Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

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BuriedTartaria
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Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by BuriedTartaria »

Saw multiple outlets discussing this general idea, thought it might warrant discussion:

I'm not making this thread to call Boomers selfish or blame anything on them or seeking to have Millennials painted as lazy or to dogpile on poor generation Z (they're in need of love and sympathy, they never had a chance). Blaming and fingerpointing and bitter fighting across generations is going to fuel farther divide that aggravates problems rather than leads to solutions (in my opinion).

Trust & Will article wrote:Millennials own 10 times less wealth compared to boomers. To help paint the picture, let’s explain what millennials don’t have.
Trust & Will article wrote:In a recent article, Bloomberg ran a comparison of wealth accumulated by the eldest millennials at the age 40, relative to what boomers had when they were aged 40. Here are some interesting facts:

A year of college costs millennials $24,600, while it only cost Boomers $10,300. 

61 percent of millennials own a home, while boomers owned 66 percent at their age.

Today, the median cost of a home is $328,000. When boomers were 40, homes only cost $216,000.

The millennial middle age net worth is $91,000 compared to the boomers’ $113,000.

14% of 40-year-old millennials own stocks, compared to the 17% of boomers when they turned 40.
To put it simply
Trust & Will article wrote:Overall, Millennials are behind when benchmarked with the wealth boomers had accumulated around the same age. Building wealth for millennials has been stunted and delayed by a variety of economic events, meaning that they have much less time than boomers had to play catch-up. This is a real concern when thinking about the financial future, such as retirement.
https://trustandwill.com/learn/generational-wealth-gap


Something neglected in the article (from what I saw) is the harsh reality of many boomers being unable to afford retirement and the skyrocketing expenses and resources we should expect to need to provide healthcare to them in their medically taxing final few decades of life


Relevant recent Glenn Beck remarks wrote:At one point, we had enough people working that could pay for the older people. We used to have a bunch of young people working and they all contributed to social security--I think it was 16 to 1. So 16 people were working and their portion of social security would go to the 1. It's now 2.5 to 1. How are you going to keep that up? Especially when people start losing their jobs. How are you going to do that? The most logical thing to do right now is to begin telling everyone when you hit 65 you've got to keep working....... Now this is going to be a real problem because, I paid social security my whole life, why don't I get it? Because it doesn't work. I fought against it. We could never get it changed. Okay.
Glenn wrote: We have social security. It's collapsing. No one's going to do anything about it..... Americans care. We have, I believe, stopped caring as much because the government has just, I think destroyed so much of our responsibility that we think 'well someone's going to care of it'. No. We're supposed to be taking care of our elderly. We're supposed to be taking care of the widow. We're supposed to be doing these things. So social security is collapsing, then you find that Millennials are not finding jobs, then the last piece, the perfect storm, more Americans can not afford their car payments today than during the peak of the financial crisis of 08. Now what's happening with that?



It's clear to me that this system is broken and the screws holding the wheels in place of this moving cart are losing their hold and the wheels will be falling off of this cart that is our world and our way of living.

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Fred
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Fred »

Life has always been whatever you make it. For any generation. Some stupidity, laziness, and feelings of wanting more than you earn are culturally induced, some by retarded parents, and some by society. Many a self made rich man came from poverty, however.

Too many analysts have the same value as a dead pigeon. Food for scavengers, though.

Once people get away from government school, they begin to understand the parable of the sower. You do not reap unless you sow. Whether dollars, people, or ideas.

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Original_Intent
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Original_Intent »

Also not meant as a fight, but I think needs to be addressed:

When I started my professional career around 1985, my salary was exactly $20,000. In 1995 I got a new job and got a big increase to $40K salary. I was 32.

Paternity leave didn't exist and paid maternity leave was 6 weeks at best.

I worked my way thru my associate's degree, and worked full time while attending school full time for my last two years of my BS. I did take on about 20K of student loan debt ending in 2005, which I paid off.

The idea that everyone should attend college regardless of ability was not in vogue. There was nothing wrong with going to trade school or going directly into the workforce from high school.

Yes, the current system is broken, but the way many want to fix it (student loan forgiveness, free college education, $15 (*or more) minimum wage are all ideas that are simply lacking in accountability and don't understand basic economics. Uncle Sam is not your Sugar Daddy.

The Housing market needs to be crashed and no government rescue. This will make housing affordable for the next generation.
The stock market also needs to be crashed and the government needs to sell off ALL of their balance sheet.

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Thinker
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

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Why has US leaders gambled with social security so much? Intentional?

