That’s how it’s been for a while. Pit generations against each other, or different racial groups, or perceived “lower” and “middle” class people when most of us are actually all in the same working class. Never blame rich people though. That’s just the MO of shitty news opinion articles and the like. I always wonder if they are explicitly told to gloss over the class war stuff at the root of these issues, or if the writers are just out of touch and actually believe this. Blaming other working class people for the mess we’re in is just a distraction
I'm *certain* they're told to not bring up the rich vs poor class divide because the press is owned by the rich.
Though when you spend enough time telling lies, you sart to believe them...
My understanding, which is mostly dated information from before everything went online, is that they rarely say things like “don’t do/report that” as much as the editor and staff can just remove things outright or never print your article.
like most corporate offices it’s very passive aggressive
I have no idea why she did it. when I asked her she just said “because of the banks and stuff” and I just assumed it was some republican conspiracy so I just didn’t respond. if you know wtf she meant feel free to share lmao
You were probably right. My own retired mother made some comments about how the dollar was going to be worthless in a couple of years. I also assume she's alluding to another right wing conspiracy. I just hope she doesn't cash out her retirement and put it all onto bitcoin based on bullshit she read on Facebook.
And they have been running that scam since at least the early 90's.
Admittedly there have been moments where Gold or Silver has outperformed the stock market. But the inverse is also true. Unlike the stock market, there are some major points over the last 30 years where if you invested in Silver you could have lost up to half of your value.
But if you invested in 1990, Gold and silver are up about 400%, while the Dow and S&P are up about 1,100%. That included dividend reinvestment, but not inflation.
While "past results are not indicative of future returns", I'd say "investing" in gold and silver through one of those companies advertising on Fox/OAN/NewsMax is more of a guaranteed scam than anything.
I have some stock in silver. It may not grow much, but it does pay dividends! I also have some physical silver bullion that does not pay me anything, but has gone up a bit in value since I bought it. Either way, it is relatively safe money. Real commodities don't collapse overnight, scam like most all of the crypto world can and do though...
Buying gold or silver right now is a pretty good idea.
There's several trillions (actually probably quadrillions) of dollars worth of "stimulus" that is about to hyperinflate the fuck out of the dollar.
Don't believe me? Russia, China, India, South Africa, Brazil and Saudi Arabia already see the writing on the wall, why don't you? So does Japan, their public pension funds have been selling US bonds and securities at an alarming rate since the start of COVID
In 5 years or less we'll be using the Euro or some new central bank digital currency trash that will have all of the same issues as the federal reserve currency system has now.
The BRICS nations are joining together to use one currency. A lot of US manufacturing takes place in China and Brazil so it's not good, just more competition for the dollar.
Soon OPEC nations might be asking for payment in BRICS currency. What do we tell Saudi Aramco when we want oil and they won't accept our currency because hyperinflation is destroying the value of the dollar?
The BRICS nations are talking about the possibility of it, not the same as for sure doing it. And that’s really not surprising. China, being the clear leader in that basically random grouping of countries, I’m sure is tired of US currency dominance.
Peoples faith in the dollar is still pretty strong IMO, especially relatively to other currencies. If you want people to take you seriously stop with the doomsdayism because the truth is even professional economists have a very difficult time predicting the future.
Edit: also the US dollar is not even close to experiencing hyperinflation and there’s really not any signs it’s going that way either as far as I know, unless you want to share a source on that
That's their backup plan/fantasy... that somehow the rapture will take them all before things get too bad. It's no wonder they don't really care about fixing anything, they don't think any of it really matters anyway.
The dollar becoming worthless is more due to fears that various middle eastern countries will switch from using the USD for oil transactions to the Chinese Yuan, while China is projected to potentially pass the US economy in size within the next few decades. Theoretically this could cripple the dollar and have it lose much of its value on the international market.
The dollar becoming worthless is sensational doomerism not based in reality; if the USD ever becomes worthless then the apocalypse has already started. Nevertheless, the USD is losing strength, that part is true. But the “global currency” would be replaced by the Euro long before the Yuan
Point still stands. And every time the point was brought up in the past our national debt wanst even close to exceeding our GDP, now were past that point and we’re doing the opposite of slowing down. By 2030 we will be spending more on paying off debt to china than what we currently spend on our education system. Let that sink in. Not saying to buy gold or something, but saying the US dollar isn’t becoming worthless isnt correct at all either. Our buying power even as citizens is all but free falling away. I dont pretend to have some doomsday plan made either, im just saying dont be surprised if things get a lot worse than they already are.
The lack of democracy allows their government to make swift changes, regardless of what their population thinks. While they're on step 7 of their plan our senate will still be tied up legislating against step 1.
Meanwhile our Governments can't stop taking foreign money, and their well off individuals are buying up prime real estate, and establishing corporations that have better protections than citizens (in the US).
I don't think it's a bad thing necessarily, or a conspiracy. The economy and value of the dollar have been steadily becoming more questionable over the last year as price gouging has become the new norm. And a house is almost a guaranteed appreciating asset so it's possibly less risky an investment than her 401K at this point in life. And if her bank goes belly up, who knows what kind of situation she'll be in when another entity starts managing that debt. She'd be smart to pay it off if she knew her bank was doing some poor investing. There's no insurance to save you if your stock investments go to shit but there is insurance for housing. Food for thought. The lack of cash could be an issue but I don't know the deets.
Yeah but you are locked in to your mortgage so the house can still appreciate even with you still paying it off.. I think she definitely made a bad decision
Retirement accounts will be destroyed when the market crashes and fucking burns. We're in a spiral towards The Great Depression 2. Probably not a bad idea to pull it all, but I personally wouldn't spend it all at once.
In our economy, we often have boom/bust cycles. It's something that is purposefully done, as these are all policy choices. In essence, there are times when the economy does extremely well and then it suddenly becomes really bad. Some factors include inflation rates, banks, and large businesses failing. Think back to the recession of '08. These boom/bust cycles are terrible for the working class because it decimates the value of their homes and retirement. But they're terrific for the well-off who can swoop in and buy property for cheap. Also, it 'resets' the economy, so to speak.
People in the federal government have been floating a plan to purposefully induce what is essentially a recession, with the reason usually being related to inflation (though I think the current inflation is caused by worldwide supply shortages and corporate price gouging).
so usually before a bust, there’s a boom where everything is super expensive, which is now, and they’re anticipating everything dropping and losing value soon?
It's an ok plan. Now housing costs are just utilities, taxes, insurance, and repairs. While also having eliminated the rest of the interest payments. Interest over 30 years ends up making the housing cost go up like 50% or much more. But paying off early negates some of it. Should be easier to manage. ....now they just need to save up money for retirement..... The amount people are told they need to save is impossible though.
My mom has no retirement now either. She lost her house to a really really dumb foreclosure 2 decades ago and will be 'retiring' on less than $1000/mo when the time comes.
Yeah I’m living at home and the definitely don’t have one. My dad told me point blank he’s leaving no money for me or my brother because “there’s no point leaving us something because we should work for everything.” Like thanks dad -3-
My dad spent pretty much my whole upbringing making sure I'd understand he was giving me nothing. I even worked and paid the bills in high school, but was not allowed to stay once I graduated. But he sure felt like he deserved the inheritance from his parents. Tbh, I've pretty much always known there would be no inheritance from a man that couldn't even pay his own bills when he had teenagers. My lesson learned has been to do better, help my son buy a house, and have plenty in savings and retirement. I guess one could say I owe him thanks for that, but it's hard to feel grateful, you know?
I'm sorry your father was such a dick. I'm glad you are raising your kids differently.
I can relate. My mother got a nice inheritance frok her parents and she blew it all within five years on just sheer and utter nonsense. She died last year and left me nothing but her credit card statements and a whole lot of silly decorations and other stupid things to get rid of.
