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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.
I would only add that the above is probably true for the majority of Boomers who "made it." However, it is also true that many Boomers were born into wealth and privilege -- but NOT the majority, not by a long shot.
Last edited by katharsis; 06-09-2021 at 07:40 AM..
It's not about eating out. It is about housing costs, which have risen at a much faster pace than wages.
As for retirement, Boomers again have the advantage, as stock options were better then. Today's options (for many companies) have been replaced by non-matching 401K's, Big Box store memberships and free lunches at the office.
It's not about eating out. It is about housing costs, which have risen at a much faster pace than wages.
As for retirement, Boomers again have the advantage, as stock options were better then. Today's options (for many companies) have been replaced by non-matching 401K's, Big Box store memberships and free lunches at the office.
There is simply no comparison.
#1 Are you talking about pensions and not stock options? Pensions are largely myth, most people never had them and many lost them when the company went under.
#2 We have record low interest rates right now. My boomer uncle and aunt bought a home with mortgage rate above 16%. People can get loans for under 3% right now. Do you comprehend the math on this? Go to a mortgage calculator and change the rate from 3% to 16% and see what happens.
Many millennials also had the opportunity to buy houses very cheap in 2009ish and I bet on the cheap again very soon.
New homes are also significantly better and larger than old homes.
How much was college education back then? How many people had jobs in which they could probably say they had a job for life?
Since the 70's productivity has increased by 70% and wages only by 11% while cost of products, cars, houses and food have grown at a faster rate.
Each generation believes they have it tougher than the next, and no doubt this is what we see here and there's little merit to it, but try raising a family in a household with only one breadwinner, I believe that to be tougher now than it's ever been.
The Boomers in my family were by and large able to afford houses 30 (and most had moved on from their starter house or condo by then) while also raising children. Most were on one income, and few had a college degree. 30 minutes was a long commute.
Their children need 2 incomes and degrees - including master's degrees - and still cannot afford the same basic standard of living.
I'd trade flexible work hours for housing that I could buy on 3x my income. Even though I make above my town's average household income as a single worker, those homes do. not. exist. I live an hour from my office deep in the suburbs and 2 bedroom condos are in all-out bidding wars coming in 20-50K above asking with all cash offers. I'd trade vacation time (that I can't use because I work longer hours than my parents who could leave their work at the office) for the ability to afford childcare.
When I look at my peers - all with master's and professional degrees, professional careers, high achieving - not a one has the quality of life my parents were able to afford with a father who never went to college and a stay at home mom. Between housing costs that make it difficult for single earners and $2000 a month per child daycare costs, a basic middle class existence requires a 6 figure income.
Great post OP. Thanks for that. We DID work hard, and long, and many of us worked through college, even though loans were cheap and so was education. I took out a small college loan and paid it off in 7 years. Done before I was 30. Jobs were plentiful so we worked. If you didn't have a job, it was your fault basically (no judgment).
I eat avocado toast quite frequently. It is no more expensive than those expensive cereals that are not good for you. Cereals that ARE good for you are even more expensive. Where did people get the impression that avocado toast is expensive?? I slap it on some Dave's Killer Seed bread and enjoy. Why are millennials supposed to give up avocado toast??
Last edited by pathrunner; 06-09-2021 at 08:45 AM..
It's not about eating out. It is about housing costs, which have risen at a much faster pace than wages.
As for retirement, Boomers again have the advantage, as stock options were better then. Today's options (for many companies) have been replaced by non-matching 401K's, Big Box store memberships and free lunches at the office.
There is simply no comparison.
What are you talking about? How were 'stock options better then'? That makes no sense. Stop options are the same as they were then. Are you talking about pensions?
Location: IN>Germany>ND>OH>TX>CA>Currently NoVa and a Vacation Lake House in PA
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Where we screwed up (I was born in '63 and am in that grey area between boomer and gen-x) was handing too much to our children. This is what we're left with unfortunately.
The Boomers in my family were by and large able to afford houses 30 (and most had moved on from their starter house or condo by then) while also raising children. Most were on one income, and few had a college degree. 30 minutes was a long commute.
Their children need 2 incomes and degrees - including master's degrees - and still cannot afford the same basic standard of living.
I'd trade flexible work hours for housing that I could buy on 3x my income. Even though I make above my town's average household income as a single worker, those homes do. not. exist. I live an hour from my office deep in the suburbs and 2 bedroom condos are in all-out bidding wars coming in 20-50K above asking with all cash offers. I'd trade vacation time (that I can't use because I work longer hours than my parents who could leave their work at the office) for the ability to afford childcare.
When I look at my peers - all with master's and professional degrees, professional careers, high achieving - not a one has the quality of life my parents were able to afford with a father who never went to college and a stay at home mom. Between housing costs that make it difficult for single earners and $2000 a month per child daycare costs, a basic middle class existence requires a 6 figure income.
But yes, let's blame the avocado toast.
Bingo.
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