In the US there are too many well off boomers and gen X for the rest of us to catch up. Even millennials and gen Z with high paying jobs like a doctor making $150k see pathetic gains in any given year compared to the snowball effect of their already entrenched wealth seeing compound interest and real estate appreciation, they usually work in addition to getting social security and pensions, and they get more tax benefits and free shit, plus aren't saddled with $1000+ a month student loan payments.How do we fix this economically speaking? What's your personal strategy? Pic unrelated.
>>62105181I find it funny that you're so confidently yet utterly wrong.
>>62105249Is this adjusted for inflation tho?
>>62105181if you had high enough IQ, you wouldve realized all the things they tried to condition you was for their benefit. Literally "We are 39 trillion in debt" is just another word for stealing your children's future. You are the consequence they made and werent wise enough to position yourself properly. Good luck as the filter is already filtering, and its not here to rid you of wealth, but moreso life.
>>62105286yes
>>62105249I find it funny that you think that chart and your laughable interpretation of it owned me. Actually, you're the one getting owned. Destroyed, even.https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/#quarter:145;series:Net%20worth;demographic:generation;population:all;units:levels;range:1990.3,2025.4Boomers and gen X benefitted from the most important ways to build wealth (jobs paying middle class+ wages or successful small businesses, and real estate) being plentiful, those are now scarce and gatekept from the younger generations, a far from how boomers benefitted from their parents' generation voting for deregulation and tax cuts which helped them build wealth.Without an explosion of new high paying jobs and cheap real estate and a massive appreciation of what little assets they do have similar to stock appreciation during the time boomers' retirement accounts were growing, it is looking like the primary way even the most high earning millennials and gen Z build wealth will be through inheritance, not their personal efforts. Which looks disturbingly similar to a new class system.
>>62105543>chart not normalized to start of generationSo what you're saying is that people who have been acquiring wealth for more years have acquired more wealth? That's quite the stunning observation anon, nobody could have ever predicted that.
>>62105591You're assuming years are of equivalent value between generations. A year building wealth 1970-2000 was worth far more than a year building wealth since millennials graduated college.
>>62105181>Even millennials and gen Z with high paying jobs like a doctor making $150k see pathetic gains in any given year compared to the snowball effect of their already entrenched wealth seeing compound interest and real estate appreciationYeah that's how it's supposed to work you moron. >How do we fix this economically speaking?Wait 40 years.
>>62105662And yet boomers in their 20s or even fresh out of high school were able to acquire jobs and real estate without being locked out by the older generations. How odd. Perhaps how it worked for them won't happen again?Surprising representation of "pull yourself up by the bootstraps" school of economics in this thread.
>>62105870>I can't get a jobMeme.
>>62105887>The Immigration Act of 1990 (Pub. L. 101–649), signed by President George H.W. Bush on November 29, 1990, was a major overhaul of U.S. legal immigration, increasing total annual limits to 675,000, establishing the Diversity Visa Program, and creating the H-1B skilled worker visa. It aimed to prioritize skilled workers while expanding family-based immigration, fundamentally shaping modern U.S. immigration policy.
>>62105616Except the Fed looked into that and your hypothesis is wrong. See >>62105249(wealth by generation, normalized to start of generation, and adjusted for inflation). The younger generations are doing just fine, their problem is they're comparing themselves at their current (young) age to the other generations at their current (old) age after years of accumulation.
>>62107227That chart is hilarious. It says the average millennial's wealth went from $100k to $350k from age 30 to 32.Let's see the MEDIAN version with 25th/75th percentiles.
>>62105181Maybe Covid being used to wipe out boomers wasn’t the worst outcome after all
>>62105181Someone explain how that design got greenlit and how the artist who drew it wasn't made to stand in a corner?
Perfect timing by the Atlantic.https://archive.ph/d1Rn1>An Oligarchy of Old People>Over the past 40 or so years, American wealth has grown ever more concentrated among the oldest generations. In 1989, Americans over age 55 held 56 percent of it; today they hold 74 percent.>For nearly a century, some of the central debates in American politics have been over inequalities—between rich and poor, male and female, Black and white. When the Baby Boomers were children, older Americans were widely viewed as vulnerable. “Fifty percent of the elderly exist below minimum standards of decency, and this is a figure much higher than that for any other age group,” Michael Harrington wrote in his 1962 book The Other America, often credited with inspiring the War on Poverty. “This is no country for old men.”>Three years later, in 1965, Medicare was created. A major expansion of Social Security followed in 1972. These changes were remarkably effective: The share of elderly people living in poverty dropped by more than one-third within a decade. But because these programs are broad-based entitlements, they have transferred huge sums to the prosperous, too. The portfolios of that latter group, meanwhile, have been swelled by a rising stock market and rising home values, outcomes that may not be entirely replicable for younger generations. As a result of all of these factors, intergenerational inequality between old and young has not merely reversed. It has accelerated.
