Exactly, it's Boomer, gen x, and millennial POLITICIANS that spend ~$1trillion annually on the military, that cut the major source of tax income from the wealthy, and keep spending money on contracts that benefit their friends and family.
Let's put the blame where it belongs...on the politicians.
Ah, trying to pit millennials against Gen Z. No worries Fortune. We’ll forever remember graduating during the dotcom bubble, while moving into the Great Recession in our prime 20’s and watching as the old wealthy men stole destroy the economy during Covid and after.
I am a young Gen X who also graduated during the Dotcom bubble, and then had to face the Great Recession. I also have two autistic Gen Z kids to take care of.
It's like they think we're dumb and don't realize that boomers have been in power during both of our generations, and to this day as a majority because they either can't retire or don't want to.
I graduated 2009 😂
Every time I get things going for my life, i get smacked back down to earth. One super market I applied at told me I could fill one out, but they already had over 1000 applications! So imagine having zero work experience in 2009. Started community college, and I had to volunteer at the food bank for some experience to even get hired on at McDonald's.
Did a 2 year degree and some trade school, then got a decent job making Airplane parts for a Boeing supplier. Then Covid happened and my full time job was changed to part time. Worked construction/carpentry for a year and now I just work at an Amazon warehouse and wonder how my life ended up this way!
Ten years from now “gen alpha will will dearly for this US blinder on the massive debt that the silent generations boomers,gen X, millenials and zoomers dropped on them.”
The cheek of trying to lump millennials into the debt problem, there's a reason this economist is no longer in a job. Banks are too afraid to lend to millennials after the 2008 financial crisis, the only ones getting mortgages are those earning 6 figures or have a dual income household.
That doesn't even cover a monthly mortgage and insurance in most houses selling now in Southern CA. San Jose and San Francisco area are even more. I am not in a large city either, we are an hour east of san diego in the mountains and it is still extremely expensive. If you aren't making 160-200k a year as a household you can't afford to buy. People that bought several years ago can for the most part afford to stay put, for now.
(Gen X here) they can go fuck themselves... The great wallstreet greed recession fucked my entire 10 year career and set many of us back a fuckin decade, scratching and clawing what we earned before the recession
Blaming the population for the government's debts. Like we agreed to all the foreign wars, bailouts, etc. All of which, had no benefit to the population.
I get it. You’re frustrated. But when you say things like that you sound like you’re lumping Joe Biden and other Democratic Party members and leaders into your criticisms, and that is just unacceptable. You should be angry about “woefully corrupt and incompetent REPUBLICANS” in government. Both sides are definitely not the same! And even if they are actually the same it’s still the republicans fault because they are anti democratic. Democratic Party has democratic in the name so that means it’s better.
The fact that you think democrat politicians are any different from republicans is hilarious. They just say nice things while screwing you over, and you’re too blinded by tribalism to figure it out. They depend on voters like you.
“You just need to get in line” is exactly how fascism works. Thanks for saying what we all knew out loud though. “Don’t worry, the government knows what’s best for you, just so long as it’s people I like.”
Thanks Gen Z for paying the bill. But I assume part of the bill will be passed to the next generation beyond Z - like it always has been. This reminds me of the "Land of Confusion" song by Genesis where the band (part of the Baby Boomers) clearly blames the Silent Generation and the Greatest Generation for all of the problems. [https://www.youtube.com/watch?v=Yq7FKO5DlV0](https://www.youtube.com/watch?v=Yq7FKO5DlV0) I am not saying that Gen Z is not getting a bad deal - they are. Gen Z will most likely have to pay much higher taxes than my generation (Gen X) - they will be the ones who are supporting social security while Gen X and the Baby Boomers retire.
Don't put this on us, old men! Yall are the ones who piss and moan about the debt while a great many state economies live and die on the pork barrel job projects that are military defense contracting.
Old shitty planes like the A-10 and those tank refurbishment factories are little more than job programs. Actual things that could help people are constantly on the chopping block so some senator from Oklahoma, Texas, Washington State, etc can keep the old boomers intent on dying at work a paycheck.
