Boomer elites did this, not the boomer people making smart choices for themselves. Just like Gen X, Millennials and Gen Z, the boomers who came out of college weren’t making the laws. It’s good to be reminded that these laws are shit, but I think there’s a better question. Why are there so many anti-boomer articles coming out when it’s the bank managers, the politicians, etc., making these laws and most of the US just votes at best?
This is a vote, vote, vote for people that will help build the middle class up again, that means all ages at the local levels. Also, it means break up the monopolies so we can build a better working environment. This is a distraction, please don’t fall for it.
Boomer elites will transfer their money to millennial elites.
These articles are an attempt to create an age based division.
The problem is, it never works. We all have parents and grandparents. Many of us have kids. And we tend to love them, regardless of social, economic or political differences.
Solidarity between generations is extremely solid and very hard to break.
These articles are just weak and failed attempts to sow discord.
BINGO. THANK YOU.
I’m so tired of the Millennial-Boomer division that the corporate media constantly stokes.
Once again, GenX elites are ignored!
Well you guys are just sort of there. Do something, or make some noise at least.
vote for people that will help build the middle class up again
The point of the middle class is to split the working class in terms of income and wealth, so they spend their time antagonizing each other and mostly ignoring how the upper class is stealing everything.
We don’t need a middle class; we need a strong working class.
You want a class that’s got more education? Educate the working class. You want a class that’s got more wealth? Enrich the working class. You want a class that’s got the time and inclination to make informed political decisions? Deliver workday/workweek reform for the working class.
I think the middle class and the working class are the same? But yes, do all of those things. Free healthcare, college and university education.
I think the middle class and the working class are the same?
Yes, but the corporate media does its best to portray the illusory “middle class” as somehow different from working class or the socalled “lower class”. It’s just more divisive bullshit to try to make the working class fight over crumbs.
This, absolutely. We need to realize that it’s always the rich vs. the rest of us. Anything else that draws lines to separate people only serves the rich. They win without fighting when we blame anyone but them for the mess we are in.
the boomers who came out of college weren’t making the laws.
But guess who spent the last 50 years voting for the politicians that did make those laws?
Yup, boomers. They, as a generation, overwhelmingly voted for this.
First of all, Trump lost the actual vote by 2 million votes the first time. It’s rigged for r’s.
Also, have you made mistakes voting? Did you just vote the way your parents did most of the time? I think voting r was a family thing and the marketing apparatus is insane to make it seem that way. Why don’t you complain about all of the individuals who voted r after we know how bad it’s become, those are the ones to dislike. Proud Boys are young.
Why don’t you complain about all of the individuals who voted r after we know how bad it’s become
You mean since Nixon in the 70s? Yeah, those are the people I’m complaining about.
Well said, generational division is pure divide and conquer. Fortune.com isn’t in the business of agitating for class consciousness.
Yup.
‘Boomers’ is an ageist term at this point. We have to judge people as individuals. Not based on race, age, or generation.
Shifting blame for what a few elites have done over decades and decades, onto an entire generation, is, as you said, a distraction.
Except Boomers, as a whole, swallowed right-wing bullshit and voted again and again for politicians and policies that fucked things over for future generations to come. They enjoyed the post-war economic boom fueled by socialist government policies and then promptly shut the door on their children and grandchildren by killing those same socialist programs. Time and time again, they fell for corrupt conmen, ultimately leading to the election of Trump and a resurgence in fascism.
No, not every boomer voted for right-wing assholes, but virtually every boomer fails to take responsibility for the current economic environment, choosing instead to blame immigrants, minorities, politicians, or China. No wonder Trump appealed to them.
People lose their mind as they get older. But blaming them gets us nowhere.
Boomers also elected Clinton, Obama and Biden.
Yeah, I am more progressive than the average boomer.
But there are also alt-right millenials and Gen Z.
Age based politics is dumb and will never succeed. It really only appeals to a small minority of people.
I’m not going to throw my parents under the bus and neither are most people.
Clinton, Obama and Biden.
Business as usual neoliberals?
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I’m not sure the voting demographics support that assertion. More like in a few elections boomers will got overturned. And the backlash is always severe.
Edit: Easy to google and find an infinite number of sources: https://www.pewresearch.org/politics/2011/11/03/the-generation-gap-and-the-2012-election-3/
That’s a weird way to show those statistics. Young people don’t vote in general, unless they feel the need to. Young people are going to vote a certain way but that’s who shows up to vote.
I think you deleted your comment. But I don’t think it’s weird at all. If what you say is true than it makes the impact of the choice gap between older and younger voters even more important. Clearly younger voters had to come out in massive force and extremely aligned to overcome the huge conservative bias of their older voting group peers in those elections.
I didn’t delete my comment, can you not see it?
Boomers as a whole? What does that actually mean because Boomers voted around how everyone except the super young generations who vote, vote. It’s the same percentage, trump didn’t win the popular vote the first time, he lost by millions of votes.
This is the same thing I heard boomers say about the “Greatest” generation, and now I’m hearing the same thing about Gen X and Gen Y, too, though.
As a GenX-er: You’re hearing things about us? Usually, we get ignored. I can’t tell you how many times I’ve heard stories about “the generations: Boomers, Millennials, and Gen Z” as if we don’t exist.
