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The economy certainly isn't what it used to be and wages have been stagnant while costs have gone up. But this myth that all boomers live high-on-the-hog and have somehow sucked up all the wealth in the economy is just that--a myth. I'm at the tail end of the babyboom and most of the boomers I know are very middle class. They worked, have modest homes, drive modest cars and are worried about retirement.
While we're generalizing, it's people who are 10 years younger than I am who drive $60,000 vehicles and aren't happy til they're in the 2500 sf home with all the bells and whistles. I'm in my third house and still living with my formica counters. Know why? Because I'd rather save for retirement than do a kitchen remodel.
Times are tough, but it's still possible to get ahead if you acquire a marketable skill, work hard, and save money.
The boomers have given their children benefits earlier generations never had. It stated at birth with health care, better food, more Christmas gifts in one year than boomers got their entire childhood, better clothes, designer shoes, collage educations. They bought them all grades of electronic gadgets and cars. They have had the advantage of little league, gymnastics, soccer, dance, theatrics and virtually unlimited social organizations. Gen X and millennials have gotten almost every perk and benefit that can be given a child in order that they can find out 'who they are' and get them a head start in life.
Now it sounds like they are going to complain because its not enough.
The boomers have given their children benefits earlier generations never had. It stated at birth with health care, better food, more Christmas gifts in one year than boomers got their entire childhood, better clothes, designer shoes, collage educations. They bought them all grades of electronic gadgets and cars. They have had the advantage of little league, gymnastics, soccer, dance, theatrics and virtually unlimited social organizations. Gen X and millennials have gotten almost every perk and benefit that can be given a child in order that they can find out 'who they are' and get them a head start in life.
Now it sounds like they are going to complain because its not enough.
I am gen X and most of us were not raised like that in 1970s America. We had what we needed but we were not coddled like the millenials. Don't lump us in with them.... or the boomers for that matter
Can someone direct me showing the National Wealth is owned by Baby Boomers unless Baby Boomers are those of the 1%?
Quote:
Currently, the richest 1% hold about 38% of all privately held wealth in the United States. while the bottom 90% held 73% of all debt. According to The New York Times, the "richest 1 percent in the United States now own more wealth than the bottom 90 percent".
Are we talking about the bottom 90% and acquainting wealth with home ownership? I've reread this thread and do not understand what appears to be understood by most. I admit am a teen. It seems that most are without grandchildren/ children or connected to their surroundings socially. ( impression from reading all posts )
Not a lot of time to write but was interested in what Wanderlust76 and NY_refugee87 referred to concerning China etc.
What do either of you think about this...
Since we are talking about wealth... does this involve public-private partnerships such as the recent Saudi- Blackstone agreement under President Trump's advisor Stephen Schwarzman... or is the 99 percent sitting at computers measuring material comfort by individualism or ego driven dreams of spent youth and cashing in on Wall Street stocks.
Addressing wanderlust76 and NY_refugee87 :
China's willingness to lend vast sums to the U.S. government by buying debt ( bonds ) has drawn a lot of attention in recent years. Since September 2008, the Treasury Department has ranked it as the biggest foreign creditor to the U.S though it has recently been dumping U.S debt. For a time Japan held the title with Russia presently gaining ( buying ).
" ....Schwarzman, of course, is not a disinterested adviser to the president. He and his firm stands to gain massively from public policy decisions, whether Trump’s reversal on Chinese currency manipulation (Blackstone is heavily invested in China and even warned investors that labeling China a currency manipulator would harm the company financially) or the administration’s reticence on closing the carried interest loophole (which not only benefits Blackstone but Schwarzman himself). The loophole generates billions of dollars for Blackstone......"
Trump’s “America First“ Infrastructure Plan: Let Saudi Arabia and Blackstone Take Care of It
When the United Arab Emirates attempted to use the state-owned company Dubai Ports World to buy six U.S. seaports in 2006, it generated significant controversy, stoked by right-wing media figures like Lou Dobbs and Democrats such as Sen. Chuck Schumer of New York, was saw an opportunity to damage then-President Bush. The deal eventually fell apart, as Dubai Ports World sold off its stake. By contrast, the Blackstone-Saudi deal has not registered much comment.
Quote:
But Saudi Arabia’s money will get funneled through a close Trump adviser in a grab for state and local infrastructure, with the expectation of billions of dollars in profits off the roads, bridges, and transit systems the public uses every day. Blackstone expects to use the $40 billion in the infrastructure fund to leverage the purchase of $100 billion in projects, fully 10 percent of Trump’s total commitment.
If others have a comment I will be interested... i only named the above posters because of their comments.
Thank you for your attentiveness regarding this post.
Right, wages stagnated, and the cost of living went up.
Minimum wage was $1.60 in 1968 but a loaf of bread was only .22 cents. MW jumped .20 cents in one year, 1967 to 1968, which is the equivalent of it jumping at least $2.00/hr an hour In 2017. Funny how they had no problem with it back then.
1968 minimum wage bought more bread than it does now.
Now the Boomers are against the MW going up at all. Wonder why that is? Selfish much?
Boomers had it easier across the board, they didn't have GPS and Google Maps that was the extent of their struggles.
By wages have stagnated I mean wages have just kept up with inflation.
Half of those earning minimum wage live in households that earn above the median income. a raise in the minimum wage would stress families with a single income earner. That is quite sad.
I'm aware that lower income housing is more profitable for investors than higher-income housing. Is that what you mean by saying lower income housing is doing even better than upper income housing?
Lower income renters are doing worse than higher income renters; 11 million renters pay at least half their income on shelter.
Every income property is someone else's outgo property.
Actually, I was not talking about rentals. In spite of being 15 miles from Wall Street, in the last year, there has been a shift where houses over $1M have been sitting on the market for longer than in previous years while at the same time, houses under $500k are being swept up. Prior to 2016, there has been steady price increases that favored the more expensive towns, but in 2016 those towns have leveled off or declined slightly.
Right, wages stagnated, and the cost of living went up.
Minimum wage was $1.60 in 1968 but a loaf of bread was only .22 cents. MW jumped .20 cents in one year, 1967 to 1968, which is the equivalent of it jumping at least $2.00/hr an hour In 2017. Funny how they had no problem with it back then.
1968 minimum wage bought more bread than it does now even in 2017 when making bread is automated. So not only is the bread cheaper to make now, they eliminated the lower paying bread making jobs, that STILL paid MORE back in 1968.
wtf? Anyone care to explain that one?
Now the Boomers are against the MW going up at all. Wonder why that is? Selfish much?
Boomers had it easier across the board, they didn't have GPS and Google Maps that was the extent of their struggles.
Which boomers are against the minimum wage going up?
We are entering a new feudal system where Millennials are the serfs and Boomers are the lords.
Cool
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