Young Americans Seen Failing to Match Baby Boomers’ Wealth Gains

[1srelluc]

An epic four-decade boom in housing and stock prices made Baby Boomers the richest generation in US history. A new study shows just how difficult it will be for younger Americans to copy that success.


The wealth boom since 1980 widened the gaps between rich and poor and young and old to record levels, the research finds. While the gains were concentrated at the top, bypassing the poorer half of the age group, the average older Boomer reached retirement age 65% richer than the generations born before World War II.


Millennials and other young Americans now face a steep climb. Even before stock markets tumbled this year, younger generations were lagging behind Boomers. In the working paper's most recent data, the wealth gap between adults over 60 and those under 40 has more than doubled since the 1960s and 1970s.

Young Americans Seen Failing to Match Baby Boomers’ Wealth Gains.

My take:

Boomers (like myself) were working and earning and SAVING since their early teens.

This new generation can barely get out of bed for a part time job.

So pardon me all to hell for doing well for me and mine.

 

[Moonglow]

I plan on giving my kids my land and homes.
I have kids that span the ages of thirty eight to twenty and they all get up for work and they did the same for school, why do you disparage people you don't know it only makes you look the fool.

 

[rightwinger]

Millennials have an advantage their parents didn’t have.
They will inherit more wealth

 

[Moonglow]

Baby Boomers have an advantage their parents didn’t have.
They will inherit more wealth

Plus the govt. used to help us boomers buy houses after Reagan help diminished greatly.

 

[Votto]

Millennials have an advantage their parents didn’t have.
They will inherit more wealth

I'm sure the government will find a way to take it from them

Give them a little time.

 

[DGS49]

I'm not sure whether there is any way to measure this, but at least among my contemporaries (I'm 73), we are giving a lot of financial help to our adult kids. I doubt that shows up anywhere...help with house down payments and furnishing a house, help buying a car, boat, etc. Our kids are living better than their incomes might indicate.

And it might be morbid to say this, but if I kicked off tomorrow my son would be set for life with his inheritance. Wouldn't have to work.

 

[rightwinger]

I'm sure the government will find a way to take it from them

Give them a little time.

Actually, they won’t, you are Fear Mongering again

My parents had four kids to split their inheritance, I only have two. More money to go around.

 

[Disir]

Perhaps it is because Boomers outsourced jobs and brought in workers from other countries on H-1B visas. They outsourced R and D through congress. Many went to college and then turned around and advocated for getting rid of higher education funding so that the cost increased. On that note--people like Biden and the Dems acting so pleased with student loan forgiveness forget that Biden was a major player in making sure that people were unable to file for bankruptcy on student loans.

Thanks, Boomers.

I am not demanding that the rest of the generations stand around and hold the Boomers accountable for their misdeeds but don't think I am going to applaud them or put them on some pedestal either.

 

[Votto]

Actually, they won’t, you are Fear Mongering again

My parents had four kids to split their inheritance, I only have two. More money to go around.

Don't you worry, inflation will get everyone EXCEPT the powers that be.

 

[rightwinger]

And it might be morbid to say this, but if I kicked off tomorrow my son would be set for life with his inheritance. Wouldn't have to work.

That is what I told my kids. They don’t have to worry as much about saving for retirement.
They both have 401ks that they have been contributing to since their early 20s. I didn’t start mine until I was 35

 

[TroglocratsRdumb]

The Boomers worked hard and invested.
They also have/had the best music and coolest cars.
Generation Z is jealous.

 

[rightwinger]

Perhaps it is because Boomers outsourced jobs and brought in workers from other countries on H-1B visas. They outsourced R and D through congress. Many went to college and then turned around and advocated for getting rid of higher education funding so that the cost increased. On that note--people like Biden and the Dems acting so pleased with student loan forgiveness forget that Biden was a major player in making sure that people were unable to file for bankruptcy on student loans.

Thanks, Boomers.

I am not demanding that the rest of the generations stand around and hold the Boomers accountable for their misdeeds but don't think I am going to applaud them or put them on some pedestal either.

