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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.
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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.
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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.
I don’t disagree with your general point, but the idea that we can just vote these systems away is just as much as a distraction that you shouldn’t be falling for, as the generational division.
Modern “democracy” exists to uphold capitalism, and capitalism needs these divisions, along with a desperate working class, to exist. When you agree to only play within the rules they’ve set, you’ve already lost, they’ve made sure of it.
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I never said “don’t vote”, what I am saying is - harm reduction is all well and good, but don’t think it will actually change anything fundamental about the status quo, because it won’t, if it did, they wouldn’t let us do it, as the saying goes…
It’s exhausting but we have to do it.
much more worth it then to invest energy and other resources in things that actually will create change, like organising within your community to actively support each other instead of waiting for the system to do it, because it won’t. Building solidarity not only among workers, but within all communities, and from there creating dual power structures (communal food banks and kitchens, child care, hobby clubs, youth clubs, libraries for books but also toys and household items, as well as potentially groups doing direct action and those who support them from the backlines from medics to propagandists, there is something for everyone).
Create the roots for a better way of living, then destroy this one. They are never going to give it up willingly (or “legally”, again, according to the “laws” they write, including those of “democracy”).deleted by creator
I think it has to be both.
There are many times throughout the history of the United States where a community came together and became prosperous only to have everything taken away by people supported by the state through shit laws and/or law enforcement turning a blind eye. Look at Black Wall Street aka the Tulsa massacre.
I get that corruption is prevalent and is difficult to clean out, but there was massive sea change after the 1930’s crash that lead to the US having a massive, strong, and healthy middle class.
Oh like we did too Cuba and any other would-be socialist nation?
If include other countries, that list gets pretty long.
I never said “don’t vote”
🙄
Never mind that it’s mostly the people who still believe in this puppet show that is “democracy” who don’t do both, not those pointing out how pointless voting really is (and yet I still fucking vote, in case you decide to deliberately miss the fucking point again).
Hi I was looking for resources about this? My “liberal” neighbors are either apathetic or make a self-aggrandizing exercise out of attempting mutual aid and outright resist any but very right wing leftist ideas.
What a stupid mentality. If only younger people showed up to vote. Of course elected representatives are representative of their constituencies. Only old people show up to the polls. They are doing their job. Maybe get involved in your local government instead of coming up with this nihilistic attitude about capitalism etc.
Edit: or perhaps keep romanticizing about the Bolshevik revolution that ain’t ever happening in the US and sit on your asses and whine on Lemmy.
Like moneyed interests don’t lobby to get the deck stacked
https://www.nytimes.com/interactive/2021/01/04/upshot/voting-wait-times.html
https://www.opensecrets.org/industries/contrib.php?ind=f03&Bkdn=DemRep&cycle=2012
Take a look at that breakdown. It was pretty even in 2020. Then look at the previous years.
Very hard skew toward the minority population party. There was only this correction in 2020 because Trump at the wheel would have tanked the economy.
Like i said elsewhere: and if media conglomerates are publishing this info, it’s for more reason than, “oops, we were wrong, admit and cut to the next story.” It’s kind of like body cams: if what we’ve seen is this horrendous, what are they still hiding and why?
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/
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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.
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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.
Well said, generational division is pure divide and conquer. Fortune.com isn’t in the business of agitating for class consciousness.
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.
take your carrot and stick and shove both up your ass, no one in the lower class is gonna see a cent of that hoarded wealth.
They could fix that sentence by specifying that it’s elite baby boomers that will pass it on to elite Gen Y.
That’s right. All the Baby Boomers had kids at the exact same time. They totally didn’t give birth to Gen Xers or Millennials.
All their money will go to one generation.
It’s a well-established pattern that, as soon as generations come up for discussion, shit gets dumbed down fast.
In general, I value Adam’s take on the notion that generations don’t really exist and view it mostly as a tool of marketing and the elite.
The corporate media narrative of the Boomer-Gen Y division is a classic case in point. Looking back, there was the Boomer vs. “Greatest” Generation narrative. Watching the current narratives of Boomer vs. Gen Y and more recently Gen Y vs. Gen Z is like watching re-runs.
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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
No war but class war
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).
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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
Maybe before the whole planet is obliterated?
and too many Boomers turned into assholes who voted for Trump and obstructionist Republicans
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
Yeah, cuz all the Baby Boomers are/were rich.
Garbage.
If we race and you start 10 steps ahead of me, and I beat you, you still had an advantage over me.
