Are you a Boomer? Congratulations, You Won the Economy!

[Greenbeard]

We grew up with a work ethic. No hand-me-downs.

Keep that energy in 2032.

 

[Marener]

I kept in contact with my former boss after retirement. From what was related, the millennials he now was responsible to supervise left a lot to be desired in regard to their work effort. I get the picture.

Then stop sponging off the working people and get back to work.

 

[Jim H - VA USA]

Congrats Boomers! You win. You have accumulated more stuff than anyone AND you have set up more government perks than anyone according to a new Wall Street Journal article.

Today’s Boomers have tilted the economy towards themselves and saddled younger generations with their debt and payouts and the cost is swallowing the budget.

https://www.wsj.com/economy/over-65-congratulations-you-own-the-economy-5acea4c4?mod=hp_lead_pos8

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As of the third quarter of last year, people 70 and over controlled roughly 39% of all equities and mutual funds owned by households, compared with 22% in 2007, according to Federal Reserve data. Their share of net worth—assets minus debts—was 32%, up from 20% two decades earlier.

This is good news: there has never been a better time in America to be old. Yet it also exposes our disjointed national priorities. We keep pouring resources into making the elderly comfortable and happy when the economy’s pressure points lie elsewhere.

The elderly are mostly out of the job market and thus need not worry about being replaced by artificial intelligence. The majority own their homes, often debt-free. Everyone worries about health costs, but the elderly have publicly funded Medicare. None of this is true for the younger generations.

The cost is swallowing the budget. Federal spending on elderly programs has risen from 6.9% of gross domestic product in 2007 to 9.4% last year and will reach 11.3% in a decade, the Congressional Budget Office projects.

That is where the real threat to intergenerational harmony lies. Elderly programs, plus interest, are the primary driver of the gaping budget deficit. By 2032, Social Security will no longer be able to pay full benefits. Fixing the deficit and Social Security requires some combination of higher taxes or lower future benefits, both of which will largely spare today’s elderly. If you think the young are anxious now, just wait.

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I am not convinced that this comparison is meaningful.

First, it compares share of wealth in a relative sense, as opposed to absolute wealth.

2. Its premise is that income inequality is a meaningful metric. It is not. If we all get richer, that's great. Some get richer than others.

3. As people age, they generally accumulate more wealth (or in some cases, debt ). It makes perfect sense as the population gets older, fractional wealth shifts accordingly. The population of over 70s increased 50% (8% -- 12%), and their share of wealth increased about the same (~20% to about 30%). This would be expected.

4. Old folks do not get rich at the expense of younger folk. Everyone has equal opportunity, and if they work hard every day to get wealthy, chances are that they will end up quite wealthy. I think the comparison is another example of young people expecting everything for free. It's an unreasonable expectation to be both young and wealthy.

 

[Delldude]

Then stop sponging off the working people and get back to work.

Thanks to you I'm not working....

Jealous because most of us didn't spend more than we made?

You know whose money is in all those investment accounts the dems want to tap into don't you?

 

[Greenbeard]

I am not convinced that this comparison is meaningful.

First, it compares share of wealth in a relative sense, as opposed to absolute wealth.

2. Its premise is that income inequality is a meaningful metric. It is not. If we all get richer, that's great. Some get richer than others.

3. As people age, they generally accumulate more wealth (or in some cases, debt ). It makes perfect sense as the population gets older, fractional wealth shifts accordingly. The population of over 70s increased 50% (8% -- 12%), and their share of wealth increased about the same (~20% to about 30%). This would be expected.

4. Old folks do not get rich at the expense of younger folk. Everyone has equal opportunity, and if they work hard every day to get wealthy, chances are that they will end up quite wealthy. I think the comparison is another example of young people expecting everything for free. It's an unreasonable expectation to be both young and wealthy.

This ignores the massive intergenerational wealth transfer flowing from less wealthy generations to wealthier ones, and the reality that those wealthier generations are likely to seek even larger transfers when the scheduled ~28% cuts to their benefits are set to kick in a few years down the road.

 

[Marener]

Thanks to you I'm not working....

Jealous because most of us didn't spend more than we made?

You know whose money is in all those investment accounts the dems want to tap into don't you?

$38 trillion in debt.

Tell me again how you “didn’t spend more than you made”?

 

[Delldude]

$38 trillion in debt.

Tell me again how you “didn’t spend more than you made”?

Real simple...... I manage my own spending.

 

[Marener]

Real simple...... I manage my own spending.

You revel in the fact that you're living off other people's hard work.

 

[BrokeLoser]

You revel in the fact that you're living off other people's hard work.