I agree, as a Boomer, I got a better deal than Millennials.

I graduated HS in the early 70s. You could get a job out of HS with good benefits that you could support yourself on. I went to College and paid for it working minimum wage during summers. I had no debt when I graduated and immediately started saving for a house.

Today, there are no good jobs out of HS and students graduate college with massive student debt. The jobs offered graduates dont pay as well and have few benefits.

 

[1srelluc]

I'm not sure whether there is any way to measure this, but at least among my contemporaries (I'm 73), we are giving a lot of financial help to our adult kids. I doubt that shows up anywhere...help with house down payments and furnishing a house, help buying a car, boat, etc. Our kids are living better than their incomes might indicate.

And it might be morbid to say this, but if I kicked off tomorrow my son would be set for life with his inheritance. Wouldn't have to work.

Not mention putting them through college.....You know, for real degrees they could use to better themselves.

That said I'm wondering if some of us fucked-up in that regard.....Should have had them work their way through and just helped them around the edges a bit when needed.

At least my kids (and now their kids) will never see the inside of a public school as long as I am alive.....Working on a great grandkid now.

Being able to do well for you and yours is the ultimate reward....."Charity" (if you want to call it that) starts at home.....All else after.

 

[Disir]

I agree, as a Boomer, I got a better deal than Millennials.

I graduated HS in the early 70s. You could get a job out of HS with good benefits that you could support yourself on. I went to College and paid for it working minimum wage during summers. I had no debt when I graduated and immediately started saving for a house.

Today, there are no good jobs out of HS and students graduate college with massive student debt. The jobs offered graduates dont pay as well and have few benefits.

Hey, thanks.

The period of time that Boomers had to go to college was short lived. My generation did not see that and I'm Gen-X. The Boomers were able to go to college and get a job anywhere because they had a degree. It's not like that anymore. It was the generation before the Boomers that made that possible. They were the wild and crazy people. They were the ones that went to protests. They had been born during or lived through the Depression.

Sometimes I think we have to just take a look at what we have to work with and then just do the work.

 

[odanny]

Boomers (like myself) were working and earning and SAVING since their early teens.

It's all about opportunity, and Boomers like you had more of them than people do today. Folks are not lazier today than the Boomer generation, and the factory jobs many Boomers relied on to make that wealth are long gone.

 

[rightwinger]

It's all about opportunity, and Boomers like you had more of them than people do today. Folks are not lazier today than the Boomer generation, and the factory jobs many Boomers relied on to make that wealth are long gone.

Boomers could get union jobs with pensions. Those days are gone.
Todays graduates are offered Temp employment with no benefits and no job security. If you toe the line for a few years, you might be offered a full time position.

 

[1srelluc]

It's all about opportunity, and Boomers like you had more of them than people do today. Folks are not lazier today than the Boomer generation, and the factory jobs many Boomers relied on to make that wealth are long gone.

They need to learn to code then.....Isn't that what Tater and The Halfrican told the energy sector folks, you know the ones with good paying jobs?

 

[odanny]

Boomers could get union jobs with pensions. Those days are gone.

I'm Gen. X, and I have a union job with a pension, albeit one that has been cut in half versus the guys who started working here in the 80's (and prior) but anyone starting in the 00's and beyond have nothing. I've also seen a two-tier wage scale started, which is also common everywhere now. When the Gen X'ers are gone, those replacing us, even in union jobs, will not have a pension and will earn less than we did.

 

[TroglocratsRdumb]

So, are the Zoomers saying that they want America to be like it was in the 60s 70s 80s?
We didn't have the internet, cellphones, HDTV, personal computers, we just had hard work, and plenty of it.

 

[rightwinger]

So, are the Zoomers saying that they want America to be like it was in the 60s 70s 80s?
We didn't have the internet, cellphones, HDTV, personal computers, we just had hard work, and plenty of it.

Those are toys

What you had back then was a better opportunity if the American Dream
Good paying jobs you could support a family on, full health benefits, low cost higher education for your kids, a chance to retire at a reasonable age.