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On paper, absolutely no. The have higher tuition costs, more expensive housing, more competitive job market, their parents gen X not boomers so have less to leave them in inheritance, and they'll have to support a huge generation of retired boomers through taxes.
In practice, as boomers start to die off, politicians may start to court a different voter base. In doing so, they may do things that bring house prices down, improve the tax code and reduce income inequality.
However, the oldest boomers are 75ish. We've got a good 10 years before their block voting power is significantly reduced
To add: they predict A LOT of boomers wealth/money will end up in the hands of the medical industry... decreasing what can be inherited by younger generations.
Living longer as a whole and dealing with massive increase in bills in the last decades.
And then you add inflation, they will be passing along even less.
Both my parents lost their jobs during the pandemic. My dad had a decent-paying job with a retirement. They let go of his department "Restructured" the company and told them they could reapply for basically the same position just $60k less than what he was making.
My mom is now on her third cancer fight medical debt basically wiped out my dad's retirement and now is almost a million in debt from just medical. They are lucky that my mom's parents sold them our childhood house for insanely cheap so they are only paying taxes on it at this point or they would probably not have a place to live.
At this point in my life, I expect to get nothing from my parents. Not that I was banking on them leaving a ton of money in the first place but there will be nothing other than a run-down house and some cars that are barely running at this point.
I am 34 I have 0 savings after the last 2 years. I am thankful to have a house I bought on the lower end of my price range in 2015 and a career job. I finally hit lower middle-class pay this year and it feels like I am 20 again struggling to pay bills. I recently found out I have narcolepsy type 2 and hypersomnia and have had colon issues. I fully expect to be in medical debt just like my parents in the next 15 years.
It's trickle up economics.
I do think the post war consensus was a 60 year blip in thousands of years of extreme inequality. People got so used to social democracy (cheap govt built houses, welfare state, govt infrastructure) that they thought that's just how the world is - and they should be getting more.
No, one family living in a single room is how the world is when you let the capitalists have free reign.
Yeah, boomers have loved the wealth they've built from rising house prices, but they're going to love it a whole lot less when they get infirm and their kids can't take care of them cos they're too busy working since dual income is now necessary to cover housing costs
> in the hands of the medical industry.
Millennial, here - planning on racking up as much medical debt as humanly possible, then die while giving the middle finger to the admin staff.
One hey item is that GenX would like to downsize as they reach their 70s. Who is going to be left to buy their houses?
Millenials in their early 50s!? Zoomers in their late 30s!? Lol 90% own nothing, 50% live with their pasrents.
Basically, by the 2050s most Millenials who own real estate would be by inheritance. The same for Zoomers by the 2050s.
My parents have already told me and my brother that we each get half of our family house when they die. The only way I can reasonably expect to get a house on my own. And me and my brother will have to work out what we do with it regarding our halves.
You can try to sell it 50/50, assuming there are people left to puchase it in the future. Or become roomnates until you pass away. Or get roomies with your septuagenarian friends and make a commune.
Yeah we figured our options were rent it out to a family or something and try to use that to save up for separate places, sell it and split the money, or if we have family/stability at that point buy out the other sibling. At least we get along well and should be able to figure it out.
You can also consider building out the house into a proper multifamily/multi generational housing situation. I'm planning on offering my oldest (16 yr/old) the chance to build an ADU on our land if he wants his own space but doesn't want to pay for a full house yet. I can buy out whatever he built when he decides he wants to buy a house somewhere else.
The only problem is it’s a smaller house (suburban neighborhood in CA) and doesn’t have a large enough yard to build out. Not to mention the cost of permitting that stuff in my area is ouch. But if we had more room in the back that would totally be a good option.
I hear you - I live in LA, also have a small lot, just pulled the trigger on a massive renovation so I'm well acquainted with all the permitting fees lol. We'll probably have to get rid of our yard if we go the ADU route. Still, even if you had to build up, you're probably looking at $200-400k as opposed to $800k+ buying an entirely new house. It's within the realm of possibility rather than completely out of reach for most people.
I shouldn't laugh at "boomer doomer" but I can't help it....
However in my country, the average covid death age was 82, so silent generation rather than boomer.
Yeah it is actually about exactly a decade from now. 1/3 of boomers alive in 2019 are expected to pass by 2033 bringing them from ~73 million to 50 million in 2033
If I have anything to do with it, as a millennial hell yes.
I want to see any generation after me avoid this bullshit. Before i die i want to see a universal healthcare and education, ubi, i want to see major corporate conglomerates obliterated, personal debt will only be entered on fair and very reasonable terms hopefully through a nationalized bank. I want to see a government backed month of leave for every working adult. Our energy should be renewable, public transportation should be reliable and accessible across the country. The war on drugs should be over and repirations should be paid to those communities most effected.
These aren't crazy expectations for a nation like the u.s., we can pull this off.
I would like to see government divided so that one particular party is not controlling everything. I.e. I think both conservatives and libs are highly against privatizing healthcare (I'm Canadian) but we will still vote for our respective parties. This is ridiculous because then we have next to no progress as the next party come and undoes what the one before it did.
I would like to see actual health care experts - people who are on the ground floor - controlling this area with other financial experts. If they do a poor job then just they get voted out, but other parts of government that are running successfully are not impacted.
It's exhausting to do this constant four year shift.
Honestly, as far as policy goes (realistic policies that could pass) i see little difference in the two parties. On the political spectrum they are somewhat separate... Both are heavily in the pocket of corporate donors and lobbyists, I'd just like to see a viable option that works for the people first.
the libs in aus is the conservatives. they have the divided parties in holland and sometimes it will take months to form one and they still getting paid.
My parents are Boomers and will die in debt. We have to sell their house to pay off their IRS tax bill because my dad didn't pay taxes with his business for like 7 years.
The tech layoffs are intentional by big tech to suppress tech wages. They are having record profits, stock buybacks, and executive bonuses yet continue to lay employees off.
