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all the negative things you mentioned we faced when we tried to enter the work force , including getting drafted to nam, . look at the statistics , most boomers have done quite poorly and with no 401k's or pensions for most of our working life times , many have very little to retire on . .
cant buy shares if their wages are down too. down markets are good for people whose wages dont drop too. but decades of low returns will cut into wages/wage growth. at the end of the low market, they wouldnt have bought more shares because they had less to buy with.
different story if your income is not dependent on earned income.
Flat or down markets don't necessarily imply a bad economy. They could imply rising interest rates (safer returns elsewhere), a better outlook abroad (big money movement to international investments), etc. When the market retracted 12% in January/February of this year I didn't get a cut in my wage or wage growth, did you?
rising rates usually go hand in hand with higher inflation once you start to see rates going up more then a 1/4 or 1/2 point so that rarely ends up being good .
it only becomes good when you lock in rates after inflation falls. but if rates rise because inflation rises you are always behind the curve
Flat or down markets don't necessarily imply a bad economy. They could imply rising interest rates (safer returns elsewhere), a better outlook abroad (big money movement to international investments), etc. When the market retracted 12% in January/February of this year I didn't get a cut in my wage or wage growth, did you?
we got a cut since we live off of what we kill , being retired makes our income pretty dependent on what markets do .
all the negative things you mentioned we faced when we tried to enter the work force , including getting drafted to nam, . look at the statistics , most boomers have done quite poorly and with no 401k's or pensions for most of our working life times have very little to retire on . .
In all due respect, the environment and opportunities were vastly different in the 1960s than they are today. If someone did not plan for their retirement, that is all on them. The exception being the disabled of course. there are exceptions. But exceptions tend to become the norm.
No way to look at it otherwise. The younger generations have to look forward to a very high cost of living in a controlled fascist environment, lower discretionary income, higher taxes (if not crippling) and higher debt level than ever in this country. The government has more power than it ever has, as so many people are eating right out of the palm of their hand dependent on them.
This is not the way it was supposed to be.
The entire system is currently designed like a leech to suck all the resources from the younger generations, and it didn't happen like this overnight.
The problem is there is no power of the people anymore. That shipped sailed long ago due to people being asleep while these jokers sold their country from under their nose.
1960"s ? i entered the job market in 1972-1974 . we may have been born in the earlier years but many of us were not of job market age until the terrible 1970's
The boomers were handed the best economic situation that's ever existed. ....
This is absolute garbage....ignorance at its best.
I was drafted and spent a year under fire in Vietnam. After returning more than a bit shell shocked, I could not find a job. I was in Cleveland because my wife had a year of college left. The local unemployment rate was over 20%. Businesses would not even take an application. We got by, but certainly nothing was handed to us.
Later, still living in Cleveland, I tried to go to school on the GI bill. We got clobbered with massive inflation and interest rates. After school finding a job was tough, interest rates were still high...over 10% for a mortgage. Did I mention the gas crisis and lining up for a ration of gasoline every other day at most?
Then everything got better, right? No we still had lots of ups and downs. My field was really hard hit as were many. I lost jobs and moved across the country numerous times due to mergers, acquisitions and bankruptcies.
No, I think these are among the best times I have ever seen. Very low unemployment, low inflation, low interest rates. And the standard of living has never been higher. People in the bottom levels of the middle class live better than the upper end of the middle class did 20, 30, 40 or more years ago.
we got a cut since we live off of what we kill , being retired makes our income pretty dependent on what markets do .
I get that you did, the person I was referring to basically implied if the market is down everyone that works will be impacted by losing their job or getting their wages cut. I was asking him if he experience that when the markets retracted earlier this year.
This is absolute garbage....ignorance at its best.
I was drafted and spent a year under fire in Vietnam. After returning more than a bit shell shocked, I could not find a job. I was in Cleveland because my wife had a year of college left. The local unemployment rate was over 20%. Businesses would not even take an application. We got by, but certainly nothing was handed to us.
Later, still living in Cleveland, I tried to go to school on the GI bill. We got clobbered with massive inflation and interest rates. After school finding a job was tough, interest rates were still high...over 10% for a mortgage. Did I mention the gas crisis and lining up for a ration of gasoline every other day at most?
Then everything got better, right? No we still had lots of ups and downs. My field was really hard hit as were many. I lost jobs and moved across the country numerous times due to mergers, acquisitions and bankruptcies.
No, I think these are among the best times I have ever seen. Very low unemployment, low inflation, low interest rates. And the standard of living has never been higher. People in the bottom levels of the middle class live better than the upper end of the middle class did 20, 30, 40 or more years ago.
and i may add , no draft , the likes of which we saw .
The boomers got rich not because of the job or market but because of real estate. 75% of baby boomer net worth is tied up in their houses. The millennials can't afford to buy and it seems unlikely any real estate in the USA will increase in worth by orders of magnitude like it did in CA and the NE over the past 50 years. For this reason alone the millennials are doomed. It's made even worse combined with stagnant wages and massive education debt.
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