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Baby Boomers Are What's Wrong With The Economy


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2015 Nov 28, 7:06pm   35,184 views  86 comments

by Indiana Jones   ➕follow (0)   💰tip   ignore  

https://www.washingtonpost.com/posteverything/wp/2015/11/05/baby-boomers-are-whats-wrong-with-americas-economy/

From the article:

My generation, Gen X, is in far worse financial shape than our parents were at the same age. Millennials are even worse off than we are. Soon after the Great Recession ended, the Pew Research Center reported that middle-class families were 5 percent less wealthy than their parents had been at their age, even though today’s families work a lot harder — the average family’s total working hours has risen by a quarter over the past 30 years — outside the home, and even though they’re much likelier to include two wage earners. The ensuing recovery has made things worse. Middle-class families owned fewer stocks, businesses and homes in 2013 than they did in 2010, according to calculations by New York University economist Edward Wolff.

Meanwhile, future generations will have to pay the costs of weaning the world from fossil fuels and/or adapting to warmer temperatures, rising seas and more extreme weather. (Estimates vary, but some projections suggest they could total trillions of dollars for America alone.) They will also have to shoulder the burden of keeping America’s retirement promises to the boomers. The Congressional Budget Office estimates that the rising costs of Social Security and government health care that will stem from an aging population will consume two more percentage points of America’s economic output by 2040. If policymakers don’t find the revenue to pay for it all, the CBO projects that the national debt will climb past 100 percent of annual gross domestic product — quadruple its post-World War II low.

And yet almost no one suggests that boomers should share the pain of shoring up those programs. Folks my father’s age like to say they’ve paid for those benefits, so they should get them in full. But they haven’t. The Urban Institute has estimated that a typical couple retiring in 2011, at the leading edge of the boomer wave, will end up drawing about $200,000 more from Medicare and Social Security than they paid in taxes to support those programs. Because Social Security benefits increase faster than inflation, boomers will enjoy bigger checks from the program, in real terms, than their parents did.

The sin here isn’t exactly intentional: It’s not boomers’ fault that there are so many more of them than their predecessors (their ranks peaked near 80 million, some 30 million more than the Silent Generation before them) or that they’re living longer (retirees today can expect to live three or four years longer than their grandparents). The sin is that boomers have done nothing to ameliorate their easily foreseen threat to the U.S. Treasury. They have had every opportunity: Congress has been controlled by a baby boom majority since the beginning of the George W. Bush administration.

#economics

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66   Dan8267   2015 Dec 2, 2:09pm  

thunderlips11 says

...and the growth of the Christian Right is also a Boomer phenomenon.

That alone constitutes more harm done than good by the generation.

67   Dan8267   2015 Dec 2, 3:38pm  

Ironman says

So adult of you!

Says the guy who's always bitching about bestiality insults hurled at him and then makes one himself. Hypocrisy much?

68   Dan8267   2015 Dec 2, 3:51pm  

Ironman says

Dan8267 says

bestiality insults

Another one of your finer adult traits..

Like I said, hypocrisy much?

Ironman says

Dan was hoping for some other type of animal/human interaction, the typical videos he watches on youtube.

That was a really stupid move. Now I can refer to this comment every time you call any of my insults immature. You're really fucking stupid.

69   Dan8267   2015 Dec 2, 4:51pm  

Ironman says

Would you like to show where I specifically reference bestiality in my quote. Oh that's right, you can't!! Who's stupid?

Ironman says

Dan was hoping for some other type of animal/human interaction, the typical videos he watches on youtube.

Ironman says

Who's stupid?

That would be you.

70   marcus   2015 Dec 2, 5:32pm  

Dan8267 says

Oh, my fucking god, you are such a fucking moron.

Dan8267 says

Fuck man, you're an idiot!

It's easy to tell when Dan knows he's wrong.

Dan8267 says

You are actually saying that because a single individual in a group does not have significant power over tens of millions of people, it is invalid to judge a group.

No, I'm not saying that at all. I'm asking what you would have done differently as a boomer, for that matter what are you doing now, that's making a difference ?

You would have done nothing different than the many 10s of millions of boomers who were living their lives and going along with the political choices they were given by a ruling elite. Maybe you would have been a liberal, okay. That doesn't effect the impact that the owner class has on the voting choices of the typical idiot.

marcus says

I would be the first to agree that there are a lot of stupid Americans, and there are a lot of gullible Americans. And I could tolerate you generalizing that Americans are stupid and gullible. But you won't do that, because you're an American. So instead, you pin it on the boomers, to let yourself off the hook.

That's pathetic, and it's what makes crybabies like you and Dan worse than boomers.

71   Dan8267   2015 Dec 2, 5:36pm  

marcus says

It's easy to tell when Dan knows he's wrong.

If I were actually wrong about something, it should be easy to demonstrate with evidence. Just because you keep surprising me with higher and higher levels of stupidity, does not make me wrong. Frustrated at your intellectual impotence, maybe, but not wrong.

72   marcus   2015 Dec 2, 5:41pm  


marcus says

I would be the first to agree that there are a lot of stupid Americans, and there are a lot of gullible Americans. And I could tolerate you generalizing that Americans are stupid and gullible. But you won't do that, because you're an American. So instead, you pin it on the boomers, to let yourself off the hook.

That's pathetic, and it's what makes crybabies like you and Dan worse than boomers.