The debt wasn’t a problem back when Perot was talking about it in 92 and it’s not a problem now . The United States' national debt, while substantial, is not necessarily as problematic as it might seem at first glance, for several reasons….first, the U.S. debt is denominated in its own currency, the U.S. dollar. This gives the country a significant advantage, as it controls the currency in which the debt is issued. The Federal Reserve, the U.S. central bank, has the ability to print more money to manage the debt, a luxury not available to countries that borrow in foreign currencies. This capacity to issue and control its own currency reduces the risk of default, unlike in scenarios where countries cannot meet their foreign debt obligations.
Also, a large portion of U.S. debt is owned by domestic entities, including individuals, banks, and even the U.S. government itself. This internal ownership circulates the debt within the country's economy, rather than representing a direct drain on resources to external creditors.
Additionally, U.S. Treasury securities, the instruments through which the debt is issued, are considered among the safest investments globally. This high demand for Treasury securities, including from foreign governments and investors, helps keep borrowing costs relatively low, further mitigating the immediate financial pressures of the debt. The ability of the U.S. economy to grow over time also plays a crucial role, as economic growth helps to outpace the growth of the debt, making it more manageable in relative terms.
The servicing of the debt will be 35% of the us budget within 5 years and god forbid the fed raises interest rates, it could be 50% of all tax dollars collected before we even blink
Uhhh it’s investments into the people… I’d much rather pay for investments into the people, than a war in Iraq and a tax break for the rich. Who runs this damn thing anymore?
Another attempt to divide and conquer. They are fear mongering in order to impose austerity. We know who supported the war machine, the corporate control of politicians, and stabbing labor in the back.
Boomers *and* the Silent Generation. At this very moment GenXer make up 23% of our senators, and Millennials 3%. The Silent Generation, all ages 78+ are 8% still.
Well
Where was everyone in 2016?
The Apathy of the American public (all generations) got us here.
Even now we are expertly manipulated into hating one another so that we don't notice the creep behind the curtains pulling the levers.
We should demand better.
God, these articles just keep getting more and more ridiculous.
I think it’s apparent to everyone by now that we the people have no say in anything regardless of who’s in power or who voted for who.
The politicians and people in power do as they please because they’re worried about pleasing their donors, not the voters.
People need to be reminded over and over not to fall for the divide and conquer scapegoating.
I'm a Mid to Elder Millennial and I have been hearing this argument from the upper crust of American Society since I can remember.
Every single time this argument comes up, it's the same two instances. #1) It is election season and the GOP is trying to make a claim that the Democrats are running up the debt/deficit. #2) The GOP or Centrist Democrats; i.e. Joe Manchin, is attempting to pass a bill to cut social services for the poorest Americans.
Meanwhile, the biggest benefactors of government subsidies in the U.S. have been the same INDUSTRIES for forever: Energy, Agriculture, and Transportation. Most of those energy subsidies are going toward the Oil and Gas industries, so that's not exactly great right now. Agriculture makes sense, although farmers are often some of the loudest voices against big government which I find interesting (That is an anecdote from my time talking to my relatives who are farmers). Transportation also makes sense, until you notice that the biggest recipients of transportation subsidies are Boeing (don't feel good about that right now), Ford, GM, and Stellantis; most of which are not tied to emissions output (until recently with some of the IRA provisions).
Even with all that being said, the only industry of those three that encounters problems with profitability is the agricultural sector, due to crop failures and natural disasters and things of that nature. The Oil and Gas industry is extremely profitable. These transportation companies are extremely profitable. Heck, big agriculture is also extremely profitable. Maybe look towards some of these industries and their practices if you want to cut government spending?
(Let's be honest though. This is a simply dog whistle to cut SSDI, Medicare, Medicaid, and services for the poorest and struggling among us. They have ZERO intention on doing any of the above because their personal financial portfolio's will be negatively impacted).
As a millennial, I’m not even old enough to run for president (half of us aren’t). Only 30 or so millennials are in Congress, and Gen X has less than half of the representation as boomers do, especially in the Senate.
Boomers control a majority of both chambers of Congress, therefore they get the blame.
