ADVERTISEMENT

The staggering millennial wealth deficit, in one chart

Morrison71

HR Legend
Nov 10, 2006
15,728
12,983
113
https://www.google.com/amp/s/www.wa...ern-young-adulthood-one-chart/?outputType=amp
ZQ2CUAWWCJD3XHI4B6PDJIURN4.png
 
they have been told to live at home and not move out and not get a job and never get married and kids are bad and stuff. of course they don't have wealth, they are looking at 500K houses and 60K cars and 100K in student loan debt and a job that pays 12 bucks an hour
 
I would like to think the point taken from this graph is how much the boomers have taken and how so little they have given back. If you look at the 2008 recession, they actually trend up un-phased. That should be alarming.

You a millennial?
 
  • Like
Reactions: unIowa
I would like to think the point taken from this graph is how much the boomers have taken and how so little they have given back. If you look at the 2008 recession, they actually trend up un-phased. That should be alarming.
taken? do you think they raid the money tree and take it off the branch , before the millennial can get off of the couch?
 
I would like to think the point taken from this graph is how much the boomers have taken and how so little they have given back. If you look at the 2008 recession, they actually trend up un-phased. That should be alarming.

Funny thing...that chart is pretty tightly correlated to the relative age and the # of years working post HS...is it not? That chart says nothing about whether Boomers have scalped the other generations...or not. You could make a similarly ridiculous chart at any point in time and shocker, the people in their late 50's, 60's and early 70's are going to control the most wealth.

Double shocker...there is going to be a pretty big gap between those that have largely raised their families, paid their debts, own their house, etc. and those that are just starting out. Whatever you seem to think that this graph proves...it doesn't.

Sheesh, what a useless graph.
 
Interesting data, but the chart isn’t very helpful. It’d be interesting to add in older generations or plot out where the millennials would be if they had the same wealth per person the boomers had at the same point. The article touches on it but just a little

So we can say that in 1990, boomers owned 21 percent of the nation’s wealth and represented 31 percent of the population, for a wealth-to-population ratio of 0.68 — each percentage point of the total U.S. population represented by boomers, in other words, owned 0.68 percent of the wealth.

In 2008, on the other hand, Gen Xers owned 9 percent of the wealth and made up 22 percent of the population, for a wealth-to-population ratio of 0.41.
 
Funny thing...that chart is pretty tightly correlated to the relative age and the # of years working post HS...is it not? That chart says nothing about whether Boomers have scalped the other generations...or not. You could make a similarly ridiculous chart at any point in time and shocker, the people in their late 50's, 60's and early 70's are going to control the most wealth.

Double shocker...there is going to be a pretty big gap between those that have largely raised their families, paid their debts, own their house, etc. and those that are just starting out. Whatever you seem to think that this graph proves...it doesn't.

Sheesh, what a useless graph.

Did you miss the part where boomers, at the same age, had more than double the wealth of Gen X'ers? 50 year old Bommers had over 40% of the wealth, 50 year old Gen X'ers had less than 20%.

That's a problem. That's a major problem. Bring back marginal tax rates...
 
  • Like
Reactions: TC Nole OX
No. He’s right.

F the Boomers. They’re a scourge and a pox upon our economy, and humanity. Selfish, gluttonous bastards. All of them.
I'm genuinely curious, not attacking or challenging you ... how much of this hyperbole and how much is sincere?

You certainly have family that are Boomers. Had close dealings with Boomers at school or work or wherever. All of 'em are a scourge and a pox?

Heard others say such too, so I am curious.
 
How much of this is just a reflection of the relative newness of the US. I imagine that the boomers are only the second generation in the US to have any real wealth. How much wealth was there before the silent generation? If there was little, then the boomers would have a high percentage at a young age.

When millennials came along, there were several generations holding wealth, leading to a smaller percentage because the total pie is so much bigger.
 
I'm genuinely curious, not attacking or challenging you ... how much of this hyperbole and how much is sincere?

You certainly have family that are Boomers. Had close dealings with Boomers at school or work or wherever. All of 'em are a scourge and a pox?

Heard others say such too, so I am curious.

I would agree with him insofar as generalizing it. As a generation, boomers suck and are the cause of most of the ills in this country, mainly from their self serving attitudes.

Are there good boomers? Absolutely, a lot of them. But the whole of the generation isn't. And Gen X'ers, Millenials and Gen Z will be trying to fix it for decades.

For the record, it's not just the younger generation that has issues with them. My dad, as he's getting old and hard of hearing, loudly complains about them. I think he dislikes them more than my generation does.
 
