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Dec 1 - Millennials Have a Right To Be Pissed at Boomers. This Data Proves It.


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 2 weeks ago '06        #1
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Dec 1 - Millennials Have a Right To Be Pissed at Boomers. This Data Proves It.
 

 
Just how badly are millennials being screwed out of wealth? Let’s take a look at the data.

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The Federal Reserve regularly publishes data on the generational gaps in wealth. The boomers have plenty of it, and millennials don’t. That’s no surprise — the boomers are older. But what recent data also clearly shows is that when the boomers were millennials’ age, they had significantly more than millennials do today.

Back in 1989, when boomers were between 25 and 43, they already owned 20.9% of the country’s wealth, according to data from the Federal Reserve updated earlier this month. In 2019, millennials are between 23 and 38, and they currently own a whopping 3.2% of wealth. That means boomers had more than six times as much wealth in 1989 as millennials do now.

“I definitely think millennials have a bunch to be uniquely annoyed about,” said Josh Bivens, research director at the Economic Policy Institute. “Lots of them graduated into a horrible labor market, and they've probably been very stunted in their ability to get on the treadmill of earning enough to actually save anything.”

Looking at wealth over time, any given generation would start out with nothing. (Children don’t own stuff.) As time passes, they’d accumulate wealth, and, eventually, people die and tend to pass their wealth on as inheritance.

But the olds’ wealth isn’t trickling down — in 2019, the generations older than the boomers still controlled nearly a quarter of U.S. wealth.

And the inequality isn’t going unnoticed to millennials and the even younger Gen Z. There’s a fair bit of resentment in the air right now — take “ok boomer” as evidence, the dismissive retort the youngs levy against the olds, and the the olds take it personally.

Political candidates know that to effectively reach a millennial audience, they need to be speaking their language. That means tackling inequality, relieving student debt, and promising affordable healthcare — which all of the major Democratic presidential candidates have put forward plans to do.

“I definitely think millennials have a bunch to be uniquely annoyed about.”

Sen. Bernie Sanders’ presidential campaign, who has stridently advocated aggressively taxing the wealthiest 1%, has more support among millennials than any other candidate. Sen. Elizabeth Warren and Pete Buttigieg, who likes to point out that he’s “the youngest guy on the stage” at debates, both have big plans to relieve student debt.

Some candidates are even directly pandering to young voters, with videos like Sen. Kamala Harris’ “mood mix.”

No matter how embarrassing their youth outreach, the Democratic party has the millennial vote by a wide margin: The generaton voted Democrat by 35 points in 2018.

Still, it’s worth noting that it’s less that boomers, as a generation, had significantly more wealth than millennials do: It’s more that a tiny fraction of the boomers have always been wealthy and have only gotten richer.

Back in 1989, the bottom half of the country, regardless of age, only had about 4% of the country’s wealth. Since then, the top 1% has gotten richer, the top 10% has held onto its share of wealth, and everyone else got poorer. Now, boomers have 18 times as much wealth as millennials do, according to Fed data.

“The boomer generation had a lot more wealth at this point in their life cycle,” Bivens said. “But it wasn't the typical boomer — it was that small slice of very, very rich ones, and that's where we should aim most of our side-eye.”

All other things being equal, generations are defined somewhat arbitrarily, and not all of them are of equal size. Boomers were born during a 19-year period, between 1946 and 1964; millennials were born in a 16-year span, between 1981 and 1996. So it wouldn’t be unusual for millennials to have somewhat less wealth than the boomers.

But that boomers had so much more wealth when they were young than millennials have now means there are broader economic factors at play.

The generational wealth gap has been trending toward young people having less for the last 30 years, the Fed’s data shows. But even Gen X, that little generation between millennials and boomers that will never be president and loved Nirvana cassette tapes, was better off. In 2001, when they were between 22 and 36, Gen Xers had 5.7% of the country’s wealth, nearly twice millennials’ share in 2019, even though Gen X is markedly smaller than the millennial generation.