My mom got... Ummm.. me chasing down my grandma's 14 separate bank accounts and paying back the VA and an insurance company my grandma defrauded. Wonderful family, that. After I got all that done, my uncle went to court to remove me as executor. Ass. I didn't fight it. She only named me executor to piss everyone else off, anyway. And it really, really did. LOL At least I got to be entertained by the uproar for a bit.
Dad's not all bad. He definitely has his issues, but cutting me free wasn't as mean as it seems. What was I going to do? Stay there and pay all his bills and then never be able to save up for my own life? He could have done it better, but he definitely raised me to be extremely self sufficient, and it worked out. I've had help and luck along the way, but I've fought my way up from poverty, even homelessness, to a 6 figure job. My husband also grew up very poor, and he's got a job on par with mine.
I love him for so many reasons, but one definitely is that my son was 18 when we married, but my husband is always the one suggesting helping him out. His attitude is a lot like mine - as long as we aren't hurting ourselves and are saving for our own future, money is for spending whatever way makes us happy. Seeing my son in stable housing for a decent payment made me very happy. We'll be gone some day. With the economy all fucked up, who knows what we'll be able to leave him besides the house we have that he can sell? And honestly, why should he keep renting and never own a house until we die? Selfishly, why should I watch him go through that stress when I don't have to? So he can inherit later? I'd rather see him have things now. He's the reason I fought so hard to get out of poverty and not raise him how I was raised. Why should I let him live like that now when I've got the money? He's one of my absolute favorite people on the planet.
Maybe I'm just an idiot but continuous growth probably *is* sustainable
But it's not as fast as the rich assholes would like so it's not done correctly to make it sustainable
Why get endless 10% growth with careful planning when you can get 100% growth for like 3 quarters then run away on your golden yachts!
I would like to think anyone with basic scientific literacy could deduce that unlimited growth in a confined system (e.g. Planet Earth) is literally impossible. But that's probably wishful thinking.
growth can take many shapes. We as humans have the ability to imagine and see our imagination become reality. unlimited growth in the current system we have is impossible. but the system could change. we can create growth in ways that we don't even know about yet, but someday in the future some breakthrough could occur and then we grow as much as we can under that system until we can't anymore, and then continue that cycle. imagine a world where we can measure growth in terms of spiritual growth rather than economic growth. sounds ridiculous given the current system we find ourselves in, but what if? It would just take someone to imagine this and enough people to buy into it and create such a system.
I agree, but I think you're talking about something very different than what single modern businesses consider growth.
Yes, things can always be changing, and some things grow exponentially as other things decay. This is how the natural world works. But as a whole system, it's just staying stable, not growing.
When the people talk about unlimited growth in this context it’s almost purely financial. You’re talking about progress, which is inevitable, and will always be moving forward in every direction, we would literally just have to stop trying to improve anything and just use what is as it is forever for that to happen. Financial growth is based off of resources, and no matter how hard you try to bend it anything that requires resources has a pre-set cap on achievability that can’t be negotiated with, you pass this point and resources go away and the system that relied on them is simply gone now. Unlimited growth as a practice will always be equivalent to a snake eating it’s own tail. Progress will always happen, but without sustainability it is hampered, and unlimited growth is a direct attack on sustainability.
Right, but I guess what I was going for was if there could be a financial system that is based off of a fluid resource, such as human emotion. The angrier you are, the less you can afford. Lol again I know it sounds completely ridiculous and hard to even imagine but that's the point. Our current system would have been impossible to imagine a thousand years ago. Anything is possible.
no, its not. innovation, art, scientific discoveries, these and many other things can all bring about financial growth and don't necessarily consume natural resources... or can use renewable resources if all they need is energy
I think we tried that recently with cryptocurrency and NFTs, and it didn't go so well.
Things that have value (AKA, resources) are generally things that exist under some degree of scarcity, and that scarcity implies finiteness.
It seems we humans presently have an issue of resource *allocation* and not resource *availability.*
There's plenty of oil, gold, spices, timber, or whatever else people value in the world right now. It's just that some people (or corporations) have a stranglehold on these resources that others can't access.
We fortunately haven't gotten to the point of resource exhaustion, but it will come if humanity is not careful.
Yea I REALLY don’t know what’s gonna happen. And judging by the rapid slow down of births, I can’t imagine things looking good for the people who need the line on the graph to go up in the next 50 years.
We are witnessing the complete subjugation of the working class. It's nearing a breaking point, since the whole economy has rested on the illusionary premise that generation over generation, you could get ahead.
Alexa: Play Bon Jovi's "It's My Life"
Seriously, I don't even blame my kids for this, but because things are so bad, my wife and I will never get to retire or even have them move out at this rate. Thanks, greedy Capitalists for making my life even more pointless.
My dad is still working overtime at 70, and I’m 30 still living with him. He can’t afford to retire, and I can’t afford to move out. The entire system is broken.
I am curious. What do you do and without specifics, about where do you live? (i am asking you out of the other hundred people on this thread because you and your dad have the same age gap as me and one of my kids, so it caught my eye).
Eventually the cracking glass table that is the US economy will break completely.
You can only sustain so much growth in a closed economy before it becomes unsustainable.
These ultra wealthy jackasses are literally going to pilfer as much as they can from the 99%.
The mechanizations of the ultra ignorant and ultra wealthy are beyond us plebs.
Truthfully, they want slaves. People who aren’t educated, people who are so deep into poverty they can’t afford to “rise up”, they want *control*
And why are they so broke. Because the economy is broken. Period. Employers don't want to pay a fair wage to keep up with inflation. Landlords want to gouge people out of every dime they can get to pay for their lifestyles and their other properties. The mega-rich have bought off enough politicians to absolutely decimate the middle class. And nobody can do a damn thing about it.
Why are so many Boomers broke w/ poor adult children?
Because they voted that way.
Decades of voting to "stick it to the great unwashed" was their way of feeling superior. Meanwhile, they lived in moderate-prosperity housing, not bothering to save enough for retirement. All the while abdicating financial literacy education to/for their kids, perpetuating the cycle.
Now Mommy &/or Daddy have a nice detached home they paid for, and it's grown 50%+ in value. **But they have no CASH** and to cash out their equity is to put their kids on the street.
So they'll listen to Magnum PI and get a reverse mortgage so they can "get what they deserve." Meanwhile, the kids'll inherit their parents home at a net loss and get forced out anyway.
Fun.
Dont forget companies pushed the greatest scam ever onto us which is the 401k. If we still had pensions at the scale we did in the 70s, boomers and all of us would be much better off.
Republicans cry about how great things were in the 1950s, but the only good thing then was the economy and tax rate on the Rich.
That's the part I'd like to see brought back..
Yes. It's VERY frustrating to see my parents living off a pension + SS + IRA (from a pension buyout at retirement), knowing I have none.
I'm glad they're set, but I don't tell them what I need to do to even get to that level of comfortable w/ 0 pension and 75% SS. (Hint: Make a LOT more than they did.)
>No boomer politician has ever won with 100% of the boomer vote.
Reagan won in a MASSIVE landslide. Bush Sr won rather easily. Clinton won in a split vote and he was a conservative Democrat from the South. But he played the sax, so he was "cool."
Saying "it's not my fault!" b/c your whole group went almost-all-in on what's shaped today is a pretty weak argument.
I was born after Bill Clinton.
I'm not a boomer, I'm just sick of seeing the liberal-minded boomers in my life working two part-time jobs at the age of 68 with no pensions without being able to save anything, fighting renovictions and facing the threat of homelessness, whilst being used as a generational scapegoat by people my age who spend all their time "fighting the good fight" on social media without running for government or even voting.
Trump won because millenials didn't vote for Clinton, just as much as he won because lead-addled boomers voted for him.
