Skip to comments.How to Mooch off Your Parents in a Down Economy
Posted on 07/27/2010 3:37:53 PM PDT by george76
More 20-somethings are moving back home with Mom and Dad -- and happily accepting financial assistance.
So pronounced is the trend -- many parents, on average, are giving their 20-somethings 10 percent of their combined income ...
Look, 20-somethings, it's only partly your fault that the economy is still a mess -- most of you voted for you know who -- but it isn't your fault that you lack the skills to deal with it.
Your generation has been coddled like no other generation before it -- never has any generation been given so much for doing so little -- and that is your parents' fault.
It's payback time.
Your father will complain to your mother -- eventually they'll get into loud arguments over the matter -- but if you hold steady, you'll likely keep living at home for free.
States that overpromised and overspent during the good times expect the federal government to bail them out during the bad times.
Our federal government is spending nearly twice as much as it takes in and expects future taxpayers to bail it out.
Heck, nobody is terribly interested in carrying his own load today -- lots of folks are carrying on like 20-somethings who are mooching off Mom and Dad.
Hey, a great recession like this comes along once in a lifetime. Don't let it pass without free drinks from Dad's liquor cabinet.
(Excerpt) Read more at jewishworldreview.com ...
Waitwaitwait...I thought us baby boomers were the spoilt generation that ruined the world.
Let’s share some of the blame on the govt regs and taxes that have crushed businesses, esp small ones, wiped out a lot of entry level opportunities, scared big businesses into stockpiling cash to cope, and taxed productive people - even 20 somethings - to poverty.
That said, most 20 somethings bought into the Hopey Changy garbage, so I just can’t feel too bad for them. And their parents obviously didn’t educate them about reality, so they’re not blameless, either (although at least some probably tried).
We ain't seen nothin' yet!
What a crok of crap. If the parents are dumb enough to fall for it and/or did such a poor job “raising” the kid, who is really at fault?
Hear, hear. Entry level opportunities are thin, and those that are there usually require significant pull (connections) to acquire.
My 23 year-old college graduate step-daughter is living in my home. But she's working...for $10 an hour in beginning-level retail. It'll take a bit of a boost in that to get her into her own apartment, but at least she's on the way.
I keep hearing stories from my friends about recent college graduates who have gotten good jobs.
None of them majored in liberal arts, however.
Yeh but we had decent influences from our post WW2 parents and adults. Kids today and their prodigy have been raised by those baby boomers---quite a dicey difference!
Meet the Greedy Grandparents
Why America’s elderly are so spoiled.
By Steve Chapman
When Social Security was founded, offering a federal pension at age 65, most of the people born 65 years earlier couldn’t take advantage of it. They were dead. For the lucky ones who lived long enough to collect, the new pension system, founded in 1935, was meant as a modest support in the brief span before they passed on to glory. No more. Since then, life expectancy at birth in America has increased to more than 77 years. For the majority of people, that means lots of time being supported by the government. A working life is now just a tedious interregnum between two long periods of comfortable dependence.
America’s elderly have never had it so good. They enjoy better health than any previous generation of old people, high incomes and ample assets, access to a host of medical treatments that not only keep them alive but let them enjoy their extra years, and a riotous multitude of ways to spoil their grandchildren. Still they are not content. From gratefully accepting a basic level of assistance back in the early decades of Social Security, America’s elderly have come to expect everything their durable little hearts desire.
They often get their way, as they did recently when years of complaints finally induced Congress and the president to agree to bear much of the cost of their prescription drugs. From the tenor of the debate, you would think these medications were a terrible burden inflicted by an uncaring fate. In fact, past generations of old people didn’t have to make room in their budgets for pharmaceuticals because there weren’t many to buy. If you suffered from high cholesterol, chronic heartburn, or depression, you were left to primitive remedies, or none. Today, there are pills and potions for just about any complaintexcept the chronic complaint that many of them are pricey. It’s not enough to be blessed with medical miracles. Modern seniors also want them cheap, if not free.