Young people know they’ve been screwed, and, increasingly, they’re not holding back on yelling at the olds about it. Undeterred that the olds don’t like having the phrase “ok boomer” leveled at them, they’re using it slander those politicians who aren’t taking their concerns seriously.




visit this link https://www.vice.com/en_u .. data-proves-it
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 2 weeks ago '19        #2
Djay2020 
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Of course they do... they are the ones that came in a made the big positions and now they never leave. They WORKED their way up and want us to do the same. HOWEVER, they dont realize there is no UP.... No one will retire, so now we end up at entry level positions forever because theres no way to work up to something that doesnt exist. THEN, they have the audacity to call us LAZY... Nah motherfu*ker, retire so we can work our way up. No way for a 85 year old should still be working and sh*t, yall supposed to be retired by then.. oh wait, yall fu*ked up economy so YOU cant afford to retire either.

but nah, we're just lazy... nvm
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 2 weeks ago '17        #3
lucifershammer 
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This "Boomer" sh*t is shenanigans
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 2 weeks ago '12        #4
acefresh 
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 Djay2020 said
Of course they do... they are the ones that came in a made the big positions and now they never leave. They WORKED their way up and want us to do the same. HOWEVER, they dont realize there is no UP.... No one will retire, so now we end up at entry level positions forever because theres no way to work up to something that doesnt exist. THEN, they have the audacity to call us LAZY... Nah motherfu*ker, retire so we can work our way up. No way for a 85 year old should still be working and sh*t, yall supposed to be retired by then.. oh wait, yall fu*ked up economy so YOU cant afford to retire either.

but nah, we're just lazy... nvm
I a*sure you 85 year olds are not dominating the job market

In fact, millennials have a leg up on old farts in technology, new age media and marketing. The wealth gap has a lot more to do with tax loopholes. The 1% consistently paying little to no tax or at least substantially less than called for as their fair contribution to society. Meanwhile the average joe and even white collars who earn well, pay 20-50% tax.

Student loan debts just don’t go away. And with entry level jobs paying less than ever and the value of a bachelors degree being equivalent to a half eaten lollipop, the interest keeps accumulating, instead of wealth.

Mix in a healthy dose of consumer culture obsessed with high end items/luxury goods that are nonsensically disproportionate to their incomes...

Add a fully privatized healthcare system that is egregiously expensive and more concerned with profits than helping people get better.

And of course let’s not forget big pharma poisoning the country slowly but surely with deadly drugs that shouldn’t even exist...

That’ll do it....in my humble opinion
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 2 weeks ago '14        #5
Hoodsta1e11 
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Of course they gad more wealth
They didn't have sh*t to spend on.
Millennials spend money as soon as they get money. They're quick to run out and buy the newest iPhone when there current phone works fine just because the boomers didn't have sh*t like that and most things they did have lasted longer than things now
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 2 weeks ago '04        #6
deziking  topics gone triple plat - Number 1 spot x1
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Its gonna be the other way.





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 2 weeks ago '10        #7
sho 2010 
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You don’t have anything because you’re jackasses.
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 2 weeks ago '10        #8
JKO 
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The jobs boomers got fresh out of high school now require a college degree + 10+ years of experience.......






Im probally the only millennial that works in my dept. Its all boomers.

Me knowing how "to work a computer", as they say is giving me a huge leg up over them in a lot of cases.
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 2 weeks ago '04        #9
mr_underground|m  topics gone triple plat - Number 1 spot x4
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it seems a lot of boomers are struggling as well. that got re-affirmed to me when visiting my gma and her friends at their bingo nights. a lot were really mad at the gov. all unanimously said if they knew the gov would short them on the social security its no way in hell they would have worked as hard as they did by putting in extra hours. a lot said fu*k the gov and they could keep that puny check as there promised a lot more and they have no idea how a millennial is going to make it.

the classic boomer advice is "to work hard, get an education and work your way up" but now that those SS checks are coming the new advice is " nevermind, they lied, do what you love instead"


Last edited by mr_underground; 12-01-2019 at 07:35 PM..
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 2 weeks ago '17        #10
Lazy 
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Be sure to wear headphones
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 2 weeks ago '05        #11
YoungHope 
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Might be time...

 2 weeks ago '06        #12
aussie08 
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 acefresh said
I a*sure you 85 year olds are not dominating the job market

In fact, millennials have a leg up on old farts in technology, new age media and marketing. The wealth gap has a lot more to do with tax loopholes. The 1% consistently paying little to no tax or at least substantially less than called for as their fair contribution to society. Meanwhile the average joe and even white collars who earn well, pay 20-50% tax.

Student loan debts just don’t go away. And with entry level jobs paying less than ever and the value of a bachelors degree being equivalent to a half eaten lollipop, the interest keeps accumulating, instead of wealth.