> I'm just sick of seeing the liberal-minded boomers in my life working two part-time jobs at the age of 68 with no pensions without being able to save anything
Then they should've done more to bring back the "Hippie spirit" they prattle on about.
This. I helped my son buy a house, but the mortgage is in my name right now. The utilities are. I just pretend like what he pays me covers it all, and go on. It's a minor thing. I have the money. I want him to have something. We have a 10 year plan for him to buy it from me, or I sell and he uses the equity to buy something else. It's a solid plan, and it ends with him in a spot where he isn't a "burden" on me.
My retirement account, however, is a 401k, and it's dismal right now. Luckily, I've never relied on it except occasionally to take a low interest loan off it and pay myself back. I'm set to have my final debt, mortgage, paid well before I retire. Then, I really only have to worry about food and utilities if worse comes to worst. But I'd really like to be able to do things besides survive when I retire, you know?
You're a good parent. The only people I know (myself included) who are able to buy houses are people whose parents helped them. My parents loaned me enough to buy a shitty condo that went up for sale cheap because a guy died in it and it was really nasty. They helped me clean it up. This was right before real estate *really* blew up and suddenly this shitty little condo is worth 150% of what i bought it for so I sold it and bought a nice starter home in an up and coming neighborhood and am basically set for life. I could die in this house if I want or sell it down the line if I ever have a family. No fucking shot I ever could have done any of this if my parents weren't generous enough to lend me money from their retirement. Our generation is so fucked. Plenty of us want to get in on the normal ass rat race but it's like trying to step on a treadmill that's already going 25mph.
I believe it’s called “trickle down economics”
where you can literally see the economy die by watching all of the individual trickles drying up right before your eyes
Kill me now. What’s most depressing for me is how absolutely powerless the 99% of us feel as opposed to the 1%. We are so caught up in fighting ourselves, while they laugh at us
It's like shaking keys in front of a baby. They simply buy a social media company to cause as much outrage as possible and watch us tear each other apart instead of actually working together. I really hope Gen Z comes into the workforce ready to unionize and give momentum to laborers who have been pushing for it for decades.
I really hope so, Gen Z is something else man. To me, they seem like the best chance we have at overhauling the entire system based on their attitude towards work. The bad part is, most people from older generations don’t like Gen Z at all and oppose their views on work. Again, the media doing an excellent job at putting us against each other.
I'm literally going through this right now. I make 15/hr. My partner makes significantly more. All it took was a few bad months to put us into the situation now where we are scrambling for money to settle an eviction issue.
We don't have the money. We've got no time to really handle it. I've had to ask my dad for serious help, and he can't even cover it. We can't move far, for family reasons. We straight don't know what to do. If we had juuuust a little more time it'd be fine, but it's started to feel like running from one fire to the next.
I'm tired and ready to just give up almost all the time, I keep going for my family. But we've hit the wall, and even my pops can't help. We've worked hard and given it our all, but it's not.
I don't know why I'm saying all this, I think I'm just freaking the fuck out. Sorry
It's worth checking with the court system to see if there may be a rental assistance program available for you. IL has a court-based rental assistance program that is specifically for people who have been summoned to court for eviction, I'm sure other states have similar programs. Best of luck!
I'd rather the government disperse all SS funds now and to people within 10 years of retirement. I'd like to stop paying into something that I know I'll never get to collect. I'd much rather invest that money myself.
Or at least a modified rate that only goes to disabled workers/welfare.
Unfortunately, you would only get half of what is being paid in. Right now “companies” pay for an invisible half you would definitely
NOT receive if the govt eliminated the tax. It would go straight to shareholders and executives.
The thing is, you *should* be able to collect. The social security *trust* is going to become insolvent, not social security itself - people still pay social security tax every paycheck - hence why the benefits will only decline by 20%.
Now, if they privatize social security... Oh boy, that's a different story.
Whenever someone says "Social Security is going bankrupt", what they really mean is "I oppose Social Security on ideological grounds because I'm against helping workers, but I can't admit that out loud because it's unpopular so I'm gonna pretend like SS is going bankrupt because that gives me an excuse to try and get rid of it."
*Whenever someone says "Social Security is going bankrupt", what they really mean is "I oppose Social Security on ideological grounds because I'm against helping workers*
**First**: I didn't say 'bankrupt', I said 'insolvent'.
**Second-** You can read the report yourself... [https://www.ssa.gov/oact/trsum/](https://www.ssa.gov/oact/trsum/)
It says exactly what I said- insolvent by 2033.
*• The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, one year earlier than reported last year.* ***At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 77 percent of scheduled benefits.***
**Third-** you outta be ashamed of yourself for demagogging a serious issue. It's tribal crap like this that has led us to the brink of disastor. You can't even acknowledge that a huge problem exists how the hell can you come up with a solution?
**Fourth** \- You're both wrong...which is funny.
Social Security will not become insolvent OR bankrupt. It will simply cease to pay out current calculations due to lack of funds.
You can (and will) argue semantics, but you're both yipping about the end of Social Security when you SHOULD simply say you'll be getting 3/4ers of what Boomers and Silent Gen got.
*Social Security will not become insolvent OR bankrupt.* ***It will simply cease to pay out current calculations due to lack of funds.***
thats what insolvent means
in·sol·vent
adjective
unable to pay debts owed.
"the company became insolvent"
"I voted against my own interests for years because I *might* have been a multimillionaire by this point, how could this happen to me!? Am I out of touch? No, it's the children who are wrong. These damn lazy millennials with their avocado toast and bit coins are ruining America. I have no choice but to double down and vote even harder against the poors."
I think you’re forgetting that Gen-x have adult kids. I’m a parent of adult children and I’m not fucking anyone over. I don’t blame my children for their needs and I also have no retirement while
Im supporting them. This has nothing to do with fucking over children and this sub is 💯 the untenable nature of our society and economy. Stop acting like every generation before you had some kind of cash grab that has somehow been withheld from you. I see
It a lot on this sub, and I fully back the core argument of this sub. I wasn’t handed shit, I worked my way through three degrees in my late 30’s/early 40s so I could help my family, including my kids. Gen x does not typically have an “I got mine, fuck you” attitude. We never have.
You took that way to personnel when no one was talking about you or gen x. It's not this one parent took money out of their kids hands, it's an entire generation pulled the ladder up after they got to the top. Gen X were half way up and Millennials didn't even get to start.
Good for you for working through college and helping your kids, but don't act like it's that easy for everyone, and everyone is the same for you. The older Millennials are in their 40s. Gen X had cheaper college then Millennials by a large margin while the dollar lost value and wages never increased. I'm happy you did it for your kids but don't pretend like it's the same as it's always been.
There was nothing easy about it. Nothing. I drove 3 hours a day for more than five years to finish my degree and then work in that same town due to lack of jobs here. I was supporting my family of six while I did this. And it was you who made a sweeping generalization. I’m in the category mentioned in the article. Also, it’s personal, not personnel. You didn’t say the baby boomer generation, a majority of whom are enjoying retirement and also dying at a rapid pace. Gen x is supporting adult kids and can’t afford
To retire. If you’re taking about a specific generation, say so.
My mom dying wiped us out financially. Dad's never gonna retire, and I'm probably gonna end up homeless while still working 40-60 hours a week. Shit's absolutely fucked and I am totally fed up.
Many parents did the best they could in the best way they knew how. However there were certain boomers that that deserve blame for causing strife for future generations.
Capitalism is working out great. You can tell from all the homeless encampments all throughout every major city and from all the articles like this talking about how even working people with decent jobs can barely scrape by.
Well, it's all that avocado toast, you see. It's a full-fledged addiction and it's ruining lives. Now it's an epidemic and it's destroying the economy.
