thank god for cash!
I hope you are kidding here, because when the US can't service its debt, its dollars are not going to be worth much.
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thank god for cash!
Ignorant and silly you say?
Gen Xer's and Millennial weren't repealing the Glass-Steagall Act, and millennial were not responsible for deregulation on the credit default swaps.
I will be long gone and ground temperature when this happens mark. You probably will be too.I hope you are kidding here, because when the US can't service its debt, its dollars are not going to be worth much.
Of course the debt has increased to record levels under every president. Collected tax revenues are also at a record level, so why the deficit? Oh yeah, that spending thingy...Whereas congressional GOPers decided to give the richest of the rich hundreds of thousands of dollars in tax money...as they drove the nation's Debt to record levels.
It ain’t a spending thingy as much as a debt thingy. Plus a President who is financially ignorant and spends money like a drunken sailor. You can’t give the military carte Blanche and artificially restrict Fed base interest rates and preach free market economics...and then engage in tariffs and trade wars.Of course the debt has increased to record levels under every president. Collected tax revenues are also at a record level, so why the deficit? Oh yeah, that spending thingy...
I will be long gone and ground temperature when this happens mark. You probably will be too.
The problem with the Boomer generation is how they went about generating their wealth. They generated the wealth for themselves by using globalization to explosively expand profits but it was at the cost of burdening future generations earnings, they followed that up by believing that you could create all these social programs without having to pay for the full cost of it and reduce tax's while they were at it. Again, they are leaving the bill due to their actions and burdening future generations.
What this has done has made it much harder to have a good, high paying job, it's made it harder for future generations to gain upward mobility, it's shrunk the middle class and the increased the wealth gap. The Boomers have done a lot of great things but they seemed to have not realized that some of their decisions would pass the bill and burden to their future generations. In other words, Boomers were incredibly short-sighted.
It ain’t a spending thingy as much as a debt thingy. Plus a President who is financially ignorant and spends money like a drunken sailor. You can’t give the military carte Blanche and artificially restrict Fed base interest rates and preach free market economics...and then engage in tariffs and trade wars.
America had a chance to change its act when Bill Clinton was POTUS....the “financially responsible” GOP/Cons of Congress refused accept the discipline debt reduction required. See where we are today compared to the day Clinton left office.
See where we are today compared to the day Clinton left office.
Federal spending as % of GDP:
1994 - 20.4% - Gingrinch Congress moves in and reduces rate of government growth below growth rate of the economy
2000 - 17.7% - Clinton leaves office
2009 - 24.4% - Tea Party protests in response to government spending largest share of GDP since WW2
2019 - 21.3% - Estimate
I'm in favor of reducing Federal government spending back to the rate we enjoyed the day Clinton left office.
No matter how many times it has been explained you somehow still don’t understand how tariffs work.to think we gotta tax people and corps to pay for this is stinkin' thinkin'. of course to think we need to saddle future generations with debt is crazy also. we need tariffs on foreign countries and apply that to the debt . I get the feeling that's what trump wants but he'd never convince congress. ron paul used to say we were headed for a write off, a default, and a start over. I dunno how that works.
If we didn’t have to bailout the Congressional mistakes of 2008, we might be there...Congresses lack of oversight and refusal to regulate cost America tons of money. America’s effort to make money cost us trillions...trillions we never had.Federal spending as % of GDP:
1994 - 20.4% - Gingrinch Congress moves in and reduces rate of government growth below growth rate of the economy
2000 - 17.7% - Clinton leaves office
2009 - 24.4% - Tea Party protests in response to government spending largest share of GDP since WW2
2019 - 21.3% - Estimate
I'm in favor of reducing Federal government spending back to the rate we enjoyed the day Clinton left office.
Kids need to pretty much breathe to get through high school in this era and many can’t do that. It’s not at all shocking.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
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...
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
In some fairness, the world has changed a ton. When the Boomers were going to college, you could go for just a few hundred dollars per semester and get a degree. You could go out and buy a $50k house and easily get approved with one breadwinner.
It's not just that they were smart, it's that it was a time where it was easy to make the smart play. I'm not going to contest the lack of fiscal discipline today, but remember that the Boomers learned from parents and/or grandparents who went through the Great Depression.
Ok, boomer.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
JFC.I am not a boomer let’s start with that.
The issue with Millennials is multifaceted.
