Tag Archives: baby boomers

Who Are The Snowflakes Who Can’t Take the Heat?

I’m not a social media type guy – no Facebook, no Twitter, no Instagram –but due to changing personal circumstances I have spent some time on LinkedIn recently.  Last week a reporter posted a link to an article she had written for the publication Business Insider, itself based on an article on Bloomberg News

https://www.businessinsider.com/millennials-versus-boomers-wealth-gap-2020-10

Millennials may be the largest generation workforce in the US, but they’re also the least wealthy.

The generation holds just 4.6%, or $5.19 trillion, of US wealth, Bloomberg reported, citing recent Federal Reserve data. Boomers, however, are 10 times wealthier. They hold 53.2%, or $59.96 trillion, of US wealth. That’s also twice the $28.5 trillion of US wealth that Gen X holds.

This wealth gap is partially explained by the fact that boomers are older, so they’ve had more time to accumulate wealth. Millennials haven’t yet reached their peak earning years, and the youngest are still earning entry-level salaries.

But historical trends indicate that the wealth gap shouldn’t be this big. When boomers were millennials’ age in 1989, according to the Fed data, they held 21.3% of US wealth. That’s four times the 4.6% that millennials hold today.

This is not new.  The Federal Reserve releases this data, and other data on people’s personal financial situation, each year. And virtually all posts on LinkedIn pass with few if any comments.  

But in response to this one there were more than 600 comments, and a bunch of Baby Boomers, including those in positions of substantial economic authority according to their titles, pretty much lost their minds, with emotional responses that flew in the face of any evidence.  

https://www.linkedin.com/feed/update/urn:li:activity:6721562902681202688/

Showing that whether, to what extent, how and why later-born generations are worse off that those born previously is a massive issue hiding in plain sight, one that many people don’t want to hear about.  These are the sort of folks who accuse Millennials of being a bunch of “snowflakes” who don’t want to hear things at odds with “their truth.”  The reaction to this simple statement of factual data shows that perhaps the Millennials aren’t the snowflakes after all. If you don’t want to hide in your “safe space” with “your truth,” read on.

Continue reading

Generation Greed: Away from New York, Is Omerta Starting to Crack?

You have to believe in facts. Without facts there’s no basis for cooperation. If I say this is a podium and you say this is an elephant, it’s going to be hard for us to cooperate.” — Barack Obama

It is amazing the way effect of decades of public policies and economic and social trends, all to the benefit of some generations at the expense of others, stays out of the news.  Even as, anything, everything else is blamed for the situation so many people find themselves in.  For the most part what you get is silence, and an attempt to change the subject to anything, everything else.   People and groups who on the surface are at war with each other, and unable to cooperate, somehow all agree to keep certain facts out of the public discussion.

If you look closely enough, however, some cracks are beginning to appear in the Omerta.  The fact that Generation Greed is leaving those coming after so much worse off hasn’t gone viral, but it is beginning to bubble up under the surface.   The rest of this post will quote from some examples I’ve come across.

Continue reading

Generation Greed: They Aren’t Using Those Words, but Some Folks Are Starting to Connect the Dots

After a three-decade party, with some folks getting to party a lot more than others, there is suddenly no way to avoid the reality other than drifting into closed-eyed fantasy. The generations I have identified as Generation Greed, the richest in American history, are leaving the generations to follow are much worse off in many ways. And, in many cases, those at the back end of Generation Greed are facing old age much worse off then they themselves had been, forced by their prior excess consumption, debts and prior lack of savings to downsize a material lifestyle that for many of them had been the whole project of their lives. As I most recently noted in detail in my previous post.

https://larrylittlefield.wordpress.com/2017/04/25/generation-greeds-last-economic-orgy-federal-reserve-z1-debt-data-for-2016-rising-housing-prices-census-bureau-data-on-worse-off-young-adults-falling-life-expectancy-etc/

The consequence of this realization has not been an increase in empathy or an attempt to change the worst aspects of a collective legacy while there is still time. There is still no willingness to make any personal sacrifices in the present for the collective future. The fact that the non-greedy minority of Generation Greed hasn’t stepped up to face the facts and battle for their own offspring is one final disappointment. The desperate desire of some of its rich to insulate their own children from the consequences of a diminished society — by repealing the estate tax — is the only effective example of concern by today’s seniors with what they will leave behind. Rather, the media they dominate remains filled with demands for scapegoats and rationalizations, and one more round of “what about my needs!” Needs that are somehow supposed to be met by latter born generations that are poorer, and yet are having large economic burdens shifted to them that will diminish their entire future.

But if one uses the right search terms, one can find some examples over the past year of younger generations beginning to resent the country they have inherited, albeit not enough to get off the couch and do something about it.

Continue reading

Generation Greed’s Last Economic Orgy: Federal Reserve Z1 Debt Data for 2016, Rising Housing Prices, Census Bureau data on Worse Off Young Adults, Falling Life Expectancy, Etc.

The problem with socialism is that you eventually run out of other people’s money” – Margret Thatcher in 1976

The problem with capitalism is that given enough inequality, eventually businesses trying to sell things run out of other people’s money” — Larry Littlefield, 2016

For 35 years, generations of Americans born after 1957 or so have been paid less but sold more, with the difference covered first by more household members in the workforce, then by inadequate requirement savings, and then by soaring public and private debt. The richest and most entitled generations in U.S. history worked hard and were very creative, but they over-consumed what even they were able to produce and expected too many years in retirement with too little in savings, at the expense of the poorer generations that have followed them. With some members of those generations grabbing far more than the others. With too much money in too few hands, the whole world economy has become dependent on Americans spending more than they had. And since America finally started to go broke with millions retiring into poverty, the world economy has faced a global crisis of demand.

When you put all the trends together, as I have below, it adds to a shocking picture that puts every current debate in context. Today’s young adults paid less than Generation Greed was paid at the same age in 1975, and forced by government policy to pay more for housing. Life expectancy falling. Personal and federal debts once again soaring, all the mistakes of the 2000s being repeated. Topping it off, we now have Donald Trump as President. Does this mean that the U.S. is finally prepared to admit, face and tackle its problems? Or does it mean that the most over-privileged and entitled members of the most over-privileged and entitled generations in U.S. history are just grabbing more, in one last economy orgy before the final collapse?

Continue reading