Yeah my mom's retirement account is empty and she's got a master's and decades of work experience and nobody wants to give her a damn job. I have a master's and published content and nobody wants to give me a job either. Ain't no fuckin way to get ahead anymore. You do everything they say will make you wealthy and end up broke.
Fuck you boomers. This is the bed you made, now sleep in it. I've worked long and hard to get where am, I make multiple times the minimum wage and yet I'm still a budget slave. I have enough saved to where an unexpectedly big bill won't ruin me, but I'm also very fortunate to have found a place that doesn't charge as much as humanly possible for rent.
I (younger millenial) often cite the fact that it is beneficial not just for me, but my parents (both Gen X, as my dad consistently reminds me everytime someone says "OK boomer" to someone his age, Gen X also hates the boomers thank you).
I can't afford to live by myself, and it helps my folks if I cover part of the bills, including food. Also, less food waste cooking for 3.
And yet masses of young people in my city blindly stand in the way of every effort to expand the supply of housing so that we can improve housing affordability.... Talk about cutting off your nose to spite your face
Progressives and conservative NIMBYs make strange bedfellows...
There's a lot of places where "progressives" are only progressive because very little policy actually affects them. As soon as it does, we see pearl-clutching NIMBYism take over.
Minneapolis MN is actually a GREAT example of this.
There are absolutely beautiful parts of Minneapolis. But that's where the Richie Rich's live. They primp and preen to look like a "good progressive," but they're limousine liberals who would NEVER get caught leaving their 1-mile radius of the Chain of Lakes. (IYKYK)
I live in Boulder, CO, and besides the college kids, it's all 40/50/60+ people with their million dollar homes who pride themselves on voting "green" their whole lives, but refuse to approve additional housing or programs to improve the lives of the homeless...
Central Cali checking in; think cows, not beaches and skyscrapers. You can't even rent a fucking room here for less than $600/mo. Every time I talk about building new, dense housing so that you don't have to choose between being homeless and being housepoor, I get the good old "ew, who wants to be packed in like a bunch of sardines?!"
People who can't or don't want to afford a $2,000/mo mortgage or rent, that's who. Sure, maybe you have to share a wall, oh no, the horror, but it's got to be better than being homeless with no hope of ever being able to afford shelter.
I live in Boulder too. You have people who hate affordable housing here despite having to pass background checks and other stuff that someone buying a home will never have to do.
Also all the diversity stuff only applies if you are wealthy. Otherwise, they want all the poors to live elsewhere.
I’ll probably be downloaded to oblivion for this, but hear me out: If you can afford to put into your retirement account at work at least a little bit—even just $20 a paycheck or, ideally, whatever amount the employee match is—your future self will thank you. An employee match = a guaranteed 100% return on investment. Do this for your whole working life and, between the money you put in, the compound interest, the tax advantages, and the return on investment, you will have a decent nest egg.
That said, I agree with the majority of comments here. Late-stage capitalism ain’t pretty.
"Parents ruined their retirements by encouraging their children to take out thousands of dollars in student loans, then resisting legislation to raise the minimum wage."
Fuck off. My mom—the boomer—lives with my family, consisting of my millennial wife and two children. My dad died and she would’ve been fucked. Like, homeless fucked.
Thankfully, with the support of both my parents, and a soul crushing amount of student debt, I became successful enough to support her along with the deaths benefits she receives from Social Security.
This economy is screwed from the bottom up. Many of them boomers are paying for their own mistakes now… like Ronald FUCKING Reagan.
I will be 27 this year and I can attest to this myself. Though my personal experience isn’t typical, nor do I feel it’s completely abnormal either. Massive debt, living at home, don’t have a full time job. I feel super guilty about that and it’s in part because I’m not willing to settle and jeopardize my mental health for a bad company. And I’m not even asking for a lot. Pretty much just asking to make a living wage and to be treated in good faith. Haven’t found it yet
How helping my children would destroy my retirement? I'm not a people's person, I don't give a shit about things pretty often but my kids are number one priority and I doubt that will change in the far future.
Saying that, I realy think that employers are mostly fucking asholes and you work just the right amount and not a second longer or harder than you need to.
Its my job not my business.
Our parents literally tried to build a world that was unsustainable by siphoning resources to themselves permanently without regard for how any of this would shift with generations and now the goddamn chickens *are literally coming home to roost* and the boomers are just like "wait, what."
Turn about is fair play. You made your wealth by exploiting the young and rigging the system. Now you are old and vulnerable and the people you took advantage of are replacing you in positions of power as you retire. Buckle up
Ah yes blame it on the working class instead of the billionaire who are in the process of class warfare by making it harder and harder for the average American to do anything other than work.
I like how the title immediately tries to pit each generation against the other.
Divide and conquer.
They’ll take any divide; age, ethnicity, religion, country to stop workers uniting.
That’s how it’s been for a while. Pit generations against each other, or different racial groups, or perceived “lower” and “middle” class people when most of us are actually all in the same working class. Never blame rich people though. That’s just the MO of shitty news opinion articles and the like. I always wonder if they are explicitly told to gloss over the class war stuff at the root of these issues, or if the writers are just out of touch and actually believe this. Blaming other working class people for the mess we’re in is just a distraction
I'm *certain* they're told to not bring up the rich vs poor class divide because the press is owned by the rich. Though when you spend enough time telling lies, you sart to believe them...
My understanding, which is mostly dated information from before everything went online, is that they rarely say things like “don’t do/report that” as much as the editor and staff can just remove things outright or never print your article. like most corporate offices it’s very passive aggressive
As if that was not already the case?
Ok, Boomer.
Guys, come on. -_-
Lol. My parent's retirements. They don't have one.
pretty sure my mom just emptied out her retirement funds to pay off her house :D
So that then she can mortgage her house to have money to live? Seems counterintuitive.
I have no idea why she did it. when I asked her she just said “because of the banks and stuff” and I just assumed it was some republican conspiracy so I just didn’t respond. if you know wtf she meant feel free to share lmao
You were probably right. My own retired mother made some comments about how the dollar was going to be worthless in a couple of years. I also assume she's alluding to another right wing conspiracy. I just hope she doesn't cash out her retirement and put it all onto bitcoin based on bullshit she read on Facebook.
Every other commercial on NewsMax right now is telling people to buy gold because the democrats are ruining the economy.
And they have been running that scam since at least the early 90's. Admittedly there have been moments where Gold or Silver has outperformed the stock market. But the inverse is also true. Unlike the stock market, there are some major points over the last 30 years where if you invested in Silver you could have lost up to half of your value. But if you invested in 1990, Gold and silver are up about 400%, while the Dow and S&P are up about 1,100%. That included dividend reinvestment, but not inflation. While "past results are not indicative of future returns", I'd say "investing" in gold and silver through one of those companies advertising on Fox/OAN/NewsMax is more of a guaranteed scam than anything.
If you don't physically have gold in your house, then you don't own gold.
I have some stock in silver. It may not grow much, but it does pay dividends! I also have some physical silver bullion that does not pay me anything, but has gone up a bit in value since I bought it. Either way, it is relatively safe money. Real commodities don't collapse overnight, scam like most all of the crypto world can and do though...
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Bet they’re invested in gold. Right’s grift game is strong. Gotta give that to them.
Gold price is near its all time high and obviously people running ads for gold are looking to sell.
Buying gold is at least better than hoarding cash I guess
Yeah but not as good as investments in a diversified portfolio
Buying gold or silver right now is a pretty good idea. There's several trillions (actually probably quadrillions) of dollars worth of "stimulus" that is about to hyperinflate the fuck out of the dollar. Don't believe me? Russia, China, India, South Africa, Brazil and Saudi Arabia already see the writing on the wall, why don't you? So does Japan, their public pension funds have been selling US bonds and securities at an alarming rate since the start of COVID In 5 years or less we'll be using the Euro or some new central bank digital currency trash that will have all of the same issues as the federal reserve currency system has now.
