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Old 09-10-2012, 02:50 PM
 
Location: Everywhere and Nowhere
14,131 posts, read 28,500,603 times
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Why would we look down on Gen-Yers when we raised them? Just a few years ago they were considered to be on track to becoming the equivalent to the founding fathers - a thirteenth generation that would surpass even the "greatest generation" of our parents. Disdain for the Gen-Xers I can understand.
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Old 09-10-2012, 03:11 PM
 
Location: Conejo Valley, CA
12,470 posts, read 18,242,342 times
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Quote:
Originally Posted by CAVA1990 View Post
A lot of us boomers came of age during the Reagan recession of the early 80s. That was no walk in the park either. Jobs were scarce then too for people coming out of college. That was followed by a huge escalation in real estate prices in the late 80s.
The Reagan recession was short, its not comparable to today's events by any means. The escalating real estate prices were due to inflation, but wages were also going up so it didn't effect people's ability to buy homes.

But the amount of hardships the boomers had is irrelevant, the real issue is that boomers have stole and continue to steal large amounts of wealth from the younger generations. The generational theft needs to stop but that means boomers are going to have to adjust to a lower standard of living.
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Old 09-10-2012, 03:19 PM
 
Location: Philaburbia
35,694 posts, read 64,981,674 times
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Originally Posted by CAVA1990 View Post
Disdain for the Gen-Xers I can understand.
Nah, because they're all grown up and the starry-eyed idealism that is common to every emerging generation has been ground into the dust by the joys of working 40 hours a week, trying to make ends meet, raising a family, taking care of aging parents ... You know. All that fun stuff.
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Old 09-10-2012, 04:03 PM
 
Location: On the edge of the universe
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It's kind of funny reading the posts here on this topic. I don't mean to be a prick but I don't get why people bring up their personal finances on this stuff; it's not like I care whether someone has a mortgage or they were frugal or they were working since they were 14 and had kids on only $100 a month or something...or they did the opposite and ran up $$$$$ on a credit card from pizza parties in the dorm. Are those of you posting this looking for a Gold star from me?

Anyways, I don't get the hate fest between Gen Y and the Boomers. From my experience they both have their strengths and weaknesses.

Boomers are probably more experienced and independent than Gen Y overall but tend to be slower and not very much in tune with their environment. Gen Y is more 'agile' and more tolerant overall but tends to have a sheeple mentality and doesn't seem to be very courageous. (Don't ask me about Gen X as I don't deal with them much.) I'm not trying to be intolerant or bigoted when I say this but that seems to be the norm for me. At 30 I fall into the Gen Y camp; I'd consider the cutoff to be maybe mid 30s. I'm weird for a Gen Yer though since I have an openly individualistic personality. It might be a strength but it can be a liability; I have been openly insubordinate on the job in the past and yes, that can be trouble! Gen Y does NOT tolerant eccentric people overall and I tend to be a bit eccentric so that can cause friction too.

My point is that I don't really understand why Boomers and Gen Y fight so much. Maybe it's inherited; the Boomers fought with their parents like today's soap opera drama. I'm sure Gen Y's kids will say all sorts of stupid stuff about Gen Y in another 30 years (like WHY was Gen Y a bunch of Final Fantasy junkies back in the 90s and 00s?) as well.
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Old 09-10-2012, 04:10 PM
 
Location: Everywhere and Nowhere
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Quote:
Originally Posted by user_id View Post
But the amount of hardships the boomers had is irrelevant, the real issue is that boomers have stole and continue to steal large amounts of wealth from the younger generations. The generational theft needs to stop but that means boomers are going to have to adjust to a lower standard of living.
But we won't live forever and our wealth, whatever's left of it, will be passed down to succeeding generations, including the vaunted Millenials. During that time we were supposedly stealing all of it, we were also spending like crazy, creating a lot economic stimulus that benefited people of all ages. I doubt we'll have to adjust to a lower standard of living as we're pretty much all headed off into retirement now. That's why God gave us the Gen-Xers. Plus Mitt and Paul say they won't touch many in our generation's Medicare.
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Old 09-10-2012, 04:47 PM
 
Location: Conejo Valley, CA
12,470 posts, read 18,242,342 times
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Quote:
Originally Posted by CAVA1990 View Post
But we won't live forever and our wealth, whatever's left of it, will be passed down to succeeding generations, including the vaunted Millenials. During that time we were supposedly stealing all of it, we were also spending like crazy, creating a lot economic stimulus that benefited people of all ages.
You're just thinking of private assets, that isn't the only form of wealth. The primarily way the boomers have stole from younger generations is by creating huge government deficits that must be paid down by younger generations. What these deficits represent is the fact that the boomers received numerous government benefits while not entirely paying for them in taxes, instead they shifted the costs to younger generations.

Furthermore, boomers are insisting that they get all the social security, medicare, public pensions etc money that they promised themselves and all of these will have to be paid for via the sweat of younger generations. Indeed, the most popular solutions to fixing social security, etc is to either increase taxes on the youth or reduce their benefits while maintaining the benefits for the boomers.



