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92 sats \ 2 replies \ @TheBTCManual 20h \ on: Baby-Boomers are Loaded. Why Are They Not Spending? (The Economist) econ
While baby boomers do own a larger portion of cash balances and assets of that population set how many are holding the wealth?
I venture to say a minority, yes theres a large middle class of boomers too but not every boomer did well, there's plenty of them eating into their reserves, finding out they didn't save enough, having to sell their homes and move into a smaller place and finding out the "profit" they made scaling down is nowhere near enough to live the next 10/20/30 years and they don't have the kids to fall back on either
We already seeing products like cash out refis/reverse mortgages growing so these people can get cash in hand to live, having wealth overweighted real estate is coming back to haunt some of them
While they might still get entitlements and pensions because their are young people paying in, taxed in and inflation funding it, I don't know if that will be enough to bail them out.
That's right, and I think the article openly admits that. (There's an entire book on the topic out last year, some sociology lady making a big fuss about how there akschually are poor boomers.)
Not sure I care, honestly? There's always variability around a group mean
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Don't disagree with you at all and I am not simping for boomers, you all had x amount of years to work within the parameters and conditions given to squirrel away something for yourself as does this generation.
As a millennial I do think it's relatively harder to save and build a life for yourself versus previous generations but I also see millennial willingly cooking themselves and I have no sympathy for them either
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