Image

“Jun 3, 2022As of right now, Social Security will be able to pay scheduled benefits until 2034—one year later than reported last year—according to the just-released 2022 repo r t from the Treasury Department's Social Security Board of Trustees. The new report found that without changes, the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to become depleted in 2034… At that time, the fund’s reserves will become depleted and continuing tax income will be sufficient to pay 77% of scheduled benefits. ” https://401kspecialistmag.com/social-se ... es-report/

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Niemand
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Niemand »

There are a variety of reasons for this:
* The older folk got on the property ladder when it was cheaper.
* Work and wealth headed overseas.
* The arrival of the Gig Economy (or whatever you call it stateside)
* Much of the property market is being snapped up by a handful of individuals (Air BnB) and also rich foreigners.

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Original_Intent
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Original_Intent »

Niemand wrote: January 31st, 2023, 3:18 pm There are a variety of reasons for this:
* The older folk got on the property ladder when it was cheaper.
* Work and wealth headed overseas.
* The arrival of the Gig Economy (or whatever you call it stateside)
* Much of the property market is being snapped up by a handful of individuals (Air BnB) and also rich foreigners.
BlackRock is the big snapper-upper of property.

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Niemand
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Niemand »

Original_Intent wrote: January 31st, 2023, 3:42 pm
Niemand wrote: January 31st, 2023, 3:18 pm There are a variety of reasons for this:
* The older folk got on the property ladder when it was cheaper.
* Work and wealth headed overseas.
* The arrival of the Gig Economy (or whatever you call it stateside)
* Much of the property market is being snapped up by a handful of individuals (Air BnB) and also rich foreigners.
BlackRock is the big snapper-upper of property.
One of them. Probably the biggest. Round here we have Russian oligarchs and their Chinese equivalents doing so. Our government also changed the law so that foreclosed properties don't have to be sold on by banks.

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Original_Intent
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Original_Intent »

Niemand wrote: January 31st, 2023, 3:44 pm
Original_Intent wrote: January 31st, 2023, 3:42 pm
Niemand wrote: January 31st, 2023, 3:18 pm There are a variety of reasons for this:
* The older folk got on the property ladder when it was cheaper.
* Work and wealth headed overseas.
* The arrival of the Gig Economy (or whatever you call it stateside)
* Much of the property market is being snapped up by a handful of individuals (Air BnB) and also rich foreigners.
BlackRock is the big snapper-upper of property.
One of them. Probably the biggest. Round here we have Russian oligarchs and their Chinese equivalents doing so. Our government also changed the law so that foreclosed properties don't have to be sold on by banks.
The Chinese are buying up small banks in Utah, and probably everywhere.

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TheDuke
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

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I have noticed this also myself. I was moving around some finances the past few weeks after a few months of retirement. I was telling my wife (who I married 13 years ago and was without financial resources) that I have worked all my life, spending less than I made each year and saving for retirement security. And that all the latest generation doesn't see the need. They keep getting hearing that their debts will be paid by the government or forgiven and that their will be a minimum monetary gift for everyone (currently AOC, etc.. are proposing). So, it means many I know, just don't worry about the debt. Sure housing is expensive, but this has always been so, in fact, my first home had a 15% mortgage. We just made the commitment and bought nothing else. All my younger neighbors have at least one new Telsa, in debt on their home or rent only, but have a brand new iPhone 14+ (often give away the old ones), have fantastic vacations, those really nice TVs (not like mine, you know where black is really black but you cannot tell on real TV).

I blame much on a couple of factors. First, is the constant selling and adds. They are everywhere and all the time. It is hard to tune them out. Second, government telling everyone they should not worry. Third entitlements, as they are all entitled to whatever they want, don't wait just get it. Third, the lack of US growth (we borrowed a lot in 1944-5 but economy grew) we don't have babies and we don't do work in US. I worked at Boeing and at one time Boeing and Caterpillar were 90% of the US exports! BTW what do people do, how many produce? Not service industry (banks, stores, gas stations, etc...) less than a handful produce (farmers, home builders, etc...). Third, is weak family teachings, in general, that you have to be happy building a family or producing a bit in society. Seems now you just buy happiness at Disney. 4) terrible taxation and waste. I mean we must be taxed well over 50-60%. I was anyway. Lets see 20% fed with 20% SS & , medicare (10% me and 10% corporate) thats 40%. Then we have 10% sales tax here - up to 50%. but my car license of $30 has $150 to $300 added for other taxes. My property tax is $10,000 year. My water is $220 a month but really water is about $50 the rest is tax here to pay for others polluting the ocean. My electric bill is 50% tax for environment and homeless needs. then there is a 911 tax. BTW they charge people in Seattle right next door a head tax to work or live in the city, city tax. we all now pay an illegal state cap gain tax. Phone bill is mostly tax now. Put it together and what I see is perhaps 60% to 70%. So, we are living on the last 30-35%. How can anyone get a head on that. And worse, worse, worse is I get much less value from all those taxes than I did 40 years ago when the overall tax rate seemed more like 35% not 70%. And on top of that we're in deep debt (federal, state, and local (i.e. building stadiums)).