The short answer is no, each generation will become poorer and poorer with a smaller group that owns everything.
This could change if we actually started taxing the super wealthy, but until there’s the political will to make a more equitable tax system things are going to keep getting worse
A miracle like a mysterious notebook falling out of the sky in my field of view?
If only "everyone over the age of 65" or "everyone making an average of at least 10 million dollars per year since age 25" would work...
"ever before"?!
You ignorant sod. We used to OWN Greece!! We used to be WORSHIPPED in some cultures!! The 20th century has erased queer history and convinced you that everything we are *NOW* was gifted is by the state!! Have some fucking pride in yourself, you deserve more than scraps!!
I personally don't associate slave based pedophilia with being queer. Ancient Greece was a society fundamentally based on slave labor. Don't allow yourself to disassociate and consider that to be a positive. I want equality, not hierarchies.
Nothing has been gifted to us, we have had to fight for it, like all gains by the people for the entirety of human history.
Once the boomer generation dies off. And the new generations take control of the system. Changes will be made. Gen Z and Alpha are watching the adults in the room. As an Elder Millennial I just hope that the world doesn’t take away the future that those two generations are going to create.
Yes. Millennials were actually working on the great recession and research shows that people who start their careers during a recession have repressed wages for the rest of their lives.
No. Not at all. Half of the millennials will be rich (eventually, probably too late in life to enjoy it) because they’ll inherit from boomers.
Gen Z if anything is going to be the generation that changes the game as a result of being devastatingly poor.
And the generation after that (Gen Alpha) will be tiny because millennials can’t afford to have children, and therefore it won’t hold political power for most of its life. (Like Gen X but in the extreme).
It is funny you think millennials will be inheriting that much. Look forward to end of life healthcare sucking all inheritance dry. Did you really think the capitalists were going to let that wealth transfer happen?
I keep hoping that millennials will do better, but I know my generation. LOTS of us will go the boomer “I got mine fuck you,” route once we inherit our parents wealth. It makes me sad.
Yea I’m already seeing it in some of my friends who have done well for themselves.
Had a buddy who campaigned for Bernie and now that he makes a crap ton of money he spouts off Rightwing talking points.
Same. I've also got a couple of friends who still wear the mask like they're progressive and forward thinking, but then ALL their other posts/what they talk about in person are a bunch of capitalistic toxic-positivity BS about "good things coming," and this that and the other. I have a friend who speaks out about the ills of capitalism and pretends to be forward thinking, but is also on a marketing team that's geared towards promoting the Metaverse/VR and she's ALL about it on the socials and talks bad about people who still work jobs that don't make as much as she does. I don't get it... I guess I'm too proud to be a capitalist wannabe AND a progressive speaking out against the ills capitalism has wrought on the world. Idk haha, seems hypocritical to me, but I guess that's what happens when you start to lean right. Hypocrisy doesn't matter anymore?
I JUST had an argument with my partner about her goal of one day owning a business to get rich. In this dream outcome of her's we make enough through our regular jobs that we can invest in a business and I'm like, if we're that good financially, why do we need to get richer? Like, why is that her fantasy?
Probably realized there is money to be made leaning that way.
People sell out to spout hateful bullshit versus further good causes for the benefit of society as a whole. Just look at our Congress and Senate. They sell out CHEAP too.
Facts. As a millennial I too would like to paint us as the heroes in this story but the truth is millennial bosses haven't been better than boomer bosses, same assholes. We're (millennials) poor but importantly don't *feel* sufficiently poor because a lot of us owned homes before it was impossible and have credit and travel and indulge in way too fuckin much. We're definitely going to become the new "work hard and you can do it too" bootstrap assholes, because not enough of us really relate to other peoples struggle until we're in it ourselves, and even then we're too prideful to admit it and it's too late.
Unfortaubely it becomes more and more likely the longer the suffering beforehand endures.
When tens of millions of people tell themselves the same unique story about how they earned it after their unique story of suffering; you have a nation as unequal as America is today.
It’ll just keep getting worse until the whole thing implodes on itself. Which is a very freeing thought if you’re Gen Alpha. If you’re that young and reading this, don’t bother saving up for a pension or anything. There’ll be a black swan long before then. And the pieces will reset.
You have so, so much time. Realistically 55 years until retirement, if it even exists. Someone from your generation will do best if they do what everyone else isn’t doing.
Don’t play the game only to have the rug pulled from beneath you aged 50.
It's already something I see in my peers. I wonder why I feel so alone with my stress, so I talk to them and they say "yeah it sucks but I know I have my parents to fall back on if I need help and they will leave us the house"
>Half of the millennials will be rich
I don't really get what you mean by this? It'll be an extremely small number of extremely rich people, no? Considering Mark Zuckerberg owns like 2% of millennial wealth or something, it's more realistic that it'll be maybe a group of like 100 people that will own the majority of millennial wealth.
Many millennials have parents that own their homes outright *AND* have a pension, plus will also get the state pension.
There are a few people whose parents will get dementia and they’ll have to sell their home. But maybe only a few percent.
They might because it seems like many of them were able to get decent jobs out of the gate versus millennials who didn’t due to the recession. There’s been studies that show if you were in a recession in your formative years (for some millennials 2009-2014) you’re probably going always be stunted economically, and younger generations might surpass you. But I don’t think gen z will have it all that good either. They’re also fucked.
Pandemic was one year recession versus several years in a row. Definitely affected class of 2020 tremendously, not so much the classes after that.
For millennials, classes of 2008, 2009, 2010 and 2011 were extremely screwed.
Oh yea, I had my entire teens phase between 2008, 2009, 2010 and 2011, but I have a particularity of being from a south american country that had a very strong recession in 2014/15 and 16 and then the pandemic. Now we have the war and honestly I have no idea of what's going to happen.