Quote:
Originally Posted by CAVA1990 View Post
I doubt we'll have to adjust to a lower standard of living as we're pretty much all headed off into retirement now.
The boomers will have a lower standard of living whether they like it or not, its just a question of how it occurs. The boomers can accept reality today at the benefit of younger generations, or they can take the economy down with them. Currently they are picking the latter, the economy will not recover in any real sense until the boomer problem is dealt with and the economic problems will reduce the value of all their wealth and entitlements.
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Old 09-10-2012, 06:29 PM
 
Location: Philaburbia
35,694 posts, read 64,981,674 times
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Originally Posted by fireandice1000 View Post
Anyways, I don't get the hate fest between Gen Y and the Boomers.
Kids. Parents. It's been happening for millenia. *shrug*
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Old 09-10-2012, 07:29 PM
 
Location: Everywhere and Nowhere
14,131 posts, read 28,500,603 times
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Quote:
Originally Posted by fireandice1000 View Post
My point is that I don't really understand why Boomers and Gen Y fight so much. Maybe it's inherited; the Boomers fought with their parents like today's soap opera drama. I'm sure Gen Y's kids will say all sorts of stupid stuff about Gen Y in another 30 years (like WHY was Gen Y a bunch of Final Fantasy junkies back in the 90s and 00s?) as well.
I don't think we fight all that much. I'm very fond of Gen Yers. They have a sense of style we never had. They're a lot more adult, mature, and worldly than we were at their age. The world will be in very good hands with them.
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Old 09-10-2012, 08:36 PM
 
Location: Los Angeles, Ca
2,884 posts, read 5,409,895 times
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Quote:
Originally Posted by Ohiogirl81 View Post

This makes no sense. Are a percentage of college degrees supposed to be left behind? What's a limited supply degree?
The number of people getting college degrees when the boomers went to college in the 60's or early 70's was far lower than today. Look at the increase in "politically correct" degrees since the 70's.....things like womens studies, latino studies, etc.

There was a much harder distinction 30-40 years between "educated" and non educated. Look how diluted law schools have gotten in the last 10 or 12 years. If you got a law degree in 1968 or 1970, I'd call that "limited supply".

Quote:
Interest deductions were put into place in 1913 with the enactment of the federal income tax. A little historical perspective, if you please.
According to wikipedia, "prior to the tax reform act of 1986, the interest on all personal loans (including credit card debt) was deductible." Isn't that interesting. The people that had the political power to keep the mortgage interest deduction (and things like capital gains) were boomers.

I think the boomers have totally flip flopped on loans. Who got rid of the usury laws? Who weakened bank regulations? Hmmmm. There are so few jobs now, more young people have to take on debt.

Quote:
Then why aren't more kids enrolling in vocational programs?
They don't offer them. Look at all the budget cuts. Everyone is brainwashed to think about college.

Quote:
No, you look at it. What percentage of the public school teachers these days are baby boomers?
Some of them I know that. Who's running the teachers unions? I don't think its 30 or 35 year olds.

Who's built up the teachers unions power in the last 20 or 25 years? It wasn't young people.

Quote:
Put down your smartphone and open up a book.
Things have been so dumbed down in highschool, something like 25% need remedial math or english in the first year of college. Something like 10% of highschool students are proficient in history. But that boomer, 58 year old teacher union administrator wants those benefits and job security. It's a joke.

What a 16-18 year old gets in highschool now vs the benefits and job security of 50-65 year old administrators, teachers is totally out of whack and divorced from reality.

Why aren't student loans tax deductible? Why isn't student credit card debt tax deductible? Mortgage interest deductions seem like a relic. From an era when homes were cheaper (relative to income) and people stayed in their homes longer. The political focus should start moving to what's relevant now.

Also, the $250,000 exclusion of capital gains of your primary residence (living in it 2 years out of 5 before the sale). Who does that benefit? A wealthy 60 year old.
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Old 09-10-2012, 08:47 PM
 
Location: Tallahassee
305 posts, read 799,595 times
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I think people are making way too many sweeping statements about the respective generations. Remember boomers are not one ideological monotonous group. Many worry about the future of those growing up today. A lot of time older people tend have a more nostalgic view of their time and how hard they worked, they see a few examples of whining brats, and then generalize. The same thing happened to them when they were young.

Im generation Y and overall I am confident in our generation. Things will be harder for us in many ways than it was for them. Even when we recover I dont know if unemployment will drop below 5.5%. We will have to move quickly to combat climate change, fix voter suppression law, and a lot more...We will have to be more mobile and most of us will likely have to take out more debt. The social safety net has gotten weaker over the years so poverty could become a greater problem than it already is. All of that said, this generation does seem to understand the problems and be up to the task.

The baby boomers have also been hit hard by the economy and it is somewhat nerve racking wondering if they can retire and maintain a solid standard of living. Unfortunately as they have control of the government it seems they have looked out for their generation, sometimes at the expense of others. This may just be human nature, and not a generational thing. Also a lot of this rabid racism, paranoia, and homophobia isnt coming from them as much as the remainder of the older generation. Its crazy to think how different views were on these issues many years ago.

At the end of the day, we'll make it by, and we will be stronger for it.
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