I'm a retiree, but I'm not sure I fit into the category you described. But I can tell you for a fact that my children and grandchildren have no interest - zero - in whatever I leave them being either taken in taxes by the government or shared with the rest of the general population.
Revenue Models & Tax Theory
- Thread starter FLaw47
- Start date
I know you are Ned. It’s not a shot at you. It’s a generalization. I think most people would agree that the generation of boomers had the greatest opportunity to build wealth of maybe any western society ever. That opportunity created a lot of wealth without a lot of effort for baby boomers. They became fat and happy and lazy. Those days are long long gone. People 40 and under are killing themselves trying to survive. They can’t afford homes, aren’t having children, etc…. This liberal, we have enough, bring everyone over kumbaya is over. People are fed up working their asses off and turning around to watch people not work get as much or more. I’m telling you that is what’s happening now and where it’s going.
Basically it’s the age old hard times create hard men.
I agree, i think in general young people are trending more conservative or at least aren't going to just hit the "I believe" button on things.
Where are you getting your news?
On Young Americans and their Growing Acceptance of Socialism
53% of Americans aged 18-39 would like to see a democratic socialist candidate win the 2028 presidential election.
www.pacificresearch.org
100%. Imagine you’re 25 and working a maintenance job earning 50,000/year. You’re watching an entire party of people take your money, bring in millions of free loaders, then tell you they need more of your money. You can’t afford a house but they’ll put them up in hotels, feed them, free healthcare, give them 3000/month. Yea they’ll vote for that hahahah.
Hey, that comment reminded me of a book that i read a while back called, "The Fourth Turning" the authors tried to make sense of the ebb and flow of history and how the concept of generational change (hard times create hard men, hard men create easy times, etc. etc.) stands true throughout history
I remember it being interesting but a little bit of a brain bender to follow because i didn't pick it up until years after it was written so all the reference that the made to "current times" were really in the past etc.
Looks like they updated it. Again it may be total ******** but it's interesting and gets the mind working
The Fourth Turning Is Here: What the Seasons of History Tell Us about How and When This Crisis Will End Hardcover – July 18, 2023
by Neil Howe (Author)We should compare that info with the below info about states most reliant on federal aid. That revenue delta has to come from somewhere...
Reading up on this, Washington doesn't have income taxes and they felt like their higher sales and property taxes disproportionally affected lower income residents harder than others, so they took this step to spread the pain in order to fill budget gaps. Not arguing for or against, just explaining.
I think, from everything I've read, the economic position of boomers is about as "up and down" as for the rest of the population. It seems as if the majority of boomers are not as well off as you might believe. The median savings, according to AI, is from $120k to $370k. For someone aged 65 with about 20 years to go, even at the top end of that number, with social security, that makes for a not so peachy a retirement.
the question now becomes why do they have budget gaps? Revises my theory, that in business the budget building process begins with "here's your budget for the year, make it work"....In government the process begins with "here's what we intend to spend, how much do we need to increase taxes to generate that much needed income?"
Baby Boomers (born 1946-1964) benefited from what many economists call a “perfect storm” of post-WWII economic conditions—affordable housing, rising wages, strong job markets, and appreciating assets like stocks and real estate—that made wealth accumulation easier than for later generations. They hold about 51% of total US household wealth (~$85 trillion as of 2025), far outpacing Gen X (26%), Millennials, and Gen Z combined (11%).
Welfare. Specifically Medicaid.We should compare that info with the below info about states most reliant on federal aid. That revenue delta has to come from somewhere...
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true, but "Boomers" is a term that covers those that prepared for retirement and those that didn't. Some of us are in great shape, a lot are not..
Nobody ever claimed that an entire generation of people are smart about money. As I posted the median savings of $120k to $370k after 65 years of life isn't going to get those folks the retirements they would like...
He retired and then came back.
All the corporate jobs are the ones that pay good money and the people actually pay taxes.
“People are fed up working their asses off and turning around to watch people not work get as much or more”
I pay $4200 a month for health insurance. With a $7500 deductible. I don’t mind someone getting help, but $4200 a month is absolutely f ucking ridiculous. When I read illegals getting free healthcare, it sends me into a rage.
It’s clear to me I am subsidizing others care. In addition to all the visible taxes, we also pay Inlfation the hidden tax, and then they are also asking us to subsidize health care.