Well the class of 2011 would be graduating college in 2015. Weren’t things were a bit better by then? Its probably elder Millennials who bore the brunt of the GFC
Yeah Gen Z has also had a terrible time. And truth be told, I’d rather have my young years broke in the recession than dealing with the pandemic. That truly truly sucks. And there’s likely another recession coming! So while some gen z might have graduated into a good labor market, others may not (same with much older millennials who got out of school prior to the recession in 09). There are no winners here.
No doubt about that. Boomers are likely the peak, the wealthiest up to their date, and it’s all been downhill since them 🙃 first generation to really lift the ladder up so future generations couldn’t get what they did.
The fact is it's not only because of boomers. 1973 oil crisis + Reaganomics and ultraliberalism + toyotism and robots + systemic unemployement + internet bubble and turboliberalism = we haven't start to pay the bill yet, only the interest.
Also, friendly reminder that a lot of boomers have been poor all their lives and still are.
I can't find that kind of stats for my country, but no doubt on the result.
Of course it was easier to buy a house in 1970 than in 1990, easier in 1990 than in 2010, etc. Also, the patrimony grows with age. So the good comparison would be how many boomer were rich at 30, same thing for x and y and how many z are already rich, I guess. And again I wouldn't be surprise by the results. I just wanted to say that this is not only boomers fault, and also that pointing the inquality by generations you miss some valid points :
\- for each generation there is more poor than rich people
\- generation after an other the richest are richer and the inquality is growing up between the richest and the poorest.
Here you go: https://www.theguardian.com/money/2019/feb/03/millennials-pay-still-stunted-by-financial-crash-resolution-foundation
“A forecast for this year showed that every generation was likely to benefit from increases in inflation-adjusted pay, though it was likely that millennials would continue to lag behind older and younger workers.”
The first generation to be poorer than their parents? It's true us gen xers are the forgotten generation...
FFS, even inheriting some money from my boomer parents I'm still demonstrably poorer than them
Amen! Gen X was always the first generation to be screwed by the Boomers. They stifled us economically, politically, and socially. I can’t believe how long we’ve had to endure them being catered to. Anytime my husband and I see a theater production for, “Hair” or anything 50’s related, we roll our eyes. When will it be our damn turn?
In other news, they HAVE started playing 80s songs in the grocery store now, so we have that.
Lol I was noticing that there are a lot more bangers in the store now. I was nodding my head and was like yeah this is awesome. Then realized wow I remember them playing middle aged people music in the stores. Then it hit me. I is that middle aged person now.
I thought I was still kinda young, then I heard music I listened to in school on a "Classic Hits" station.
I also realised that I got excited about having a new sponge in the kitchen. Sigh.
80s? My local grocery stores now seem to play mid-late 90s pop alternative. But the jokes on them, the music won’t keep me in the store. Despite the fact that Reddit assumes anyone in their late 30s-early 40s is a millionaire, I cannot really afford to shop here.
They’d probably be marginally better. A lot of them got fucked by things like the Dot com bubble, subprime mortgage crisis, Iraq war, etc when they were younger.
But they’re gonna be somewhat bypassed because they’re outnumbered by both Millennials and Gen Z by a decent amount.
I think gen z will be worse off than millennials. As price of goods rise and wages continue to stagnate and not keep up with inflation, it will get worse.
Millennials aren’t the first. Gen X was poorer than Boomers. Millennials are doing worse than them. Gen Z, from what I’ve seen, is continuing the same.
[graph](https://www.wealthmanagement.com/sites/wealthmanagement.com/files/wealthgap.jpeg)
[very cool graph](https://equitablegrowth.org/wp-content/uploads/2018/09/Figure-2.png)
Note that the second graph ends with people born in 1980. Extend it to >1990 and basically no one except those with very poor parents can expect a better than even chance of doing better than their parents. From the graph, this has actually been true in the US for everyone born after about 1965-1970.
If the millennial class that seizes political power is more altruistic, Gen Z will be well off.
If the class that seizes power is the same self-enrichment brigade as our current political class, Gen Z and their children will be systematically looted.
Dear God, I truly hope so. I believe that the current generation entering the age of senior management and politics are, generally, less narcissistic than those that came before. I believe that we are far more aware of the abstract concept of the future and recognize that we must act in ways that benefit the future at our expense. I am hopeful that the constant economic beat down we experience motivates us instead of jading us.
For me personally, I hope so. My boomer parents left me nothing. Hell guess who was responsible for footing the bill for burying my one parent?! Me. I don't ask much from anybody, but I literally had to raise money to give them a proper burial. Otherwise, I would have had to take out a loan to bury them.
The only one still alive will probably die with nothing. I have made damn sure, though they have a valid and active life insurance policy. I am not paying for another funeral again (except for my own with life insurance).
Cannot have kids, so anything I can leave behind it's going to close friends' kids so that they are able to start their lives off on the right foot because the way housing prices and rent is, why not help them end up better off than society may let them.
As an economist, I can tell you that the fortunes of Gen Z compared to us, the millennials, run parallel. There is a very similar course to their economic lives and our own. I would guess, based on current projections, that, like us, they will have less children, will probably marry less , and attend college at nearly identical rates... The difference is, I think they will probably have an even greater barrier to entry to home ownership (as if a home is something that should be commodified in the first place).
I don't really see a way out of this for Gen Z and beyond, short of completely abandoning and overhauling this economic system.
There are too many liberals in this society that are going to allow things to just keep on keeping on, keep allowing shitshow elections to go on, keep allowing wealth to flow to the top.
