The great wealth transfer reality check
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The great wealth transfer reality check
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Re: The great wealth transfer reality check
#2Despite TFA coming from Visa, of all places, I found it to be a read worthy of my time. Basically, inheritances might not be as large as one might suspect, and the all that "inheritance spending lift" might already be happening (my parents are blowing my inheritance).
I might take issue with the conclusion at the very bottom that GenX and Millenials are ahead of Boomers on a capital per-capita basis. That might be true, but (for example) when this youngest-of-them Boomer bought his first house, housing was much more affordable. So it's not like the "kids" are necessarily spending their money on the fabled avocado toast (a dish this Boomer enjoys very much, thank you).
Re: The great wealth transfer reality check
#380% of the GDP over the next two decades will be siphoning money out of baby boomers (medical care, retirement homes, luxury cruises) before their children see a cent of it. Coupled with AI taking everyone's job, the end result is neo-feudalism where familial dynasties call all the shots.
Re: The great wealth transfer reality check
#480% of the GDP over the next two decades will be siphoning money out of baby boomers (medical care, retirement homes, luxury cruises) before their children see a cent of it. Coupled with AI taking everyone's job, the end result is neo-feudalism where familial dynasties call all the shots.
Not all households are as dysfunctional as the ones you described.
And there's a reason why trust and wealth planning has becoming increasingly common.
And while I am optimistic about AI's capabilities and am by no means an AI Luddite, assuming AI will take all jobs in the near future is ludicrous.
Re: The great wealth transfer reality check
#5[dead]
Re: The great wealth transfer reality check
#680% of the GDP over the next two decades will be siphoning money out of baby boomers (medical care, retirement homes, luxury cruises) before their children see a cent of it. Coupled with AI taking everyone's job, the end result is neo-feudalism where familial dynasties call all the shots.
Not all households are as dysfunctional as the ones you described. And there's a reason why trust and wealth planning has becoming increasingly common. And while I am optimistic about AI's capabilities and am by no means an AI Luddite, assuming AI will take all jobs in the near future is ludicrous.
I think youre confusing "defacto" job loss and "replacement" job loss.
Defacto job loss is: Your boss thinks you're replaceable with AI, and he fires you then puts the other workers implicitly responsible for your workload, _regardless of AI's capability.
Replacement job loss: AI actually does 100% of your work load.
Defacto jobloss is the insideous love child and will definitely accelerate because the "unwoke" mind virus rich people have that people are all replaceable, useless and "takers" as elon calls it. Workers will put up wiht it because they need a job under neofeudalism.
Re: The great wealth transfer reality check
#780% of the GDP over the next two decades will be siphoning money out of baby boomers (medical care, retirement homes, luxury cruises) before their children see a cent of it. Coupled with AI taking everyone's job, the end result is neo-feudalism where familial dynasties call all the shots.
Bold assessment.
Re: The great wealth transfer reality check
#880% of the GDP over the next two decades will be siphoning money out of baby boomers (medical care, retirement homes, luxury cruises) before their children see a cent of it. Coupled with AI taking everyone's job, the end result is neo-feudalism where familial dynasties call all the shots.
Why is it that every time I see the term "baby boomers" used here, it looks like a slur? Is it just ageism or did they do exceptionally terrible things?
Re: The great wealth transfer reality check
#9Earlier quoted context omitted.
Not all households are as dysfunctional as the ones you described. And there's a reason why trust and wealth planning has becoming increasingly common. And while I am optimistic about AI's capabilities and am by no means an AI Luddite, assuming AI will take all jobs in the near future is ludicrous.
I think youre confusing "defacto" job loss and "replacement" job loss. Defacto job loss is: Your boss thinks you're replaceable with AI, and he fires you then puts the other workers implicitly responsible for your workload, _regardless of AI's capability. Replacement job loss: AI actually does 100% of your work load. Defacto jobloss is the insideous love child and will definitely accelerate because the "unwoke" mind…
And that isn't how or why layoffs are happening as someone who has made those calls.
AI is being used as a scapegoat, but a lot of this is just rightsizing of headcount as I've previously mentioned on HN. Right before GPT-4 we were using COVID as that scapegoat in 2023.
Re: The great wealth transfer reality check
#1080% of the GDP over the next two decades will be siphoning money out of baby boomers (medical care, retirement homes, luxury cruises) before their children see a cent of it. Coupled with AI taking everyone's job, the end result is neo-feudalism where familial dynasties call all the shots.
Bold assessment.
It’s not. If you have older parents today, you can do the math on what activities they’re doing and quickly determine that you’re never going to see a cent from them. My friends all report the same.
I may sound salty but I’m not. I’ve spent enough time on Reddit to know that the real nightmare is when your parents didn’t save anything and can’t still work. Then, you’re obligated to take care of them and they actively take away from both you and their grandchildren (if they didn’t outright block you from being able to have kids in the first place).