The tax burden is too high already. I vehemently disagree with Flaws premise that cutting spending can’t be a major part of the solution.
our government is fat, inefficient and corrupt. While Trump pretended to want to fix it with Doge, he is just more of the same. Better than democrats, but not what we need.
You are going to see outsize returns for other generations after boomers. For example, those born now will most likely get outsize benefits from the AI boom.
Right, boomers median savings is 6 figures. You were able to save because homes weren’t 10x the average salary, the property you guys were buying went 20x, cheap college tuition meaning better opportunities, defined pension plans even in menial jobs, super low entitlements, no immigration, Ned, this isn’t debatable. The America you grew up in looks nothing like today. Look at this -
Bankrate’s 2026 Emergency Savings Report (based on late 2025 polling): Only 47% have enough liquidity to cover a $1,000 emergency expense. Nearly 1 in 4 (24%) have no emergency savings whatsoever, and just 46% could cover three months of expenses.
• Other surveys (e.g., CreditOne Bank 2025): More than half (51%) rely on credit cards for a $500 emergency, and 30% have less than $500 saved.
edit: Ned, my parents are boomers, I’m not hating on you or them. I’m just pointing out that things changed a lot.
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Semantics. They want to debate with you that one person may or may not have moved prior. Who cares? The point is tax payers are FLEEING liberal states faster then they can ship in illegals to backfill them.
Funny you bring up healthcare. I was talking about this yesterday with my boomer mom. Isn’t it ironic that when all the boomers were in the workforce that the best healthcare you could have at that time was an insurance plan through your employer. Remember the 20$ co pay days where you got to go to the Dr, get all your meds, bloodwork, visit, etc for $20 and the insurance company Covered the rest. Now fast forward and boomers are retiring, what healthcare provider do they have now? What’s the best healthcare you can get now? It’s not through your employer anymore like they had. Oh no sir, it’s Medicare, the very plan all of them are on. And guess what - now Medicare is bloated, rotten, they pay for everything they need. Drs and dr offices will have wars over keeping their Medicare patients. You know why, all the people making the laws and rules are boomers, it’s self preservation. For that generation to not be able to understand how incredibly good that had it is frustrating.
Sure. I think the issue there is inflation and entitlements. So when we look at it relative to the boomers will it be the same? It most likely will but the point remains. They should have collectively been better stewards of what they were given. None of the subsequent generations have had better opportunities.
Hmmm. I might have to disagree with you. Life is pretty damn good post boomers.
And I do think returns will be better for this generation than for boomers. Obviously just my opinion.
Not sure about this. I think Gen Z is a bit fvcked with housing costs and AI coming for their jobs. But big chinks of millennials had great opportunities. I have a huge social circle and almost everyone is very successful - more so than their boomer parents.
I get it. I’m looking at this from an affordability perspective. And from a perspective of an advocate of working, middle class people. I do not agree that working class people are better off today than then. Maybe the worm turns soon? It will be very interesting to see what happens as wealth transfers from the boomers to X, that’s started and will continue I suppose. Interesting topic.
Think about it pragmatically. Yes there are people that have succeeded. No debating that. But the factory worker that could buy a house and provide for his family is dead. That’s what I’m talking about. The lower 1/2. I have a great job and do very well, all my college buddies are doing well too. You know who’s not doing great - all the guys I know that didn’t have the opportunity to go in debt to get a degree. That’s incredibly sad and it doesn’t have to be that way. Entitlements and illegal immigration have pushed those wages down so much that our life blood (middle class/lower middle class) can’t even afford basic homes anymore. Half the country is on welfare. The divide is becoming greater.
edit: the other dynamic happening simultaneously is that these most recent college grads are having a hard time finding work. So now both sides are getting squeezed. I have a friend who’s daughter graduated from a very good liberal arts school a couple years ago, she works at a smoothie bar.
@fatpiggy and @scotchtiger - these are just my observations. Please tell me more about yours and where mine may be off. Thanks.
Just wanted to say I like this general attitude. Why I'm on this particular board.
I’m honestly not the best person to comment as I readily acknowledge that I live and work in a bubble. But it sure seems like a lot of people my age (older millennial) are doing exceptionally well. And not a few - nearly everyone I know.
