Boomers are hoarding most of America's wealth and power
finance.yahoo.com
Boomers are hoarding most of America's wealth and power
1–10 of 18 posts
Re: Boomers are hoarding most of America's wealth and power
#2I think people object more to an alleged disruption of the conditions for generating wealth / power by said generation
Re: Boomers are hoarding most of America's wealth and power
#3More power to them. When they eventually pass on most of that will go to their children and/or grandchildren and many of them will very likely spend it all. Those without progeny will likely donate it to charities via their trust and will. Perceived problem solved.
Good on them for saving money as to not become a burden on society when bad things happen and bad things do happen. Insurance companies are quick to find excuses to drop elderly. Stay out of other peoples pockets and mind your own business.
Re: Boomers are hoarding most of America's wealth and power
#4More power to them. When they eventually pass on most of that will go to their children and/or grandchildren and many of them will very likely spend it all. Those without progeny will likely donate it to charities via their trust and will. Perceived problem solved. Good on them for saving money as to not become a burden on society when bad things happen and bad things do happen. Insurance companies are quick to find…
As many commenters have pointed out, a lot of that wealth will disappear into the grubby hands of private-equity-owned assisted living facilities and nursing homes.
Re: Boomers are hoarding most of America's wealth and power
#5More power to them. When they eventually pass on most of that will go to their children and/or grandchildren and many of them will very likely spend it all. Those without progeny will likely donate it to charities via their trust and will. Perceived problem solved. Good on them for saving money as to not become a burden on society when bad things happen and bad things do happen. Insurance companies are quick to find…
As many commenters have pointed out, a lot of that wealth will disappear into the grubby hands of private-equity-owned assisted living facilities and nursing homes.
Yeah that's awful. I can only hope most of those people can afford a full time or live-in nurse. Are we suggesting they should take the Canadian MAID option?
Re: Boomers are hoarding most of America's wealth and power
#6Earlier quoted context omitted.
As many commenters have pointed out, a lot of that wealth will disappear into the grubby hands of private-equity-owned assisted living facilities and nursing homes.
Yeah that's awful. I can only hope most of those people can afford a full time or live-in nurse. Are we suggesting they should take the Canadian MAID option?
You're being sarcastic when the alternative can be a more reasonable retirement option
Re: Boomers are hoarding most of America's wealth and power
#7[deleted]
Re: Boomers are hoarding most of America's wealth and power
#8I think people object more to an alleged disruption of the conditions for generating wealth / power by said generation
Yeah; it's one thing to get a kickback so you waste $75M of taxpayer dollars on coal export terminals in Oakland in 2026.
It's quite another to do $75B in damage to Oakland in 20 years when climate change from the coal exports hit.
Re: Boomers are hoarding most of America's wealth and power
#9Earlier quoted context omitted.
Yeah that's awful. I can only hope most of those people can afford a full time or live-in nurse. Are we suggesting they should take the Canadian MAID option?
You're being sarcastic when the alternative can be a more reasonable retirement option
Well if we are going the MAID option then along the path of your idea I suggest all the other burdens go with them. Anyone on welfare, SNAP and similar programs, etc... Anyone part of the recent floods into the country that are also on welfare, especially groups that have brought violent tribal blood feuds. All violent felons that are just going to sit in prison and milk the taxes. All the rioters that cause damages to property. Anyone that has not assimilated to the countries culture. Actually I could make a really long list the more I think about it. This should be a blog write-up. Thank-you for inspiring the ideas.
Re: Boomers are hoarding most of America's wealth and power
#10> None of this is evenly distributed. Wealth data show extreme inequality among older Americans: early work using the AHEAD survey found that households with someone 70 or older in the top tenth of the wealth distribution held around 2,500 times as much wealth as those in the bottom tenth, and more recent work finds that inequality has widened further since the late 1990s.
How can you draw a "conclusion" from such data, where the mean is way far from the median? Personally, I am 77, a 49'er, living in an area in CA that's half the median home value, since a divorce. Not wealthy at all, and I gave my daughter some of my savings to help her get started in the Bay Area. (more than what I paid for my first home.)
Inflation is something else. My highest year's pay seems small these days. Naturally, homes cost way more, but people in the Bay Area always commuted long distances from Tracy and beyond without mass transit to help.
And, by the way, we USED to have a middle class. That's being systematically destroyed by the further concentration of wealth by the few, not the vast majority of us who went daily to our engineering jobs.
Let's face it, even "downsizing" takes my home equity plus another $100K or so just to move out of the woods. Renting will work only if all my equity (amortized into income) and IRA RMD's pay the rent. I check that now and then.
If Social Security is hacked, as some would love to do, I and many millions are instantly on the edge.
Since both my ex and I own homes outright (which seem to be worth a bit less than what we sold the home for) our daughter stands to inherit two homes, which she is not crazy about, since we are both somewhat in the boondocks. She advises me to spend it all, though good health (cross my fingers) says that be for a good while.
Fixing the "you can pay my fair share" situation will help millions. Way more than if I gave away all my equity and lived in a cardboard box. It would take millions of us and cities vigorously destroy those cardboard homes anyway. I've seen it in action.
But the ballroom!