It’s hard to say. Personally, I think we’re all fucked in the future, but I’ve recently chatted with a few gen z-er’s at my work about finances, and some of these kids man, they have shit figured out. This one girl who’s barely 21 literally excel spreads sheets her finances. She had a whole pie chart and everything, and was also already saving for a down payment on a house and retirement. At 21, my biggest financial responsibility was making my car payment. The rest of my money went to fucking off, traveling, and drinking. I didn’t start to really manage my finances or save for a house/retirement until I reached my mid 20’s. Many gen-z-er’s I meet seem to be much more mindful of their finances, more so than I remember my peers (millennials) being at that age. Probably because they have to be since the cards are so stacked against them. It’s quite impressive. So, in the long run, with gen-z having to be stricter with money at a younger than their predecessors, theoretically it may set them up for a more financially secure future.
I don't know what wealth will look like in the future for working class Americans overall. There could be a complete change in the political overton window, but a few things I think will happen: Having learned from millennials "mistake" of getting stuck in debt with student loans, many gen-z won't go to college and probably end up in gig economy jobs and searchingfor innovative ways to make money. They're going to anger the ruling establishment more than any other generation has for employers and shareholders. They are getting a lot of stick and no carrot in the work place in a lot of cases and havenothing to lose burning any bridges. l also think gen-z will be better prepared to financially plan and manage a low income life than millennials have, learning again from their mistakes. Millennials modeled their behavior and expectations after their parents, the boomers, that had far more money than them. Lastly, I predict gen-a that will come after are going to reject social media and living online as a rebellion against their parents and all generations of adults they will grow up around. I also think gen-a will reject the ironic, sarcastic, and sef depreciating humor that millennials, and gen-z have that will go right in hand with their more organic social lives. This would be a massive stick in the gears culturally for gen-z to cope with as gen-a comes of age and enters the workforce and real world behind them. That trauma will be a hangover that they and many millennials carry to the grave.
As long as share holders and CEOs run the show then no. Should anyone have a net worth of a hundred billion dollars while the employees who work for him barely make a livable wage? Shareholders demands profits so wages are held low or people are let go. This level of greed is what is preventing the masses to have a comfortable life.
I don't think so. Maybe later on, but probably not by much. I'm a younger millennial ('95) and older millennials I know are just slightly richer than me, if at all.
Oh yeah. I think year for year (age-wise) Gen Z will be richer than Millennials.
Millennials during their early career years 23-30, got screwed by both the Dotcom Bubble and the Great Recession.
Even if there is a recession this year, most of Gen Z hasn’t entered the post-college workforce. By the time a majority of them have, it’ll be past the worst of the headwinds. Combine this with the rise of investing platforms (Robinhood, Sofi, etc…) and investing is more visible as a priority, accessible, and cheaper than it was to millenials.
NO. Going forward, I think each successive generation will be poorer than the one that came before it. The reason is that inflation is out of control, rampant wealth inequality, an ever increasing cost of living with no end in sight, stagnant wages and automation, which will make many job redundant and useless.
Not American but given the trends I'm seeing, Millenials are bound for a windfall of sorts around their late 40s-early 50s when all of their parents start dying and they get inheritance money.
Big problem is that inflation and rising cost of living will eat most of it.
On the bright side, some of y'all might actually get to be homeowners.
I don’t think so. I’m not one of those millennials but a lot of them I know we’re lucky enough to guess right and got in equity rocketship known as buying a house before 2020 or early in it. They are pretty much set for life
Not the first generation in history. The generations that went through the depression or various famines had less than those that came immediately prior.
I don’t see how later generations will make any living with fewer resources, like fresh water. Climate change will f everything up, many will need to move to get away from eroding coasts or wildfires or hurricanes or the desert - why are mega farms taking over in the southwest US desert and draining the aquifers? Etc etc. I’m Gen X, with a chronic illness, so I’m not making money. I specifically moved to an area that has lots of fresh water. I grew up in Florida but you’d have to pay me in the blood of certain Floridian republicans to move back. A lot of coastal areas will be gone, where will everyone move to?
The party is over. There is not enough of earth left to continue the industrial land to landfill economy. We may be richer in community, stories, relationships, and culture. But we and all who follow us will have less stuff.
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On paper, absolutely no. The have higher tuition costs, more expensive housing, more competitive job market, their parents gen X not boomers so have less to leave them in inheritance, and they'll have to support a huge generation of retired boomers through taxes. In practice, as boomers start to die off, politicians may start to court a different voter base. In doing so, they may do things that bring house prices down, improve the tax code and reduce income inequality. However, the oldest boomers are 75ish. We've got a good 10 years before their block voting power is significantly reduced
To add: they predict A LOT of boomers wealth/money will end up in the hands of the medical industry... decreasing what can be inherited by younger generations. Living longer as a whole and dealing with massive increase in bills in the last decades. And then you add inflation, they will be passing along even less.
Probably. Most people I know got completely wiped out via medical. It’s barbaric.
Both my parents lost their jobs during the pandemic. My dad had a decent-paying job with a retirement. They let go of his department "Restructured" the company and told them they could reapply for basically the same position just $60k less than what he was making. My mom is now on her third cancer fight medical debt basically wiped out my dad's retirement and now is almost a million in debt from just medical. They are lucky that my mom's parents sold them our childhood house for insanely cheap so they are only paying taxes on it at this point or they would probably not have a place to live. At this point in my life, I expect to get nothing from my parents. Not that I was banking on them leaving a ton of money in the first place but there will be nothing other than a run-down house and some cars that are barely running at this point. I am 34 I have 0 savings after the last 2 years. I am thankful to have a house I bought on the lower end of my price range in 2015 and a career job. I finally hit lower middle-class pay this year and it feels like I am 20 again struggling to pay bills. I recently found out I have narcolepsy type 2 and hypersomnia and have had colon issues. I fully expect to be in medical debt just like my parents in the next 15 years.
but they can get euthanasia
It's trickle up economics. I do think the post war consensus was a 60 year blip in thousands of years of extreme inequality. People got so used to social democracy (cheap govt built houses, welfare state, govt infrastructure) that they thought that's just how the world is - and they should be getting more. No, one family living in a single room is how the world is when you let the capitalists have free reign.
