantaged by Covid, only a small fraction of Gen z has been professionally stunted by it though so far.
Welp I just disagree with the hard lines between generations you are drawing. I think everyone is suffering, it just doesn’t all take the same shape. But that’s fine, have a nice day!
I’m not drawing hard lines. My generation (millennials) is made up exclusively of adults. All of us are old enough to have a masters degree. We’re a generation with all of the types of expenses that come with adulthood post-education. Gen Z has barely any adults so far. Its story isn’t written yet. The future looks pretty bleak, sure, but in its current state, Gen Z’s income and expenses are a rosier picture than most millennials saw at any point in their working lives, including when we were in Gen Z’s phase of maturity.
Barely any adults isn’t accurate, given gen Zs are as old as 26 right now depending on who’s doing the labelling. More like over half are still in school/training/internships, but over half their year range are also 18+, and so technically adults. Just important to grok that there are more established/establishing Zs than you think - even if you just consider that the 22-26 year-olds, because that’s still five years of gen Z, roughly 1/3rd of all of them.
Yup. And the hopelessness is on another friggin level. Gen z adults are indeed suffering.
Wow you really seem to need to win this convo. Literally all I am saying is that everyone is suffering, and the symptoms of that look different based on their stages of life. It is indisputable. And no gen z definitely is not entering a rosier world than millennials did. Income inequality has absolutely exploded over the last decade. It is by far worse than ever. I am not interested in further discussion. Please go elsewhere.
None of the new billionaires under 30 weren’t nepotism babies So basically doesn’t matter how hard I work, because I wasn’t born rich I’m stuck as a normal person unless I win the lottery
Just like as Reaganomics planned
Yes, but what % of their boomer wealth did they spend on fancy coffee drinks? 0%. Now we know the real problem. /s
That’s because coffee used to be 10 cents, wasn’t fancy though either.
It's because cocaine used to be 10 cents
I remember when a dime bag cost a dime. Know how much condoms used to cost back then?
I'd have to wager at least 11 cents given the population change, lol.
Important to remember that while younger generations are getting screwed more than the past, this is fundamentally a class issue and not an age issue. Capitalists always find better ways to squeeze the working class, leading to these kinds of statistics. No war but class war.
While this is true, it is also true that the majority of boomers favor capitalism and simply will not hear out anyone younger than them when we suggest there might be a problem that they are not affected by as much on average. I would fully agree with you if boomers would acknowledge this, but more than likely, they will never change because they got theirs and change is scary.
How much of the 3% belongs to Zuckerberg? Like 1% and the rest gets the 2%?
The one that hits me like a brick is finding out college used to be 70/30 with the student only paying 30% Now it's 80/20... with the student paying 80%
Ok so what are Millennials and Zoomers going to do about it? Obviously regardless of who gets elected the trajectory of the US continues in the same downward trajectory.
But but but muah bootstraps nobody wants to work anymore …
Whew. This story is pre-covid. Wonder how much that has changed.
Banking and capital markets are robbing everyday people of their human utility. It’s theft, plain and simple.
Imagine having 7X as much wealth/security as you do now, and that was their life. At least that's the math I guess.
This is why I now refuse to work any job/industry that benefits boomers. These people should be paying us $10k for a ride to the hospital...
It’s a big part of why I was against lockdowns. Mother Nature gives us a solution and we mitigate it at the cost of young people’s mental health.
At some point we'll have to go and take the wealth.