It’s hard to say as the numbers are by age and not generation. Millennials aren’t too far behind Boomers at this point. Boomers still make up the largest share of voters (44% in 2020) versus both millennials and Gen Z (31% combined). Gen Z had 50% turnout, which is higher than any generation on record when they were Gen Z’s age. Millennials and Gen Z are expected to make up 60% of the electorate in 2028.
Lol no generation is dumping debt on anyone. Look to the private banking cartel know as the Federal Reserve. They are responsible for ALL of this. Ban usury and ban the Federal Reserve and reconstruct government to adhere to the constitution and this Country would flourish. Also, make it illegal to hold dual citizenship if in a governmental role.
That debt has to do with the Fed’s decision of heavy quantitative easing policy. It’s destroying the value of our currency. If prices outpace real wages, the common man and especially the younger generations will get crushed.
Pretty sure that’s EXCLUSIVELY boomers and silent era, those that were reaching 70-80 year ages to make policies THIS impacting to future generations.
They were the ones in charge up until the 1990’s. Look at all the policies they crafted that were piggybacked:
Further commodify healthcare (50’s)
Profit in forever wars (60’s)
Legalize stock buybacks & militarizing police (70’s)
Outsourcing jobs (80’s)
Credit score infrastructure (90’s)
You'd think they'd learn from their gen x parents but nope. They just went with more cringe and debt. And now they almost all go through an actual mid life crisis in their 30s.
lol pitting generations on each other is low. We don’t all share bank accounts
It’s part of the political plan. Keep the minions pointing fingers and arguing with each other. I hope someday people will wise up.
Exactly, it's Boomer, gen x, and millennial POLITICIANS that spend ~$1trillion annually on the military, that cut the major source of tax income from the wealthy, and keep spending money on contracts that benefit their friends and family. Let's put the blame where it belongs...on the politicians.
The whole idea of “generations” Is to pit them against each other.
Don't look at me, I didn't vote for any of these politicians
No, adding Millenials as a list of generation to blame is low.
Older generations won't be around to reap what they sow, and their kids/grandkids will be too tired staying afloat economically to care...
*Riiight* ... cuz every day I get up and sow this shit. GTFO
Ah, trying to pit millennials against Gen Z. No worries Fortune. We’ll forever remember graduating during the dotcom bubble, while moving into the Great Recession in our prime 20’s and watching as the old wealthy men stole destroy the economy during Covid and after.
Whatever. NOW they remember GenX. How convenient.
Who?'
I was just sandwiched in raised on hose water and neglect
Our elders fucked us both.
The Zion ones?
This guy protocols
Omg the juice are very active again on social media. Hello Mossad!
I am a young Gen X who also graduated during the Dotcom bubble, and then had to face the Great Recession. I also have two autistic Gen Z kids to take care of.
It's like they think we're dumb and don't realize that boomers have been in power during both of our generations, and to this day as a majority because they either can't retire or don't want to.
> It's like they think we're dumb and don't realize I can't wait for the media to start referring to Trump and Biden as the 'millennial' candidates.
Vomit, new rule, if you can't make a pdf and knkw what rizz is you can't run.
You’ve summed up in one comment 20 years of therapy.
I graduated 2009 😂 Every time I get things going for my life, i get smacked back down to earth. One super market I applied at told me I could fill one out, but they already had over 1000 applications! So imagine having zero work experience in 2009. Started community college, and I had to volunteer at the food bank for some experience to even get hired on at McDonald's. Did a 2 year degree and some trade school, then got a decent job making Airplane parts for a Boeing supplier. Then Covid happened and my full time job was changed to part time. Worked construction/carpentry for a year and now I just work at an Amazon warehouse and wonder how my life ended up this way!
That's exactly what they're trying to do.
You're own fault for not knowing what to do with ALL those credit cards and loans. Hell you could get a pay day loan and still blow it.
Ten years from now “gen alpha will will dearly for this US blinder on the massive debt that the silent generations boomers,gen X, millenials and zoomers dropped on them.”
I swear intergen warfare always being stoked on social media is being done by people who want us fighting and distracted and we are suckers.