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gradles21
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by gradles21 »

Sorry but I had to do it
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Lexew1899
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Lexew1899 »

It's less about what a "generation" does, and more about what the elite are doing. What's the new saying, "you'll own ________, and be happy".

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Original_Intent
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Original_Intent »

Also, while I know it was not the intention of the OP (or believe so) this divide and conquer strategy of the old vs the young is just another flavor of cultural Marxism.

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Niemand
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Niemand »

I'm glad that Buried Tartaria points out straight away he is not generation blaming. The younger generations also catch a lot of flak because of what they supposedly (don't) do.

Generations are essentially a fallacy because many people of the same age group have very different interests. If anyone here thinks that they are all woke or "entitled", I can assure you this is not the case. Many of them are distressed because they are constantly bombarded with apocalyptic messages not just from our quarter but also the "zero carbon" and Covid lobbies. Some people call them "Doomers" as a result. There is a sense of the end in the air just now. Let's see what happens.

I wouldn't wish to be young today. When I was young I was often bored, frustrated and depressed, and I had family trouble to boot, but I didn't feel so threatened and hopeless about the world the way I do today. Even the job market has changed. It used to be far easier to get interviews and automation was less of a threat.

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Original_Intent
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Original_Intent »

Niemand wrote: January 31st, 2023, 4:44 pm I'm glad that Buried Tartaria points out straight away he is not generation blaming. The younger generations also catch a lot of flak because of what they supposedly (don't) do.

Generations are essentially a fallacy because many people of the same age group have very different interests. If anyone here thinks that they are all woke or "entitled", I can assure you this is not the case. Many of them are distressed because they are constantly bombarded with apocalyptic messages not just from our quarter but also the "zero carbon" and Covid lobbies. Some people call them "Doomers" as a result. There is a sense of the end in the air just now. Let's see what happens.

I wouldn't wish to be young today. When I was young I was often bored, frustrated and depressed, and I had family trouble to boot, but I didn't feel so threatened and hopeless about the world the way I do today. Even the job market has changed. It used to be far easier to get interviews and automation was less of a threat.
Yes, and the dating world/search for a mate is absolutely abysmal.

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Niemand
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

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Original_Intent wrote: January 31st, 2023, 4:55 pm Yes, and the dating world/search for a mate is absolutely abysmal.
Dates and sex seem to be in, but commitment is out. The breakdown of marriage in previous decades has been succeeded by a breakdown of the steady relationship.

The sad truth that no one points out is that promiscuity is a game of diminishing returns. Not only does promiscuity often destroy your looks, aging means that your field of choice narrows. If you haven't bonded with someone non-sexually by middle age, you'll probably be alone.

Younger people are being forced to live alone and that costs more money for them than sharing resources and tasks.

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TheDuke
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

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I was blessed as when I got divorced. It was only about a year (of the terrible dating situation) that the Lord brought me a partner in a miraculous way. It did take him 13 more years to command me to be sealed to her vs. just earthly companion.

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Wolfwoman
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

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Thinker wrote: January 31st, 2023, 3:13 pm Why has US leaders gambled with social security so much? Intentional?

Image

“Jun 3, 2022As of right now, Social Security will be able to pay scheduled benefits until 2034—one year later than reported last year—according to the just-released 2022 repo r t from the Treasury Department's Social Security Board of Trustees. The new report found that without changes, the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to become depleted in 2034… At that time, the fund’s reserves will become depleted and continuing tax income will be sufficient to pay 77% of scheduled benefits. ” https://401kspecialistmag.com/social-se ... es-report/
Perfect. I’m set to retire in 2035. 😕
Gen X got forgotten as usual. 😆

Rubicon
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by Rubicon »

Of course Millennials/GenZ have less wealth than Boomers or GenX. People in their 20s vs. people in their 70s or 50s. What was their market share of wealth when they were the same age as Millennials/GenZ are now?

Young couples now want and expect to have homes and high paying jobs in their young 20s. They don't want to go through the progressive stages of years in apartments and earning their dues in careers.

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TheDuke
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by TheDuke »

Wolfwoman wrote: January 31st, 2023, 7:46 pm
Thinker wrote: January 31st, 2023, 3:13 pm Why has US leaders gambled with social security so much? Intentional?

