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Late babyboomer and early genx are doing just fine for the most part. I mean they've spent the last 5 decades pillaging from their children and grandchildren's futures to keep the stock market booming.
If you put a $100 investment in the S&P 500 at the start of 1980, with dividends reinvested, it would have grown to approximately $17,427.60 by early 2025. This is the reason the vast majority of people who vote for Republicans are 55 and older, because they don't care about anything but securing their own bag.
WHICH CAN BUY YOU A HOUSE IN 1963.
I think the point is the 174x growth, not the final number based on the arbitrary $100. If you'd invested $10,000, you'd have $1,740,000 (simple extrapolation not accounting for dividend reinvesting, it's too early for math)
But a ton of these people got completely obliterated is 2008 too. My point isn’t there aren’t rich people, it’s that there are poor in each generation and the wealth gap is increasing across demographics, even if not uniformly.
There are poor people in each generation but post boomer generations are doing less well off compared to their parents.
I frankly don't see have how new technologies can help post boomer generations. It is just like the French revolution. Each generation is worse off than the one before. Eventually people will revolt.
You only got obliterated in 2008 if you took your money out of the machine.
With the S&P500 as an example, within 4 years it was back to where it was. By now, it's worth 4 times what it was in 2007 at the peak before the trough.
It's all about being able to save. If you can't then capitalism won't work for you. I feel it's worse now, but there's always been the poor and always will be. The world ain't about to get fair any time soon. They just rely on the welfare state a lot more. Which is fine. I suspect some of the people struggling the most just aren't claiming what they're entitled to.
The people who were laid off didn’t have a choice.
And even more made more money than ever with the bounce back. The market recovered its losses within 4 years, but wages didn't recover until 2015-2016.
For adults the poverty level is around 10% all age demographics, however the important thing to evaluate is the difference in wealth.
The median net worth under age 35 is about $39,000, but this rises to approximately $364,500 for the 55-64 age group.
True, some people made that money back. But crucially, some didn’t. Partly due to market fears causing sales of positions and partly because they just had to retire in that window or because their annuity was invested poorly for those conditions. Some people did get wrecked and not always because they messed up.
But yeah, some people are doing well. More yet in the older age groups as you point out. I’m just saying the problem is more directly linked to class than generation. People need to increase class consciousness if the end is ever to be in view. A poor 50 year old is sinking in the same leaky boat as a poor 20 year old.
I never claimed otherwise.... I'm just pointing out that there are clear overlaps when it comes to class and generational divides. I never claimed there weren't poor people above the age of 55, as I said earlier poverty levels for adults is around 10% across the board. The difference is that the vast majority of people above the age of 55 are in a different class than the rest of America.
You've just described humans in general.