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Nothing is free. One way or another, a price is being paid.
Can We Tolerate Millions of Elderly People Living in Cars?
- Thread starter Northeast Agent
- Start date
- 30,259
When I was a Junior or Senior in high school, I had an elective class called General Business. They taught us things like how to balance a checkbook, do a simple tax return, budgeting, etc.
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I had a similar class called "career economics."
But it never addressed investing for Retirment, saving for a down payment, responsible borrowing, etc.
The one thing that stcu with me all these years was the teacher telling us not ever to agree to work for less than $8/hour and that that that figure should increase with inflation. That was 1985. Minimum wage in 2023 is still only $7.25 in many areas.
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An education is great, but there is a lot they don't teach you. I have done extremely well investing and with business ventures and my career with very little formal education.
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Did you go to school with Jethro?
All you need to know is naught plus naught is naught.
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It's about keeping people as consumers and paying fees. Look at the price of new vehicles.
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Maybe I missed it skimming through here, but I didn't see anyone bring up the 2030 problem. Retired adults are projected to outnumber young people by sometime in the mid-2030s. So when the thread title is
"Can We Tolerate Millions of Elderly People Living in Cars?"
I don't know, can we? Do we really have any choice other than screwing the younger generation over more than it already is? The baby boomer cohort makes up a much larger portion of the population than their parents did proportionally when the boomers were in their prime working years. They also control most of the wealth, it has not trickled down to the younger generations.
Wealth distribution by age 1989-2019:
https://www.cbo.gov/publication/58533#:~:text=In 2019, the median wealth,families ages 50 to 64.
It's clear from this chart that as soon as baby boomers started to retire (2011), wealth followed them, yet the wealth of the younger generation is proportionally worse than it was in 1989, on top of that the cost of everything has skyrocketed exponentially.
"The government could also help by providing reinsurance, to cap the amount of risk a private long-term care insurance issuer has to take on, Lynn said.
Rep. Suzan DelBene, D-Wash., said her state’s Long-Term Care Trust Act will generate revenue from a new payroll tax and provide support services."
I just love that the solutions in the article are to have the government back insurers and pass the buck further down to the next generation through payroll taxes and more national debt. It's like a final middle finger from the baby boomers to their children, especially if the proposal is to follow what Washington State is doing.
On top of it all, the younger generations will have no access to these programs because they will collapse long before the millennials or gen z retire. Yet we are supposed to feel bad that the generation with the most wealth & best economies in history didn't plan better for their own retirements.
Sorry, but I just don't feel sorry for the baby boomer generation. They will be living in cars, but my generation will be living under tarps to support them, and they will be entirely okay with that.
"Can We Tolerate Millions of Elderly People Living in Cars?"
I don't know, can we? Do we really have any choice other than screwing the younger generation over more than it already is? The baby boomer cohort makes up a much larger portion of the population than their parents did proportionally when the boomers were in their prime working years. They also control most of the wealth, it has not trickled down to the younger generations.
Wealth distribution by age 1989-2019:
https://www.cbo.gov/publication/58533#:~:text=In 2019, the median wealth,families ages 50 to 64.
It's clear from this chart that as soon as baby boomers started to retire (2011), wealth followed them, yet the wealth of the younger generation is proportionally worse than it was in 1989, on top of that the cost of everything has skyrocketed exponentially.
"The government could also help by providing reinsurance, to cap the amount of risk a private long-term care insurance issuer has to take on, Lynn said.
Rep. Suzan DelBene, D-Wash., said her state’s Long-Term Care Trust Act will generate revenue from a new payroll tax and provide support services."
I just love that the solutions in the article are to have the government back insurers and pass the buck further down to the next generation through payroll taxes and more national debt. It's like a final middle finger from the baby boomers to their children, especially if the proposal is to follow what Washington State is doing.
On top of it all, the younger generations will have no access to these programs because they will collapse long before the millennials or gen z retire. Yet we are supposed to feel bad that the generation with the most wealth & best economies in history didn't plan better for their own retirements.
Sorry, but I just don't feel sorry for the baby boomer generation. They will be living in cars, but my generation will be living under tarps to support them, and they will be entirely okay with that.
Maybe I missed it skimming through here, but I didn't see anyone bring up the 2030 problem. Retired adults are projected to outnumber young people by sometime in the mid-2030s. So when the thread title is
"Can We Tolerate Millions of Elderly People Living in Cars?"
I don't know, can we? Do we really have any choice other than screwing the younger generation over more than it already is? The baby boomer cohort makes up a much larger portion of the population than their parents did proportionally when the boomers were in their prime working years. They also control most of the wealth, it has not trickled down to the younger generations.
Wealth distribution by age 1989-2019:
https://www.cbo.gov/publication/58533#:~:text=In 2019, the median wealth,families ages 50 to 64.
It's clear from this chart that as soon as baby boomers started to retire (2011), wealth followed them, yet the wealth of the younger generation is proportionally worse than it was in 1989, on top of that the cost of everything has skyrocketed exponentially.
"The government could also help by providing reinsurance, to cap the amount of risk a private long-term care insurance issuer has to take on, Lynn said.
Rep. Suzan DelBene, D-Wash., said her state’s Long-Term Care Trust Act will generate revenue from a new payroll tax and provide support services."
I just love that the solutions in the article are to have the government back insurers and pass the buck further down to the next generation through payroll taxes and more national debt. It's like a final middle finger from the baby boomers to their children, especially if the proposal is to follow what Washington State is doing.
On top of it all, the younger generations will have no access to these programs because they will collapse long before the millennials or gen z retire. Yet we are supposed to feel bad that the generation with the most wealth & best economies in history didn't plan better for their own retirements.
Sorry, but I just don't feel sorry for the baby boomer generation. They will be living in cars, but my generation will be living under tarps to support them, and they will be entirely okay with that.
Hard to accumulate a lot of money and plan for retirement from your Boomer parents and grandparents basement.
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