I am around your age Cerno and this is an accurate description of the Boomer experience financially. In addition I work in an industry where I talk to boomers on a daily basis and get access to their financial data. The idea that the majority of Boomers are out there sitting on two paid for houses that they purchased for some twigs and going on cruises is also a lie. The vast majority of them are living on fixed incomes of around $1500-1800 per month and paying rent. Moreover the effective inflation rate for a retired boomer is far far higher than the CPI because the basket of goods they purchase from does not include any technology products which are the only part of the basket, along with Hedonic adjustments. keeping the inflation numbers from reaching 70s levels. Retired boomers are getting squeezed to death by inflation and unlike working people have ZERO options to work their way out of it. I estimate the the effective costs of retiring for someone on a fixed income over the past decade have nearly doubled after Cola adjustments which are based on the broader CPI.
Boomers also get blamed unfairly for a lot of stuff that started or took place in the 60's-70's for which Boomers were (a) too young to be in charge and (b) if anything harmed by. Such as: changes to US immigration laws and policies, the US going off the gold standard, the terrible inflation and unemployment from mid 70's into mid 80's, inner city decay (exacerbated by "urban renewal"), explosion of welfare state programs, the off-shoring of US manufacturing, "affirmative action", no-fault divorce. The rage is misdirected, it really should be aimed at liberal and 'progressive' policies.
I think the anger at boomers is due to their geriatric decadence, not the supposed ease of their youth. They line up for the no kings rallies, lecture others on the virtue of immigration from their gated communities, and collect capital gains while passing down very little to their children. I’m not sure the cause of it, or if it is even unique to their generation. Maybe it was the secularization after the war. Maybe it is a tale as old as time.
I am just on the edge of the boomer x line. I grew up in Western New York, and we also had real environmental problems. The American side of Niagara Falls was all industrial as you drove to the state park. We have the Love Canal, the Superfund sites, the Hudson River contamination. I also seem to remember we could not eat the fish out of Lake Ontario because of the issues in Niagara Falls. This is the best time to be alive and God Bless you and your family. My other favorite column of yours was the "Wait Till" column on parenting. As an empty nester it always seems every year was better than the previous with our kids.
I am around your age Cerno and this is an accurate description of the Boomer experience financially. In addition I work in an industry where I talk to boomers on a daily basis and get access to their financial data. The idea that the majority of Boomers are out there sitting on two paid for houses that they purchased for some twigs and going on cruises is also a lie. The vast majority of them are living on fixed incomes of around $1500-1800 per month and paying rent. Moreover the effective inflation rate for a retired boomer is far far higher than the CPI because the basket of goods they purchase from does not include any technology products which are the only part of the basket, along with Hedonic adjustments. keeping the inflation numbers from reaching 70s levels. Retired boomers are getting squeezed to death by inflation and unlike working people have ZERO options to work their way out of it. I estimate the the effective costs of retiring for someone on a fixed income over the past decade have nearly doubled after Cola adjustments which are based on the broader CPI.
Yes, it’s brutal for most of them.
Boomers also get blamed unfairly for a lot of stuff that started or took place in the 60's-70's for which Boomers were (a) too young to be in charge and (b) if anything harmed by. Such as: changes to US immigration laws and policies, the US going off the gold standard, the terrible inflation and unemployment from mid 70's into mid 80's, inner city decay (exacerbated by "urban renewal"), explosion of welfare state programs, the off-shoring of US manufacturing, "affirmative action", no-fault divorce. The rage is misdirected, it really should be aimed at liberal and 'progressive' policies.
Yes. The Hart-Cellar Act was passed in 1965. Boomers were not in control.
Great article! You hit the nail on the head. As for today, boomers are to blame. LIBERAL BOOMERS!!!
I think the anger at boomers is due to their geriatric decadence, not the supposed ease of their youth. They line up for the no kings rallies, lecture others on the virtue of immigration from their gated communities, and collect capital gains while passing down very little to their children. I’m not sure the cause of it, or if it is even unique to their generation. Maybe it was the secularization after the war. Maybe it is a tale as old as time.
Boomers voted majority Trump in 2016.
All true.
I am just on the edge of the boomer x line. I grew up in Western New York, and we also had real environmental problems. The American side of Niagara Falls was all industrial as you drove to the state park. We have the Love Canal, the Superfund sites, the Hudson River contamination. I also seem to remember we could not eat the fish out of Lake Ontario because of the issues in Niagara Falls. This is the best time to be alive and God Bless you and your family. My other favorite column of yours was the "Wait Till" column on parenting. As an empty nester it always seems every year was better than the previous with our kids.
Happy July 4th.
Forgot about being a paper boy during the Iran hostage crisis, every day was Day 52, then day 53 etc. as the headline.