Have baby boomers stolen the family silver?
- Thread starter kefkat
- Start date
kefkat
Vital Football Legend
Had to edit as so flipin angry I forgot the link to the article:
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Have baby boomers stolen the family silver?
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We take it for granted that our children will be better off than us but the so-called millennials - anyone born in the 1980s or 1990s - could become the first generation to earn less than their parents.
And are those parents, mostly baby boomers who benefited from economic good times, tax cuts and free higher education to blame?
The figures
Baby boomers, people born between 1946 and 1965, will on average earn £740,000 during their lives, according to the Resolution Foundation.
Generation X, those now aged between 35 and 50, are projected to earn 13% more than that - £835,000 on average.
But the figure for millennials, the under-35s, is lower than that - they are forecast to earn £825,000 over their working lives.
Cont: http://www.bbc.co.uk/news/business-38558116
BodyButter
Vital Football Legend
There are a lot of factors in this and using inflammatory words like stole doesn't help.
From the young people's perspective, it's the boomers who are the ones investing in property pushing up property prices and locking them out of the market. The vast majority of boomer's parents couldn't afford property investments so boomers didn't come into the same kind of market when they started earning. Property prices are sky high at the moment and a lot of millennials are starting on the back foot with huge student debt. They were stupid to take on that debt but too young to know better.
From the boomer's perspective, they worked for what they have and were lucky enough to grow up through one of the greatest periods of prosperity in human history. They made property investments because they saved or had the extra cash to do so and those investments have been great for them.
Unfortunately for millennials, they are coming into adult life with the economy stacked against them and they feel a bit ripped off. The world is changing, not necessarily for the better and the pace of technological change means their careers have a good chance of disappearing if they can even get one off the ground.
The ironic thing is that as the boomers start to die out, the property market that has been such a huge wealth creator may turn back the other way. Without mass Immigration, there are fewer people being born in most developed countries and so long-term there will be less demand for property.
A declining population will have huge consequences on an economy which has only ever imagined a growing population.
From the young people's perspective, it's the boomers who are the ones investing in property pushing up property prices and locking them out of the market. The vast majority of boomer's parents couldn't afford property investments so boomers didn't come into the same kind of market when they started earning. Property prices are sky high at the moment and a lot of millennials are starting on the back foot with huge student debt. They were stupid to take on that debt but too young to know better.
From the boomer's perspective, they worked for what they have and were lucky enough to grow up through one of the greatest periods of prosperity in human history. They made property investments because they saved or had the extra cash to do so and those investments have been great for them.
Unfortunately for millennials, they are coming into adult life with the economy stacked against them and they feel a bit ripped off. The world is changing, not necessarily for the better and the pace of technological change means their careers have a good chance of disappearing if they can even get one off the ground.
The ironic thing is that as the boomers start to die out, the property market that has been such a huge wealth creator may turn back the other way. Without mass Immigration, there are fewer people being born in most developed countries and so long-term there will be less demand for property.
A declining population will have huge consequences on an economy which has only ever imagined a growing population.
BodyButter
Vital Football Legend
Another factor in this is voting patterns. Boomers vote en mass, millennials don't. Boomers care about property prices and pension funds so politicians care about property prices and pension funds.
The stock market and the property market are sky high because of political action.
Mass immigration is also a knock on effect of the demographics of the boomers. Developed countries need more young workers to pay into pension funds so that the boomers can get their pensions out. When the states pension funds were set up, they never imagined that there could be a declining population so nothing was put away for that rainy day. Pension pay outs come directly from contributions.
Mass immigration also helps keep property prices high.
None of this is the boomer's 'fault'. It's just where we are at at the moment.
The stock market and the property market are sky high because of political action.
Mass immigration is also a knock on effect of the demographics of the boomers. Developed countries need more young workers to pay into pension funds so that the boomers can get their pensions out. When the states pension funds were set up, they never imagined that there could be a declining population so nothing was put away for that rainy day. Pension pay outs come directly from contributions.
Mass immigration also helps keep property prices high.
None of this is the boomer's 'fault'. It's just where we are at at the moment.
