Reply to Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This boomer once had a 17.25% mortgage and never had one in the 3% area. My husband also got drafted and had to fight and get wounded in Vietnam. He didn’t want to go but he didn’t have an option and he did his duty. We have set up very well funded 529 plans for all of our grandchildren. We gift our kids a lot of money every year at Christmas and they will inherit a great amount of money. I inherited very little from my parents and my husband deferred his inheritance and it went to our children. Yes, our children and grandchildren are very lucky and unlike OPs crowd they are very grateful. [/quote]

So incredibly tone deaf and sanctimonious!!!! Of course your kids and grandkids are grateful. They are not in the position that many of their peers are in - they are benefitting from the boomers wealth. What about all their peers who don't have boomer wealth in their families? You are completely missing the point, either intentionally or you don't have the ability to think on a more nuanced level....[/quote]

No, I’m not missing the point. I’m just tired of boomers being trashed by people who are clueless about interest rates and inflation when boomers were your age. Interest rates in the teens, inflation in the teens all during our 30’s. If you don’t think we were scared you are so wrong. Unemployment was high and if you lost your job and you had a 10% interest rate plus 10% inflation eating into your savings you were screwed. You have been spoiled by 2% inflation and 3% mortgages. That’s free money. Yes, inflation and interest rates are up…….welcome to the world boomers lived in for a decade.

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The inflation in the 70s was no joke.  Coupled that with high interest rates, it was tough.  I'm a genxer, but I clearly remember how tough things were back then.  There was a recession when I graduated college, too, and I was laid off. Then we went through the tech dotcom bomb, when I was working in the tech industry. Then the mortgage crisis.  Then 2008 recession hit. I had a friend who had just retired, and it hit him hard. He had to figure out how to get back into the workforce at 62.  Not an easy thing.

I think some of you millennials are a bit of a snowflake.  We have all gone through tough times.[/quote]

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