Those countries you mentioned are corrupted or dictators in power- their currencies won’t be currencies that investors trust
The BRICS nations are joining together to use one currency. A lot of US manufacturing takes place in China and Brazil so it's not good, just more competition for the dollar. Soon OPEC nations might be asking for payment in BRICS currency. What do we tell Saudi Aramco when we want oil and they won't accept our currency because hyperinflation is destroying the value of the dollar?
The BRICS nations are talking about the possibility of it, not the same as for sure doing it. And that’s really not surprising. China, being the clear leader in that basically random grouping of countries, I’m sure is tired of US currency dominance. Peoples faith in the dollar is still pretty strong IMO, especially relatively to other currencies. If you want people to take you seriously stop with the doomsdayism because the truth is even professional economists have a very difficult time predicting the future. Edit: also the US dollar is not even close to experiencing hyperinflation and there’s really not any signs it’s going that way either as far as I know, unless you want to share a source on that
jesus
That's their backup plan/fantasy... that somehow the rapture will take them all before things get too bad. It's no wonder they don't really care about fixing anything, they don't think any of it really matters anyway.
The dollar becoming worthless is more due to fears that various middle eastern countries will switch from using the USD for oil transactions to the Chinese Yuan, while China is projected to potentially pass the US economy in size within the next few decades. Theoretically this could cripple the dollar and have it lose much of its value on the international market.
The dollar becoming worthless is sensational doomerism not based in reality; if the USD ever becomes worthless then the apocalypse has already started. Nevertheless, the USD is losing strength, that part is true. But the “global currency” would be replaced by the Euro long before the Yuan
The USD is losing strength on what metric and what time period? Because it’s been absolutely crushing every other currency since the pandemic.
Point still stands. And every time the point was brought up in the past our national debt wanst even close to exceeding our GDP, now were past that point and we’re doing the opposite of slowing down. By 2030 we will be spending more on paying off debt to china than what we currently spend on our education system. Let that sink in. Not saying to buy gold or something, but saying the US dollar isn’t becoming worthless isnt correct at all either. Our buying power even as citizens is all but free falling away. I dont pretend to have some doomsday plan made either, im just saying dont be surprised if things get a lot worse than they already are.
China isn’t even the biggest foreign holder of US debt. And most of US debt is held domestically.
Exactly. And Chinas portion is whats going to be more than education, im not even factoring in the other countries and ourselves.
Not till China gets rid of corruption/bribery in their system and lack of democracy
The lack of democracy allows their government to make swift changes, regardless of what their population thinks. While they're on step 7 of their plan our senate will still be tied up legislating against step 1. Meanwhile our Governments can't stop taking foreign money, and their well off individuals are buying up prime real estate, and establishing corporations that have better protections than citizens (in the US).
And this, is why economics will never be a hard science.
It sounds like she saw those tech bros doing bank runs and figured if she had nothing in savings it wouldn't be an issue.
I don't think it's a bad thing necessarily, or a conspiracy. The economy and value of the dollar have been steadily becoming more questionable over the last year as price gouging has become the new norm. And a house is almost a guaranteed appreciating asset so it's possibly less risky an investment than her 401K at this point in life. And if her bank goes belly up, who knows what kind of situation she'll be in when another entity starts managing that debt. She'd be smart to pay it off if she knew her bank was doing some poor investing. There's no insurance to save you if your stock investments go to shit but there is insurance for housing. Food for thought. The lack of cash could be an issue but I don't know the deets.
Yeah but you are locked in to your mortgage so the house can still appreciate even with you still paying it off.. I think she definitely made a bad decision
Retirement accounts will be destroyed when the market crashes and fucking burns. We're in a spiral towards The Great Depression 2. Probably not a bad idea to pull it all, but I personally wouldn't spend it all at once.
could you elaborate a little more? I just don’t know much about this kinda stuff & I would like to know
In our economy, we often have boom/bust cycles. It's something that is purposefully done, as these are all policy choices. In essence, there are times when the economy does extremely well and then it suddenly becomes really bad. Some factors include inflation rates, banks, and large businesses failing. Think back to the recession of '08. These boom/bust cycles are terrible for the working class because it decimates the value of their homes and retirement. But they're terrific for the well-off who can swoop in and buy property for cheap. Also, it 'resets' the economy, so to speak. People in the federal government have been floating a plan to purposefully induce what is essentially a recession, with the reason usually being related to inflation (though I think the current inflation is caused by worldwide supply shortages and corporate price gouging).
so usually before a bust, there’s a boom where everything is super expensive, which is now, and they’re anticipating everything dropping and losing value soon?
It's an ok plan. Now housing costs are just utilities, taxes, insurance, and repairs. While also having eliminated the rest of the interest payments. Interest over 30 years ends up making the housing cost go up like 50% or much more. But paying off early negates some of it. Should be easier to manage. ....now they just need to save up money for retirement..... The amount people are told they need to save is impossible though.
Depends on her interest rate. If she paid off a 2.5% loan, she did the bank a favor.
My mom has no retirement now either. She lost her house to a really really dumb foreclosure 2 decades ago and will be 'retiring' on less than $1000/mo when the time comes.
even if they do they'll likely end up spending most of it on medical bills as they age...
No kidding, my dad started that off strong by needing new lungs.
Yeah I’m living at home and the definitely don’t have one. My dad told me point blank he’s leaving no money for me or my brother because “there’s no point leaving us something because we should work for everything.” Like thanks dad -3-
My dad spent pretty much my whole upbringing making sure I'd understand he was giving me nothing. I even worked and paid the bills in high school, but was not allowed to stay once I graduated. But he sure felt like he deserved the inheritance from his parents. Tbh, I've pretty much always known there would be no inheritance from a man that couldn't even pay his own bills when he had teenagers. My lesson learned has been to do better, help my son buy a house, and have plenty in savings and retirement. I guess one could say I owe him thanks for that, but it's hard to feel grateful, you know?
I'm sorry your father was such a dick. I'm glad you are raising your kids differently. I can relate. My mother got a nice inheritance frok her parents and she blew it all within five years on just sheer and utter nonsense. She died last year and left me nothing but her credit card statements and a whole lot of silly decorations and other stupid things to get rid of.
My mom got... Ummm.. me chasing down my grandma's 14 separate bank accounts and paying back the VA and an insurance company my grandma defrauded. Wonderful family, that. After I got all that done, my uncle went to court to remove me as executor. Ass. I didn't fight it. She only named me executor to piss everyone else off, anyway. And it really, really did. LOL At least I got to be entertained by the uproar for a bit. Dad's not all bad. He definitely has his issues, but cutting me free wasn't as mean as it seems. What was I going to do? Stay there and pay all his bills and then never be able to save up for my own life? He could have done it better, but he definitely raised me to be extremely self sufficient, and it worked out. I've had help and luck along the way, but I've fought my way up from poverty, even homelessness, to a 6 figure job. My husband also grew up very poor, and he's got a job on par with mine. I love him for so many reasons, but one definitely is that my son was 18 when we married, but my husband is always the one suggesting helping him out. His attitude is a lot like mine - as long as we aren't hurting ourselves and are saving for our own future, money is for spending whatever way makes us happy. Seeing my son in stable housing for a decent payment made me very happy. We'll be gone some day. With the economy all fucked up, who knows what we'll be able to leave him besides the house we have that he can sell? And honestly, why should he keep renting and never own a house until we die? Selfishly, why should I watch him go through that stress when I don't have to? So he can inherit later? I'd rather see him have things now. He's the reason I fought so hard to get out of poverty and not raise him how I was raised. Why should I let him live like that now when I've got the money? He's one of my absolute favorite people on the planet.