Isn’t it libs who love their social security? I thought you free shit folks were all about that SOCIALISM element within capitalism?

 

[Marener]

Isn’t it libs who love their social security? I thought you free shit folks were all about that SOCIALISM element within capitalism?

Nobody is getting more free shit than boomers. It's $2.5 trillion EVERY YEAR.

 

[BrokeLoser]

Nobody is getting more free shit than boomers. It's $2.5 trillion EVERY YEAR.

They invested in their SS account…Remember? Now they’re reeling in their investment…how is that free shit?

 

[Marener]

They invested in their SS account…Remember?

Fantasy.

Every dollar in a boomer's social security check comes straight from someone else's paycheck.

 

[BrokeLoser]

Fantasy.

Every dollar in a boomer's social security check comes straight from someone else's paycheck.

So Boomer’s didn’t invest with their employers into the mandatory Father Government managed SS fund?

 

[MarathonMike]

Congrats Boomers! You win. You have accumulated more stuff than anyone AND you have set up more government perks than anyone according to a new Wall Street Journal article.

Today’s Boomers have tilted the economy towards themselves and saddled younger generations with their debt and payouts and the cost is swallowing the budget.

https://www.wsj.com/economy/over-65-congratulations-you-own-the-economy-5acea4c4?mod=hp_lead_pos8

View attachment 1220613
As of the third quarter of last year, people 70 and over controlled roughly 39% of all equities and mutual funds owned by households, compared with 22% in 2007, according to Federal Reserve data. Their share of net worth—assets minus debts—was 32%, up from 20% two decades earlier.

This is good news: there has never been a better time in America to be old. Yet it also exposes our disjointed national priorities. We keep pouring resources into making the elderly comfortable and happy when the economy’s pressure points lie elsewhere.

The elderly are mostly out of the job market and thus need not worry about being replaced by artificial intelligence. The majority own their homes, often debt-free. Everyone worries about health costs, but the elderly have publicly funded Medicare. None of this is true for the younger generations.

The cost is swallowing the budget. Federal spending on elderly programs has risen from 6.9% of gross domestic product in 2007 to 9.4% last year and will reach 11.3% in a decade, the Congressional Budget Office projects.

That is where the real threat to intergenerational harmony lies. Elderly programs, plus interest, are the primary driver of the gaping budget deficit. By 2032, Social Security will no longer be able to pay full benefits. Fixing the deficit and Social Security requires some combination of higher taxes or lower future benefits, both of which will largely spare today’s elderly. If you think the young are anxious now, just wait.

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Blah blah blah. Generational divisiveness from a hater Liberal. What a surprise. I'm wondering how I managed to "tilt the system toward myself" while I was working my ass off for 40 years, and my wife and I raising 2 kids? Can you provide me some of your brilliant insights?

 

[Marener]

So Boomer’s didn’t invest with their employers into the mandatory Father Government managed SS fund?

Nope. They blew that cash on stupid shit that benefits no one.

It's gone. Now they're living off of other people's money.

 

[BrokeLoser]

Nope. They blew that cash on stupid shit that benefits no one.

It's gone. Now they're living off of other people's money.

Hold on….who’s “they”?

 

[BrokeLoser]

Blah blah blah. Generational divisiveness from a hater Liberal. What a surprise. I'm wondering how I managed to "tilt the system toward myself" while I was working my ass off for 40 years, and my wife and I raising 2 kids? Can you provide me some of your brilliant insights?

I have a very strong gut feeling that citygator and Marener are both boomers but they’re purple hair nose ringing basement dwellers who never worked and never contributed to the SS fund…Now, they’re looking at cashing in on $600 per month at age 70 and they’re pissed at all of us who max’d out our benefit….GUARANFUCKINTEE you that’s the case.
Remember, purple hair nose ringing homos HATE those who made/make good life decisions.

 

[Delldude]

You revel in the fact that you're living off other people's hard work.

Last I checked, I was obligated to contribute my fair share up front in a pyramid scheme concoted by democrats......

Thanks to you, I'm not working....

 

[Marener]

Last I checked, I was obligated to contribute my fair share up front in a pyramid scheme concoted by democrats......

Thanks to you, I'm not working....

Typical boomer. Never able to see your own fault. Always blaming someone else.

 

[Marener]

I have a very strong gut feeling that citygator and Marener are both boomers but they’re purple hair nose ringing basement dwellers who never worked and never contributed to the SS fund…Now, they’re looking at cashing in on $600 per month at age 70 and they’re pissed at all of us who max’d out our benefit….GUARANFUCKINTEE you that’s the case.
Remember, purple hair nose ringing homos HATE those who made/make good life decisions.

You love saying stupid shit.