That’s on top of everything else they get. Retirement benefits used to be just one of the federal government’s many maternal functions. But in recent years, the federal government has begun to look like an appendage of Social Security. In 2000, 35 percent of all federal spending dollars went to Social Security and Medicare. By 2040, barring an increase in total federal outlays, they’ll account for more than 60 percent of the budget. And that’s before you add in the prescription drug benefit. Most of the projected growth is due to rising health-care costs, not to the aging of the population, according to the Congressional Budget Office. Retirees eyeing this bounty feel no pangs of guilt, thanks to their unshakable conviction that they earned every dime by sweat and toil. In fact, economists Laurence Kotlikoff and Jagadeesh Gokhale say that a typical man reaching age 65 today will get a net windfall of more than $70,000 over his remaining years. A luckless 25-year-old, by contrast, can count on paying $322,000 more in payroll taxes than he will ever get back in benefits.
Why do we keep indulging the grizzled ones? The most obvious reason is that they are so tireless and well-organized in demanding alms. No politician ever lost an election because he was too generous to little old ladies. A lot of people are suckered by the image of financially strapped seniors, even though the poverty rate among those 65 and over has been lower than that for the population as a whole since 1974. But it’s not just the interests of old coots that are being served here. Young and middle-aged adults tend to look kindly upon lavish federal generosity to Grandma because it means she won’t be hitting them up for help. Paying taxes may be onerous, but it’s nothing compared to the cost, financial and otherwise, of adding a mother-in-law suite to the house. Working-age folks also assume that whatever they bestow upon today’s seniors will be likewise bestowed on them, and in the not too distant future. It’s not really fair to blame the greatest generation for this extravagance. They are guilty, but they have an accomplice.
It’s surely no coincidence that the new drug benefit is being enacted just as the first baby boomers are nearing retirement age. Nor can it be forgotten that the organization formerly known as the American Association of Retired Personsit’s now just AARPhas lately broadened its membership to include all the boomers it can get its wrinkled hands on. AARP, to the surprise of many, endorsed the plan. And what a surprise it is that the prescription drug program, which will cost some $400 billion over the next 10 years, could balloon to $2 trillion in the 10 years following thatwhen guess-who will be collecting. You would expect taxpayers in their peak earning years to recoil in horror from a program that will vastly increase Washington’s fiscal obligations for decades to come. In fact, theymake that wecan see that the time to lock in a prosperous old age is now, before twentysomethings know what’s hit them.
Boomers have gotten our way ever since we arrived in this world, and the onset of gray hair, bifocals, and arthritis is not going to moderate our unswerving self-indulgence We are the same people, after all, who forced the lowering of the drinking age when we were young, so we could drink, and forced it back up when we got older, so our kids couldn’t. On top of that, we’re used to the best of everything, and plenty of it. We weren’t dubbed the Me Generation because we neglect our own needs, Junior. If politicians think the current geezers are greedy, they ain’t seen nothin’ yet.......”
My son graduated in May, landed a job in town before he graduated and is living at home while he builds up his savings a little. He really doesn’t start making real money for probably another month when his training is complete. He’s not in debt except for a small amount to his university and a small student loan. Besides, he mows the lawn and does other jobs around the house. His plan is to be out by next summer. I see nothing wrong with kids returning home upon graduation until they get on their feet. Besides, I enjoy his company.
I couldn’t wait to get away from my parents. I can’t beleive what wuzzies these kids are today.
Sorry Dude. I’m not filing in with your ‘Baby Boomer’ BS. I never voted for any of this crap.
I had to work to live since I was 14, now over 50. The best culprits were the Greatest Generation that loved the newly elected Boomers with their handouts. They voted this system in wholeheartedly! Can you say Democrats?
How is it that a 70 year old gets more money from SS than they ever got paid monthly in their entire lifetime?
This is the new and growing epidemic of the over educated and unemployed with instant unemployment degrees.
Neighbors across the street have had their daughter, SIL and grand child for over a year. He works and is paid well, but their daughter wants a premium home in the wine country on a blue collar income. The couples’s failure to launch son age 34-36 just finished another instant unemployment degree at UC Davis and has zero job opportunities.
Two other homes on our cul de sac are being refitted to handle adult children with young kids.