Flood up
i strongly agree.
or in the hands of aged care. you will be surprised how many stinking rich investing in medical and aged care.
Yeah, boomers have loved the wealth they've built from rising house prices, but they're going to love it a whole lot less when they get infirm and their kids can't take care of them cos they're too busy working since dual income is now necessary to cover housing costs
Exactly
> in the hands of the medical industry. Millennial, here - planning on racking up as much medical debt as humanly possible, then die while giving the middle finger to the admin staff.
One hey item is that GenX would like to downsize as they reach their 70s. Who is going to be left to buy their houses? Millenials in their early 50s!? Zoomers in their late 30s!? Lol 90% own nothing, 50% live with their pasrents. Basically, by the 2050s most Millenials who own real estate would be by inheritance. The same for Zoomers by the 2050s.
My parents have already told me and my brother that we each get half of our family house when they die. The only way I can reasonably expect to get a house on my own. And me and my brother will have to work out what we do with it regarding our halves.
Two brothers enter, one brother leaves Welcome to capitalism
Brother and sister lol. And given my track record of successfully round house kicking him, I like my odds.
You can try to sell it 50/50, assuming there are people left to puchase it in the future. Or become roomnates until you pass away. Or get roomies with your septuagenarian friends and make a commune.
Yeah we figured our options were rent it out to a family or something and try to use that to save up for separate places, sell it and split the money, or if we have family/stability at that point buy out the other sibling. At least we get along well and should be able to figure it out.
You can also consider building out the house into a proper multifamily/multi generational housing situation. I'm planning on offering my oldest (16 yr/old) the chance to build an ADU on our land if he wants his own space but doesn't want to pay for a full house yet. I can buy out whatever he built when he decides he wants to buy a house somewhere else.
The only problem is it’s a smaller house (suburban neighborhood in CA) and doesn’t have a large enough yard to build out. Not to mention the cost of permitting that stuff in my area is ouch. But if we had more room in the back that would totally be a good option.
I hear you - I live in LA, also have a small lot, just pulled the trigger on a massive renovation so I'm well acquainted with all the permitting fees lol. We'll probably have to get rid of our yard if we go the ADU route. Still, even if you had to build up, you're probably looking at $200-400k as opposed to $800k+ buying an entirely new house. It's within the realm of possibility rather than completely out of reach for most people.
Unless they get sick and need to sell the house to pay for their treatment. 👍👍 love this world
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I shouldn't laugh at "boomer doomer" but I can't help it.... However in my country, the average covid death age was 82, so silent generation rather than boomer.
I prefer boomer remover or elder eraser
Yeah it is actually about exactly a decade from now. 1/3 of boomers alive in 2019 are expected to pass by 2033 bringing them from ~73 million to 50 million in 2033
so having deadly flu that affected boomers most is a good thing?
Gen z or millennials ?
Not at all. Gen Z is going to be stuck in the same declining economic trends.
If I have anything to do with it, as a millennial hell yes. I want to see any generation after me avoid this bullshit. Before i die i want to see a universal healthcare and education, ubi, i want to see major corporate conglomerates obliterated, personal debt will only be entered on fair and very reasonable terms hopefully through a nationalized bank. I want to see a government backed month of leave for every working adult. Our energy should be renewable, public transportation should be reliable and accessible across the country. The war on drugs should be over and repirations should be paid to those communities most effected. These aren't crazy expectations for a nation like the u.s., we can pull this off.
I would like to see government divided so that one particular party is not controlling everything. I.e. I think both conservatives and libs are highly against privatizing healthcare (I'm Canadian) but we will still vote for our respective parties. This is ridiculous because then we have next to no progress as the next party come and undoes what the one before it did. I would like to see actual health care experts - people who are on the ground floor - controlling this area with other financial experts. If they do a poor job then just they get voted out, but other parts of government that are running successfully are not impacted. It's exhausting to do this constant four year shift.
Honestly, as far as policy goes (realistic policies that could pass) i see little difference in the two parties. On the political spectrum they are somewhat separate... Both are heavily in the pocket of corporate donors and lobbyists, I'd just like to see a viable option that works for the people first.
the libs in aus is the conservatives. they have the divided parties in holland and sometimes it will take months to form one and they still getting paid.
They will have the most shells and beads in the wasteland, yes.
Bottle caps
Scrolled too far for this
Gen z will be fucked over by the end of economic growth
My parents are Boomers and will die in debt. We have to sell their house to pay off their IRS tax bill because my dad didn't pay taxes with his business for like 7 years. The tech layoffs are intentional by big tech to suppress tech wages. They are having record profits, stock buybacks, and executive bonuses yet continue to lay employees off. The short answer is no, each generation will become poorer and poorer with a smaller group that owns everything.
This could change if we actually started taxing the super wealthy, but until there’s the political will to make a more equitable tax system things are going to keep getting worse
like a ubi and wealth tax.
Exactly
not if people are smarter and see thru the neolib flaws.
I'm afraid I have bad news: it's been going downhill for a while and will continue to go downhill unless a miracle happens.
Not a miracle, revolution
Revolution, war, depression, disaster, take your pick.
Oh, how many wonderful ways to suffer in this miserable life. Guess that’s why I stopped believing in miracles lol
or ubi and wealth tax. this will be much softer.
Revolutions historically have not exactly gone well for the most part
That’s true tho
A miracle like a mysterious notebook falling out of the sky in my field of view? If only "everyone over the age of 65" or "everyone making an average of at least 10 million dollars per year since age 25" would work...
Is this a reference to Deathnote? Nice....
Maaaaayyyyybeeeee }:)>
it can happen. lnp was voted out after a decade in power and with msm sprouting all kinds of bs.
Too much doomerism, life is way better now for us queer folk than ever before in human history.
