The cost of living and economy sucks compared to boomer days

Author: n8nrgim

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thett3
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The coming “great wealth transfer” is something that interests me. I know people who never really succeeded in life and work pretty low end jobs despite their parents being upper middle class. I get why their parents don’t want to just reward their poor choices/work ethic with money but I doubt they’ll choose not to leave their estate to their kids. It’s weird to imagine decades in the workforce without much savings, low earnings, no house etc then inheriting a nice suburban home and like $800k in a 401k at age 50 

And of course for younger people who are already doing well, if their parents are well off, they’re going to be insanely wealthy by middle age
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I forgot to add that I wanted to shameless bump this to the new page: 

I’ve looked into the boomer vs millennial and younger debate at length and both sides totally past each other. I think everyone misunderstands the demographic and economic history of the situations.

Contrary to the memes, boomers weren’t all handed a 3,000 sq foot house on the coast as soon as they turned 22. To Savants point, homes back then were smaller, interests rates were higher, the expectations for “the good life” were a lot lower. For example, International vacations didn’t happen for almost anyone, like 1% of people even had a passport into the 80s. Boomer office culture was an absolute nightmare, often six days a week during busy times and two weeks PTO was the standard. Also for late silents/early boomers close to a double digit percentage of men were in the Vietnam war, often against their will. It wasn’t a utopia they came into at all

But they were much more in charge from the very beginning than subsequent generations were. If you compare the number of babies born from 1946-1964 with the US population in 1946, baby boomers ended up being 54% of the initial population from when they were born. Thats INSANE for any generation. For millennials that number is 29%. The tenor of society was set by them basically as soon as they came of age in a way people before or since didn’t experience

The problem is to a large extent the boomers themselves but not through fault of their own.  When they were young, they didn’t have to compete for resources and status with an extremely large and almost unimaginably wealthy cohort. Not only were the youth a much much larger percentage of the total than they are now, the older generations at that time typically weren’t wealthy, they had social security payments which were lower than today and the lucky ones had small private pensions. Stock investing was something the middle class just didn’t have access to, and there hadn’t really been the real estate bubbles we see now. They were much more in charge economically and demographically, things catered to them. When the boomers were in their 20s and 30s if they wanted to buy a house they typically werent competing with WWII generation people who could drop $600k cash from one of their retirement accounts. Such a thing would be unthinkable. But it’s something current youth do have to face. With the demographic pyramid inverting further it’ll probably get worse

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Also the social/dating life for boomers was much much better compared to the hellscape now. That matters a lot for people being happy 
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@ResurgetExFavilla
Ok but how was Bernie Sanders not a no-brainer? Man is talking about tax the rich and 4 day workweek. Instead you guys elect an ignorant reality tv star.
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@thett3

Also the social/dating life for boomers was much much better compared to the hellscape now. 
Since I'm a Boomer, Tru-dat!
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I mean I think you and thett raise some very valid concerns e.g. entire departments full of Indians. But I don't think any democrat is going to look at that and think it's okay either. And nobody is just letting crime happen. Maybe it's an issue because you're stuck managing a political tug of war instead, but nobody wants crime. Nobody does. 

Bernie Sanders, AOC, how are these not the future we all want? 4 day workweek, paid the real value of our labour. It won't be at the cost of crime everywhere. We won't be taken advantage of in our naivety. The only reason people aren't listening to thett now is because they can't get over the fact that he elected a fucking lunatic billionaire sociopath. What we need to manage is our wealth. That is the real game. That's the wool the ultra rich are trying to pull over your eyes. Nobody fucking wants crime.
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https://www.youtube.com/watch?v=FV2wCXKgG1E

That bird was Jesus Christ's stamp of approval on Bernie.
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@badger
Ok but how was Bernie Sanders not a no-brainer? Man is talking about tax the rich and 4 day workweek. Instead you guys elect an ignorant reality tv star.
He was an option for a time. Then Trump won the Republican primary because he went scorched earth against the establishment, skewering the Bush family in South Carolina and inflaming the entire Republican establishment against him. At the same time, Bernie refused to go for the jugular against Hillary. Instead of criticizing her blatant corruption, he said that he was 'tired of hearing about her e-mails'. Meanwhile, Trump more or less got on stage and said 'Bush lied, millions died', and people declared his political career over, only for him to triumph in the end.