We had dinner with 3 couples this past Saturday. All 3 couples have move back in adult kids or failures to launch. One couple has a 40 something daughter, SIL and two grandkids at home for over a year and last week told another daughter, no room at the family inn. This couple is in their 80’s living off SS, small pensions and rapidly diminishing IRA’S.
Another couple’s daughter is back home with her future husband. She has 2 instant unemployment degrees, he has one, and both plan to work on master degrees in the instant unemployment areas where their degrees are. Their daughter has turned into the Queen of Bridezillas, and she expands the upcoming wedding costs on a daily/weekly basis.
The other couple has a failure to launch daughter, who is supposedly working with her dad. She is 24 and has never had a job with anybody besides her Dad.
Our sons and other younger relatives tell us about similiar unemployment situtations with people they know. In these groups, the liberals blame Bush, Cheney and Fox news. Most have worthless degrees and had jobs where they could fake it until the meltdown happened. Now, they are living at home with parents or in laws or headed that way. The independents in these groups are very bitter re Obama, Pelosi, Reid and the left wing congress.
My two sons (30,28 years old), had to move back with in becasue they simply could not replace the income they were making after their companies shut down last year.
Both are working in fast food and pay me rent. 25% of their income, which currently ain't much.
Both are looking for better paying jobs in their respective fields, but in Florida, it's been real, real tough.
Yeah, you're right, I'm at fault / S
Love this phrase.
I had a great job in the days before Obama. Then the economy tanked, my project got cancelled and I got laid off. Since then I’ve been working for myself. Haven’t collected a penny of unemployment. I didn’t vote for Obama, and yet I’m one of these ‘spoiled’ 20 year olds? I’m happy if my income reaches 5k a year.
I’d wager most of you boomers made that much in 1960.
What is a SIL?
I’m with you about not being able to wait to get out of the “nest”. I see it as an embarrassment not being able to sustain one’s self at 20+ years of age. I have to agree with the author on this piece. It is definitely a generational problem. I was in my twenty’s in the 80’s and I worked as many jobs as necessary to live on my own. I was taught that was what one did in order to become an adult. I see firsthand what the adults in my generation have done and are doing to their adult offspring. The youth will never learn responsibility as long as someone else is willing to foot the bills. These parents are retarding the growth of their “kids” by not cutting the financial apron strings. The folks I see in their mid to late 20’s seem much more immature than those of us when we were their age. I believe it is directly caused by over-indulgence and parental guilt.
The non-shirkers I know who had trouble finding work, enlisted.
They keep voting for Roosevelt!
I wonder as a side effect all these people living under one roof will have on the housing industry?
July 22, 2010
Social Security Staggers Toward Collapse
Posted by Van Helsing at July 22, 2010 10:02 AM
Liberals often point to Social Security as the definitive accomplishment of collectivism in America. Sure it required their idol Franklin Roosevelt to set himself up as a dictator and steamroll over the Constitution, but it was worth it to guarantee that no one needs to take responsibility for their own retirement plans.
Few realize just how much money the government steals from them on behalf of this program, because employers match employee contributions, which are expropriated from your paycheck before you even see the money. This means that if you’re self-employed like yours truly, you have to pay twice as much. Four times a year I am forced to send a big fat check to Washington. Social Security takes up more space in my budget than discretionary spending. What will I get for the money? According to Gallup, most people agree that the answer is nothing:
Six in 10 Americans who have not yet retired believe they will get no Social Security benefits when they retire, more pessimistic than at any time since Gallup began asking this question in 1989. Similarly, retired Americans are now significantly more likely than they were five years ago to believe their existing Social Security benefits will eventually be cut.
Meanwhile, the government allows illegal aliens to collect Social Security, even for jobs obtained through false or stolen documents.
How long will Social Security stay solvent? It’s hard to say, when our rulers won’t let us know how bad its finances have gotten....”
Id wager most of you boomers made that much in 1960.
Woulda been hard to do...I'm a leading edge boomer...was in high school and summer work in the fields just didn't quite pay that much.
IIRC, my step-dad only made $3600 that year and with 6 kids in the house, nobody got spoiled.
