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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]https://fortune.com/2023/10/28/great-wealth-transfer-baby-boomers-bank-of-america-millennials-government-policy/amp/

Wow, I just came across this shocking article from Fortune which reveals that the so-called "great wealth transfer" is not the $72 trillion we've been hearing about, but rather a whopping $129 trillion. And guess where most of it went? Yup, straight into the pockets of baby boomers, thanks to government policies over the last 40 years.

We've all heard about the economic challenges millennials face today, especially with the housing market and student debts. But to think that the government has been so instrumental in enriching an entire generation, predominantly boomers, is mind-blowing! This massive wealth transfer is arguably a result of policies from when boomers were in their prime working years. The research shows that two-thirds of the current U.S. household net worth (around $146 trillion) is held by boomers and "traditionalists."

[b]What's even more shocking is that while millennials struggle with high-interest rates on mortgages, most boomers were able to lock in at a low 3% rate. We often hear about boomers giving financial advice to younger generations, but it's evident they had a huge leg up due to these policies.[/b]

It's time for a change. Millennials and Gen Z are battling a completely different economic landscape, one that has been significantly shaped by previous generations. While there's hope that a pending wealth transfer might offer some relief, current projections don't seem as promising as what boomers enjoyed.

Thoughts? How do we bridge this generational wealth gap? It's evident now more than ever that we need a system that supports all generations equitably.[/quote]

Interest rates were 3% literally two years ago. Millennials can and DID buy/refinance homes at those historically low rates. You keep posting all these rants about boomers, I think you really, really need to get some help.

Boomers are wealthy not because they cheated somehow, but because they are old and they've been around longer than you. Let's see how much money is in your bank account in 40 years, OP.

I wish Jeff would just block you, your rants are getting so old.[/quote]

I think you hit the nail on the head. everyone is focused on interest rates which is so tedious, but OP is saying it's an aggregate of favorable policies that caused one group to benefit (in aggregate, over time). Not just a generation, but anyone able to benefit from that serious of policy at the various times.

Now a lot of those favorable policies have been shut down. Do we have others to replace them? Maybe but probably not. Since reagan we absolutely know that trickle down does not work, but corporations now have the favorable policies. Do people from all generations benefit from corporate wealth hoarding? Yes, it is across generations, but mostly favors the old and a very very small percentage rather than a large group. [/quote]

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