1) The near ubiquitous idea that college is a requirement to succeed and the entitlement idea that one should be able to go to the school of their choice regardless of cost. Wanna go to a party school out of state for tens of thousands a year? Why not? Heck no one should be forced into going to a trade school or a CC or a state school. ASU for anyone that wants it!
2) They're a massive consumer generation. Tech, cars, and houses they can’t afford. The idea that they can’t have the same house as they moved out of years ago is foreign. God forbid you save and advance as standard of living and wage permit.
3) they actually don’t want to work hard and feel like they shouldnt have to either.
4) they have grown up attending universities that have been overrun by leftists. This has indoctrinated them with the idea that envy is ok and that equality of outcome is an overriding principal. Not equality of opportunity as it should be.
5) instead of taking summer during college and just after to work and save, many of them feel entitled to a ‘year abroad’. WTH? get a freaking job or resign yourself to the idea that you’ll have debt when you are done with school and that’ll need to be paid back. Not voted away. Too many are holding out for that pie in the sky notion and are borrowing and ‘experiencing’ themselves into a massive hole. Ever wonder why so many millennials like Bernie? It isn’t bc of his youthful appearance and ‘cool’ factor.
6) universities have caught on to all this and have learned that cost controls for tuition aren’t needed. That people will borrow what they need from Uncle Sam. Uncle Sam’s willingness to do so has driven costs to an unsustainable level.
Bottom line you millennials, stop whining, stop bitching, stop wishing, stop dreaming, stop gaming, stop buying 5 dollar cups of coffee, sitting on your laptop listening to Spotify on your new phone thru your AirPods, stop buying all the bullshit propaganda from your professors, start thinking the yourselves and start giving a damn about working hard for what you want in life and worry much less about how everyone else got theirs and get yours too. On your own.
Good news is they will inherit all that wealth at some point. Almost all of it tax free.
You forgot the fact that all of this was made possible by essentially taking a GIANT government loan that will have to be paid back by your grandchildren. Sure people worked hard and saved individually. But you had the freedom to save that individual money because you spent at a government level like there was literally no tomorrow.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
Is this supposed to be an insult? I’m certainly not a boomer though so ok.Ok, boomer.
That says Gen Xers are slackers. It's not saying much that Millenials ( a bunch of 20 year olds) don't have much, that kind of makes sense.
You conveniently forgot a couple things you need to factor in - but don’t let that stop you:That says Gen Xers are slackers. It's not saying much that Millenials ( a bunch of 20 year olds) don't have much, that kind of makes sense.
It's a joke. A fellow commuter told me this is the new way millennials are insulting boomers. Think of it as 'Ok, gramps' as showing their lack of importance.Is this supposed to be an insult? I’m certainly not a boomer though so ok.
In some fairness, the world has changed a ton. When the Boomers were going to college, you could go for just a few hundred dollars per semester and get a degree. You could go out and buy a $50k house and easily get approved with one breadwinner.
It's not just that they were smart, it's that it was a time where it was easy to make the smart play. I'm not going to contest the lack of fiscal discipline today, but remember that the Boomers learned from parents and/or grandparents who went through the Great Depression.
between now and then you can bet the feds and any other government will try and try to make a law or two where they take it. because they are money grubbersI'm a boomer. My son is a millenial, and has been in the workforce for almost a year.
I left home at 17 with $400 in my pocket, and an old beater car. I currently have no debt. My son will inherit most of my wealth.
My son has no debt, and at 23 has considerably higher net worth than I did when I was 35. He's already benefited because I paid for his car, college, and living expenses while he was in college.
I'm happy to pass on my wealth to my family. I wouldn't be happy passing on my wealth to the US government so it can be redistributed or spent.
between now and then you can bet the feds and any other government will try and try to make a law or two where they take it. because they are money grubbers
That's part of it, and the numbers are compelling, but I would be interested to see the 2-3 generations before. There are a few things in play here that give the Boomers a natural advantage before we get into whether they're horrible people (I'm Gen X):
The Boomers are also roughly 55-75 right now. What happens when they're gone?
- Boomer parents and grandparents went through two World Wars
- Boomer parents either went through the Great Depression or were children of the Depression
- Boomers grew up at a time when Europe and Japan were economically out-of-play, rebuilding from the war as we turned our war machine into manufacturing dominance
Personally, I think the answer is to focus on how we got where are and look at how we can put some guardrails up to not continue to perpetuate the difference. Boomers and Millenials are very different. What happens if the bulk of the Boomer wealth gets passed to Millenials? Well, besides it being about the most Gen X thing ever?