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The staggering millennial wealth deficit, in one chart

PMS341

Member
Oct 29, 2017
3,307
Until this thread I didn’t realize that there is a significant proportion of millenials who are flat out jealous of and bitter against boomers.

Full disclosure: I was born in 81 and can flip or flop depending on whose definition one uses between Gen X and Millenial.
Bitter and jealous of having a somewhat decent standard of living or being able to afford literally anything without relying on trust funds or hypothetical inheritance despite working full time, often with college degrees that put them in more debt than their parents ever had? I guess fucking so, dude.
 

Zojirushi

Member
Oct 26, 2017
1,521
So basically you guys are saying rich boomers will still be poor by the time they die because medical bills and shit (which I highly doubt but whatever) So what happens if poor as hell millennials reach that point? Total collaps of the system?
 

zethren

Avenger
Oct 29, 2017
1,407
So basically you guys are saying rich boomers will still be poor by the time they die because medical bills and shit (which I highly doubt but whatever) So what happens if poor as hell millennials reach that point? Total collaps of the system?
We probably are headed towards a massive collapse at some point, yes.

Where we are at does not appear to be sustainable.
 

HTupolev

Member
Oct 27, 2017
791
So basically you guys are saying rich boomers will still be poor by the time they die because medical bills and shit (which I highly doubt but whatever) So what happens if poor as hell millennials reach that point?
Right, this is why a lot of millenials are concerned. Their current trajectory is on a path of never having much wealth, a stable living situation, or any kind of real retirement plan.
 

Quantza

Member
Oct 27, 2017
448
Until this thread I didn’t realize that there is a significant proportion of millenials who are flat out jealous of and bitter against boomers.

Full disclosure: I was born in 81 and can flip or flop depending on whose definition one uses between Gen X and Millenial.
Yeah, it's true. Sadly as everyone really knows, this boomer meme isn't even real, since actual boomers are in their late 60s to 70s.
It's just another form of generational warfare. We just expected a comparable quality of life, but instead realized - especially due to the 2008 recession - that the supposed stability of the economy, was not that at all.

Maybe I shouldn't be surprised considering nearly all countries have economies built on debt.
So basically you guys are saying rich boomers will still be poor by the time they die because medical bills and shit (which I highly doubt but whatever) So what happens if poor as hell millennials reach that point? Total collaps of the system?
Bingo. And we haven't even discussed automation and robots yet. Yay.
 

Sho_Nuff82

Member
Nov 14, 2017
7,072
So basically, wealth concentration might actually spike as these people die off over the next 20 years.
I posted an article last month about the elder care crisis facing a number of states in the next few years. America literally can't afford to not have some form of universal health care + maternity leave + elder care in the next 5 years. We'll be Japan x10.

All of these expenses will be dumped on a generation with no savings at all, while the highest earners pay record low taxes.
 

XMonkey

Member
Oct 26, 2017
2,661
Until this thread I didn’t realize that there is a significant proportion of millenials who are flat out jealous of and bitter against boomers.

Full disclosure: I was born in 81 and can flip or flop depending on whose definition one uses between Gen X and Millenial.
Jealousy and bitterness? Interesting word choices.
 
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LegendofJoe

Member
Oct 28, 2017
5,767
Arkansas, USA
Right, this is why a lot of millenials are concerned. Their current trajectory is on a path of never having much wealth, a stable living situation, or any kind of real retirement plan.
Absent a decently generous universal income plan economic contraction and severe deflation are inevitable. There won't be enough people with enough money to keep the status quo going. And that will be made all the worse if the boomers succeed at making sure immigration slows to a trickle.
 

Wetwork

Avenger
Oct 27, 2017
2,021
Colorado
This chart is why I got so mad when my 25 year old coworker said we don’t deserve more money, and that my boss should be grateful for $52k salary, working 60+ hours a week.
 

The Albatross

Member
Oct 25, 2017
10,574
So basically you guys are saying rich boomers will still be poor by the time they die because medical bills and shit (which I highly doubt but whatever) So what happens if poor as hell millennials reach that point? Total collaps of the system?
Not entirely, it's being oversimplified but the system has to change, it won't collapse, and that change is what you're starting to see today. But, backing up, for one, baby boomers are not "rich." On average, baby boomers are middle class, with a median national household income of $77,000/year in the US. Baby boomers do, however, have a larger share of inherited generational wealth than millennials expect to have when they're at relative retirement age. It's a pretty common experience around here for older millennials (me, born in the mid-80s) that they have to think about their parent's medical bills as they age, and the primary vehicle most baby boomers are going to use to pay for medical expenses is their real estate wealth... E.g., you sell mom's house so that she can move into an assisted living facility.