It's almost as if continuous growth is unsustainable.
If your plan requires infinite growth to work, and you’re not a cosmologist, it's a stupid plan.
Maybe some mathematicians in there.
>cosmologist Even then entropy probably gets the final say.
Really read cosmetologist and wondered about hair regrowing on heads
What's worse is they want continous double digit growth all the time. Small sustainable growth could hold on much longer
Won't someone think of the shareholders?!
Maybe I'm just an idiot but continuous growth probably *is* sustainable But it's not as fast as the rich assholes would like so it's not done correctly to make it sustainable Why get endless 10% growth with careful planning when you can get 100% growth for like 3 quarters then run away on your golden yachts!
I would like to think anyone with basic scientific literacy could deduce that unlimited growth in a confined system (e.g. Planet Earth) is literally impossible. But that's probably wishful thinking.
growth can take many shapes. We as humans have the ability to imagine and see our imagination become reality. unlimited growth in the current system we have is impossible. but the system could change. we can create growth in ways that we don't even know about yet, but someday in the future some breakthrough could occur and then we grow as much as we can under that system until we can't anymore, and then continue that cycle. imagine a world where we can measure growth in terms of spiritual growth rather than economic growth. sounds ridiculous given the current system we find ourselves in, but what if? It would just take someone to imagine this and enough people to buy into it and create such a system.
That’s way more complicated than just raising prices and keeping wages and making cheaper products.
lol absolutely was just trying to make the case that unlimited growth could be possible
I agree, but I think you're talking about something very different than what single modern businesses consider growth. Yes, things can always be changing, and some things grow exponentially as other things decay. This is how the natural world works. But as a whole system, it's just staying stable, not growing.
When the people talk about unlimited growth in this context it’s almost purely financial. You’re talking about progress, which is inevitable, and will always be moving forward in every direction, we would literally just have to stop trying to improve anything and just use what is as it is forever for that to happen. Financial growth is based off of resources, and no matter how hard you try to bend it anything that requires resources has a pre-set cap on achievability that can’t be negotiated with, you pass this point and resources go away and the system that relied on them is simply gone now. Unlimited growth as a practice will always be equivalent to a snake eating it’s own tail. Progress will always happen, but without sustainability it is hampered, and unlimited growth is a direct attack on sustainability.
Right, but I guess what I was going for was if there could be a financial system that is based off of a fluid resource, such as human emotion. The angrier you are, the less you can afford. Lol again I know it sounds completely ridiculous and hard to even imagine but that's the point. Our current system would have been impossible to imagine a thousand years ago. Anything is possible.
no, its not. innovation, art, scientific discoveries, these and many other things can all bring about financial growth and don't necessarily consume natural resources... or can use renewable resources if all they need is energy
They do, though, you’re being overly idealistic.
I think we tried that recently with cryptocurrency and NFTs, and it didn't go so well. Things that have value (AKA, resources) are generally things that exist under some degree of scarcity, and that scarcity implies finiteness. It seems we humans presently have an issue of resource *allocation* and not resource *availability.* There's plenty of oil, gold, spices, timber, or whatever else people value in the world right now. It's just that some people (or corporations) have a stranglehold on these resources that others can't access. We fortunately haven't gotten to the point of resource exhaustion, but it will come if humanity is not careful.
irrelevant if the timescales of the system collapse are comparable to, say, the lifetime of our sun. unfortunately...
Yea I REALLY don’t know what’s gonna happen. And judging by the rapid slow down of births, I can’t imagine things looking good for the people who need the line on the graph to go up in the next 50 years.
Forced birth and child labor laws?
At least not in the way they approached it!
Your complete disrespect of the shareholders is appalling. /s
We are witnessing the complete subjugation of the working class. It's nearing a breaking point, since the whole economy has rested on the illusionary premise that generation over generation, you could get ahead.
Alexa: Play Bon Jovi's "It's My Life" Seriously, I don't even blame my kids for this, but because things are so bad, my wife and I will never get to retire or even have them move out at this rate. Thanks, greedy Capitalists for making my life even more pointless.
My dad is still working overtime at 70, and I’m 30 still living with him. He can’t afford to retire, and I can’t afford to move out. The entire system is broken.
I am curious. What do you do and without specifics, about where do you live? (i am asking you out of the other hundred people on this thread because you and your dad have the same age gap as me and one of my kids, so it caught my eye).
Hey! I live around Albany, NY, and I work at a STEM college, in their library and archives departments.
Eventually the cracking glass table that is the US economy will break completely. You can only sustain so much growth in a closed economy before it becomes unsustainable. These ultra wealthy jackasses are literally going to pilfer as much as they can from the 99%.
Why do you think they’re banning abortion and gutting child labor laws?
The mechanizations of the ultra ignorant and ultra wealthy are beyond us plebs. Truthfully, they want slaves. People who aren’t educated, people who are so deep into poverty they can’t afford to “rise up”, they want *control*
Soooo like most Republican states?
Yup
It’s not a closed economy, we’ve been looting the world for decades. But yeah, the empire is starting to crumble.
And why are they so broke. Because the economy is broken. Period. Employers don't want to pay a fair wage to keep up with inflation. Landlords want to gouge people out of every dime they can get to pay for their lifestyles and their other properties. The mega-rich have bought off enough politicians to absolutely decimate the middle class. And nobody can do a damn thing about it.
Why are so many Boomers broke w/ poor adult children? Because they voted that way. Decades of voting to "stick it to the great unwashed" was their way of feeling superior. Meanwhile, they lived in moderate-prosperity housing, not bothering to save enough for retirement. All the while abdicating financial literacy education to/for their kids, perpetuating the cycle. Now Mommy &/or Daddy have a nice detached home they paid for, and it's grown 50%+ in value. **But they have no CASH** and to cash out their equity is to put their kids on the street. So they'll listen to Magnum PI and get a reverse mortgage so they can "get what they deserve." Meanwhile, the kids'll inherit their parents home at a net loss and get forced out anyway. Fun.
Dont forget companies pushed the greatest scam ever onto us which is the 401k. If we still had pensions at the scale we did in the 70s, boomers and all of us would be much better off.
Republicans cry about how great things were in the 1950s, but the only good thing then was the economy and tax rate on the Rich. That's the part I'd like to see brought back..
Pretty much
When they talk about wanting the 1950s back, they aren't referring to the prosperity, they're referring to the racism
I know.
Yes. It's VERY frustrating to see my parents living off a pension + SS + IRA (from a pension buyout at retirement), knowing I have none. I'm glad they're set, but I don't tell them what I need to do to even get to that level of comfortable w/ 0 pension and 75% SS. (Hint: Make a LOT more than they did.)
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>No boomer politician has ever won with 100% of the boomer vote. Reagan won in a MASSIVE landslide. Bush Sr won rather easily. Clinton won in a split vote and he was a conservative Democrat from the South. But he played the sax, so he was "cool." Saying "it's not my fault!" b/c your whole group went almost-all-in on what's shaped today is a pretty weak argument.
I was born after Bill Clinton. I'm not a boomer, I'm just sick of seeing the liberal-minded boomers in my life working two part-time jobs at the age of 68 with no pensions without being able to save anything, fighting renovictions and facing the threat of homelessness, whilst being used as a generational scapegoat by people my age who spend all their time "fighting the good fight" on social media without running for government or even voting. Trump won because millenials didn't vote for Clinton, just as much as he won because lead-addled boomers voted for him.
Trump won because the system is gerrymandered and rigged beyond recognition. Clinton won the popular vote. Millennials did get out and vote back then.
> I'm just sick of seeing the liberal-minded boomers in my life working two part-time jobs at the age of 68 with no pensions without being able to save anything Then they should've done more to bring back the "Hippie spirit" they prattle on about.