Once it was clear that Trumpism had swept the Republican part, The Powers That Be poured all their energy into the Democrats. Even if Bernie decided to grow a spine at this point, I don't know if he would have been able to make any headway against the full brunt of all that raw power. What followed was an exercise in humiliation. In two elections, Bernie was trotted out to chide the more radical base of the Democrats to vote for two blatantly corrupt establishment ghouls. Two shivs in the back are a bit much for anyone to take. Bernie repeatedly put the Democratic Party that he himself had criticized as corrupt and ineffectual over his increasingly pissed-off base. This more or less transformed him from a potential reformer to a neutered sheepdog for the Democratic Party. There's a theory that I think may have some truth to it that his wife had been up to some sort of not-quite-legal financial shenanigans which were held over his head to get him to behave, but what's done is done. Bernie missed his moment and it will never come again.

AOC is a joke. Her group (Justice Democrats) ran on a fundamental issue - healthcare. They pledged to force a floor vote on Medicare for All (single-payer), so that all representatives would be on the record and could be held accountable for voting no. After talking a big game, AOC was soon calling Nancy Pelosi 'Mama Bear' and when the golden opportunity actually came to force that vote (the margin was so thin that the Squad could have withheld their votes in return for said vote) they demured. They then lied and said that if they had done this then the Republicans would have won, which is flat-out untrue. Votes would have continued to be held until a majority for one candidate was reached. She had been handed a couple of juicy committee seats and didn't want to give up that taste of power.
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AOC is a joke.
I don't see you guys having any other politician who isn't running on some lunatic Christian brand or who isn't an Obama clone. Trump's popularity is in abusing the mentally unwell and broke Mexicans, somehow the new Jews of the American Nazi regime, except the Jews had fucking money. When does this translate into any actual good for anyone?
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@badger
I don't see you guys having any other politician who isn't running on some lunatic Christian brand or who isn't an Obama clone.
AOC is on that trajectory. Watch videos of Pelosi when she was a bright-eyed and bushy-tailed Congressional neophyte, and she sounds like a carbon-copy of AOC. Now she's a sclerotic, corrupt old crone. Same thing happened to Obama, the 'change' candidate. That's what Washington, especially the legislature, does to any reformer. It corrupts, and AOC is already too far gone imo.

 Trump's popularity is in abusing the mentally unwell and broke Mexicans, somehow the new Jews of the American Nazi regime, except the Jews had fucking money. When does this translate into any actual good for anyone?
I think this is a very out-of-touch assessment as to the motives and beliefs of the average American voter. My aunt cleans houses for a living. She doesn't have any hate in her heart for Mexicans. But she has a mortgage to pay, and when they border is open and we have people streaming over half the rich people she works for switch to Mexicans who pack into a house like sardines and will work for half as much. School taxes go up because ESL instruction is expensive and in the US property owners pay for local schools. It's not hateful or meanspirited to want a decent life and a job that pays enough to have a roof over your head. The bottom line is that when you have people streaming into the country who are used to third world living standards and are willing to work for pennies on the dollar, your own poor and working classes can't compete unless they immiserate themselves to a similar level.

Then there are the local economic effects. The US is the largest source of remittances in the world. Billions upon billions flow out of this country every year from immigrant workers to their families back home. If you are small business owner in a small town with a factory that employs locals, those locals come to your store and have a certain portion of their paycheck to spend. Then you take the money you make and spend it at other places in town. This is the basic economics of how money gets moving in the local economy, and how a rising tide can lift all boats. What happens if the local union goes on strike, and the factory brings in illegals as scab labor and then keeps them on, paying them let's say 60% of what they were paying the union. Well, that's 40% less money being spent around your town to being with, and 40% more going into the factory owner, which these days is probably some constellation of investors in wealthy zipcodes scattered throughout the country. Then let's say the immigrants send 30% of their paycheck back to their country of origin. Well now you're down to 42%.