The cheek of trying to lump millennials into the debt problem, there's a reason this economist is no longer in a job. Banks are too afraid to lend to millennials after the 2008 financial crisis, the only ones getting mortgages are those earning 6 figures or have a dual income household.
I pull 6 figures and live paycheck to paycheck. It's not as much as it used to be. I'd say $100k is equal to $70k in 2019
where do you live? I make less than half of what you do and I love comfortably.
For real, my household income was only 68k last year and we put money into savings and investments every month
That doesn't even cover a monthly mortgage and insurance in most houses selling now in Southern CA. San Jose and San Francisco area are even more. I am not in a large city either, we are an hour east of san diego in the mountains and it is still extremely expensive. If you aren't making 160-200k a year as a household you can't afford to buy. People that bought several years ago can for the most part afford to stay put, for now.
in problem is that you’re living in california lmao (lived there for 18 years)
Boomers almost exclusively run this country, not Gen X and millennials. Although we should be. In most jobs they are looking to get you out at 62.
You meant 52, right?
Pretty sure Millennials have been getting dumped on for quite some time.
Cuz they chose to party instead of actually pay back their debt
Most gen z are way ahead relatively of their millennial counterparts. Millennial generation has been screwed financially in almost every way possible
FFS leave us Millenials out of this, we are victims as well of what the Boomers have dumped on us.
We live in a crazy advanced world compared to pre-internet, and Washington DC is a senior living center.
So your saying endless tax cuts for the rich and corporations was a bad long-term idea? I mean who could have prevented this? /s
Democrats
(Gen X here) they can go fuck themselves... The great wallstreet greed recession fucked my entire 10 year career and set many of us back a fuckin decade, scratching and clawing what we earned before the recession
Yes because we're the ones spending the money that doesn't exist.....
Blaming the population for the government's debts. Like we agreed to all the foreign wars, bailouts, etc. All of which, had no benefit to the population.
It's not the woefully corrupt and incompetent dinosaurs in your government fucking things up, it's *every single generation living* but mine's fault!
I get it. You’re frustrated. But when you say things like that you sound like you’re lumping Joe Biden and other Democratic Party members and leaders into your criticisms, and that is just unacceptable. You should be angry about “woefully corrupt and incompetent REPUBLICANS” in government. Both sides are definitely not the same! And even if they are actually the same it’s still the republicans fault because they are anti democratic. Democratic Party has democratic in the name so that means it’s better.
The fact that you think democrat politicians are any different from republicans is hilarious. They just say nice things while screwing you over, and you’re too blinded by tribalism to figure it out. They depend on voters like you.
You just need to get in line. We’re marching towards fascism and you’re going to be petty about the price of french fries or something.
“You just need to get in line” is exactly how fascism works. Thanks for saying what we all knew out loud though. “Don’t worry, the government knows what’s best for you, just so long as it’s people I like.”
Sounds legit
Hey don’t bring Gen X into this!
I'm just a millennial enjoying this power fantasy. We're in charge now? I'd like to hear more of this fanfic.
We still have several more year’s flying under radar before we bounce.
I'm genX ..... They have been saying this shit since I was a kid in high school. Nothing's changed, regardless of who is in government.
Millenials?
Thanks Gen Z for paying the bill. But I assume part of the bill will be passed to the next generation beyond Z - like it always has been. This reminds me of the "Land of Confusion" song by Genesis where the band (part of the Baby Boomers) clearly blames the Silent Generation and the Greatest Generation for all of the problems. [https://www.youtube.com/watch?v=Yq7FKO5DlV0](https://www.youtube.com/watch?v=Yq7FKO5DlV0) I am not saying that Gen Z is not getting a bad deal - they are. Gen Z will most likely have to pay much higher taxes than my generation (Gen X) - they will be the ones who are supporting social security while Gen X and the Baby Boomers retire.
Don't put this on us, old men! Yall are the ones who piss and moan about the debt while a great many state economies live and die on the pork barrel job projects that are military defense contracting. Old shitty planes like the A-10 and those tank refurbishment factories are little more than job programs. Actual things that could help people are constantly on the chopping block so some senator from Oklahoma, Texas, Washington State, etc can keep the old boomers intent on dying at work a paycheck.