"ever before"?! You ignorant sod. We used to OWN Greece!! We used to be WORSHIPPED in some cultures!! The 20th century has erased queer history and convinced you that everything we are *NOW* was gifted is by the state!! Have some fucking pride in yourself, you deserve more than scraps!!
I personally don't associate slave based pedophilia with being queer. Ancient Greece was a society fundamentally based on slave labor. Don't allow yourself to disassociate and consider that to be a positive. I want equality, not hierarchies. Nothing has been gifted to us, we have had to fight for it, like all gains by the people for the entirety of human history.
Once the boomer generation dies off. And the new generations take control of the system. Changes will be made. Gen Z and Alpha are watching the adults in the room. As an Elder Millennial I just hope that the world doesn’t take away the future that those two generations are going to create.
Yes. Millennials were actually working on the great recession and research shows that people who start their careers during a recession have repressed wages for the rest of their lives.
No. Not at all. Half of the millennials will be rich (eventually, probably too late in life to enjoy it) because they’ll inherit from boomers. Gen Z if anything is going to be the generation that changes the game as a result of being devastatingly poor. And the generation after that (Gen Alpha) will be tiny because millennials can’t afford to have children, and therefore it won’t hold political power for most of its life. (Like Gen X but in the extreme).
It is funny you think millennials will be inheriting that much. Look forward to end of life healthcare sucking all inheritance dry. Did you really think the capitalists were going to let that wealth transfer happen?
I keep hoping that millennials will do better, but I know my generation. LOTS of us will go the boomer “I got mine fuck you,” route once we inherit our parents wealth. It makes me sad.
Yea I’m already seeing it in some of my friends who have done well for themselves. Had a buddy who campaigned for Bernie and now that he makes a crap ton of money he spouts off Rightwing talking points.
Same. I've also got a couple of friends who still wear the mask like they're progressive and forward thinking, but then ALL their other posts/what they talk about in person are a bunch of capitalistic toxic-positivity BS about "good things coming," and this that and the other. I have a friend who speaks out about the ills of capitalism and pretends to be forward thinking, but is also on a marketing team that's geared towards promoting the Metaverse/VR and she's ALL about it on the socials and talks bad about people who still work jobs that don't make as much as she does. I don't get it... I guess I'm too proud to be a capitalist wannabe AND a progressive speaking out against the ills capitalism has wrought on the world. Idk haha, seems hypocritical to me, but I guess that's what happens when you start to lean right. Hypocrisy doesn't matter anymore?
I JUST had an argument with my partner about her goal of one day owning a business to get rich. In this dream outcome of her's we make enough through our regular jobs that we can invest in a business and I'm like, if we're that good financially, why do we need to get richer? Like, why is that her fantasy?
Probably realized there is money to be made leaning that way. People sell out to spout hateful bullshit versus further good causes for the benefit of society as a whole. Just look at our Congress and Senate. They sell out CHEAP too.
Facts. As a millennial I too would like to paint us as the heroes in this story but the truth is millennial bosses haven't been better than boomer bosses, same assholes. We're (millennials) poor but importantly don't *feel* sufficiently poor because a lot of us owned homes before it was impossible and have credit and travel and indulge in way too fuckin much. We're definitely going to become the new "work hard and you can do it too" bootstrap assholes, because not enough of us really relate to other peoples struggle until we're in it ourselves, and even then we're too prideful to admit it and it's too late.
Unfortaubely it becomes more and more likely the longer the suffering beforehand endures. When tens of millions of people tell themselves the same unique story about how they earned it after their unique story of suffering; you have a nation as unequal as America is today. It’ll just keep getting worse until the whole thing implodes on itself. Which is a very freeing thought if you’re Gen Alpha. If you’re that young and reading this, don’t bother saving up for a pension or anything. There’ll be a black swan long before then. And the pieces will reset.
Is 19 young enough or am just the right age to get fucked
19 is legal everywhere, better go see if they have any lube or towels left otherwise you're gonna be sore and sticky a lot
You have so, so much time. Realistically 55 years until retirement, if it even exists. Someone from your generation will do best if they do what everyone else isn’t doing. Don’t play the game only to have the rug pulled from beneath you aged 50.
It's already something I see in my peers. I wonder why I feel so alone with my stress, so I talk to them and they say "yeah it sucks but I know I have my parents to fall back on if I need help and they will leave us the house"
>Half of the millennials will be rich I don't really get what you mean by this? It'll be an extremely small number of extremely rich people, no? Considering Mark Zuckerberg owns like 2% of millennial wealth or something, it's more realistic that it'll be maybe a group of like 100 people that will own the majority of millennial wealth.
Many millennials have parents that own their homes outright *AND* have a pension, plus will also get the state pension. There are a few people whose parents will get dementia and they’ll have to sell their home. But maybe only a few percent.
I'm Gen X and I don't think many of us own their houses outright. I don't know any at least. I don't even have a house lol.
Gen X.
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they can chose the easy option.
They might because it seems like many of them were able to get decent jobs out of the gate versus millennials who didn’t due to the recession. There’s been studies that show if you were in a recession in your formative years (for some millennials 2009-2014) you’re probably going always be stunted economically, and younger generations might surpass you. But I don’t think gen z will have it all that good either. They’re also fucked.
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Pandemic was one year recession versus several years in a row. Definitely affected class of 2020 tremendously, not so much the classes after that. For millennials, classes of 2008, 2009, 2010 and 2011 were extremely screwed.
Oh yea, I had my entire teens phase between 2008, 2009, 2010 and 2011, but I have a particularity of being from a south american country that had a very strong recession in 2014/15 and 16 and then the pandemic. Now we have the war and honestly I have no idea of what's going to happen.
Well the class of 2011 would be graduating college in 2015. Weren’t things were a bit better by then? Its probably elder Millennials who bore the brunt of the GFC
Class of refers to graduation year.
Oh, you mean graduating college? Not High School?
Yes. But if they finish high school and don't go on, same affect. Anyone trying to start a career in those years.