Student Loans is one reason.
However, if you blame others where you are in life financially, you’ll likely be in that situation the rest of your life. I know several millennials making piles of money.

As do I. However, I also know quite a few doing the same, or similar, jobs as their parents and making similar money to what their parents did 20-25 years ago at a similar point in their career. When pay in certain sectors has essentially frozen for 20+ years, something is wrong.
 
Immainly from their self serving attitudes.


Get out of here with that bullshit. They learned to take care of themselves and did. They worked hard for what they have. Didn’t blow every penny on shiny new cars, iPhones and macbooks with their $8.00 latte sitting in Starbucks complaining about boomers and capitalism. It’s hilarious to me that you can put people down who earned their way and want to keep their money and in the same breath want to steal their money to give it to someone else, then act morally superior. Worthless pos
 
Didn’t blow every penny on shiny new cars

Get out of here with this bullshit. Millennials are spending far less on cars than previous generations. Heard a boomer on the radio just yesterday talking about this very topic. He was concerned about his automaker investments since millennials aren't buying cars.

BTW- a tall latte at Starbucks costs $2.75
 
  • Like
Reactions: millah_22
I would agree with him insofar as generalizing it. As a generation, boomers suck and are the cause of most of the ills in this country, mainly from their self serving attitudes.

Are there good boomers? Absolutely ...

Thanks for the response.

Couple of things though ... can you cite specific actions that you categorize into these negative behaviors? Maybe I'm missing something?

Second, isn't "generalizing" another word for stereotyping? Btw, not as HUGE a deal to me either.
 
Since we are stereotyping.

a generation that insisted on getting worthless Psychology degrees at schools they couldn’t afford only to be upset when their first job wasn’t 4 day work weeks from home for $60k.

thry also all have to live in expensive apartments in downtown cities and drink expensive craft beers.

they hate the boomers yet support candidates that want to give them everything they don’t want to work for.

this stereotyping is easy.
 
No. He’s right.

F the Boomers. They’re a scourge and a pox upon our economy, and humanity. Selfish, gluttonous bastards. All of them.
I'm hoping you are kidding. I'm hoping you think you've established enough of a reputation here as a reasonable person that you feel it's safe to assume people know you are kidding.

Is that true?

Because if you are serious, this is dangerously vicious thinking.
 
Did you miss the part where boomers, at the same age, had more than double the wealth of Gen X'ers? 50 year old Bommers had over 40% of the wealth, 50 year old Gen X'ers had less than 20%.

That's a problem. That's a major problem. Bring back marginal tax rates...
If you extrapolate the boomer line back to when they were in their 20s, it looks like they started out about the same as the other 2 groups.

So what did the boomers do right that saw them increase their wealth faster?

Or what did society do wrong that made it harder for the generations after the boomers to do as well?

I think the answer lies more in the latter question than the former.
 
Btw, I get the angst of Millenials. I feel bad for them, or anyone trying to start anew in this economic landscape. And fankly, many of them may have been duped.

But it seems misdirected anger at best to lay all of this at the feet of Boomers.
 
I'm hoping you are kidding. I'm hoping you think you've established enough of a reputation here as a reasonable person that you feel it's safe to assume people know you are kidding.

Is that true?

Because if you are serious, this is dangerously vicious thinking.
No, Boomers suck, the only reason they have any clout is because they are policy makers now.
 
No. He’s right.

F the Boomers. They’re a scourge and a pox upon our economy, and humanity. Selfish, gluttonous bastards. All of them.

Boomers weren’t the ones buying homes in their mid 20s for 200 - 600,000 dollars and paying a huge mortgage. They saved their money and raised their kids.

There are bad apples to every generation but to trash talk an entire generation like you do is just ignorant and silly
 
Student Loans is one reason.
However, if you blame others where you are in life financially, you’ll likely be in that situation the rest of your life. I know several millennials making piles of money.

My step-kid makes more money than I ever did...as a bartender! Yet, he has no money and less wealth. He also has less patience than I....and I am certainly no poster boy for patience.
I can't live his life for him...but I can certainly shake my head.
 
  • Like
Reactions: Finance85
Get out of here with that bullshit. They learned to take care of themselves and did. They worked hard for what they have.

They didn’t pay their fair share of our nation’s liabilities. So they benefited from $15 trillion in GDP financed by future generations.

They changed the bankruptcy code to make student loans non-dischargeable. That is responsible for the huge increase in student loan debt. Along with underfunding public colleges.
 
ADVERTISEMENT