U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-12-2009, 10:01 PM
 
Location: Seattle
1,369 posts, read 3,053,458 times
Reputation: 1496

Advertisements

Quote:
Originally Posted by formercalifornian View Post
I have a different understanding of the generations. I am at the early end of Gen-X (1968), and I'm just now beginning my 40's, so I assume you meant that the Gen X-ers are hitting their prime earning years. Gen Y is usually defined as beginning in the 1980's, so the oldest portion of Gen Y would be in their late 20's. Accordingly, that generation is still fairly early in their careers.



I can't even begin to fathom where you got that from. I believe my generation is extremely resilient and that while we may suffer, we will do just fine over the long haul.
I am saying that the oldest part of Gen Y are entering the prime or formative years of their careers. Those years are between 25-40. Most people who are going to hit the C-suite or do something really high in the corporate world will do so between 25-40. My post was a little confusing...but yeah, I think the cutoff between Gen X and Gen Y is 1978-1981 birth year depending who you ask. The oldest part of Gen Y are now hitting the bottom part of that range. That's why I think if the economy recovers within the next 2-4 years many of them will probably end up okay. But if ten out of fifteen of the formative career years are spent in a really terrible economy, it will be tougher for that generation, IMO. People who were born in 1970-1975 are the ones who got the unluckiest in my view. They were in their early 30s at the time of the housing bubble, in their mid-late 20s at the time of the dot com crash and are now in their middle 30s during this recession. I have many friends in this age range and the ones that took a lot of risk are in deep trouble; the ones that were really risk averse have survived okay, even if they lost their job.

Last edited by drshang; 08-12-2009 at 10:10 PM..
Rate this post positively Reply With Quote Quick reply to this message

 
Old 08-12-2009, 10:13 PM
 
5,748 posts, read 11,174,027 times
Reputation: 4504
My husband and I were both born in 1968. Why exactly were we unlucky? By the time the boom hit in the early 2000's, we were a decade into home ownership. The housing boom was the best thing that ever happened for our personal finances. As far as I concerned, we are some of the luckiest people alive!

Last edited by formercalifornian; 08-12-2009 at 10:30 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2009, 10:15 PM
 
Location: SF Bay Area
14,323 posts, read 20,443,087 times
Reputation: 18436
Default Why blame the boomers?

Quote:
Originally Posted by user_id View Post
The baby boomers as a whole seem to refuse to retire, or at least anytime soon. I wonder whether what effect this will have on the unemployment rate. From my experience with boomers, there seems to be a few reasons why they are avoiding retirement.

1.) Retiring means you're "old" and boomers want to believe they are forever young.
2.) Many have not saved enough for retirement and the crappy equity markets over the last decade (if you bought and hold over the last 10 years you would have not gained much) have made their projections rather inaccurate. As a result they must continue to work.
3.) Many seem to think that their lifestyle during retirement was going to be the same as when they were 50 something, on two incomes and had all the kids out of the house.
4.) Many kept moving up in the housing market as a result they still owe a significant mortgage on their home. The collapse in the real estate market in many cases seems to have eaten awhile a good deal of their equity. They can longer sell their McMansion and purchase a smaller home cash. Many don't seem interested in purchasing a small home in the first place...(i.e, don't want to reduce their standard of living).

Anyhow, so if they continue to avoid retirement will it cause an elevated unemployment rate for some time? Will it make it more difficult for the younger generations to get employed?
Generalizing what "boomers" are doing is as ludicrous as the label "baby boomers."

There seems to be an over-abundance of illegal and legal immigrants in this country taking jobs from qualified Americans. This is certainly a problem and contributes mightily to the unemployment rate. Absolutely ridiculous. Let's start with the idea that maximizing profits at the expense of employee loyalty has been the focal point certainly during the last 8 years. "Boomers" are not the problem. The mentality that American workers are expendable and cheap foreign labor preferred, is.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2009, 10:43 PM
 
Location: Seattle
1,369 posts, read 3,053,458 times
Reputation: 1496
Quote:
Originally Posted by formercalifornian View Post
My husband and I were both born in 1968. Why exactly were we unlucky? By the time the boom hit in the early 2000's, we were a decade into home ownership. The housing boom was the best thing that ever happened for our personal finances. As far as I concerned, we are some of the luckiest people alive!
You were ahead of the curve for your age bracket, that's why. It's always hard to generalize people born in certain years as "lucky" or "unlucky." People normally buy a first house in their early 30s. Obviously if people born in 1968 bought a house when they were 25 they did awesome, and if they didn't buy a house until the age of 42 they did fine as well. Anytime you generalize economics you will always get exceptions - there will always be tons of anecdotes or stories that will contradict a generalization. All that said, it doesn't change the truth of the generalization.