For us, though, the reason the US is finally having these conversations around "medicare for all" is because we have to. We're getting to the breaking point because the enormous wealth transfer from Europe to America following World War II is (or has) reached it's logical end of growth. Europe introduced these programs in the aftermath of World War II, in their post-war rebuilding decades, because they had to. The US is coming to the same point because the post-war economic boom is reaching it's fitting end, and now we're actually getting serious about true universal care.

Hell, even 10 years ago talking about universal care for all americans was a third rail in mainstream politics. Obamacare -- literally a market-driven insurance guarantee program that was also on the GOP platform of 1992 and implemented by a Republican governor in 2006 -- was the contravercial health insurance program. Today, though, just 12 years later, "medicare for all" is not a third rail anymore, it's becoming mainstream. It's slow, and people are sloiwly being dragged along, but that's the result of the aging generation and the post WWII wealth transfer running out.
 

AnotherNils

Member
Oct 27, 2017
6,990
So basically you guys are saying rich boomers will still be poor by the time they die because medical bills and shit (which I highly doubt but whatever) So what happens if poor as hell millennials reach that point? Total collaps of the system?
Yeah, probably. I'm real curious what happens to the housing market. Like, millennials can't afford their parents houses as they're currently valued. Does it collapse? Does the industry get the government to back loans like we already do for college?

I mean, the entire system is financed by debt ATM. I'm morbidly curious what our economy would look like if we started tightening credit or even limited credit to like 30 years ago.
 
Oct 27, 2017
3,142
I thought millennials didn't want to own houses anyway, they're all about the renting? According to Era anyway...
Yeah, this, along with the "Gig Economy", was some mind-fuckery Millennials were duped into so that they could be subjugated by the Boomer's Neo-feudalistic Rentier Economy. And it worked.

The Boomers' motto should be "We sap the lifeblood of our own progeny to live in perpetuity while they wither into lifeless husks..."
 

sejny

Member
Oct 30, 2017
13
Are we taking into account that many families transfer wealth and assets from the patents to their children so they don't have to pay for medicaid? Its like an 8 year look back I think at this point.
 
OP
OP
WedgeX

WedgeX

Member
Oct 27, 2017
5,101
I'm aware. There is no dip around 2008 for Boomers:

I decided to redo both his and the Post's chart to layer the Recessions on top of each trend line (and also did it straight by quarters, instead of smoothing it like the Post did). If anyone wants me to do a more complicated stacked bar chart for each generation compared to what the generations older and younger than them had, certainly can but it will take...time.



Boomers also had to contend with an additional nine years worth of recessions, but none of them nearly as bad as the Great Recession.
 

AndyD

Member
Oct 27, 2017
3,170
Nashville
I'm aware. There is no dip around 2008 for Boomers:
I don't think that's quite right for the Boomers. Note that their 2019 is aligned a little further right, so 10 years ago would be the flat spot parallel to the 50% line. It's infinitely better than the major dip for X, but there was a blip for sure.

Nevermind, I had not seen the new page. Can you right align each of them to 2019 on a real timeline, it seems like it would make the most sense to compare performance in each period. It's also very obvious that the relatively tepid growth of the last 10-12 years for Millenials is dramatically different from the mid 80s to dot com boom "starting" period for Boomers which is one of the reasons why aligning by age is not as important as aligning by years, and the economic realities of today. It was easier to build wealth in the 70s or 80s when education/housing/wage costs were wildly different.
 
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Spoit

Member
Oct 28, 2017
662
The youngest millennials and gen z are doing better than middle bracket millennials since they started jobs after the recession so their starting salaries are much better than those aged 32-34. Basically, if you graduated from undergrad after 2012 or you could afford to get a masters degree and postgrad completed in 2012 or later, you avoided the worst of it and are doing pretty well.
Exactly, This is why I always go "OK Zoomers" when they act like we should have "done more"
 

Bruceleeroy

Member
Oct 26, 2017
2,415
Orange County
Boomers vote more than everyone else - because they're retired, or busybodies. They vote GOP on average, and the GOP ensures that voting is efficient and accessible in places where they live and difficult where they by and large don't.

They tend NOT to live in urban centers.

They use more land, electricity and resources.

They often got free or subsidized education as a direct result of their parents' GI bill and other post war measures.

They continue to vote for a party that gives them a small tax cut in exchange for certain recession and on average a war.

They have some of the best racist words.

They are responsible for cool laws that allow them to keep driving even after they smash through a farmer's market in a pearlescent white cadillac.

They believe everything they read on facebook or see on fox.

Some of them, I'm sure, are good people.
This is your best post ever. If I owned a Sizzler or Carrows this would be on every placemat
 

BAW

Member
Oct 27, 2017
635
That’s because millennials simply need to work harder. Millennials are lazy, this is known.
It will also have the added benefit of less industries dying because of millennials.

Could have been a MUCH simpler bar chart.
You’re not going to get far with that cutting corners mentality millennial.