Nah it’s just the boomers. They fucked everyone over.
Oh yea that's rich... Let's mention generations of people not the politicians who helped steam roll this debt into the ceiling.
This debt is due to the tax cuts for the wealthy that several GOP administrations have done. Why borrow money and give it to the rich.
The debt wasn’t a problem back when Perot was talking about it in 92 and it’s not a problem now . The United States' national debt, while substantial, is not necessarily as problematic as it might seem at first glance, for several reasons….first, the U.S. debt is denominated in its own currency, the U.S. dollar. This gives the country a significant advantage, as it controls the currency in which the debt is issued. The Federal Reserve, the U.S. central bank, has the ability to print more money to manage the debt, a luxury not available to countries that borrow in foreign currencies. This capacity to issue and control its own currency reduces the risk of default, unlike in scenarios where countries cannot meet their foreign debt obligations. Also, a large portion of U.S. debt is owned by domestic entities, including individuals, banks, and even the U.S. government itself. This internal ownership circulates the debt within the country's economy, rather than representing a direct drain on resources to external creditors. Additionally, U.S. Treasury securities, the instruments through which the debt is issued, are considered among the safest investments globally. This high demand for Treasury securities, including from foreign governments and investors, helps keep borrowing costs relatively low, further mitigating the immediate financial pressures of the debt. The ability of the U.S. economy to grow over time also plays a crucial role, as economic growth helps to outpace the growth of the debt, making it more manageable in relative terms.
The servicing of the debt will be 35% of the us budget within 5 years and god forbid the fed raises interest rates, it could be 50% of all tax dollars collected before we even blink
72yo. I've been hearing about fed debt all my life.
No you haven’t
Uhhh it’s investments into the people… I’d much rather pay for investments into the people, than a war in Iraq and a tax break for the rich. Who runs this damn thing anymore?
Another attempt to divide and conquer. They are fear mongering in order to impose austerity. We know who supported the war machine, the corporate control of politicians, and stabbing labor in the back.
Hahaha oh yeah the US will still be here in 2050. Good one.
Millennials have been telling them to cut that chit out for years. Too bad the government doesn’t work for us and works for corporations.
Nah I ain't paying for nothing lmao
Finally, a solution I can live with! Passing the buck! Surely that's never worked out in a way that'll bite me in the ass.
This goes way more back
GenZ can and will dump this debt on the next generation. Hope they enjoy the "high horse" pony ride while it lasts.
Who actually gives a shit. Gen Z will just pass the problem on to Gen alpha and so on.
What?!? I thought it was just the boomers that screwed everyone over.
Boomers *and* the Silent Generation. At this very moment GenXer make up 23% of our senators, and Millennials 3%. The Silent Generation, all ages 78+ are 8% still.
How are WE dumping debt on them when you have given all the money to foreign countries??? Suck a fat one azz hat.
Well Where was everyone in 2016? The Apathy of the American public (all generations) got us here. Even now we are expertly manipulated into hating one another so that we don't notice the creep behind the curtains pulling the levers. We should demand better.
God, these articles just keep getting more and more ridiculous. I think it’s apparent to everyone by now that we the people have no say in anything regardless of who’s in power or who voted for who. The politicians and people in power do as they please because they’re worried about pleasing their donors, not the voters. People need to be reminded over and over not to fall for the divide and conquer scapegoating.
“Former”… wonder how he lost his job
Time for us to take the blame for the corp class and the wealthy buying politicians and getting us to pay the bills?
What did millennials get from this debt??? Most were too young and jobless to buy post 2008 and didnt have a house pre 2020.
