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Andrew Yang was saying that it was easy for boomers to live the American Dream and find financial success and it isn't for millennials and therefore we need his give away programs.
At the same age, Boomers worked longer hours, had less vacation days, and had less flexible job hours than millennials. There is a reason that my generation, Gen X, was nicknamed the latchkey generation. We spent so much time home alone without parental supervision, because our boomer parents were working nonstop.
Boomers have the latest retirement average age on record in US history. They worked long periods of time pushing off retirement and often to help struggling family members. 53% of Boomers were still working between the ages of 54 to 72. Those numbers are 47% for the Silent Generation and 44% for the Greatest Generation.
Boomers spent significantly less on eating out in their 20s, 30s, and 40s. They also didn't have as many subscription services as we see as needs today.
Adjusting for inflation Boomers did have higher incomes than millennials at the same age, but that ignores that Boomers worked longer hours and had bigger families. Millennials actually have more money per family member at the same age adjusting for inflation and work fewer hours in a year for it.
Some research has shown that millennials and Gen X look at their boomer parents and see the wealth that they have and forget that it took decades to build that. When I was born my boomer parents lived in a trailer park. Today my boomer parents are very financially successful. They didn't buy their first house until I was about 12.
Much of what Yang said is a low IQ argument. For example, he said that baby boomers were more likely to have more financial success than their parents than the estimates for millennials. Oh really Yang? Boomers found more financial success growing up in the postwar prosperity boom than their parents that had to deal with in the Great Depression? I am shocked Yang! Sounds like a fair comparison of even eras for an apple to apple comparison. Remember Yang is the same genius that says automation will make tens of millions unemployed soon so we need UBI, but we also need millions of low skill new immigrants for our economy to flourish even though they are about to be automated out of economic existence supposedly.
The boomers have had the benefit of the Fed manipulating interest rates and buying assets. But so has any generation that owns assets and the Fed has shown no signs of stopping.
If this is a bubble, it could very well blow up in the face of boomers in retirement whereas millennials might have time to make adjustments.
If this isn't a bubble it will be passed down to other generations.
Just food for thought on the most picked on generation that supposedly had everything easy.
It's a bubble and millenials should downgrade their expectations for their inheritance.
I just don't want to buy a house here unless I can sell it within a short time and relocate.
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Definitely not a good approach. Buy the house , and worry about it later. Start building wealth instead of helping someone else by paying them rent. How long have you been thinking about relocating ?
Out moms didn’t work, there was no doubt that Dad was the head of the family. No one struggled with their sexual identity. We didn’t lock our doors and we left the keys in our cars. Picking up hitchhikers was routine and sometimes you made a good friend that way.
Out world was so much better than this nightmare you young people are creating for yourselves. I’m sick for all of you.
I think you're confused. People who were struggling with their sexual identity had to hide their real identity for fear of being ostracized by society. To say they didn't exist is pretty insulting.
Definitely not a good approach. Buy the house , and worry about it later. Start building wealth instead of helping someone else by paying them rent. How long have you been thinking about relocating ?
Since I was 12 and that feels like a lifetime ago. You can imagine how tired I am. A house would lock me into living here even longer and I'm getting old as it is. If I bought a house now here, let's see...nah wait I don't even want to think about it. EW. I didn't even want to grow up let alone be at this age. On the other hand if I'm still here I wish I had but my luck I do it I get an offer I have to decline due to that (it's like how when that one company that had a remote job gave me an offer but it was no longer remote when they were willing to accept me) I'm so bitter. I could have had an asset already but no someone ruined that for me. It makes things more complicated when you don't have it.
I follow our local Reddit sub as a local news media. They are mostly people who are younger than me. Many of them are apartment dwellers and a younger demographic. One of the most often discussed topics is the local dining out scene. They must always be dining out as these posts have many replies. Otoh, they complain about the rent, the landlords, and complain they will never be able to afford a home. My question is if you can afford to dine out then why are you still in an apartment?
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