73   MisdemeanorRebel   2015 Dec 2, 5:58pm  

Dan8267 says

If I were actually wrong about something, it should be easy to demonstrate with evidence. Just because you keep surprising me with higher and higher levels of stupidity, does not make me wrong. Frustrated at your intellectual impotence, maybe, but not wrong.

When Marcus goes to this line, It's his version of the Black Knight: Declaring "You know you've lost" or "Can't you admit to being wrong for once?"

"Come back here Sir Dan, I'll bite yer leg off! Coward!"

74   Dan8267   2015 Dec 2, 6:17pm  

thunderlips11 says

When Marcus goes to this line, It's his version of the Black Knight: Declaring "You know you've lost" or "Can't you admit to being wrong for once?"

So true.

CIC is no better. Ironically, these two trolls probably have a lot in common.

75   Dan8267   2015 Dec 2, 6:28pm  

You think climate change is a hoax, so your opinions don't count.

76   marcus   2015 Dec 2, 7:07pm  

I've never had anything against other generations or felt overly compelled to compare one generation against the next, other than maybe for music or fashion.

But you guys are convincing me to change. I'm going to start collecting reasons and rationalizations to hate those asshole genxers and millenials.

I can play. What the hell, if this is America's new low, I might as well join in. I hate you guys. Well, not you personally, just your stupid, lazy, self centered, entitled, cry baby generation. I'm now realizing that everything I heard about you assholes is true. Especially the way you blame others for your problems.

GenXers and millenials are the biggest loser generations in the history of the U.S.

77   RealEstateIsBetterThanStocks   2015 Dec 2, 8:45pm  

these old farts should not be allowed to retired until the national debts are paid off.

78   MisdemeanorRebel   2015 Dec 2, 8:53pm  

Ironman says

marcus says

GenXers and millenials are the biggest loser generations in the history of the U.S.

For once, Marcus is right!


79   Dan8267   2015 Dec 2, 8:57pm  

thunderlips11 says

You mess with the bull you get the horns

CIC is about to show Marcus just how horny he is.

80   youfkngotit   2016 Apr 29, 9:24pm  

exactly what I've been saying about baby boomers for ages. They were the spoiled brat generation who were given everything by our ww2 gen grandparents, understandably perhaps after the horror they endured, but it turned their kids in spoilt little "I want, I want's" They got houses dirt cheap, jacked up the price on us, the inheritance they received they squandered, or are squandering now, they made it so fucking difficult to get jobs, the same good, well paying jobs they just walked into straight out of high school, we now need a fkn masters degree for. No, the baby boomers didn't just fuck up the economy, they fucked up the price of living, they fucked up getting jobs, they made it virtually impossible to survive because the baby boomer gen are mostly, not all, mostly, self entitled money and real estate hoarders who mostly do nothing for their own children or their generation.

82   Ceffer   2016 Apr 29, 11:23pm  

KILL THE DEAD BOOMFUCKS! DIG THEM UP, AND KILL THE BOOMFUCK GOLEMS ALL OVER AGAIN! KILL THEM ALL!

83   marcus   2016 Apr 30, 6:30am  

Just another sign that hate is destroying this country.

Why should I be surprised that a Trump supporting racist xenophobe with daddy issues also wants to generalize blame for his problems on to boomers..

It's true that boomers had it great. But that's not a reason to blame them or to hate on them. Unless mindless hate is your thing. Try to get a little more specific with your blame. Who knows, maybe you could be someone who makes a minute difference yourself. Unlike too many typical Americans that were born during any specific window of time you want to consider.

Were a larger percentage of boomers self involved and only concerned about themselves than younger generations ? Probably not. Precisely because they had it better economically. That gave more of them the freedom to take other paths. In fact, way more boomers thought that making money should not be the priority of career than those born a couple decades later.

But sure it's also true there are just a lot of them, and some are now Trump supporters with views of the world not unlike Thunderlips. It takes all kinds.

84   Indiana Jones   2016 Apr 30, 11:49am  

bgamall4 says

So, congress is Zionist, and that trumps their being boomers. Being boomers actually has nothing to do with it. Being globalists has everything to do with it.

This is not an either/or situation. You can blame the zionist all you want, it doesn't make the "me" generation any less selfish and greedy and a major part of the problem.

marcus says

In fact, way more boomers thought that making money should not be the priority of career than those born a couple decades later.

Maybe when they were teenagers. Maybe it was just the drugs talking. Boomers are the Original Yuppies and espoused "Greed is good" as they came out of their psychedelic haze into their careers.

85   Ceffer   2016 Apr 30, 1:31pm  

Millennials need a tattoo on their asses reading in supremacist gothic "I ATE A BOOMFUCK".

86   marcus   2016 May 1, 7:51am  

Indiana Jones says

Maybe when they were teenagers. Maybe it was just the drugs talking. Boomers are the Original Yuppies and espoused "Greed is good" as they came out of their psychedelic haze into their careers.

You don't get what I said. I'm not generalizing. And such generalizations are silly. Yes, boomers were the original me generation. What I'm saying is that there were a higher percentage that chose career paths that were not about money. And I'm not giving them credit for that. I'm saying it was economically possible.

But only a total idiot would blame boomers for the way the economy has changed. Its primarily a combination of 2 factors. The natural tendencies of capitalism when unchecked, and globalization. I guess add women joining the workforce as a third. I don't blame boomers as a group for any of these. But sure, the times were better for them in some ways.

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