Mix in a healthy dose of consumer culture obsessed with high end items/luxury goods that are nonsensically disproportionate to their incomes...

Add a fully privatized healthcare system that is egregiously expensive and more concerned with profits than helping people get better.

And of course let’s not forget big pharma poisoning the country slowly but surely with deadly drugs that shouldn’t even exist...

That’ll do it....in my humble opinion
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 2 weeks ago '04        #13
patt24 
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Same as every generation... current group of people just need someone else to blame.
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 2 weeks ago '17        #14
GodBody  topics gone triple plat - Number 1 spot x6
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Bro most Americans are struggling regardless of what generation you were born into.
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 2 weeks ago '07        #15
yolaboy  topics gone triple plat - Number 1 spot x2
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 JKO said
The jobs boomers got fresh out of high school now require a college degree + 10+ years of experience
this, a college degree should never be required for any job if the company is truly concerned with quality goods and services

30-60 years ago, if you were an able-bodied adult who was willing to work 40 hours a week, you could live, eat, pay on a car and still have some money to save or spend

and just like tuition, rent has skyrocketed disproportionately to average income, but boomers wanna pretend the everything is exactly the same as it was 40 years ago
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 2 weeks ago '14        #16
FukHowYouFeel 
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Boomers usually worked harder than millennials did. Of course they had more.

Complaining about sh*t is not going to help or save these people. They need to put their heads down and get it.
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 2 weeks ago '17        #17
Nosbig 
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There's no point in arguing this with baby boomers houses were half the price and majority of their wealth came from selling their house because it doubled in value...... everything but wages have gone up but us millenials are lazy apparently lol I got 200k of cash I could pull out and I'd be mortgage broke on a starter home
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 2 weeks ago '19        #18
drnarcisse 
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Stop complaining pussies
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 2 weeks ago '16        #19
MrNobody 
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 Djay2020 said
Of course they do... they are the ones that came in a made the big positions and now they never leave. They WORKED their way up and want us to do the same. HOWEVER, they dont realize there is no UP.... No one will retire, so now we end up at entry level positions forever because theres no way to work up to something that doesnt exist. THEN, they have the audacity to call us LAZY... Nah motherfu*ker, retire so we can work our way up. No way for a 85 year old should still be working and sh*t, yall supposed to be retired by then.. oh wait, yall fu*ked up economy so YOU cant afford to retire either.

but nah, we're just lazy... nvm
Nah, bro, i fu*kin feel u. Minor sh*t be gettin to me like how i get off the train and 50 boomers are lookin lost meandering in every direction but the one that gets them the fu*k out of the way.

fu*k is u doin in manhattan? Move yo a*s to Connecticut or somn
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 2 weeks ago '19        #20
Megaman 
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personal wealth correlates to work output.

if millennials have no wealth, then they need to either work actual jobs, or stop buying craft beer and avocado toast.

don't live beyond your financial means. fairly simple life concept to adhere to.
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 2 weeks ago '19        #21
zzxxccvvbb 
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Those fu*king boomer a**holes and their not being old and decrepit at 60 like past generations

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 2 weeks ago '10        #22
Black Tuesday 
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Just look at interest rates in the 1980s. Tells you all you need to know.
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 2 weeks ago '16        #23
Kyr0s 
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Nobody cares ... work harder and stop complaining!

You eat what you k*ll ... personally I wasn’t raised to be a victim. I control my own destiny. You’re a clown if you allow others to dictate your future.
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Top 10 most slapped recently  2 weeks ago '19        #24
Number5 
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 lucifershammer said
This "Boomer" sh*t is shenanigans
All age/generation talk is just a distraction to keep us from goin after the real enemy.
+7   

 2 weeks ago '16        #25
TrapInBriks11 
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 yolaboy said
this, a college degree should never be required for any job if the company is truly concerned with quality goods and services

30-60 years ago, if you were an able-bodied adult who was willing to work 40 hours a week, you could live, eat, pay on a car and still have some money to save or spend

and just like tuition, rent has skyrocketed disproportionately to average income, but boomers wanna pretend the everything is exactly the same as it was 40 years ago
This. Also boomers could literally work while going to college and pay off their tuition with the money they made working there. Rent is retarded high at times higher than a Mortgate.
+3   



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