What does that do to the local economy? What happens to the mom and pop shops on main street? The restaurants? They get gutted, then the real estate gets bought dirt cheap by a mega-corporation that turns everything into the same bunch of corporate chains. When I was a kid and you went around to different towns sure there was a McDonalds at the big intersection, but the town itself was all small businesses owned by the people who lived there. Increasingly that's not the case - everything is corporate owned.

Foreigners often see this as a race thing for some reason but it's not. Trump has the highest support among ethnic minorities for a Republican in my lifetime, and it grows every year. The growth has been especially strong among Hispanic voters, with Trump coming within an inch of winning an outright majority of Hispanics in 2024, a record level of support. Black support is also growing, and these groups especially approve of Trump on immigration. This is a large part of why Democrats are losing voters - back when Bernie stood a chance and was wildly popular (also with Hispanics), he said that open borders were 'a Koch Brother's proposal'. Cesar Chavez, the famous Mexican-American civil rights activist and labor organizer, campaigned heavily against illegal immigration while he worked to unionize largely Mexican farm workers in the US, rightly seeing them as scab labor who would break strikes and suppress wages.

Our media loves to frame this as some sort of mean-spirited racial issue, but it just isn't, and their constant insistence on doing so is why pretty much only decrepit boomers watch corporate media anymore - their ratings are in the toilet, and what viewers they have live in a dementia-addled fog. But I feel like people outside the US don't have the reality in front of their face all the time, and so only have the news to go by and get an incredibly distorted picture of what the country is like and how people feel. Take this:

Trump's popularity is in abusing the mentally unwell
This mostly comes from a single instance back around 2016 about which the media shamelessly lied. Trump was talking about people dancing/cheering in New Jersey as the towers came down on 9/11. A reporter, Serge Kovaleski, criticized him for this. Trump mocked Kovaleski, as he had written an article about it himself, in the exact same way he's mocked other people that he's portrayed as incompetent in his little Borscht-belt act: by flailing his arms around with a vacant look on his face. He's done this same gesture for a general and for Ted Cruz when he waffled about waterboarding, it's one of his canned routines. The media clipped that moment and ran article after article about how Trump 'mocked a disabled reporter'. They cite it in just about every article they've written over the last ten years. The public walked away with the idea the Mr. Kovaleski was someone with Downs Syndrome or some sort disability which Trump was mimicking.


He has a completely normal face and mannerisms. He suffers from arthrogryposis, a condition which causes stiff joints and limited mobility. He's a normal, intelligent guy with a hand which is stuck in an awkward position. Someone who wanted to mock his disability would do the precise opposite of wildly gesticulating and waving his hands around his head. In some of the most breathtakingly dishonest articles, the outlets would take a freeze frame of Trump's wild flailing at a point where his hand was in a position that most approximated that of Kovaleski's. In reality, Trump was mocking either incompetent factchecking or outright journalistic malfeasance. The 'mocking a disability' angle was a welcome opportunity to distract people from their own shoddy reporting, which was at the time on full display.

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When the boomers were in their 20s and 30s if they wanted to buy a house they typically werent competing with WWII generation people who could drop $600k cash from one of their retirement accounts.
I fell into the trap of being way too wordy again. All I mean is that for scarce resources (houses/land being #1 but anything you can think of) the amount of wealth in the country has gotten so vast that the prices of these things have decoupled from income and are instead coupled with wealth. 

The nicest house on my street just sold. It’s almost twice the size of ours, looks cool, has a pool, backs up to a huge park with a massive playground. Would be really fun for kids to live there. I saw a few families with children looking at it but mostly people who were in their 60s. Guess who got it? And fair enough, it’s a very nice house and it’s a free market. But I would bet anything that when that house was built in the 80s it was bought by high income professionals probably in their 30s, the idea of a 65 year old WWII generation couple buying it with cash would be unthinkable. But today even high income professionals are competing with people who have so much wealth they can just straight up buy what they want. Stock returns have been so good that if they took advantage of investing in the 80s to now, which many did, even a common employee is extremely wealthy. I don’t know what to do about it but it is a little distortionary socially 
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When I was in high school we paid 25 cents a gallon for gasoline.
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@FLRW
The lolbertarian in me feels obligated to point out that with the value of the silver in the quarters you used in high school we can still buy a gallon of gas. Two actually