My own kids, 42 and 38, didn't get to be spoiled either...they wanted extra, they went to work.
Want a car? Fine, get a job; want the latest gadget? fine, work more hours.
The only thing I "gave" them was college and $50 a month spending money; anything extra, fine, get a part time job "and your grades better not suffer".
They "launched" just fine.
I agree with you. I can only speak to my experience as a parent and admittedly an over-indulging one with the first child. I wanted to do things differently than my parents and not make my child work as hard as I had to and to experience the failures I did. HUGE MISTAKE! My parents had it correct and did it correctly. I was the one who didn’t follow their examples and thus produced one of those failure to launch sons (love that phrase). I had my come to Jesus moment after he flunked out of college (intentionally) and thought he’d lay around doing nothing because he thought finding a job consisted of browsing the internet. I gave him three months and gave him a contract that he had to sign if he wanted to continue to live in our home. If at anytime he failed to meet his obligations he would be given 48 hrs to leave. Of course he couldn’t meet them. A year later, I’m not sure if he’s pulled himself together but it is his life to have and to find.
To my dad (who is now 70)...you had it right and thank you for making my life not easy. Your other grandkids are not too happy with you since we’ve decided to more closely follow your lead:)
You sound like my dad:) You and many others your age did it correctly. It is many in my generation (not all of those in my generation)that spoiled our kids. For those who do have successful older teenagers and young adults, you are to be applauded and realize that you are the minority...but job well done all the same
<I keep hearing stories from my friends about recent college graduates who have gotten good jobs.
<None of them majored in liberal arts, however.
Yup. I teach in a grad program. Students can wind up serving in a variety of organizational types, from the wretchedly poor nonprofit to Fortune 100 corporations.
I have to bang these ‘kids’ (some are married w/kids of their own) over the head to get them to understand that companies are not evil and that living in poverty the rest of your life should not be the prize for 2 years in grad school.
I guess it’s no surprise that the males in the field end up in the higher paying and management-oriented jobs while a good number of the women wind up getting the lowest paying jobs. I’m female myself and want to smack some of these women sometimes.
So I wasn’t far off.
Look I know life sucked for the Boomers. You guys had the longest boom and you still have the nerve to whine about us.
Look, Obama’s one of you guys. So was Bush, so was Clinton.
How about you quite riding us, and take a look in the mirror?
I haven’t had a decent paying job since I got laid off of the one I held for 17 years. I still getr by but only because I saved and earned enough when I had the good job to subsidize what I’m doing today or else I’d probably be living on the edge of the poverty line. My kids aren’t going to get the opportunity of that 17-year head start, those kinds of jobs are probably gone forever. My daughter is out of school now, underemployed and working multiple jobs to get by. My son still has his youthful optimism, he’s in summer school right now so he can graduate a sememster early and get a head start on his fellow classmates. He’s a go-getter and I think he’ll be fine but if he can’t make it I’ll help him until he can. He picked a bad time to grow up, maybe not as bad as the kids who turned 21 in 1940 but a lot worse than I had it.
“The only thing I “gave” them was college and $50 a month spending money; anything extra, fine, get a part time job “and your grades better not suffer”.”
I didn’t even get that. Paid my way through work and scholarships over 8 years of school.
Again, how are we all spoiled?
Well, I was 4 years old in 1960, so I didn’t get up to 5K. Didn’t even have a lemonaid stand until 1965. I don’t think 20-year olds now are much different than I was in the 70’s. It’s just that the economy is much worse and the prices of things like rent (for a decent place in safe part of a city) and transportation are relatively higher than even in the Carter days. It’s not such a bad deal if kids need to live at home for awhile while they’re working themselves up the ladder.
No, there’s nothing wrong with it at all...I remember I did it for 2 months after grad school in 1980. Jobs were easier to find then, even in a Carter economy. Most 20-somethings abhor the idea living with the parents and want nothing more than to have their own place. And that’s a good thing.
Thank you. I don’t think there’s any difference between boomers and us at all.
Some boomers just love to regale us of tales of how they walked uphill both ways in the snow. Look we get it. We are failures if we can’t find work or support ourselves.