Same, and I’m Gen X. What I sometimes hear (from Gen Z and Gen Y) is the usual BS narrative about how we (all of us, apparently) are responsible for things like donnie and the state of the Republican Party in general.
But yeah, mostly Gen X is completely overlooked. Give it time and I’m sure we’ll be the new boomers when it comes to ageist nonsense.
Having a “boomer mentality” means they are selfish and follow the “fuck you, I got mine” and “I got everything handed on a silver platter and nothing changed” rhetoric.
It hasn’t been solely used to describe the baby boomers for a long time. I know some Gen Zers with the same mentality.
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Rather, 5*0 for 99% of us. The millennials who are kids of those hyper ultra rich will be 5 times richer.
Well for it to average out, they would get 500 times richer.
You forget we’re all in debt. So instead of 20k in debt you can be 100k
Far and away the greatest wealth transfer was between the poorest half of the world to the wealthiest 1%. This is just noise caused by that statistic. That’s the culprit of that, not some boomer with a vacation home that they’re struggling to manage the payments on.
No war but class war.
What? Boomers with vacation homes likely doubled their net worth in like 2 years. All the houses doubled in value, and they have more than 1. Talk to any real estate agent. The only people buying houses are boomers rn. On the occasion it’s a younger person, they usually have help from their boomer parents or an inheritance from boomers. The scales were already tilted in their favor, and the pandemic response was to lower interest rates and let them buy more of the already scarce housing at unbelievably low rates or refinance their existing mortgage for a lower payment while first time homebuyers got outbid by people with more equity, and larger down payments. (See: boomers). They absolutely gained the most from the pandemic response, and if the high rates ever cause the correction it was designed to do, I won’t feel the least bit bad if they lose their ass and didn’t plan for it / have to go back to work (again).
Wow, that’s a whole lot of sugar coat of the actual problem with housing. Corporations bought up a lot of the apartment buildings to convert to short term rentals and price fixed the long term rentals, that’s why there’s a shortage of housing.
2 things can be true. Most boomers I know participate in rent seeking to some degree. Corpos buying up housing didn’t help either. Nor did foreign buyers. They also benefited massively from the low covid rates and were outbidding the families those rates were supposed to be helping with. The whole housing market is fucked, and our spineless, property owning politicians aren’t going to do anything about it any time soon.
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Us against them math, divide the old and the young math, provide an easy target math.
Do boomers benefit from unearned wealth at the expense of the young? Yes. Did they all scheme to get it? No, most just showed up and it happened. The ultra-wealthy on the other hand, they (or people they paid) knew EXACTLY what they were doing. And what they are doing now.
The ultra-wealthy are untouchable, mostly unknown, and almost completely invisible. But Boomers? We all know Boomers. Fuck the Boomers! Let’s go after em. Then the Boomers, regardless of the righteousness of their wealth or position will be frightened and defensive, and will say fuck the youth.
And we will war against eachother and the ultra-wealthy will laugh as they always have.
Bank of America says
Were they bragging?
GOOD NEWS: YOUR PARENTS ARE GONNA DIE! MAYBE EVEN BEFORE 2030!
Also, that $72 trillion will go to ~72 million millennials completely evenly–about $1M per millennial across the board. We won’t have issues where having rich parents meant you did well yourself, and the proportionately more money you inherit will be extra rather than catchup. Nope, boomer hoarding will all work itself out in the end. We don’t need any government policies to change.
Why does it matter at that point so are we
Baby Boomers transferring wealth to Millenials? Over Gen X’s dead body!
This is the best summary I could come up with:
You’ve probably heard about the “great wealth transfer.” It’s the $72 trillion stack of assets that baby boomers are sitting on and going to pass onto millennials someday, thereby solving many of the economically beleaguered younger generation’s problems.
No less a figure than Ray Dalio, the billionaire and former leader of what was for many years the world’s biggest hedge fund, wrote on his LinkedIn page in August about a “coordinated government maneuver” that left household balance sheets rich and the state effectively broke.
Fortune has reported extensively on how millennials have not enjoyed a boomer level of success as they struggled to afford to buy a home for years before facing off with an overpriced, ultra-competitive pandemic housing market.
In addition to low interest rates and inflated housing prices boosting asset value, a 2020 Deutsche Bank report found that boomers shelled out less for education than millennials did and won’t have to pay for the environmental damage caused by the carbon emission-releasing companies they invested in.
While boomers have still had their fair share of economic challenges, like the Great Inflation of the 1970s, BofA found they ultimately benefited in the long run from an economy that’s set them up pretty nicely for wealth accumulation.
Dealing with a hefty price tag for a college education and ensuing student debt, many young adults graduated into a post-recession thorny job market, bouncing around to find a well-paying role.
The original article contains 1,014 words, the summary contains 237 words. Saved 77%. I’m a bot and I’m open source!
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Boomers will eventually go to a nursing home, hospital, or hospice. The money will dry up from these and if they still have money left over, there is the estate tax. The children looking longingly at the large bags of money the parents have won’t get as much, and some of this captured money will begin to circulate again.
The estate tax in the US only affects estates worth more than ~$12,000,000
A LOT OF BOWERY BUMS USED TO BE EXECUTIVES
