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But in all seriousness, not everything is simply an emotional issue. I was simply pointing out there is no "wealth transfer." The wealth transfer is a fake media narrative, that serves the purpose of dismissing concerns over various generational issues, and arguably is in the long-running establishment tradition of gaslighting millennials.
If wealth transfer is only a media narrative, then why are you so eager to force boomers to leave their wealth to direct descendants?
Most boomers started with nothing, got an education that led to a good job, worked, saved and invested over 40 to 50 years. They do not owe their accumulated wealth to anyone. They have a choice regarding who to leave their money to. However, those who help oldsters in their later years often find themselves the beneficiaries of a boomer's will.
Those who demand that boomer wealth be turned over to them NOW just come across as lazy good for nothings. They are the ones who need to get educated and get a job.
Most boomers will be needing their savings to pay for end of life care. (Assisted living can easily run $10,000 a month) There might not be much left at the end.
Last edited by ansible90; 12-08-2021 at 09:26 PM..
Yeah, who would expect that I, at almost 70, after having worked for almost half a century would have more wealth than a 35 year old?
Not just that, that's totally reasonable. It's more to do with average/median wage dropping relatively to productivity, in any terms; ie someone's taking the excess profit. We live in an age of ever-increasing productivity, so why is the working class poorer? Answer: greed by exorbitantly wealthy people hogging all of the lion's share of wealth, produced by the lower/middle/upper class, gleaned by the ultra-wealthy (not 1% anymore, 0.1 and counting, inverse-exponentially).
Not just that, that's totally reasonable. It's more to do with average/median wage dropping relatively to productivity, in any terms; ie someone's taking the excess profit. We live in an age of ever-increasing productivity, so why is the working class poorer? Answer: greed by exorbitantly wealthy people hogging all of the lion's share of wealth, produced by the lower/middle/upper class, gleaned by the ultra-wealthy (not 1% anymore, 0.1 and counting, inverse-exponentially).
But it is not the retired boomers who are determining wages or company profits today. It is the current company CEOs. I don't have an answer on how to stop the unfairness of how that works.
But every person needs to get themselves educated in a career or trade where they can earn enough money to pay the bills AND put money away for retirement. It has always been this way regardless of how the economy changes over the decades.
Every adult has to work. Everyone is responsible for bettering themselves (education) so they can get better paying jobs over time.
No previous generation ever expected their parents or grandparents to support them as adults. I don't understand why some millennials expect this.
"The racial wealth gap has become a heated issue as part of the ongoing woke crusade, but rather than the economic elite, it is average, workaday White Americans who are the scapegoat. White millennials in particular—ironically given their role as some of the most vocal carriers of the woke torch—will be the primary bearers of this burden The explosion of anti-white identity politics over the past decade coincides with one of the worst economic crisis’ in modern history which has particularly impacted Millennials."
It's interestng to watch this argument from the point of view of an X'er. My parents were Greatest Gen, but I came along very late in their lives as the Boomers were changing over to X'ers. My wife's parents were, on the other hand, very early Boomers. Growing up I was able to see first hand the contrast between the Boomers and Greatest Gen. One of those things was the disconnect between how Greatest Gen and Boomers saw cost vs value.
Example: When my wife and I were buying our first house, her Boomer parents gave us constant lectures over "Our first house only cost $X and you're spending how $XXX!!!! You kids need to settle for a small house like we did. "
Uh, you think maybe the price of houses went up in the 30 years since you bought? And you must be confused on size. Your first house was over 2200 and ours is 1300. Who bought the bigger house?
What's even funnier is listening to the boomers describing their life struggles as if they were the Greatest Gen. Rather than hard times and struggles, the movie 'Baby Boom' fits pretty well.
As for Millennials, well, their kind of like a modern Hollywood remake of the Boomers. Like who is the better Joker -- Nicholson or Ledger? When all us Gen X guys were more interested in episodes with Catwoman and Batgirl.
Now Gen Z is entering the workforce. So far I'm liking what I'm seeing from these kids. While the Boomers and Millennials are complaining about each other, these Gen Z kids are going about their business and doing the doing.
White millennials in CA are not sacrificial lambs, they are self-flagellating morons trying to gain martyrdom.
They choose this future and bust their arses on social media and out on the streets trying to force that future to happen.
I don't have any sympathy for people who get punished for this woke crap, when they are literally busting their arses to make sure people who look like them get punished under the rules of that same crap. I especially have no sympathy when their "reasoning" for doing so is "well, it's what everyone else is doing on social media, so I should too."
Hard to feel bad for people who strip, clean, oil and then reassemble a firearm, load the magazine, insert the magazine into the mag well, rack the weapon to load it, put the weapon to their temple, read a 38 page manifesto about their assumed guilt from 400 years ago, and then pull the trigger. That is not "accidental" and it isn't "unfortunate." It's going full potato with woke nonsense. And that's all these weirdo, assumed guilt, white millennials are doing. Putting a gun to the temple of their future's head, reading their "make me a martyr" manifesto, and then killing their future via suicide.
When they wake up at 45 and wonder WTF they were thinking, it will be me yelling "serves you right, JACK@$S!!" in their face.
Last edited by Volobjectitarian; 12-09-2021 at 08:11 AM..
That's great for your kids, but your personal anecdote doesn't have the same weight as the actual data.
There's a jaw-dropping wealth gap between millennials and boomers. Besides, you can find plenty of anecdotes online even (maybe check out reddit's "Lost Generation" to use one example) of millennials struggling and unable to reach the middle class due to college debt, poor working conditions, and the cost of housing.
Boomers have had decades longer to acquire their wealth than the younger generations have. How is it shocking that there is a wealth gap between someone who has worked and saved for 40+ years vs those who are still in the early phases of working and saving?
Boomers have had decades longer to acquire their wealth than the younger generations have. How is it shocking that there is a wealth gap between someone who has worked and saved for 40+ years vs those who are still in the early phases of working and saving?
What was their wealth at the same ages? That's the problem. No one is comparing a 65 year old Boomer with a 35 Millennial. The results are still shocking when comparing the inflation-adjusted average wealth of a 35 year old Boomer in the 80s and 90s with a 35 year old Millennial in 2021. That is amplified with the average cost of a starter home, college, and childcare.
My mom went to the most expensive college in the area. It cost an adjusted 1/3 of what my college cost in 2010, which is 20K less a year than it costs now. By my age (33), my dad was supporting a family of 4 on one income in the same area as I live in now. He had a high school diploma, a lesser title, and less responsibility, but made more money adjusted for inflation. By 33, he was on his second home and we went on vacation twice a year. Meanwhile, I live in a 1 bedroom rental and can't afford kids because of childcare costs (averaging $2300 a month for one infant in my "cheap" suburb). Even with a higher salary (again, adjusted for inflation), I can't afford to buy a smaller condo than what my parents could afford. I haven't been on a real vacation in years because I'm saving for a downpayment. I'm in senior management and am working on my 2nd master's degree.
*That's* the wealth gap we're talking about: having to work harder for a lot less, and delaying milestones as a result.
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