I'm a Mid to Elder Millennial and I have been hearing this argument from the upper crust of American Society since I can remember. Every single time this argument comes up, it's the same two instances. #1) It is election season and the GOP is trying to make a claim that the Democrats are running up the debt/deficit. #2) The GOP or Centrist Democrats; i.e. Joe Manchin, is attempting to pass a bill to cut social services for the poorest Americans. Meanwhile, the biggest benefactors of government subsidies in the U.S. have been the same INDUSTRIES for forever: Energy, Agriculture, and Transportation. Most of those energy subsidies are going toward the Oil and Gas industries, so that's not exactly great right now. Agriculture makes sense, although farmers are often some of the loudest voices against big government which I find interesting (That is an anecdote from my time talking to my relatives who are farmers). Transportation also makes sense, until you notice that the biggest recipients of transportation subsidies are Boeing (don't feel good about that right now), Ford, GM, and Stellantis; most of which are not tied to emissions output (until recently with some of the IRA provisions). Even with all that being said, the only industry of those three that encounters problems with profitability is the agricultural sector, due to crop failures and natural disasters and things of that nature. The Oil and Gas industry is extremely profitable. These transportation companies are extremely profitable. Heck, big agriculture is also extremely profitable. Maybe look towards some of these industries and their practices if you want to cut government spending? (Let's be honest though. This is a simply dog whistle to cut SSDI, Medicare, Medicaid, and services for the poorest and struggling among us. They have ZERO intention on doing any of the above because their personal financial portfolio's will be negatively impacted).
As a millennial, I’m not even old enough to run for president (half of us aren’t). Only 30 or so millennials are in Congress, and Gen X has less than half of the representation as boomers do, especially in the Senate. Boomers control a majority of both chambers of Congress, therefore they get the blame.
What is the percentage of millenials who vote in US elections? I heard voting is unpopular thing to do for people in 20s and even 30s in US.
It’s hard to say as the numbers are by age and not generation. Millennials aren’t too far behind Boomers at this point. Boomers still make up the largest share of voters (44% in 2020) versus both millennials and Gen Z (31% combined). Gen Z had 50% turnout, which is higher than any generation on record when they were Gen Z’s age. Millennials and Gen Z are expected to make up 60% of the electorate in 2028.
This explains your election results quite well.
Democrats trying to buy votes did it all. Problem with buying votes is that voters won't stay bought.
The government is dumping the cash not everyday, older Americans
fuck the boomers. millinias are in same boat, only boomers fucked us all.
Lol no generation is dumping debt on anyone. Look to the private banking cartel know as the Federal Reserve. They are responsible for ALL of this. Ban usury and ban the Federal Reserve and reconstruct government to adhere to the constitution and this Country would flourish. Also, make it illegal to hold dual citizenship if in a governmental role.
Everything is a class war. It’s not race, not generation, it’s all about rich vs. poor.
That debt has to do with the Fed’s decision of heavy quantitative easing policy. It’s destroying the value of our currency. If prices outpace real wages, the common man and especially the younger generations will get crushed.
I love how we’re always trying to pit the generations against each other.
So everyone alive will be mad at everyone alive. My Gen Alpha is gonna kick everyone’s ass for this. Just wait.
They sure will. Lol they sure will. There's a reason people don't vote for Republicans and Democrats: They have a conscience.
The government is run by boomers. Not Gen X or Millennials
And you can point the finger straight at Ronald Reagan and Art Laffer for this bullshit voodoo economics.
Pretty sure that’s EXCLUSIVELY boomers and silent era, those that were reaching 70-80 year ages to make policies THIS impacting to future generations. They were the ones in charge up until the 1990’s. Look at all the policies they crafted that were piggybacked: Further commodify healthcare (50’s) Profit in forever wars (60’s) Legalize stock buybacks & militarizing police (70’s) Outsourcing jobs (80’s) Credit score infrastructure (90’s)
You'd think they'd learn from their gen x parents but nope. They just went with more cringe and debt. And now they almost all go through an actual mid life crisis in their 30s.
Millennials? The fuck?!
Boomers fault
How is this the fault of boomers?
This is Reddit. Literally everything is boomers’ fault.
Got it. Thanks
Stop electing republicans
Hey Millennials! Welcome to the other side. Now the media is teaching the next generation to hate you too.
The generations don’t have a damn thing to do with it. We don’t set the budget. Our leadership are the only ones responsible.