Image

“Jun 3, 2022As of right now, Social Security will be able to pay scheduled benefits until 2034—one year later than reported last year—according to the just-released 2022 repo r t from the Treasury Department's Social Security Board of Trustees. The new report found that without changes, the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to become depleted in 2034… At that time, the fund’s reserves will become depleted and continuing tax income will be sufficient to pay 77% of scheduled benefits. ” https://401kspecialistmag.com/social-se ... es-report/
Perfect. I’m set to retire in 2035. 😕
Gen X got forgotten as usual. 😆
Wow, bad timing. I'm predicting that to be right around the time Jesus returns to Jerusalem! Hope he doesn't do away with SS for your sake anyway.

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BuriedTartaria
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by BuriedTartaria »

My intention was not and is not to cause animosity between different age groups with things mentioned in this thread. I appreciate the thoughts shared in this thread. My intention was to complain about the system we live in. God willing, a better world may arrive during some or all of our lives. May GOD’S KINGDOM COME and HIS will be done on earth as it is in heaven

And WolfWoman, I literally did forget about Gen X while making this thread lol

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gradles21
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

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Rubicon wrote: January 31st, 2023, 8:10 pm Of course Millennials/GenZ have less wealth than Boomers or GenX. People in their 20s vs. people in their 70s or 50s. What was their market share of wealth when they were the same age as Millennials/GenZ are now?

Young couples now want and expect to have homes and high paying jobs in their young 20s. They don't want to go through the progressive stages of years in apartments and earning their dues in careers.
How dare those young couples and their selfish desire to want a home.

p8riot
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by p8riot »

Rubicon wrote: January 31st, 2023, 8:10 pm Of course Millennials/GenZ have less wealth than Boomers or GenX. People in their 20s vs. people in their 70s or 50s. What was their market share of wealth when they were the same age as Millennials/GenZ are now?

Young couples now want and expect to have homes and high paying jobs in their young 20s. They don't want to go through the progressive stages of years in apartments and earning their dues in careers.
It's not so much about the younger generations' wealth as the unpayable debts that they've been saddled with and the exorbitant costs of living they face. I don't blame the boomers as much as the so called "greatest generation" (their leaders). They were the ones in charge after WWII who expanded the socialism of FDR into the LBJ's "Great Society." They are the ones who allowed God and morals to be taken out of schools. They are the ones who started perpetual undeclared wars. They are the ones who took us off the gold standard and allowed the fiat money that is creating all this debt. They are the ones who sold out Taiwan to start trading with China. The boomers simply took the benefits that were handed to them (that's not to say they didn't work hard) and played the game that they were taught by their parents, either not realizing or not having the courage to stop the generational theft that was propping up the system that they benefitted from.

This is not to generation bash. This is an indictment on the leaders and elites of every generation that have sold future generations into slavery.

farmerchick
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Re: Millennials allegedly hold 10 times less wealth than Boomer generation (not about generational blaming and fighting)

Post by farmerchick »

so I'm at the tail end of the boomer generation...almost a Gen-xr. When i started working at age 16... I made 2.30 an hour. I worked full time through my junior and senior years and i still couldn't afford anything.. Interest rates were 12 to 15 percent. It was impossible to buy anything. Jobs were hard to find because the older baby boomers already had them and there was High unemployment. Someone even put a sign up in seattle that said "will the last one leaving Seattle turn out the lights". It was hard to afford gas because as everyone who lived through the 80's knows inflation was as bad as it is today. So in essence we are living through the same type of economy that existed in the 80s and 90s. As someone pointed out the one difference is that people of my generation just went to work instead of racking up education debt....debt was hard to get and most people lived within their means. Playing on your phone all day wasn't yet invented, gay meant stupid, lame , or happy, and having a work ethic was something to be proud of.....government is now going for broke just like the Carter admin....it was stopped by Reagan which gave us stagnation and high interest rates....this time around we prolly won't be so lucky. On the dating scene Boys were usually really boys and girls were most likely really girls even in seattle....lol....but it was super hard to find a good match and dating sucked just like every generation...lol....every generation needs to struggle...then when you smarten up and stop making stupid decisions a level of success is appreciated...it has nothing to do with young vs old....it's more like paying your dues and some generations are trying to skip that part and just collect....

Edit to add: I forgot to mention the crappy car models put out in the 80's and 90s...even the Mustangs were bad....and the k car....and the greatest generation owned everything, were the meanest most demanding bosses, and looked down on the rising generation as total idiots....lol...really nothing has changed...

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