The ‘great wealth transfer’ isn't $73 trillion but $129 trillion, Bank of America says—and the government gave most of it to baby boomers
The ‘great wealth transfer’ isn't $73 trillion but $129 trillion, Bank of America says—and the government gave most of it to baby boomers
You’ve probably heard about the “great wealth transfer.” It’s the $72 trillion stack of assets that baby boomers are sitting on and going to pass onto millennials someday, thereby solving many of the economically beleaguered younger generation’s problems.
take your carrot and stick and shove both up your ass, no one in the lower class is gonna see a cent of that hoarded wealth.
They could fix that sentence by specifying that it's elite baby boomers that will pass it on to elite Gen Y.
No war but class war
Rather, 5*0 for 99% of us. The millennials who are kids of those hyper ultra rich will be 5 times richer.
Well for it to average out, they would get 500 times richer.
You forget we're all in debt. So instead of 20k in debt you can be 100k
Far and away the greatest wealth transfer was between the poorest half of the world to the wealthiest 1%. This is just noise caused by that statistic. That's the culprit of that, not some boomer with a vacation home that they're struggling to manage the payments on.
No war but class war.
What? Boomers with vacation homes likely doubled their net worth in like 2 years. All the houses doubled in value, and they have more than 1. Talk to any real estate agent. The only people buying houses are boomers rn. On the occasion it's a younger person, they usually have help from their boomer parents or an inheritance from boomers. The scales were already tilted in their favor, and the pandemic response was to lower interest rates and let them buy more of the already scarce housing at unbelievably low rates or refinance their existing mortgage for a lower payment while first time homebuyers got outbid by people with more equity, and larger down payments. (See: boomers). They absolutely gained the most from the pandemic response, and if the high rates ever cause the correction it was designed to do, I won't feel the least bit bad if they lose their ass and didn't plan for it / have to go back to work (again).
Us against them math, divide the old and the young math, provide an easy target math.
Do boomers benefit from unearned wealth at the expense of the young? Yes. Did they all scheme to get it? No, most just showed up and it happened. The ultra-wealthy on the other hand, they (or people they paid) knew EXACTLY what they were doing. And what they are doing now.
The ultra-wealthy are untouchable, mostly unknown, and almost completely invisible. But Boomers? We all know Boomers. Fuck the Boomers! Let's go after em. Then the Boomers, regardless of the righteousness of their wealth or position will be frightened and defensive, and will say fuck the youth.
And we will war against eachother and the ultra-wealthy will laugh as they always have.
Bank of America says
Were they bragging?
GOOD NEWS: YOUR PARENTS ARE GONNA DIE! MAYBE EVEN BEFORE 2030!
Also, that $72 trillion will go to ~72 million millennials completely evenly--about $1M per millennial across the board. We won't have issues where having rich parents meant you did well yourself, and the proportionately more money you inherit will be extra rather than catchup. Nope, boomer hoarding will all work itself out in the end. We don't need any government policies to change.
Why does it matter at that point so are we
Maybe before the whole planet is obliterated?
and too many Boomers turned into assholes who voted for Trump and obstructionist Republicans
Baby Boomers transferring wealth to Millenials? Over Gen X's dead body!
This is the best summary I could come up with:
You’ve probably heard about the “great wealth transfer.” It’s the $72 trillion stack of assets that baby boomers are sitting on and going to pass onto millennials someday, thereby solving many of the economically beleaguered younger generation’s problems.
No less a figure than Ray Dalio, the billionaire and former leader of what was for many years the world’s biggest hedge fund, wrote on his LinkedIn page in August about a “coordinated government maneuver” that left household balance sheets rich and the state effectively broke.
Fortune has reported extensively on how millennials have not enjoyed a boomer level of success as they struggled to afford to buy a home for years before facing off with an overpriced, ultra-competitive pandemic housing market.
In addition to low interest rates and inflated housing prices boosting asset value, a 2020 Deutsche Bank report found that boomers shelled out less for education than millennials did and won’t have to pay for the environmental damage caused by the carbon emission-releasing companies they invested in.
While boomers have still had their fair share of economic challenges, like the Great Inflation of the 1970s, BofA found they ultimately benefited in the long run from an economy that’s set them up pretty nicely for wealth accumulation.
Dealing with a hefty price tag for a college education and ensuing student debt, many young adults graduated into a post-recession thorny job market, bouncing around to find a well-paying role.
The original article contains 1,014 words, the summary contains 237 words. Saved 77%. I'm a bot and I'm open source!