Please don’t think we are implying parents shouldn’t lend a helping hand. There’s a pretty healthy distinction between over-indulgence and general assistance during tough economic times. The article mentions “kids” who are still living high on the hog while those providing basic necessities are scaling back. These so called “kids” need to learn how to live within one’s means when finances are limited. This is an opportune time to teach these young adults how to be...adults. Thorough financial 101 lessons begin with the word “NO”.
You are quite wrong when you say Obama like the rest of us. We are trying to articulate the differences in upbringing to you. Obama himself was an overly indulged academic. He has never had a “real” job. He has never had to struggle with a few jobs to make ends meet. WISDOM comes from overcoming obstacles and hard times. This is why Obama is such a dreadful example of the times we have before us. He has never had to experience what most of us have. I feel most fortunate to have had my life experiences because I know I can support myself in the toughest of times. I wouldn’t have had it any other way.
(Thanks, Mom! for not allowing any excuses and making me self-sufficient.)
Grab a hammer, learn a trade. Look around the neighborhood and see who needs a paint job, a new roof, who has a half-assed yard you could work on. Learn to tear apart a friggen lawnmower engine apart and put it back together. Do something instead of whining and signifying.
Things have been good for a long time now, apparently longer than your lifetime.
In 1960, the oldest Boomers were 15/16 yo and 5 grand was what their working class dads were making.
How about you kiss my ass and get a real job, like the military or the oil/gas patch. I worked 99 hours last week on the deck of a swabbing rig, sun-up to sun-down....I'll be 50 this year. Your incessant boo-hooing is getting very old....
The bottom line is that the US is fundamentally, economically different from it was a generation or two ago. The great change began in earnest during the double digit inflation of the Jimmy Carter years, then continued and expanded, but in a different way, during the Ronald Reagan years.
While income eventually catches up with *overall* inflation, after about a 10 year lag, it doesn’t ever catch up with those areas with a much higher rate of inflation, which often do not even count into the official level.
For example, since the 1960s, college tuition inflation has consistently been 3% higher, per year, than the overall inflation rate. Health care, at least 2-4% higher, per year.
For example, adjusted for inflation, having a baby in a hospital in 1960 cost about $900 (actual price $130). By 2008 that had risen to $5,275. An almost 600% increase over overall inflation.
Buying a house in 1960, adjusted for inflation, would cost about $91,000 today (actual price $12,700). By 2008, the average cost of a new home nationwide was about $300,000. Over 300% greater than overall inflation.
Yet wages track not too far away from overall inflation.
Add to this the availability of substantial debt, in things such as college tuition. While corporations don’t really care about a degree compared to competency, the federal courts have ruled that for them to hire based on written tests is discriminatory, so they must rely on applicants having a college diploma.
This was a gift to the universities, a license to steal. Or really, to raise tuition to nonsensical levels, with graduates being so deeply indebted for decades that they had to forestall marriage and children. And home ownership. And just about any degree of prosperity. And no retirement.
It’s about enough to make people want to live with their relatively prosperous, retired parents. While they can’t marry or have children, to ruin their lives, and they have to be unpaid servants to their parents, at least they will not starve nor be homeless.
Hey, not starving or being homeless is the new AMERICAN DREAM.
Thank you, federal government, for screwing it all up for us.
I don’t recall anyone saying you ALL were spoiled. We are simply calling the obvious of a select few. Those of us with the life experiences have the wisdom to know the difference. You really shouldn’t be so hyper-sensitive, especially if you clearly don’t belong in the group we are referring to. Some of us are clearly making the admonition of our failures. This could be a learning moment for you if you are willing to be objective and observant. Those two traits are what most of us parents are praying for daily.
Welcome to FR BTW.
You ever treeplant? Sun up sun down in the summer. Then we go sleep in a tent and repeat the process. Paid for my school.
Is it too hard to admit, that maybe, just maybe, you might be wrong?
If your kids have your work ethic, they are miles ahead of the competition. It is very tough out there for many young adults, but what will set your kids apart is their ability to work hard and to pay their dues. I hope they can see what good foundations they are laying for their futures. Best of luck to them
You better read it again...I'm the boomer and my step-dad made the $3600...minimum wage in 1960 was $1 and there weren't too many kids making more than the minimum in HS.