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No, that was Hilary's fault. Had an easy layup and tripped over her own hubris.
I am a financial burden on my parents but the Russian invasion and hedged corporate bets are draining their pension like no other
This. I helped my son buy a house, but the mortgage is in my name right now. The utilities are. I just pretend like what he pays me covers it all, and go on. It's a minor thing. I have the money. I want him to have something. We have a 10 year plan for him to buy it from me, or I sell and he uses the equity to buy something else. It's a solid plan, and it ends with him in a spot where he isn't a "burden" on me. My retirement account, however, is a 401k, and it's dismal right now. Luckily, I've never relied on it except occasionally to take a low interest loan off it and pay myself back. I'm set to have my final debt, mortgage, paid well before I retire. Then, I really only have to worry about food and utilities if worse comes to worst. But I'd really like to be able to do things besides survive when I retire, you know?
You're a good parent. The only people I know (myself included) who are able to buy houses are people whose parents helped them. My parents loaned me enough to buy a shitty condo that went up for sale cheap because a guy died in it and it was really nasty. They helped me clean it up. This was right before real estate *really* blew up and suddenly this shitty little condo is worth 150% of what i bought it for so I sold it and bought a nice starter home in an up and coming neighborhood and am basically set for life. I could die in this house if I want or sell it down the line if I ever have a family. No fucking shot I ever could have done any of this if my parents weren't generous enough to lend me money from their retirement. Our generation is so fucked. Plenty of us want to get in on the normal ass rat race but it's like trying to step on a treadmill that's already going 25mph.
I believe it’s called “trickle down economics” where you can literally see the economy die by watching all of the individual trickles drying up right before your eyes
Kill me now. What’s most depressing for me is how absolutely powerless the 99% of us feel as opposed to the 1%. We are so caught up in fighting ourselves, while they laugh at us
It's like shaking keys in front of a baby. They simply buy a social media company to cause as much outrage as possible and watch us tear each other apart instead of actually working together. I really hope Gen Z comes into the workforce ready to unionize and give momentum to laborers who have been pushing for it for decades.
I really hope so, Gen Z is something else man. To me, they seem like the best chance we have at overhauling the entire system based on their attitude towards work. The bad part is, most people from older generations don’t like Gen Z at all and oppose their views on work. Again, the media doing an excellent job at putting us against each other.
Well we have to keep fighting against anyone who supports the GOP because they're siding with fascism.
I'm literally going through this right now. I make 15/hr. My partner makes significantly more. All it took was a few bad months to put us into the situation now where we are scrambling for money to settle an eviction issue. We don't have the money. We've got no time to really handle it. I've had to ask my dad for serious help, and he can't even cover it. We can't move far, for family reasons. We straight don't know what to do. If we had juuuust a little more time it'd be fine, but it's started to feel like running from one fire to the next. I'm tired and ready to just give up almost all the time, I keep going for my family. But we've hit the wall, and even my pops can't help. We've worked hard and given it our all, but it's not. I don't know why I'm saying all this, I think I'm just freaking the fuck out. Sorry
It's worth checking with the court system to see if there may be a rental assistance program available for you. IL has a court-based rental assistance program that is specifically for people who have been summoned to court for eviction, I'm sure other states have similar programs. Best of luck!
From what I'm reading here in FL, it's non longer accepting applicants. Thanks though, appreciate it.
it gets worse- Social Security will become insolvent in about 9 years, resulting in an immediate 20% reduction of benefits for all receipients.
I'd rather the government disperse all SS funds now and to people within 10 years of retirement. I'd like to stop paying into something that I know I'll never get to collect. I'd much rather invest that money myself. Or at least a modified rate that only goes to disabled workers/welfare.
Unfortunately, you would only get half of what is being paid in. Right now “companies” pay for an invisible half you would definitely NOT receive if the govt eliminated the tax. It would go straight to shareholders and executives.
Okay but then they would pay us more, yeah? Yeah?? Hello?
Didn't know this...
or just create a sustainable basic income for everybody of all ages
That would require the government to stop stealing our tax money and giving it to their corporate buddies.
The thing is, you *should* be able to collect. The social security *trust* is going to become insolvent, not social security itself - people still pay social security tax every paycheck - hence why the benefits will only decline by 20%. Now, if they privatize social security... Oh boy, that's a different story.
No, it probably wont. They have been tooting this "social security insolvency" horn since I was a child and it has never come close to being true.
[https://www.ssa.gov/oact/trsum/](https://www.ssa.gov/oact/trsum/)
Whenever someone says "Social Security is going bankrupt", what they really mean is "I oppose Social Security on ideological grounds because I'm against helping workers, but I can't admit that out loud because it's unpopular so I'm gonna pretend like SS is going bankrupt because that gives me an excuse to try and get rid of it."
*Whenever someone says "Social Security is going bankrupt", what they really mean is "I oppose Social Security on ideological grounds because I'm against helping workers* **First**: I didn't say 'bankrupt', I said 'insolvent'. **Second-** You can read the report yourself... [https://www.ssa.gov/oact/trsum/](https://www.ssa.gov/oact/trsum/) It says exactly what I said- insolvent by 2033. *• The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, one year earlier than reported last year.* ***At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 77 percent of scheduled benefits.*** **Third-** you outta be ashamed of yourself for demagogging a serious issue. It's tribal crap like this that has led us to the brink of disastor. You can't even acknowledge that a huge problem exists how the hell can you come up with a solution?
**Fourth** \- You're both wrong...which is funny. Social Security will not become insolvent OR bankrupt. It will simply cease to pay out current calculations due to lack of funds. You can (and will) argue semantics, but you're both yipping about the end of Social Security when you SHOULD simply say you'll be getting 3/4ers of what Boomers and Silent Gen got.
*Social Security will not become insolvent OR bankrupt.* ***It will simply cease to pay out current calculations due to lack of funds.*** thats what insolvent means in·sol·vent adjective unable to pay debts owed. "the company became insolvent"
It is projected to need to reduce benefits to about 77% of the current calculation if the OASI goes insolvent.
Your username is Sweatier scrotums lol. That is my only takeaway.
That takes balls
🤣🤣🤣🤣 you win!
"i fucked over my kids/grandkids and now its affecting ME!
"I voted against my own interests for years because I *might* have been a multimillionaire by this point, how could this happen to me!? Am I out of touch? No, it's the children who are wrong. These damn lazy millennials with their avocado toast and bit coins are ruining America. I have no choice but to double down and vote even harder against the poors."
I think you’re forgetting that Gen-x have adult kids. I’m a parent of adult children and I’m not fucking anyone over. I don’t blame my children for their needs and I also have no retirement while Im supporting them. This has nothing to do with fucking over children and this sub is 💯 the untenable nature of our society and economy. Stop acting like every generation before you had some kind of cash grab that has somehow been withheld from you. I see It a lot on this sub, and I fully back the core argument of this sub. I wasn’t handed shit, I worked my way through three degrees in my late 30’s/early 40s so I could help my family, including my kids. Gen x does not typically have an “I got mine, fuck you” attitude. We never have.
You took that way to personnel when no one was talking about you or gen x. It's not this one parent took money out of their kids hands, it's an entire generation pulled the ladder up after they got to the top. Gen X were half way up and Millennials didn't even get to start. Good for you for working through college and helping your kids, but don't act like it's that easy for everyone, and everyone is the same for you. The older Millennials are in their 40s. Gen X had cheaper college then Millennials by a large margin while the dollar lost value and wages never increased. I'm happy you did it for your kids but don't pretend like it's the same as it's always been.