Boomers will eventually go to a nursing home, hospital, or hospice. The money will dry up from these and if they still have money left over, there is the estate tax. The children looking longingly at the large bags of money the parents have won't get as much, and some of this captured money will begin to circulate again.
The estate tax in the US only affects estates worth more than ~$12,000,000
A LOT OF BOWERY BUMS USED TO BE EXECUTIVES
Yeah, cuz all the Baby Boomers are/were rich.
Garbage.
If we race and you start 10 steps ahead of me, and I beat you, you still had an advantage over me.
Boomer elites did this, not the boomer people making smart choices for themselves. Just like Gen X, Millennials and Gen Z, the boomers who came out of college weren't making the laws. It's good to be reminded that these laws are shit, but I think there's a better question. Why are there so many anti-boomer articles coming out when it's the bank managers, the politicians, etc., making these laws and most of the US just votes at best?
This is a vote, vote, vote for people that will help build the middle class up again, that means all ages at the local levels. Also, it means break up the monopolies so we can build a better working environment. This is a distraction, please don't fall for it.
Boomer elites will transfer their money to millennial elites.
These articles are an attempt to create an age based division.
The problem is, it never works. We all have parents and grandparents. Many of us have kids. And we tend to love them, regardless of social, economic or political differences.
Solidarity between generations is extremely solid and very hard to break.
These articles are just weak and failed attempts to sow discord.
BINGO. THANK YOU.
I'm so tired of the Millennial-Boomer division that the corporate media constantly stokes.
Once again, GenX elites are ignored!
The point of the middle class is to split the working class in terms of income and wealth, so they spend their time antagonizing each other and mostly ignoring how the upper class is stealing everything.
We don't need a middle class; we need a strong working class.
You want a class that's got more education? Educate the working class. You want a class that's got more wealth? Enrich the working class. You want a class that's got the time and inclination to make informed political decisions? Deliver workday/workweek reform for the working class.
I think the middle class and the working class are the same? But yes, do all of those things. Free healthcare, college and university education.
This, absolutely. We need to realize that it’s always the rich vs. the rest of us. Anything else that draws lines to separate people only serves the rich. They win without fighting when we blame anyone but them for the mess we are in.
But guess who spent the last 50 years voting for the politicians that did make those laws?
Yup, boomers. They, as a generation, overwhelmingly voted for this.
First of all, Trump lost the actual vote by 2 million votes the first time. It's rigged for r's.
Also, have you made mistakes voting? Did you just vote the way your parents did most of the time? I think voting r was a family thing and the marketing apparatus is insane to make it seem that way. Why don't you complain about all of the individuals who voted r after we know how bad it's become, those are the ones to dislike. Proud Boys are young.
I don't disagree with your general point, but the idea that we can just vote these systems away is just as much as a distraction that you shouldn't be falling for, as the generational division.
Modern "democracy" exists to uphold capitalism, and capitalism needs these divisions, along with a desperate working class, to exist. When you agree to only play within the rules they've set, you've already lost, they've made sure of it.
We are stuck with a corrupt capitalism right now, so voting at the local level as well as the federal level is one of the only ways. Trump was killing our country with his covid shit, then Biden came in and fixed it. That's an obvious reason why voting works. At local levels, you'll have good transit and your utility companies aren't bending you over if you vote well. We have to fix this shit because the greeds are in office constantly trying to break it in their favor. It's exhausting but we have to do it.
What a stupid mentality. If only younger people showed up to vote. Of course elected representatives are representative of their constituencies. Only old people show up to the polls. They are doing their job. Maybe get involved in your local government instead of coming up with this nihilistic attitude about capitalism etc.
Edit: or perhaps keep romanticizing about the Bolshevik revolution that ain't ever happening in the US and sit on your asses and whine on Lemmy.
Except Boomers, as a whole, swallowed right-wing bullshit and voted again and again for politicians and policies that fucked things over for future generations to come. They enjoyed the post-war economic boom fueled by socialist government policies and then promptly shut the door on their children and grandchildren by killing those same socialist programs. Time and time again, they fell for corrupt conmen, ultimately leading to the election of Trump and a resurgence in fascism.
No, not every boomer voted for right-wing assholes, but virtually every boomer fails to take responsibility for the current economic environment, choosing instead to blame immigrants, minorities, politicians, or China. No wonder Trump appealed to them.
Having a "boomer mentality" means they are selfish and follow the "fuck you, I got mine" and "I got everything handed on a silver platter and nothing changed" rhetoric.
It hasn't been solely used to describe the baby boomers for a long time. I know some Gen Zers with the same mentality.
Well said, generational division is pure divide and conquer. Fortune.com isn't in the business of agitating for class consciousness.