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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.
Its understandable that Boomer's hate Gen-x because one does not like something that makes one look comparably awful.
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.
Actually no since your asset wealth is nothing but a lightening rod to the FIRE sector. You have impoverished the bulk of your children. They will inherent debt saturated assets. You are nothing but temporary tax collectors. Gen -X is nothing but an observation point since our assets offset much of our wage stagnation. Its a their own kids that doped up boomers are exploiting.
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.
Really? Then why are you clearly jack hammering them into a miserable future?
You know there may be a reason why Boomer net worth is 20 or 30 times that of Gen Y: Boomers have been working 30 or 40 years longer than today's 20 somethings.
The Gen Y whine is the same as that of previous generations: you're stealing from us. Just like the Greatest Generation "stole" from the 1944-1960 generation. And the WW II generation added Medicare.
What "debt-soaked" assests, by the way? Houses will be paid off, if they're not already.
If you want to blame anyone for the housing bubble blame Gen X, they're the ones who wanted to start out at 25 where their parents were at 50. Many of us Boomers warned them but those warnings fell on deaf ears.
If we had suggested to either Gen X or Gen Y that maybe college wasn't for them we would have been pilloried, so we paid those tuition bills. And God help the parent who didn't want their kid to go to private school (none of mine did, by the way, Mrs. NBP and I raised them with a healthy sense of "what is".). Just a note, many school systems today forbid teachers from even mentioning trades instead of college to their students.
The Gen Y whine is the same as that of previous generations: you're stealing from us. Just like the Greatest Generation "stole" from the 1944-1960 generation.
Umm...where did you get this idea? The boomers complained about traditional culture, did drugs, burned bras, etc....but they didn't complain much about their parents stealing from their future....it had no foundation in reality.
Quote:
Originally Posted by North Beach Person
If you want to blame anyone for the housing bubble blame Gen X, they're the ones who wanted to start out at 25 where their parents were at 50.
Far more real estate transactions occurred between boomers than Gen X during the housing bubble, but this is the wrong place to look anyways. The housing bubble would have never occurred if it wasn't for loose fed policy, governmental support for mortgages, deregulation, etc.....the vast majority of the policies that led to the housing bubble were crafted by boomer supported politicians.
Quote:
Originally Posted by North Beach Person
If we had suggested to either Gen X or Gen Y that maybe college wasn't for them we would have been pilloried, so we paid those tuition bills.
Pilloried? By who exactly? What you're describing is a condition created by boomers... Regardless, generally speaking, boomers did not pay those tuition bills. Boomers did not properly fund higher education, and even some of the "funding" they did provide was from deficit spending so will ultimately be paid by younger generations. Furthermore, boomers were fairly allergic to savings, so they often didn't have the funds to provide direct support either.
Umm...where did you get this idea? The boomers complained about traditional culture, did drugs, burned bras, etc....but they didn't complain much about their parents stealing from their future....it had no foundation in reality.
Far more real estate transactions occurred between boomers than Gen X during the housing bubble, but this is the wrong place to look anyways. The housing bubble would have never occurred if it wasn't for loose fed policy, governmental support for mortgages, deregulation, etc.....the vast majority of the policies that led to the housing bubble were crafted by boomer supported politicians.
Pilloried? By who exactly? What you're describing is a condition created by boomers... Regardless, generally speaking, boomers did not pay those tuition bills. Boomers did not properly fund higher education, and even some of the "funding" they did provide was from deficit spending so will ultimately be paid by younger generations. Furthermore, boomers were fairly allergic to savings, so they often didn't have the funds to provide direct support either.
If you think your first point then you need to go back and do some research on the 70's and 80's when FICA taxes were raised and raised again to fund Social security for the WW II generation, along with the increase in Medicare deductions.
You need to look again at the housing stats for the boom.
Also, in your research discover exactly how many times the federal budget has not been in a deficit mode since 1790. The answer may surprise you.
Here's my view on this whole thing: every single time there's a recession the generational knives come out, right now is just the latest iteration. Every generation has had to face hard times and difficult choices. One problem with this recession is the Boomers grew up with ones happening every few years. Gen X and Gen Y came into adulthood without ever having to have lived through one so this one has been a massive ***** slap to the head. And you know what? It will end, you guys will find jobs, get married, buy houses and cars and have ungrateful children of your own.
You know there may be a reason why Boomer net worth is 20 or 30 times that of Gen Y: Boomers have been working 30 or 40 years longer than today's 20 somethings.
The Gen Y whine is the same as that of previous generations: you're stealing from us. Just like the Greatest Generation "stole" from the 1944-1960 generation. And the WW II generation added Medicare.
What "debt-soaked" assests, by the way? Houses will be paid off, if they're not already.
If you want to blame anyone for the housing bubble blame Gen X, they're the ones who wanted to start out at 25 where their parents were at 50. Many of us Boomers warned them but those warnings fell on deaf ears.
If we had suggested to either Gen X or Gen Y that maybe college wasn't for them we would have been pilloried, so we paid those tuition bills. And God help the parent who didn't want their kid to go to private school (none of mine did, by the way, Mrs. NBP and I raised them with a healthy sense of "what is".). Just a note, many school systems today forbid teachers from even mentioning trades instead of college to their students.
Then you are ignoring the data I posted. There is clearly a wealth shift.
That comes from asset inflation which is to say income by doing nothing. The housing bubble was essentially national gentrification which is another way of saying the older generation is reminiscent of the landed gentry that would live by charging rent instead of creating goods and services. Gen-y is becoming the third estate.
To "save housing" they are also bloating stock market asset prices which again improve the buying power of those with those sorts of assets at the expense of income through labor.
Boomers did not pay any Gen-x tuitions so I have no idea what you are even talking about.
We are simply shifting wealth to those with assets from labor to feed interest payments to the FIRE sector.
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But your post is almost as good!