I worked in the fields in the summers and made more than minimum...'course, the harder you worked the more you made....funny how that worked.
Look I know life sucked for the Boomers. You guys had the longest boom and you still have the nerve to whine about us.
Life didn't suck; circumstances might have been a little sucky, times but it was a pretty good time.
Look, Obamas one of you guys. So was Bush, so was Clinton.
Lessee, Obamarama was born in 1960, so he couldn't be one of us guys, except in the broadest sense of "boomer" and there is a world of difference between someone born in the 60's and someone born in the 40's and I doubt even he made 5K in 1960, despite his press.
The other two guys, yep...one flew twitchy a$$ jets in the Air Guard subject to deployment and the other one went to Qxford...me, I went to Viet Nam, Infantry and got the scars to prove it.
So, is there a point somewhere in there?
How about you quite riding us, and take a look in the mirror?
I just checked the mirror...I see a guy who worked in the fields beginning at age 12, and when I was older worked baling hay at a penny a bale...on a good day I could make 10 or 12 dollars.
My kids worked in the fields too for two reasons, one to give them incentive to study harder to overcome that life and to give them an appreciation for the value of honest labor and that no honest labor is demeaning.
I like what I see.
Do you like what you see in yours?
I'm not riding you; I don't even know you.
However, what job/work are you willing to do to feed, clothe and house yourself...no need to answer, it's a rhetorical.
‘This could be a learning moment for you if you are willing to be objective and observant. Those two traits are what most of us parents are praying for daily.’
An objective examination of my situation says that I need to move to where there is work, which is what I’m doing.
You’ve been objective. I object to the characterisations by Boomers that all us young’uns are lazy.
“Thorough financial 101 lessons begin with the word NO.”
Amen to that!!!
Look at the current pResident...
Wrong about what? I worked at General Dynamics/Lockheed for 17 years, engineering. Got laid off.....got a CDL and moved, now have a job in the gas patch. I've worked this job for a month and a half, 2 under 25 year old have quit since I started. Apparently work, back breaking work, isn't something they enjoy. Cry elsewhere....
“You better read it again...I’m the boomer and my step-dad made the $3600”
And I made about 5k last year after I got laid off. 5k is not all that far off of 3.6k and that was 50 years ago.
That’s the number I was after. Perhaps I could have been less fair to you and used the number that you made starting out, but I don’t think you want to go there.
‘I worked in the fields in the summers and made more than minimum...’course, the harder you worked the more you made....funny how that worked.’
I treeplanted when I was old enough, and before that worked in the fields brushing for minimum. Funny how it worked, that no matter how hard you worked, you got paid the same.
You see, I don’t get to choose the compensation, the employers choose this for us.
‘Life didn’t suck; circumstances might have been a little sucky, times but it was a pretty good time.’
Thank you. The situation is different for us, and part of that is because of the policies enacted by Boomers to make it more difficult.
‘Lessee, Obamarama was born in 1960, so he couldn’t be one of us guys, except in the broadest sense of “boomer” and there is a world of difference between someone born in the 60’s and someone born in the 40’s and I doubt even he made 5K in 1960, despite his press.’
I’m sorry, he’s still a Boomer. He’s far far closer to someone born in the 40’s than to any of us.
‘Do you like what you see in yours?’
Do I like my current situation? No. The question is what has to happen for me to change my situation? I got turned down for a manual labour position because as the fellow said, they had 100 applications for 20 positions.
‘However, what job/work are you willing to do to feed, clothe and house yourself...no need to answer, it’s a rhetorical.’
Whatever work I can get.
Bingo. That's what I did in the recession of '74.
I'm afraid many kids these days have been brainwashed against those icky guns and Imperialist American wars. Especially those with Poly-Sci or other such useless degrees.
The funny thing was, after I'd been out of the Army for a few weeks, my Dad told me the same thing he did after I graduated high School, namely, "Son - time to get a job". And so I did.
“2 under 25 year old have quit since I started.”
And the entire firm consists of 50 year old engineers like yourself?
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