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centi-billionaires are hoarding most of the us's wealth, not boomers in general. fortune.con has a clear vested interest in keeping people fighting each other instead of fighting together.
i think "no war but class war" is an oversimplification most of the time, but when it comes to wealth hoarding, let's focus on the centibillionaires who are hoarding literally hundreds of thousands of millions of dollars first.
Look.
We all know boomers individually and like them.
Yes, we should be focusing more on class warfare than generational warfare.
But the bottom line is, as a generation, they were/are AWFUL. Quite possibly the most greedy generation of humans to ever exist. Because they had so much more than any other generation I can think of but are so unwilling to share, even on their way out. And their entire lifetime of voting habits proves how greedy they are.
Their generation has been in control for quite some time now and they are leaving us major environmental problems, an economic shitstorm, and completely off the rails politics.
They failed.
I love my mom, but she has a 4 bedroom house, and owns it outright. She lives by herself in this giant home, a mere 2 blocks away from my house that I'm renting with my wife and her 2 grandkids. We're couped up in a 2 bedroom 1 bath, 1000 sq ft rental. She was always the one pushing me out of her house instead of offering for me to stay there and save for a down payment. I've been renting for over a decade now. The area I live in has just gotten more and more expensive over time. It was always HCOL, but it went from like median 1 million dollar homes to 1.8. I had a small window in COVID where I even had a shot at affording a home due to depressed interest rates and a very brief small drop in local prices. During that time we got outbid when we did try. Since then, prices are up, and rates are up as well. Frankly I don't give a fuck about buying a home anymore. I will inevitably inherit her home and money, and that's likely 1-2 decades away, so at this point, why bother struggling? I will say that when I do inherit her home, I intend to share it with my children for as long as they want to because I'm not a selfish asshole. I love my mom, and she's even semi left leaning for a boomer, so politically she's tolerable, but listening to anything her or her friends bitch about is so goddamn annoying. Nearly all her friends have almost no living expenses, but hearing them go on about how it was just as hard when she was my age is just insulting. I can back up all my claims with hard data, and they don't give a fuck because they don't understand that shit has changed. They all think we're lazy. They don't understand childcare, medical insurance, and housing have gone up astronomically while wages have been stagnant. They don't fucking get it and I hate discussing economics with any of them. I love my Mom to a point, but she's also incredibly selfish. I will not miss that about her, and I think the world will be better off without a generation of like minded people, and we may actually begin to solve some of our problems. Having said that, it's also entirely possible that our generation gets all this wealth and just become carbon copies of our greedy ass parents. I hope not.
Elder millennial here. My boomer and silent generation parents died and left me nothing ( I had to take care of my mom for ten years)as a result of 2008. They were lifelong liberals as were their parents. The pedophile capitalist class will get that money. All generations of people have been voting for these fascist neoliberals for decades. After Regan both parties started gleefully destroying the middle class, It will all be funneled to the top one way or another. Larry fink has openly stated that the blackrock vultures plan to take savings and 401k money
Mmmmm yes generational conflict will stoke the working class against each other yessss the plan is working
Honestly a valid concern but it’s a cultural problem.
We don’t live gracefully and we don’t die gracefully. Why are they living so long? For what?
Well, in my observation/opinion it is because all of their prime years were stolen(tricked/finagled) from them.
“Hey let me get most of that” is a wild proposition. Not just most but the significant majority. Let me get 5/7 of that? That’s the ask under our current system. 5 out of 7 days laboring for someone else. You get two for haircuts, laundry, connecting with your kids etc. etc. etc. so basically all of your time from 20 to 65 or whatever “retirement” age is now.
Im gonna tell you right now I am 46 and my best years are behind me. By the time I am 65…. Lmao.
Don’t get me wrong, I lift, have abs, beautiful SO, kids…. Nevertheless years were blown on someone else shit. I’m not doing that. Anyway I digress. My point is that I am very fortunate and have eschewed the grind mentality. I’d rather live it up and die at 68 living humble than go to 85 while my body falls into ruin.
It’s really changed my outlook on healthcare too. Why are we keeping an 80 year old alive with hospital stays every 4 months? That’s insane. Chained to an oxygen tank. Terrified of death living in regret and disappointment. Nothing you know even applies anymore. Can’t even work the tv. It’s crazy. Im good off all that.
Just live and go when it’s our time. That’s my plan.
5 out of 7 days laboring for someone else.
I was raised by a single mother with a full time job. I feel like I only knew her on weekends. And even then she was sleeping or doing chores/errands. We're not super close now. And I think that's largely because we just didn't get the time during those developmental years.
And as you can imagine, if people aren't getting quality time with their parents growing up, those people may end up without the guidance they need to be decent people with a strong moral compass or have the skills to handle adulthood.
Our society is ill.
Damn, if there was only something to catch people who this happens to. Some interwoven metaphorical structure that's provided socially so that this fear doesn't need to be true. For their well being, for an emergency. Oh well, I don't suppose such exists.
” You write like every boomer is sitting on a McMansion and a seven‑figure IRA,” one bereaved Boomer wrote to me. “A lot of us are one bad diagnosis away from losing everything.”
Spoken like a generation of morons that voted time and time and time again, most recently in this past election, for economic policies that catered to that eight-figure IRAs because you thought you'd be in that bracket while spending like a drunken sailor for boats and jet skis in a pathetic attempt to seem like you had eight-figure IRAs, all while killing off Unions that tried to protect your pensions and retirement benefits. And let's not forget that the boomer generation also thought that racism was something that should be brought back.
