Posted on 01/15/2017 7:17:28 AM PST by Sir Napsalot
Baby Boomers: your millennial children are worse off than you.
With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles.
The analysis being released Friday gives concrete details about a troubling generational divide that helps to explain much of the anxiety that defined the 2016 election. Millennials have half the net worth of boomers. Their home ownership rate is lower, while their student debt is drastically higher.
The generational gap is a central dilemma for the incoming presidency of Donald Trump, who essentially pledged a return to the prosperity of post-World War II America. The analysis also hints at the issues of culture and identity that divided many voters, showing that white millennials — who still earn much more than their blacks and Latino peers — have seen their incomes plummet the most relative to boomers.
(Excerpt) Read more at cnbc.com ...
as predicted by our nutty uncle in the attic, Ross Perot, circa 1992
Obummer’s destruction of the US economy via his EPA radicalism and the ObamaNOcare act has left this generation without any jobs to find. No wonder they are ‘falling behind’. And those college grads who take courses that result in ‘feel good, easy to pass majors’ that have NO relation to actually training them to do a job...and the constant beating that manual labor is not good.
In hindsight it looks as if ol’ Ross Pee-row was the target of domestic intelligence ops himself. He just wasn’t street smart and enough of a showman to extricate himself and rise above it, unlike Trump.
They have been carefully taught by the government to be totally dependent .. ..everything should be free . ..
Bernie! Bernie! Bernie... owait...
Many if not most of them are mis-educated. They are indoctrinated. But their actual cognitive skills deteriorate as they go through these lame undergraduate programs. They are dumber when they come out than they were when they went in, and $100,000.00 or more poorer for the privilege.
Higher education today is the greatest Ponzi scheme in history and it will end loudly.
“We are about as good at planning for that outcome as we were choosing tge clintons and the obamas to run the country”
And don’t let’s forget the Bushes. They were real winners, too.
Count me as one of those “only child” Gen X’ers.
Go to zillow.com and type in Moorpark, ca or camarillo, ca or oxnard, ca or venture, ca and be shocked at the home prices PLUS HOA fees with some over $500/month!
I live near those areas.... and cannot afford a house.
You have to be a millionaire to pay for one.
Meanwhile in much of the rest of the country you get a big home for $200,000 or less with more land and no HOA fee depending how far from the big city.
The 15 cities where you can live really well on $60,000
http://www.cnbc.com/2017/01/13/the-15-cities-where-you-can-live-really-well-on-60000.html
“And don’t let’s forget the Bushes. They were real winners, too.”
They’re done. Thankfully we now have a 1946 boomer to fix it
Roger that. In my case, I will include friends and neighbors and the opportunity to raise my kids in a society which is a generation or more behind the United States in corruption and political correctness.
#4 and everyone else. A whole series you can watch about how stupid people can be.
Young Americans Think President John F. Kennedy Died THIS MORNING IN A CAR ACCIDENT!!!
https://www.youtube.com/watch?v=Z-bao9fg6Yc
Us boomers were the ones being ripped off by social security taxes all of our working lives allowing politicians to buy the votes of our parents and grandparents. Social security is a lousy return compared to a private investment yet we were forced into it. It needs to end but in a manner that phases it out as retirees die off. Essentially, social security amounts to government ownership of the elderly.
You know, the so-called Silent Gen didn’t get to do much, either. Those are my parents (NOT damn Boomers), and with BillyBob we basically skipped any chance of having that gen as pres. Gen X still has a chance to be pres.
For Boomers, SS is a lousy investment.
For everyone younger than that, it’s straight-up theft.
The money retiring Boomers are getting right now is directly stolen from younger people, who are all but guaranteed to see nothing at all.
And the money that was taken in taxes? Long since spent, by politicians elected by Boomers. Who now perversely get to recoup those taxes plus extra, from people who never got a say in the matter at all.
The Boomers will be known to posterity as the Worst Generation - thieves and liars who fed upon their own children and grandchildren.
1. Those who are within ten years of retirement should be encouraged to give up receiving their promised social security benefits with a one-time cash buyout. Those who take this buyout will never get social security benefits BUT also will be exempt from having to pay social security taxes making them prime experienced employees to firms that want to take advantage of their skills and not have to pay into social security.
2. Those folks currently on social security should be frozen at their current level. At the same time, kick out everyone who did not pay into the system over a four-year time span with a 25 percent reduction per year.
3. Anyone not taking the cash buyout will be subject to whatever rate decreases are put into place. Those who are ten to twenty years away from being eligible for social security will be forced to receive these new lowered rates but at least they will have time to develop other forms of retirement income. In addition, as recipients die off, their social security taxes will be reduced over time.
4. Anyone who is more than twenty years from retirement will not receive social security but will be given incentives to build their own retirement plan that they own. Their social security taxation will also be reduced as the amount of recipients die off.
This phased in approach is the only way to get us out of the current mess that takes something from everyone involved and gives something back to those footing the bill.
Don’t take it personally that your generation is probably the most destructive on in human history. As you said, it’s not your fault that you were born into it. Talking about a generation is necessarily general in nature.
Back to the main topic: How do you propose to pay for the proposal? With taxes on people who get nothing from the arrangement? The only real place to get the kinds of money we’re talking about are from the assets of the Boomers themselves, since they stole literally more than everything.
The biggest problem is financing the benefits for the massive amount of baby boomers. The boomers are trapped as well but can still find part-time work if we provide incentives to business such as no social security taxation if they are employed. The way to reduce their numbers is to offer a one-time cash buyout that is large enough for half of them to accept instead of receiving benefits. This would cost up-front money but would be more cost effective in the long run and lessen the burden that those who pay social security taxes would face. Facing a reduced benefit amount would also encourage many boomers to take the buyout option.
Those who haven't paid into social security have no basis to complain about losing benefits over a four year time frame. This provides time to formulate their own financial plans or for others who wish to help them do so.
The ones who would be trapped into the reduced rates with no buyout option would at least have a ten to twenty year stretch of time to build their own nest eggs that they would be in total control of. In addition, as recipients die off, their burden of social security taxation would fall.
Those folks with over twenty years to go before retirement would be able to build their own resources and would also benefit from the dying off of recipients as time goes by. At some point, thirty to forty years into the future, social security will have gone entirely away and your problem of having to finance someone else's retirement along with it. Certainly by the time your children come along, this won't be a burden of theirs.
Stop being so angry and look for a better way than what I have proposed. Social security sucks. We are all burdened with it, Let's find a way to rid ourselves of it. There is no overnight solution.
I agree that realistically this country is best off being weaned off the federal teat.
At the same time we should not kid ourselves about what is really going on here: a whole lot of stealing from, and injustice inflicted upon, innocents.
As currently structured, social security steals from everyone associated with it.
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