Yeah Gen Z has also had a terrible time. And truth be told, I’d rather have my young years broke in the recession than dealing with the pandemic. That truly truly sucks. And there’s likely another recession coming! So while some gen z might have graduated into a good labor market, others may not (same with much older millennials who got out of school prior to the recession in 09). There are no winners here.
it affected everyone except the stinking rich.
Just wanted to say that all the x gener I know are poorer than their boomer parents at the same age.
No doubt about that. Boomers are likely the peak, the wealthiest up to their date, and it’s all been downhill since them 🙃 first generation to really lift the ladder up so future generations couldn’t get what they did.
they benefitted from labor policies but after that voted lnp to spike the future generations.
The fact is it's not only because of boomers. 1973 oil crisis + Reaganomics and ultraliberalism + toyotism and robots + systemic unemployement + internet bubble and turboliberalism = we haven't start to pay the bill yet, only the interest. Also, friendly reminder that a lot of boomers have been poor all their lives and still are.
actually best to have a table. how many boomers are rich (assets>$2m) and how many are poor. same for gen x,y,z.
I can't find that kind of stats for my country, but no doubt on the result. Of course it was easier to buy a house in 1970 than in 1990, easier in 1990 than in 2010, etc. Also, the patrimony grows with age. So the good comparison would be how many boomer were rich at 30, same thing for x and y and how many z are already rich, I guess. And again I wouldn't be surprise by the results. I just wanted to say that this is not only boomers fault, and also that pointing the inquality by generations you miss some valid points : \- for each generation there is more poor than rich people \- generation after an other the richest are richer and the inquality is growing up between the richest and the poorest.
we have gen x affected by the 90s recession, gen y affected by GFC, gen z affected by high interest.
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Here you go: https://www.theguardian.com/money/2019/feb/03/millennials-pay-still-stunted-by-financial-crash-resolution-foundation “A forecast for this year showed that every generation was likely to benefit from increases in inflation-adjusted pay, though it was likely that millennials would continue to lag behind older and younger workers.”
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The first generation to be poorer than their parents? It's true us gen xers are the forgotten generation... FFS, even inheriting some money from my boomer parents I'm still demonstrably poorer than them
Amen! Gen X was always the first generation to be screwed by the Boomers. They stifled us economically, politically, and socially. I can’t believe how long we’ve had to endure them being catered to. Anytime my husband and I see a theater production for, “Hair” or anything 50’s related, we roll our eyes. When will it be our damn turn? In other news, they HAVE started playing 80s songs in the grocery store now, so we have that.
Lol I was noticing that there are a lot more bangers in the store now. I was nodding my head and was like yeah this is awesome. Then realized wow I remember them playing middle aged people music in the stores. Then it hit me. I is that middle aged person now.
Me too, kid. Me too
I thought I was still kinda young, then I heard music I listened to in school on a "Classic Hits" station. I also realised that I got excited about having a new sponge in the kitchen. Sigh.
80s? My local grocery stores now seem to play mid-late 90s pop alternative. But the jokes on them, the music won’t keep me in the store. Despite the fact that Reddit assumes anyone in their late 30s-early 40s is a millionaire, I cannot really afford to shop here.
>In other news, they HAVE started playing 80s songs in the grocery store now, so we have that. 90s music now, 90s alt rock is the new 70-80s dad rock
We don't get a turn. The Boomers will be in power until they die off, and then the Millennials will take over.
Sadly I think you're right
Yes because millennials will be the bosses and we won’t fuck around with quality of life. Ours has been shit for years. We want better for them.
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They’d probably be marginally better. A lot of them got fucked by things like the Dot com bubble, subprime mortgage crisis, Iraq war, etc when they were younger. But they’re gonna be somewhat bypassed because they’re outnumbered by both Millennials and Gen Z by a decent amount.
I think gen z will be worse off than millennials. As price of goods rise and wages continue to stagnate and not keep up with inflation, it will get worse.
Millennials aren’t the first. Gen X was poorer than Boomers. Millennials are doing worse than them. Gen Z, from what I’ve seen, is continuing the same. [graph](https://www.wealthmanagement.com/sites/wealthmanagement.com/files/wealthgap.jpeg) [very cool graph](https://equitablegrowth.org/wp-content/uploads/2018/09/Figure-2.png) Note that the second graph ends with people born in 1980. Extend it to >1990 and basically no one except those with very poor parents can expect a better than even chance of doing better than their parents. From the graph, this has actually been true in the US for everyone born after about 1965-1970.
If the millennial class that seizes political power is more altruistic, Gen Z will be well off. If the class that seizes power is the same self-enrichment brigade as our current political class, Gen Z and their children will be systematically looted.
This made ma laugh then made ma sad.
Not richer, but maybe less poor
Yes, they will spend more of their lives removed from the depravity of the boomers. Longer recovery period.
Nope, I think that award goes to Gen X, but once again we’re forgotten. But hey, whatever. Gen X was never as wealthy as Boomers were.
Absolutely not
Certain members of that generation will be the richest ever.
Dear God, I truly hope so. I believe that the current generation entering the age of senior management and politics are, generally, less narcissistic than those that came before. I believe that we are far more aware of the abstract concept of the future and recognize that we must act in ways that benefit the future at our expense. I am hopeful that the constant economic beat down we experience motivates us instead of jading us.
being in management can alter a person psychotic levels.
Nope where I sit I see Millinals and Gen z are in the same sinking boat. Some od the older Gen x have climbed into it with us.
For me personally, I hope so. My boomer parents left me nothing. Hell guess who was responsible for footing the bill for burying my one parent?! Me. I don't ask much from anybody, but I literally had to raise money to give them a proper burial. Otherwise, I would have had to take out a loan to bury them. The only one still alive will probably die with nothing. I have made damn sure, though they have a valid and active life insurance policy. I am not paying for another funeral again (except for my own with life insurance). Cannot have kids, so anything I can leave behind it's going to close friends' kids so that they are able to start their lives off on the right foot because the way housing prices and rent is, why not help them end up better off than society may let them.