See this link to support my argument - 33 is the average age for purchasing a first home.

http://www.nahb.org/generic.aspx?sec...ontentID=88533
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2009, 10:53 PM
 
3,460 posts, read 5,197,984 times
Reputation: 6677
Quote:
Originally Posted by Alexus View Post
There seems to be an over-abundance of illegal and legal immigrants in this country taking jobs from qualified Americans. This is certainly a problem and contributes mightily to the unemployment rate. Absolutely ridiculous. Let's start with the idea that maximizing profits at the expense of employee loyalty has been the focal point certainly during the last 8 years. "Boomers" are not the problem. The mentality that American workers are expendable and cheap foreign labor preferred, is.
As much as we'd like to think that the government will eventually throw them out of the country, I don't think it will happen anytime soon. The housing market is already teetering on the verge of collapse, and deporting ten million people out of the country would crush it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2009, 10:54 PM
 
5,748 posts, read 11,174,027 times
Reputation: 4504
I see your point. I suppose we were a little ahead of the curve.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2009, 11:04 PM
 
5,748 posts, read 11,174,027 times
Reputation: 4504
Quote:
Originally Posted by Alexus View Post
There seems to be an over-abundance of illegal and legal immigrants in this country taking jobs from qualified Americans.
How exactly is a legal immigrant an unqualified American?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2009, 11:16 PM
 
Location: Seattle
1,369 posts, read 3,053,458 times
Reputation: 1496
Quote:
Originally Posted by Alexus View Post
Generalizing what "boomers" are doing is as ludicrous as the label "baby boomers."

There seems to be an over-abundance of illegal and legal immigrants in this country taking jobs from qualified Americans. This is certainly a problem and contributes mightily to the unemployment rate. Absolutely ridiculous. Let's start with the idea that maximizing profits at the expense of employee loyalty has been the focal point certainly during the last 8 years. "Boomers" are not the problem. The mentality that American workers are expendable and cheap foreign labor preferred, is.
Without immigration, companies will simply move off shore. Look, American workers ARE expendable. There is nothing special about you or anyone else in this country just because you are American. Plenty of people from other countries can do most of the jobs in this country...and do it located somewhere else...or they can do it here. You think Microsoft can't move all their jobs to Canada if America won't let them import staff they need? Or any other company for that matter? To different countries? You can't stop globalization and a global marketplace by hating immigrants, foreigners and spouting out nonsense about how inferior they are. IMO most American companies would rather stay here. But if the US doesn't allow them to hire qualified workers (like it or not, illegal immigrants are the "qualified workers" for a lot of jobs out there), the economy will contract and business will adapt. Americans need to understand they are competing in a global marketplace and against people and businesses from all over the world. Refusing to recognize this and becoming protectionist is not going to cause globalization to go away. I think globalization in the end is one of the major reasons the baby boomer generation did so well to begin with. It was a HUGE, massive business innovation that has, in the long run, helped the world a lot more than its hurt it. It has especially helped wealthier countries like the US. The drawback is uneducated, low-no skill labor has lost a lot of value.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-13-2009, 12:51 AM
Rei
 
Location: Los Angeles
494 posts, read 1,672,766 times
Reputation: 233
Quote:
Without immigration, companies will simply move off shore. Look, American workers ARE expendable. There is nothing special about you or anyone else in this country just because you are American.
Yupp... nothing special about the US except for the fact that we are the largest consumer that consume most of what the other developing countries produce.
One day corporations will struggle to find that their customers have been stripped of their wealth, which was transferred in the form of outsourcing and H1Bs... viva la revolution!!! *cheers*

Quote:
I think globalization in the end is one of the major reasons the baby boomer generation did so well to begin with.
After they destroyed our economy, put our nation in the greatest debt hole in the history and force the next few generations to pay for it, they're suffering maybe even more than the younger workers now... payback's a beeeyotch eh...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-13-2009, 06:53 AM
 
12,869 posts, read 13,703,631 times
Reputation: 4453
Quote:
Originally Posted by drshang View Post
Without immigration, companies will simply move off shore. Look, American workers ARE expendable. There is nothing special about you or anyone else in this country just because you are American. Plenty of people from other countries can do most of the jobs in this country...and do it located somewhere else...or they can do it here. You think Microsoft can't move all their jobs to Canada if America won't let them import staff they need? Or any other company for that matter? To different countries? You can't stop globalization and a global marketplace by hating immigrants, foreigners and spouting out nonsense about how inferior they are. IMO most American companies would rather stay here. But if the US doesn't allow them to hire qualified workers (like it or not, illegal immigrants are the "qualified workers" for a lot of jobs out there), the economy will contract and business will adapt. Americans need to understand they are competing in a global marketplace and against people and businesses from all over the world. Refusing to recognize this and becoming protectionist is not going to cause globalization to go away. I think globalization in the end is one of the major reasons the baby boomer generation did so well to begin with. It was a HUGE, massive business innovation that has, in the long run, helped the world a lot more than its hurt it. It has especially helped wealthier countries like the US. The drawback is uneducated, low-no skill labor has lost a lot of value.
that is typical big business spiel. the united states is positioned to be a world leader if we STOPPED the outsourcing. we have a controlled population growth and lots of natural resources. in the end, the only thing you need for globalization is a great product. if you make something that other countries want, they will buy it. all of these artificial trade deals have done nothing for the united states except make a few businessmen / women rich. the reason the united states did well was because the dollar was tied to oil, and was accepted as currency. now we are debasing the dollar and losing our autonomy due to our trade deficit. so tell me again how globalization helped the united states?
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top