http://www.businessinsider.com/mille...-common-2015-7
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This is what happens when a generation of entitled, mentally-ill libtards spend all their children's money on handouts a decade before actually having the children. Boomers are the most selfish generation in American history.
:lol any evidence? :lol where does this article mention liberal or conservative? you've been suckered by propaganda of distraction, generational conflict, "boomer hate" is one of many the VRWC propaganda items that distracts from the real problems. And no boomers are conservatives? :lolQuote:
Originally Posted by Clipper Nation
:lolQuote:
Originally Posted by boutons_deux
Quote:
Originally Posted by Clipper Nation
handouts? where? which?
CN dumping a huge evidence-free pile of bullshit
I think this article fails to mention even if people make decent salary, they aren't saving. Living beyond your means is a factor not just relying on your parents .
"current as of July 2015Quote:
Originally Posted by InRareForm
U.S. household consumer debt profile:
- Average credit card debt: $15,863
- Average mortgage debt: $156,584
- Average student loan debt: $33,090"
the financial sector draws people into debt, and pockets $100Bs/year in interest. With college (even state colleges) and health care, insurance annual increases far exceeding inflation, cellphone+TV+Internet = $2000/year, BigCorp's game is a wealth-sucking, impoverishing game with Americans as inevitable losers, and now wanting them to work until age 70.
The game is horrendously rigged. And yet you rightwingnut assholes blame Human-Americans, not Corporate-Americans.
Then don't allow yourself to get drawn into debt. Simple as that.Quote:
Originally Posted by boutons_deux
DarrinS: did you buy your house for cash up front, or did you take out a loan?
if the latter, why did you allow yourself to be drawn into debt?
I borrowed. By choice.Quote:
Originally Posted by Winehole23
lack of self-control and character issues, clearly
Is a home loan the same as credit card debt?Quote:
Originally Posted by Winehole23
No, but it's debt.Quote:
Originally Posted by vy65
BigFinance doesn't care about the source of debt, just as long as everybody is in debt and shipping $Ts/year to the lenders.
So what if it's still "debt?" There's a pretty big difference between the two.Quote:
Originally Posted by DMX7
sucks that i'm the responsible one paying down all my student and car loans, etc. and making the sacrifices to do so. with my luck right when i'm out of the red and debt free, there will be some kind of loan forgiveness or restructuring of the financial sector that will benefit everyone who just keep pushing back their payments.
lol me.
I've probably posted this before on this forum, but ordinary people just don't get the true role of debt in our monetary system. Debt is at the very foundation of all modern economic systems after Bretton Woods 2. Almost all "broad" money is created only when debt is created. Whatever money you have in your bank account is counter-balanced by some debt somewhere. If all debt got repaid, the monetary system would collapse immediately. This is also why every single government accumulates debt far more often than reducing it. Economists nowadays focus on deficit as a % of GDP to assess fiscal health, since debt is a given.
And this is not sustainable over the long run without periodic debt forgiveness or debt writedowns. Because to repay interest you need to create new money which is done by issuing new debt. Whether it's Greece as a country or millenials as a group, someone will get their asses kicked in this system. Greece just happens to be have the weakest economy, a generous pension system, systemic tax evasion and corruption so it went first.
So pitting boomers against millenials doesnt address the problem. It's like 2 people being chased by a tiger. The slower guy gets caught by the tiger, but that doesn't mean the other guy could have outrun the tiger. As long as this monetary system exists, there will be a boom and bust cycle with debt building up during the boom years and debt being written down during a crash. It doesn't matter if Obama or Bush or Jesus Christ is President, he can't fix the underlying problem of debt.
But it does make for entertaining and completely misguided debate by everyone from politicians to Spurstalk posters.
You like to rail about the prescription entitlements. Defunding medicare and SS throughout the 80s to today has been pushed by the boomer block over and over again. You look at the demographic of the GOP and especially the tea party caucus it ends up being the same thing. Sure you have some cross stratification but the driving culture is the same one that likes showtunes and tenors.Quote:
Originally Posted by boutons_deux
Even if your idealization was true and one thing born out about economic theories is that they don't stand well to reality. But let's say you are right, that still does not preclude a generation from political power nor abusing it. In your analogy it would be akin to putting blockages in the road and tripping the other one running from the bear. It's particularly apt because I have heard several boomers tell the joke: "if running from a bear, I don't have to be faster than the bear. I just have to be faster than the other guy."Quote:
Originally Posted by Warlord23
Baby boomer generation at this point is morally bankrupt.
First off, what I said about the monetary system is right; I encourage you to do some research on the matter and convince yourself. The pity is that this stuff is never taught in classrooms or discussed honestly by our politicians or the media - all we get is fairy tales about how the next President will "fix" the national debt.Quote:
Originally Posted by FuzzyLumpkins
Regarding boomers, I get what you're saying, the boomers have been relatively selfish. But my point is that until the monetary system is fixed, someone in the system will get up to their ears in debt. And certain groups (e.g. boomers) will have an incentive to throw other groups under the bus when it comes to shouldering the burden.
"boomers have been relatively selfish"
then why are 10Ms of boomers looking poverty in retirement, or no retirement at all?
"greed is good" is fundamental to conservative philosophy, built on Ayn Rand's bullshit books. so what's y'all's problem?
I'm not saying that the mechanics don't work in some sense. I get what your saying, the debt does not have us on imminent collapse. The only thing we need to fear is fear itself.Quote:
Originally Posted by Warlord23
Instead of stupid exit exams for high school students , they should take a monetary class on Living within your means and the dangers of debt.
A $10 dollar drink at the club could be $1,000 when you hit your thirties if invested smartly.
Perhaps because they are retired and poverty is measured by income? It also doesn't count SS, medicare and other entitlements exclusive to seniors completely. I know that the wealth stats are way out of whack.Quote:
Originally Posted by boutons_deux
http://www.forbes.com/sites/ashleaeb...lth-stagnates/Quote:
Younger generations used to be successively wealthier, but no more. “For many, the American dream of working hard, saving more, and becoming wealthier than one’s parents holds true. Unless you’re under 40.” That’s the grim finding of Eugene Steuerle, co-director of the Urban-Brookings Tax Policy Center, who co-authored, “Lost Generations? Wealth Building among Young Americans.”
The authors looked at the change in average net worth from 1983 to 2010 for various age groups, based on the Federal Reserve Board’s Survey of Consumer Finance data. While the net worth of those 47 and older is roughly double that of someone the same age 27 years earlier, today’s adults in their mid-30s or younger have accumulated no more wealth than their counterparts 27 years ago.
Specifically, those ages 29 to 37 (younger Gen Xers and older Gen Yers) actually lost significant ground; they saw their average net worth drop 21% between 1983 and 2010. (The comparison is between people of the same age in 1983 and 2010).