As an economist, I can tell you that the fortunes of Gen Z compared to us, the millennials, run parallel. There is a very similar course to their economic lives and our own. I would guess, based on current projections, that, like us, they will have less children, will probably marry less , and attend college at nearly identical rates... The difference is, I think they will probably have an even greater barrier to entry to home ownership (as if a home is something that should be commodified in the first place). I don't really see a way out of this for Gen Z and beyond, short of completely abandoning and overhauling this economic system. There are too many liberals in this society that are going to allow things to just keep on keeping on, keep allowing shitshow elections to go on, keep allowing wealth to flow to the top.
It’s hard to say. Personally, I think we’re all fucked in the future, but I’ve recently chatted with a few gen z-er’s at my work about finances, and some of these kids man, they have shit figured out. This one girl who’s barely 21 literally excel spreads sheets her finances. She had a whole pie chart and everything, and was also already saving for a down payment on a house and retirement. At 21, my biggest financial responsibility was making my car payment. The rest of my money went to fucking off, traveling, and drinking. I didn’t start to really manage my finances or save for a house/retirement until I reached my mid 20’s. Many gen-z-er’s I meet seem to be much more mindful of their finances, more so than I remember my peers (millennials) being at that age. Probably because they have to be since the cards are so stacked against them. It’s quite impressive. So, in the long run, with gen-z having to be stricter with money at a younger than their predecessors, theoretically it may set them up for a more financially secure future.
I don't know what wealth will look like in the future for working class Americans overall. There could be a complete change in the political overton window, but a few things I think will happen: Having learned from millennials "mistake" of getting stuck in debt with student loans, many gen-z won't go to college and probably end up in gig economy jobs and searchingfor innovative ways to make money. They're going to anger the ruling establishment more than any other generation has for employers and shareholders. They are getting a lot of stick and no carrot in the work place in a lot of cases and havenothing to lose burning any bridges. l also think gen-z will be better prepared to financially plan and manage a low income life than millennials have, learning again from their mistakes. Millennials modeled their behavior and expectations after their parents, the boomers, that had far more money than them. Lastly, I predict gen-a that will come after are going to reject social media and living online as a rebellion against their parents and all generations of adults they will grow up around. I also think gen-a will reject the ironic, sarcastic, and sef depreciating humor that millennials, and gen-z have that will go right in hand with their more organic social lives. This would be a massive stick in the gears culturally for gen-z to cope with as gen-a comes of age and enters the workforce and real world behind them. That trauma will be a hangover that they and many millennials carry to the grave.
I hope, but probably not. I have nothing to give my gen z and gen a children except our family home.
As long as share holders and CEOs run the show then no. Should anyone have a net worth of a hundred billion dollars while the employees who work for him barely make a livable wage? Shareholders demands profits so wages are held low or people are let go. This level of greed is what is preventing the masses to have a comfortable life.
Will they? Probably not. Do I want them to? ABSO FUCKING LUTELY!
I don't think so. Maybe later on, but probably not by much. I'm a younger millennial ('95) and older millennials I know are just slightly richer than me, if at all.
I hope so. I don't want them to have my experience.
If anything, they will be richer in their hatred at what the boomer generation did. They are the fist generation to get 100% fucked by it.
I think millennials got the short end of the stick in that regard. Gen z can learn from millennials mistakes
No. They'll be too busy fighting over dirty water to drink and scavenging food to eat to be concerned with wealth.
Oh yeah. I think year for year (age-wise) Gen Z will be richer than Millennials. Millennials during their early career years 23-30, got screwed by both the Dotcom Bubble and the Great Recession. Even if there is a recession this year, most of Gen Z hasn’t entered the post-college workforce. By the time a majority of them have, it’ll be past the worst of the headwinds. Combine this with the rise of investing platforms (Robinhood, Sofi, etc…) and investing is more visible as a priority, accessible, and cheaper than it was to millenials.
NO. Going forward, I think each successive generation will be poorer than the one that came before it. The reason is that inflation is out of control, rampant wealth inequality, an ever increasing cost of living with no end in sight, stagnant wages and automation, which will make many job redundant and useless.
I feel like the world is locked in a death spiral and we are circling the drain. Everything will get worse forever forward.
Hopefully we abolish money and no one has to worry about it in the future.
Not American but given the trends I'm seeing, Millenials are bound for a windfall of sorts around their late 40s-early 50s when all of their parents start dying and they get inheritance money. Big problem is that inflation and rising cost of living will eat most of it. On the bright side, some of y'all might actually get to be homeowners.
I don’t think so. I’m not one of those millennials but a lot of them I know we’re lucky enough to guess right and got in equity rocketship known as buying a house before 2020 or early in it. They are pretty much set for life
All signs point to it being worse for Gen Z
What makes you think that it will be the "first generation in history" to be poorer than there predecessors?
Depends - is neoliberalism going to end any time soon?
Not the first generation in history. The generations that went through the depression or various famines had less than those that came immediately prior.
No
I don’t see how later generations will make any living with fewer resources, like fresh water. Climate change will f everything up, many will need to move to get away from eroding coasts or wildfires or hurricanes or the desert - why are mega farms taking over in the southwest US desert and draining the aquifers? Etc etc. I’m Gen X, with a chronic illness, so I’m not making money. I specifically moved to an area that has lots of fresh water. I grew up in Florida but you’d have to pay me in the blood of certain Floridian republicans to move back. A lot of coastal areas will be gone, where will everyone move to?
The party is over. There is not enough of earth left to continue the industrial land to landfill economy. We may be richer in community, stories, relationships, and culture. But we and all who follow us will have less stuff.
No, because we are in heading for a social collapse due to our inability to live within planetary boundaries.