Millennials accuse Baby Boomers of ruining the economy • Hacker News Board

Re: Millennials accuse Baby Boomers of ruining the economy

#21

Post by scottLobster » Wed, Sep 15, 2021, 2:10 PM UTC

burntoutfire wrote: post #7

mensetmanusman wrote: post #3

Rent seeking ruins economies. We see a lot of rent seeking by the current power structure (where boomers have accumulated >80% of the wealth). 1+1=2

Isn't it normal for people who have more productive years behind them already (and thus more savings etc.) to own a bigger share in the economy? Today's Gen Z-ers will too be retired 40-50 years from now, and will also own lots of assets then.

Bigger, sure. But the oldest US millennials are turning 40 now, and own around 5% of the wealth.

Likewise when the US Boomers were the age millennials are now they owned about %20 of the wealth collectively.

Re: Millennials accuse Baby Boomers of ruining the economy

#22

Post by wing-_-nuts » Wed, Sep 15, 2021, 2:10 PM UTC

>While their elders [baby boomers] are only 6% interested in the future of our planet.

Capitalism can be a force for good, but unregulated capitalism without strong social safety nets is a force for greed and destruction. Of all their flaws, their lack of care for the environment will be their most damning indictment. The fact that they still, today fail to see the error of their ways is infuriating.

Re: Millennials accuse Baby Boomers of ruining the economy

#23

Post by burntoutfire » Wed, Sep 15, 2021, 2:12 PM UTC

ianbutler wrote: post #16

burntoutfire wrote: post #7

Earlier quoted context omitted.

Isn't it normal for people who have more productive years behind them already (and thus more savings etc.) to own a bigger share in the economy? Today's Gen Z-ers will too be retired 40-50 years from now, and will also own lots of assets then.

If you do a point to point comparison Millenials own much less at the same point in their life than Boomers did.

Why are we comparing against boomers specifically? Perhaps it would be fairer to compare against the average of past 5 generations, and not a cherry-picked example.

Re: Millennials accuse Baby Boomers of ruining the economy

#24

Post by the_solenoid » Wed, Sep 15, 2021, 2:13 PM UTC

burntoutfire wrote: post #7

mensetmanusman wrote: post #3

Rent seeking ruins economies. We see a lot of rent seeking by the current power structure (where boomers have accumulated >80% of the wealth). 1+1=2

Isn't it normal for people who have more productive years behind them already (and thus more savings etc.) to own a bigger share in the economy? Today's Gen Z-ers will too be retired 40-50 years from now, and will also own lots of assets then.

In a perfect world, that makes sense. But, wages have been flat since pretty much the 80's for the vast majority of workers (weather tracking inflation and/or productivity) while common long term investments like housing have become out of reach due to supply issues, brought on by... rich people and companies buying up all the properties and seeking rents (both foreign and domestic), and retirement has moved from pensions to whatever mess we have now.

There is also the huge issue of student loans basically setting back a whole class of people more and more over the years. I have friends who have student debt and very nice paying jobs, but the debt still set back plans for home buying and family planning by 5-10+ years for a lot of them.

Re: Millennials accuse Baby Boomers of ruining the economy

#25

Post by drdec » Wed, Sep 15, 2021, 2:13 PM UTC

shortstuffsushi wrote: post #11

I am very confused, how does the "Young People and Porn" section of this article in any way relate to the rest? Is this section actually another, unrelated article that snuck into the bottom?

There's also the definition of baby boomers as those aged 51-69, which would correspond to those born in 1951-1970, off by five years or so from the usual definition.

Re: Millennials accuse Baby Boomers of ruining the economy

#26

Post by w-j-w » Wed, Sep 15, 2021, 2:14 PM UTC

burntoutfire wrote: post #7

mensetmanusman wrote: post #3

Rent seeking ruins economies. We see a lot of rent seeking by the current power structure (where boomers have accumulated >80% of the wealth). 1+1=2

Isn't it normal for people who have more productive years behind them already (and thus more savings etc.) to own a bigger share in the economy? Today's Gen Z-ers will too be retired 40-50 years from now, and will also own lots of assets then.

[dead]

Re: Millennials accuse Baby Boomers of ruining the economy

#27

Post by officeplant » Wed, Sep 15, 2021, 2:15 PM UTC

burntoutfire wrote: post #7

mensetmanusman wrote: post #3

Rent seeking ruins economies. We see a lot of rent seeking by the current power structure (where boomers have accumulated >80% of the wealth). 1+1=2

Isn't it normal for people who have more productive years behind them already (and thus more savings etc.) to own a bigger share in the economy? Today's Gen Z-ers will too be retired 40-50 years from now, and will also own lots of assets then.

33 currently, not sure how I will ever retire or own a house. Wages in the US have stagnated for the majority of my lifespan. My states infrastructure is completely falling apart while everyone ignores it. Environmental change is hitting us harder every year. If there isn't much of a change in the coming years I don't have much hope for the generations after me.

Currently my future lies in me building out a van to live in eventually while I save up to escape the Southern US.

Re: Millennials accuse Baby Boomers of ruining the economy

#28

Post by wing-_-nuts » Wed, Sep 15, 2021, 2:15 PM UTC

TedDoesntTalk wrote: post #18

tunnuz wrote: post #9

Earlier quoted context omitted.

Climate change?

...which started 100 years ago or more. Boomers did nothing about it, sure, but don't blame climate change solely on them. And if you think your generation would have done better with the same lack of general knowledge about the problem (until the last 20-30 years), you're deluding yourself.

It was a well known problem in the 80's when the boomers were adults and starting to get elected to power. Yes, I judge them, and yes, I think we would have done better than to go on a coke fueled binge of unregulated capitalism. Consider me deluded.

Re: Millennials accuse Baby Boomers of ruining the economy

#29

Post by nlpmajor » Wed, Sep 15, 2021, 2:16 PM UTC

TedDoesntTalk wrote: post #12

> They are distinguished with letters. Z for those under 24 years old, Y for those 25 - 34 years old As usual, Generation X is completely ignored. The "lost generation" indeed.

We just wrote all of the open source shit for boomers in managerial positions. The boomers are still in power, pretend to be woke to keep the power and are now courting millenials and younger.

It's a generation of hypocrites indeed, the millenials got that right.

Re: Millennials accuse Baby Boomers of ruining the economy

#30

Post by ianbutler » Wed, Sep 15, 2021, 2:17 PM UTC

burntoutfire wrote: post #23

ianbutler wrote: post #16

Earlier quoted context omitted.

If you do a point to point comparison Millenials own much less at the same point in their life than Boomers did.

Why are we comparing against boomers specifically? Perhaps it would be fairer to compare against the average of past 5 generations, and not a cherry-picked example.

Gen X has less than Boomers, the Silent Generation has less than Boomers. Boomers together have more wealth than the next 3 generations put together.