Corrected headline: boomers voted in austerity assholes and now their kids have to pay for it with their money
I find it hard to wrap my head around the idea that spending more debt than every government before them every single time for decades is austerity. They spent more than all the money constantly. Some austerity would have actually helped but they didn’t do that.
They have been needing to raise taxes on the wealthy for decades, but they’ve been reducing them instead.
You’re rearranging the deck chairs of the Titanic. You get into some pretty absurd taxation levels, you just won’t get the sort of revenue that you need to balance a budget that is so much spending.
And the worst part is, the government’s already taxing you for stuff that you should just get. The United States spends more public money on health care than most countries, as much money on health care as some single payer nations. Everyone seems to think that there needs to be more money, but there doesn’t. The money is there. It’s just not being used properly. In any other country on the planet that amount of money should result in universal healthcare. Instead, the government program is run so incompetently that every family needs to spend absurd amounts of money on Private health care.
This just seems to be the way that the US government works. They take the money to do a thing, then they just don’t do the thing. That is an austerity, it’s incompetence.
Unsustainable system finally collapses under the weight of greedy spoiled generation when their children cannot compete with their parents enough to continue supporting said unsustainable system.
There fixed that shit.
Those fools need to get the fuck out of here with that nonsense!
Most boomers and whatever came right after boomers don’t even have decent retirements… That’s what’s sorta funny about all this. I know quite a few 60s and 70s yr olds that legit don’t have enough to sustain their lifestyles and still have to work. The system failed LONG before Millennials showed up.
Many of them went their whole lives “not trusting the stock market” just to literally have no retirement. Much of it was lack of education and access to the stock market when they could have been investing, but then at the same time it is a pretty stupid fucking system of retirement when without notice you can lose 40% of value because some bankers fucked around.
The system sucked for them that’s why they still have to work, but instead of trying to fix it, they just complain that it’s their kids fault.
And even the ones that have a lot of assets to be considered well off have a problem. They’re living in the only thing they own that’s worth a significant amount of cash.
Property prices have completely fucked everyone. Just because somebody can barely afford to pay 50% of their wages every month for the next 40 years in order own their own house, it doesn’t mean they should. It means they’ve got no choice because there isn’t enough.
oh yeah that reminds me of an 80 yr old lady I know. She’s land rich and insanely poor. Like if she sold all her real estate assets she’d probably have easily over a million dollars. But she doesn’t want to sell anything just cause. But she’s super poor. Like she literally needs a new roof on her trailer and can’t afford it. But is sitting on 7 figures of assets lol.
Hell my FIL is that way not that I’m thinking about it. He can’t take care of his house he’s in a booming hood in Houston and has like 8 acres to boot. He keeps borrowing against it to afford shit and still owes like 100k on it which would still net him a pretty penny for the whole set up. I keep telling him just sell the shit and buy a small home out right and get out of the debt and whatever, but he’s super stubborn about it.
This is literally my landlord too. She’s a nice lady, but she depends on my income to pay her bills…
She’s sitting in a beautiful town on a property that could easily get over 1mil, probably 2-2.5, but instead I have to live in her garage that has a leaking roof she can’t afford to fix… I imagine she’s just holding on to it for her kids or something, but she’d be so much better off if she sold. Of course I’d get kicked out in an instant and be in deep shit myself, but that doesn’t change what’s best for her.
I mean, despite the rampant bootlicking seen in that generation, boomers didn’t create that system. They’re victims of it as well, just victims that generally refuse to see it. My mom absolutely has been fucked over by capitalism, and has fucked herself over helping her kids. But she acknowledges why, and agitates for something better. My dad is a victim of this shitty system, too, but was so brainwashed by cold war propaganda that he can’t see it most of the time. :/ tldr fuck the boomer politicians and brainwashers, try to help regular boomers realize they’re just as much a victim of this shit as we are.
Lead poisoning really did a number on that generation. While I’m also angry that they were complacent in what’s happened, as I refuse to be, it’s like blaming a severely handicapped kid.
Did you know we found out to stop including lead in gas in 1976 because school kids were getting dumber and less empathetic?
No one is mentioning upper management and CEO’s pay. The money is trickling up, and that’s more of a problem than all of the other factors combined.
Honestly? Fuck “Fortune.” I hope it will eventually be called “Bankrupt.”
Child free gang wins again.
Time and money. What a savings.
This is organized gaslighting. Dont get caught up in it.
No no. The system they built was great. The thing is, the system was changed by them, just in time to rob all the younger generations blind, then stood back and watched it happen, did nothing, and then they have the balls to blame us when we can’t independently thrive in the system they stood by and allowed to be built.
It’s cute, in a frustrating kind of way, that you think the system was either created that recently, or was ever meant to be anything but exploitative and oppressive and isn’t working exactly as designed.
Come on son, we worked hard and ruined the economy and the climate and the nature, now be a good boy and pay for our retirement.
reaping what one sows comes to mind
or the classic ‘well, well, well, if it isn’t the consequences of my own actions!’
Children cost, who would have thought.
It is, at least partially, an inevitable consequence of an educational system that, whether by design or by accident, makes social mobility really difficult. Accessing advanced education often requires financial or personal sacrifices that are harder to make for lower income parents and kids. This is also compounded with the fact that in many places there’s a perception that if you want a really good job you will need to go through this advanced education.
I was in that situation myself, I was always told that I couldn’t expect to get a really great job in IT unless I went to college, which was unfeasible for me both financially and in terms of my aptitudes as a student. But fortunately for me, I discovered that my country had a vocational education system that prioritized the quick transition from education to employment, and a mere year and a half later I had a decent job, six years later I am an engineer. Turns out it wasn’t necessary to go through four years of extremely expensive, pointless hoops, I only needed a chance to prove myself in a professional environment. It only cost my family 800 euros in two payments, now we are doing well financially.
So yeah, maybe just maybe if there were more systems in place like that, we wouldn’t be reading how more and more parents are having to sacrifice everything just to give their kids a chance at some sort of future, you know?
Idk maybe I’m rambling.
alternate phrasing: boomers stuffed all their money in their bank accounts instead of building a world their kids could afford to live in.
As always it’s your fault that you weren’t born into a rich family. If you want to get rich you have to be rich, it’s not hard. Some of the dumbest members of our society manage it all the time.
While I can agree about their failures, “don’t save it’s bad for the consumer economy” can go to hell.
i’m not saying “don’t put money into savings”, i’m saying every now and then, people should make a decision that benefits the world as a whole rather than just their personal financial situation.
boomers didn’t sacrifice their own spending to build their net worth, they sacrificed *public* spending to do it. and not just public spending, but things that are literally free. like, deciding nobody should ever be allowed to build more housing anywhere ever, because that makes their real estate investment go up.
Tbf, the boomers came of age in the 70s, so the economic system was well in decline by then.
Part of the problem is a secular cycle. The baby boom of the postwar period helped fuel a big economic expansion that helped people for a while, but eventually the power of individuals fall because there’s so many people.
Most boomers didn’t want their jobs to move to China. China is starting to experience the same secular cycle ironically.
Many millennials were the same age during the gfc. Are you to blame for that? Are you to blame for the debt expansion and money printing that have promised to destroy the next generation? Zoomers came of age during covid, are you to blame for covid policies that destroyed the economy?
You should maybe check the definition of the word secular.
So… If the boomers didn’t give money to their children, what’d they do with it? Sit on it for 10 years, die, and then pass it to their children?
Articles like this are either missing the grand picture or they serve someone else’s interest: Making boomers spend their money on leasing luxury apartments and other crap, so there’ll be no inheritance. Leeches are the enemy of all generations.