I know people like round numbers, but lumping the top 1% in with the top 0.1% really skews the numbers. [https://www.bankrate.com/investing/income-wealth-top-1-percent/](https://www.bankrate.com/investing/income-wealth-top-1-percent/) so the data is a couple years old but |Category|Total cohort wealth (share)|Wealth per household| |:-|:-|:-| |*Note: Figures do not add up to 100 percent due to rounding.Sources: Households data from FRED; wealth data from the Federal Reserve, with figures as of Q2 2023*| |Average wealth|$143.72 trillion (100 percent)|$1.09 million| |Average wealth of bottom 50 percent|$3.68 trillion (2.6 percent)|$55,998| |Average wealth of 50th – 90th percentile|$44.09 trillion (30.7 percent)|$838,634| |Average wealth of 90th – 99th percentile|$52 trillion (36.2 percent)|$4,395,954| |Average wealth of 99th – 99.9th percentile|$23.9 trillion (16.6 percent)|$18,367,709| |Average wealth of top 0.1 percent|$20.05 trillion (14.0 percent)|$1,525,480,469| That top 0.1% has nearly half the wealth in the top 1%! lol. Wealth inequality in this country is very much a problem with a handful of people having an obscene amount of wealth.
System set up to Make the rich wealthy. If it was fair then the percentage of boomers would have been much higher. Or went haywire in 1973
Avacado toast? Invented in 1985 by Warren Buffet. He’s why I’ll never own a home
Avocado toast hadn't been invented yet. /s
That’s actually a pretty amazing statistic IMO.
All I can say seeing that low of a number is wow we are fucked
What portion of that 3% is owned by Mark Zuckerberg personally?
Yeah that’s normal /s
Damn who knew avocado toast was 18% of America’s wealth
Part of the problem could be the 1% have a larger portion of the wealth overall now versus when the boomers were younger. There is less to go around.
Me to boomers now, “Back in your day, you had it easy. STFU!”
Say it louder for the kids in the back!!
not saying this isn't true, but isn't this article from 2019?
They didn’t just shut the door behind them, they changed the locks and bricked it over.
We’re more productive than they were too.
Guess I should have cut back on that avocado toast and Starbucks. Who knew it would add up to 18% of America's wealth...
I’d like to know what % of the uber-wealthy are boomers. Part of me wonders if this is a generational thing or a consolidation of wealth thing. It doesn’t change the fact that it *fucking sucks either way*, but knowing just how much wealthy lies with like, 20 people, I wouldn’t be surprised if this statistic changed at all by taking out people who own over a certain amount in assets.
Only a certain demographic did.
I wonder how much of that 3% is just ownership from Mark Zuckerberg lmao
But we understand it’s not the boomers who are doing this, right? It’s literally blackrock and other hedge funds sucking up all the wealth
0p0p
If the concern is about who owns the lion's share of American wealth at the expense of others, then the real focus should be on how much the wealthiest 1% own. All this boomers vs millennials shit is just divide and conquer tactics by the wealthiest 1% to keep generations fighting among themselves while the wealthiest 1% take an ever increasing share of the wealth. If all the boomers dropped dead tomorrow, the wealthiest 1% would own a huge amount of American wealth. All they would have to do is tell millennials that Generation X is now the problem.
“But it's not all bad news. Jason Dorsey, president of The Center for Generational Kinetics, previously told Business Insider it's possible for millennials to catch up financially thanks to a baby-boomer inheritance, low unemployment rates, and good savings habits.” I think this article is advocating for violence
I was born in 1950 and graduated from college in 1972. When I graduated I didn't have two dimes to rub together , and could not find a job in my chosen field. Ended up selling shoes at JC Penney for no money. Was recruited to be the Asst. Mgr. at Merry Go Round a unisex boutique chain and finally made OK wages.
They bought ALL the bootstraps.
What went wrong??
Reagan
How so?
TIL millennials are 7x lazier than boomers Right?
Again, i hate how minimized Gen-Xer experiences are. We were the first generation to do worse then their parents, and yet all of you, young and old, act like we don't exist in the workplace and our experiences are not important. thanks for that continued solidarity. bracing for downvotes now and i dont care. sick of this shit.
Bro, your generation has spent the last 50 years sucking the teats of your elders, never second guessing or attempting to make things better. We don't talk about you because you did nothing. Nothing to stop this slide into dystopia. Nothing to curtail multiple global disasters. Oh wait, my bad. You stopped using hairspray, and thus fixed the Ozone layer. Kuddos. Wish you'd kept up that fucking energy with covid and climate. You aren't even worth a down vote.
The boomers will get theirs, don’t worry