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The Taking of Millennial Wealth By Rich White Boomers


#1

The Taking of Millennial Wealth By Rich White Boomers

Paul Buchheit

Ten years after the recession, most Americans, including Baby Boomers, are still struggling with finances. The Wall Street Journal, cheerleader for capitalist-driven recoveries, noted that Millennials, Gen-Xers, and Boomers are all still poorer than in 2007.


#2

Mr. Buchheit looks to be a Boomer himself. How do we tell the rich ones apart from the ones “still struggling”? Again I dislike the clickbaiting.


#3

The reason Millennials are poor is that colleges have been taking them for a ride.

College tuition has risen at 2.5x the rate of inflation,

https://www.edvisors.com/plan-for-college/saving-for-college/tuition-inflation/

mostly due to the explosion in administrators, and the choice of some colleges to become resorts as much as education facilities

Maybe educators like Mr. Buchheit should remove the mote from their own eyes…


#4

Let’s not neglect, though, the members of all generations who’ve never managed to accumulate college debt, or mortgage debt, or credit-card debt, or, for that matter, hope.


#5

Articles that purport to assess blame or praise for this or that “generation” are inherently worthless. It’s not a generation taking the wealth; it’s rich, neoliberal capitalists from all generations.


#6

Exactly. Playing on the myth that the vast majority of Boomers are economically well-off, he averts the issue from class conflict to generational conflict. More liberal crap to divide the 99%.


#7

This is part of it, but the theft of wealth and resources cuts across all economic activities. For example, young people who don’t go to college are saddled with extremely low wages and credit-card debt, while those who do are saddled with low wages, credit-card debt and college debt. It’s called capitalism. The political-economy of capitalism is generally not taught or is presented in the most propagandist ways in U.S. colleges and universities.


#8

And wealthy people gentrifying my rust belt city and driving its rents through the roof and its boomer-aged poor out of the city - which is to say, the millennial tech workers whose pay starts in the 6-digits - all look pretty young to me.


#9

Have you seen the sudden proliferation (in the skilled-worker dearth) of ads for “employment benefits” to help new hires pay their college debts? One of them runs through all the amounts “she” borrowed, ending with $250 for a cap and gown (??), and concluding she did it “to work for you.” How’s that for a vicious circle of greed?


#10

Total consumer debt in the US and Canada at record levels. While some amount of Credit Card debt is lower, Student loan debt and Automobile debt has exploded. One of the reasons US Car manufacturers are going to stop making cars , is that they make a better return on more expensive trucks and SUV’s via debt payments. The Consumer is not even paying off the debt on a previous purchase before they are encouraged to “trade up” on a new vehicle taking on even more debt. Used vehicles traded in for these purchases are then financed out to low income peoples and repossessed and resold many times over when payments not made.

To the Unemployment rate in the USA which some are claiming a sign that Trumps policies a success. This one great big con. What is happening is more and more people are leaving the workforce entirely. When they leave the workforce they are not deemed unemployed.

Over 100 MILLION working age Americans are not employed. This is a record amount. The total NUMBER of people gainfully employed is actually dropping and for those that are working real wages are dropping.

With the 1 percent garnering ever more wealth, they are also purchasing all of the real assets. The entire system will become like the “Company Towns” that existed prior to the Great depression where all you earned from your labor went back to the entity that paid those wages because he owned the store you bought your food in and the house you lived in.


#11

Agree, it’s not the only aspect by any means, but as more and more people go to college, it becomes a significant issue - college is no longer the escape hatch it once was.


#12

Did you read about the new environmentally friendly mobile homes in CA mostly a solution for housing silicon valley workers. They are private communities and the lots are 5 million dollars each. It is all rigged.


#13

Right. It should not be hard to look at the contemporary engines of forced labor, but people so often think of most of these things as things that we have acquired:

  • Education
  • Housing and real estate, including farms
  • High-status transportation (mostly cars and planes)
  • Status tokens and gestures
  • Drugs, medications, and healthcare
  • Credit–last but not least

Of course, all of this is necessarily supported by direct violence–most egregiously but by no means exclusively abroad–and propaganda.

It is interesting, at the very least, how much the world comes to resemble what Marx treated as the latter stages of capitalism, as ruling forces increasingly shift from national governments to international corporations, particularly financiers, at the cost of social stability.


#14

There is no shortage of billionaire tech sector founders and leaders who were born way after the end of the boomer era. Even Jeff Bezos barely qualifies as a boomer.

Blaming boomers or any other specific generation is simply an example of adopting Goebbels’ and GOP strategy to divide and conquer.


#15

More or less equal resources to make a “living” – that’s what society should try to provide all members. The “average” wealth (or savings) per adult is almost $400,000, and the “average” annual income per adult of working age is about $70,000 (my calculation using Joint Committee on Taxation total income, and guess of 215 million working age adults). Divide the total income by the work force, 170 million, and average income is $88,000. This is a wealthy prosperous country, with about 40% of the adults claiming they could not find $400 in cash within 30 days to pay an emergency debt (that’s a recent figure from the Fed study of Household Well-Being). We need Paul B to explain how we can restore middle class life in this country. Thanks Paul B.


#16

Ummm…the CIA’s World Fact Book lists the per capita GDP in the US as $59,500, which I think is more reflective of reality…for the so-called “middle class.” As a group they are shrinking due to the increasing cost of living. I have never seen $88,000/year, even with 2 MAs and a PhD. Right now my rent is almost 50% of my income. There’s more to it than your calculations show.https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html


#17

You’ve been watching too many of those retirement-planning commercials. It’s too late for most of us Boomers to start piling up. The best we can hope for is a piece of land that we might mortgage.


#18

It all depends on what the degrees are in.

A Masters in Computer science is an easy ticket to a $100K salary. A Masters in Social Work may be $40K. A Masters in Journalism probably doesn’t even get that.


#19

“What To Do?”

Sam Pizzigati has the right idea on his CD article today. So did Bernie. It has to come from the grassroots.

Power to the grassroots.

Direct Democracy


#20

Boy isn’t that the truth. I have been running behind the curve all my life, lol. English/French, Reading, International Relations, Public Policy: guaranteed poverty. But I still don’t regret it. My children are doing well, on the other hand: computer software engineer and CNM.