Nah, this economic hellscape was brought mostly by these old dumbasses, may they reap what they sowed and hopefully quickly so the younger generations can fix what they broke.
It’s the billionaires! Do not be distracted by articles like this.
I mean the billionaires are largely able to do what they do because Boomers spent decades voting against the interests of everyone that isn't a billionaire.
Blame can be placed on more than one thing at a time. And should be.
Hence how the Americans have a 80 year old president and Mitch Mconnel still has a job.
That’s the world they created. They always took the shortest path to profits, and that path was the one that exploited people the most by giving corporations all the power in the name of making the line go up.
Came into the comments expecting people would pile on boomers, as per usual. Was pleasantly surprised to find that most people are getting the message that it's a class war.
The idea that boomers are "hoarding America's wealth and power" is ludicrous.
I'm GenX, and I'm trying to pay off my house, so my son will have the option of being a homeowner when I die. I think it might be the only chance he'll have.
It's both.
Billionaries AND boomers are to blame. Just because many boomers aren't reaping the benefits of their dogshit voting habits doesn't mean they didn't have a hand in the current situation because of their voting habits.
At the same time those boomers, through their own ignorance mind you, were sold a bridge that didn't exist.
You're a semi boomer though with the last real chance of boomer life style. Not sure I trust you 😉
Hold on a minute billionaires are to blame but boomers aren't helping by bootlicking them. And yes hoarding what they have too. Some refuse to retire, and some like my dad got millions and doesn't want to let anyone of his children get red cent.
Just make sure to put it in a irrevocable trust now so the nursing homes don't take it there's a 5 year look back period.
Why are houses more unaffordable for your son than they were for you? It's totally not hording, just boomers being unwilling to build a better world for their children and grandchildren.
It's not hoarding if it's needed.
Look at where all the wealth from economic growth has gone since 1980: almost all to the ultra-rich. That's hoarding, not someone's nest egg.
Who voted for that?
Another article to distract us from the class struggle. Billionaires and corporations are the ones hoarding wealth and need to be eradicated, preferably by taxation, but I'm open to alternatives.
I've spent my life watching boomers empower the ultra-wealthy through their voting habits.
I'm not in a forgiving mood.
How do you think tax rates got so low for the ultra-wealthy?
Weird I thought it was the billionaires hoarding wealth. I guess we shouldnt be mad at the billionaires anymore but at older Americans who have homes.
Yeah they are the bad guys !
And how dare they stay alive. I mean. The audacity !
I can be mad at both simultaneously.
Billionaires for being leeches and boomers, in general, for voting like assholes and helping those billionaires.
This is a dumb article. It sounds like they are blaming boomers for having money, then the article basically explains why they have money, and for the most part it's justified.
I'm not going to lambast anyone that got a cheap house at a low interest rate, then worked for 50+ years to get to retirement to find out they need more money. It's not like all of these boomers are sitting on millions, they have hundreds of thousands in retirement, no mortgage, but have fears of medical bills or nursing homes.
Fuck, I hope someday I approach retirement with enough money to live out the rest of my life in relative comfort. I'm fortunate in that I'm in my mid thirties and have a house (mortgage for now, but at least I'm getting equity). That shouldn't be held against me like it is to boomers in this article.
What I won't defend is boomers that complain about not having enough money when they continually voted for all of this. Statistically, boomers lean right, but I try not to generalize entire demographics like this. There were a couple of quotes I. His article that highlighted some of the worst offenders out there, but I mostly read about people that know that one illness will wipe out their savings, so they keep working until they can't.
If I can amass the monies I need to retire early, I'm out ASAP. My company offers a 55/10 plan where if I retire at 55, I can keep my medical coverage until I'm 65 when Medicare kicks in. That's my current goal, but shit happens, and it can happen to any of us. I just wish that shit happened to the billionaires and not everyone else.
I’m not going to lambast anyone that got a cheap house at a low interest rate, then worked for 50+ years to get to retirement to find out they need more money.
What if you found out they also voted like dogshit for 50+ years, leading to the situation we, and they, find ourselves in?
It’s not like all of these boomers are sitting on millions
No, but most of them voted like dogshit anyway.
I hope someday I approach retirement with enough money to live out the rest of my life in relative comfort.
I hope you do too. But only if you voted to help others along the way.
We all know boomers that aren't wealthy, but still voted like assholes anyway. My father is one of them. They're in the same shit we are, but voted to hurt others, and themselves, anyway. Pretty goddamn stupid.
I'm early GenX, very close to boomerhood. I was not able to buy a home until I was 43. I wasn't wasteful either: bought used cars, cooked my own food, my rent was low for the (HCOL) area, but prices just kept climbing and perpetually stayed just out of reach. Finally got an inexpensive house in a less expensive part.of the Bay Area, and happened to do so when interest rates were low. I have a pile of retirement money waiting for me but I also know it's not going to last long enough for my likely lifespan (my family tends to die in their 90s.) We can blame boomers for some stuff, but the economy they had in their working years is very different from what we have to deal with now.
If only they had voted for the candidates who wanted a strong social safety net, rather than the ones that wanted to fuck everyone who isn't part of the 0.1%, maybe they wouldn't have to worry now...