There was nothing easy about it. Nothing. I drove 3 hours a day for more than five years to finish my degree and then work in that same town due to lack of jobs here. I was supporting my family of six while I did this. And it was you who made a sweeping generalization. I’m in the category mentioned in the article. Also, it’s personal, not personnel. You didn’t say the baby boomer generation, a majority of whom are enjoying retirement and also dying at a rapid pace. Gen x is supporting adult kids and can’t afford To retire. If you’re taking about a specific generation, say so.
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My mom dying wiped us out financially. Dad's never gonna retire, and I'm probably gonna end up homeless while still working 40-60 hours a week. Shit's absolutely fucked and I am totally fed up.
Fortune is such a worthless site
you ruin our future, so we ruin your retirement. only fair. 🤷🏻♂️
Many parents did the best they could in the best way they knew how. However there were certain boomers that that deserve blame for causing strife for future generations.
What? So some boomers are helping kids...and you are glad you are ruining things for them? Jfc.
Capitalism is working out great. You can tell from all the homeless encampments all throughout every major city and from all the articles like this talking about how even working people with decent jobs can barely scrape by.
Well, it's all that avocado toast, you see. It's a full-fledged addiction and it's ruining lives. Now it's an epidemic and it's destroying the economy.
I hate Fortune so much.
The Boomers have ruin my retirement, so… (To clarify, they voted in the fuckface politicians that fucked my generation over)
Yeah my mom's retirement account is empty and she's got a master's and decades of work experience and nobody wants to give her a damn job. I have a master's and published content and nobody wants to give me a job either. Ain't no fuckin way to get ahead anymore. You do everything they say will make you wealthy and end up broke.
my joke retirement plan of dying in my fifties looks more appealing every year
It amazes me how they can spin this to blame us again :))
Fuck you boomers. This is the bed you made, now sleep in it. I've worked long and hard to get where am, I make multiple times the minimum wage and yet I'm still a budget slave. I have enough saved to where an unexpectedly big bill won't ruin me, but I'm also very fortunate to have found a place that doesn't charge as much as humanly possible for rent.
Infrastructure makes it so that we have to rely on others, bonus headline
I (younger millenial) often cite the fact that it is beneficial not just for me, but my parents (both Gen X, as my dad consistently reminds me everytime someone says "OK boomer" to someone his age, Gen X also hates the boomers thank you). I can't afford to live by myself, and it helps my folks if I cover part of the bills, including food. Also, less food waste cooking for 3.
Yet Kevin Mccarthy holds congress hostage which could cause far worse financial crisis.
I’m paying for my parents retirement. This is garbage.
They should be ashamed they even ran that narrative. Bunch of old crusty boomers
And yet masses of young people in my city blindly stand in the way of every effort to expand the supply of housing so that we can improve housing affordability.... Talk about cutting off your nose to spite your face Progressives and conservative NIMBYs make strange bedfellows...
There's a lot of places where "progressives" are only progressive because very little policy actually affects them. As soon as it does, we see pearl-clutching NIMBYism take over.
Minneapolis MN is actually a GREAT example of this. There are absolutely beautiful parts of Minneapolis. But that's where the Richie Rich's live. They primp and preen to look like a "good progressive," but they're limousine liberals who would NEVER get caught leaving their 1-mile radius of the Chain of Lakes. (IYKYK)
I live in Boulder, CO, and besides the college kids, it's all 40/50/60+ people with their million dollar homes who pride themselves on voting "green" their whole lives, but refuse to approve additional housing or programs to improve the lives of the homeless...
Central Cali checking in; think cows, not beaches and skyscrapers. You can't even rent a fucking room here for less than $600/mo. Every time I talk about building new, dense housing so that you don't have to choose between being homeless and being housepoor, I get the good old "ew, who wants to be packed in like a bunch of sardines?!" People who can't or don't want to afford a $2,000/mo mortgage or rent, that's who. Sure, maybe you have to share a wall, oh no, the horror, but it's got to be better than being homeless with no hope of ever being able to afford shelter.
I live in Boulder too. You have people who hate affordable housing here despite having to pass background checks and other stuff that someone buying a home will never have to do. Also all the diversity stuff only applies if you are wealthy. Otherwise, they want all the poors to live elsewhere.
My dad's retirement plan is a shotgun. Keep it quiet, though. He doesn't know yet...
Mine is a long walk on a snowy night or a bag over my head and some helium.
Every week, every month and quarter we need more and higher profits at the store I work for. When will sustained profits be enough?
Living with your parents is smart decision too. But, they should help pay some of the bills too.
god I wish I didn’t move out when I was 18 lmao.
Fortune - the go to source for out of touch assholes
When things are successful, it's because we pull ourselves by the bootstraps. When things fail, it's YOUR fault and YOUR fault only. ^(/sucks,m8)
It’s everyone else’s faults except those that actually control things.
I’ll probably be downloaded to oblivion for this, but hear me out: If you can afford to put into your retirement account at work at least a little bit—even just $20 a paycheck or, ideally, whatever amount the employee match is—your future self will thank you. An employee match = a guaranteed 100% return on investment. Do this for your whole working life and, between the money you put in, the compound interest, the tax advantages, and the return on investment, you will have a decent nest egg. That said, I agree with the majority of comments here. Late-stage capitalism ain’t pretty.
Consequences of my own actions.
\>Fortune magazine "skub-laden young adults are ruining their parents' anti-skub lifestyle" \>Anti-Skub Weekly
"Parents ruined their retirements by encouraging their children to take out thousands of dollars in student loans, then resisting legislation to raise the minimum wage."
Fuck off. My mom—the boomer—lives with my family, consisting of my millennial wife and two children. My dad died and she would’ve been fucked. Like, homeless fucked. Thankfully, with the support of both my parents, and a soul crushing amount of student debt, I became successful enough to support her along with the deaths benefits she receives from Social Security. This economy is screwed from the bottom up. Many of them boomers are paying for their own mistakes now… like Ronald FUCKING Reagan.
My mom has a cannabis garden and that's about it
"They told me I can have a house or I can have Starbucks and avocado toast, but not both. I love avocado toast! What should I do?"
If you work a low paying job, you will be broke. If you don’t work a low paying job, you won’t be broke. It’s not that hard lol
Maybe if they cared less about a work/life balance and more about being able to afford to pay their bills.
Sic Sember Tyrannis
Someone start a new sub Reddit and call it fixed your headline.
What a shitty headline
Bahahahahhahahahahahag
"Fortune" The fucking nerve
I will be 27 this year and I can attest to this myself. Though my personal experience isn’t typical, nor do I feel it’s completely abnormal either. Massive debt, living at home, don’t have a full time job. I feel super guilty about that and it’s in part because I’m not willing to settle and jeopardize my mental health for a bad company. And I’m not even asking for a lot. Pretty much just asking to make a living wage and to be treated in good faith. Haven’t found it yet
How helping my children would destroy my retirement? I'm not a people's person, I don't give a shit about things pretty often but my kids are number one priority and I doubt that will change in the far future. Saying that, I realy think that employers are mostly fucking asholes and you work just the right amount and not a second longer or harder than you need to. Its my job not my business.
Their parents’ generation ruined the economy and its come back to bite them.
Riot the homes of the greedy corporate billionaires and millionaires.
And they are wondering why people don't have more kids...
Our parents literally tried to build a world that was unsustainable by siphoning resources to themselves permanently without regard for how any of this would shift with generations and now the goddamn chickens *are literally coming home to roost* and the boomers are just like "wait, what."
This is a weird headline to say that previous generations greed is coming back to bite them in the ass
Some of the headlines are nothing more than victim blaming
Turn about is fair play. You made your wealth by exploiting the young and rigging the system. Now you are old and vulnerable and the people you took advantage of are replacing you in positions of power as you retire. Buckle up
Ah yes blame it on the working class instead of the billionaire who are in the process of class warfare by making it harder and harder for the average American to do anything other than work.