And then I also look at the trades and see a ton of money being made and opportunities. Blue collar trades are paying extremely well. And owning a business in that category can make you more money than senior executives in many companies.
On the low end, I see grunts on a landscape crew making $20+ an hour. Fast food employees making 2-3X minimum wage.
Now I recognize the current challenges of first time homebuyers and recent college grads. I’m not talking about them. My reply was about anyone post-boomer. I do think there have been tremendous opportunities for Gen X and Millennials to make money and build a build a great life.
you'll get no argument from me that things today are more difficult than back in the '50s/'60s, And I agree that the opportunities for boomers were rampant....my only point was that not all boomers are as well off as people might believe. There are some who took advantage of the opportunities and are well off and others who either didn't make much money, or who hid their money in their mattresses.
I'll point out though that there are going to be significant beneficiaries - at least the next two follow on generations - to all of that wealth handed down. In fact I'd submit that the inheritances will help grow the economy when boomers are gone. Studies show that money left to heirs lasts about 2 generations before it's gone. Why, because the heirs spend it. My wife and I kid that after we're gone one of the first things our son will do is buy a $2million or so house in Hilton Head. I'm trying to convince my grandchildren to start learning about money and how to invest it - because we'll leave them some.
By the way, I'm silent generation...but married a boomer!
Agreed. I think my point is young working people just want the same opportunities and we aren’t getting them. Yea I’ll probably inherit some money, but I want to earn my own, I want to have the opportunity to be my own man. I want fair and equal opportunities to become the best I can. That’s all. I would think everyone would want that. Merit based.
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MTT you should have been born a boomer
.I guarantee you that boomers didn't feel that things were so wonderful back then....Vietnam, the draft, Nixon, Carter and Iran....
But you're right, to a point. I had great healthcare in my 20's 30's and mid 40's...the Army. After that Tricare + a supplemental and now Medicare and Tricare for life. I don't pay as much as some others but Medicare is means tested and I pay more now than I ever did. By the way that option - the Military - is still available today.
On education, you're 100% right. I went to a private HS and paid more for tuition there that for college. Went to Uof Maryland (undergraduate) and tuition was like $485/semester...Now I'm paying $25,000 a semester (tuition, room and board) for my granddaughter at Penn State.
I know though that life is going to be harder for my grandchildren which is why my wife and I save so that there will be money to start them off when we pass. I don't worry about my son, he makes plenty of money . But I recognize that we have been blessed with opportunities in life and took the steps to take advantage. Not everybody from the boomer generation was either so lucky or made similar decisions.
I don't think you're off. I don't think we can generalize though. For sure it's hard for a non degree person, and I don't think it's going to get much better. And for a person with a degree in history, English, communication and other liberal arts topics it going to continue to be difficult to find a job in the major.
If boomers feel the way I do, we'll be providing the down payments for the gen x homebuyers. But as I said, I've been blessed in life
my advice, learn about finance/money. If you're going to inherit some, you can use the earnings off of that to build a floor of income that will help over the hump. It's easy (well not that easy) to earn 9-10% on your money without tremendous risk. Inherit 1ooK that Ives you $10k per year income....
I’m ok there I think. I’m just saying that to me - I wanted that same opportunity. I have some resentment towards older generations because I feel like they could’ve been better stewards and made better decisions. We have an absolute mess right now, and those people were in power and they were making those decisions, still are. To me, you have an obligation to those after you to leave it better than you found it. That’s not the case here and it’s kinda depressing. Instead of building my own wealth I have to wait on people to die. That’s not good. I’m fully capable GIVEN I am provided an opportunity.
edit: to clarify I use the word “I” you can replace that with “we”, meaning people under 40.
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I understand your frustration...have a grandson in a somewhat similar position. And, I have absolutely no argument with your statement on the boomers, and others, who are in the Congress, both house and Senate, who have overstayed their welcome...but voters keep sending them back but now boomers are no longer in the voting majority so maybe you'll see a change.
Wish I had better advice for you, I know "just keep your nose to the grindstone" has little value when you can't even get a grindstone.
And while things are not great economically, and of little consolation, back in the '70s we had inflation up at 14% and higher. My first mortgage, on an Army major's salary, was 13%....things were bad, but they got better...
You have a lot in common with a lot of people across the aisle, I just think the main difference is it seems you think the culprit for the issues is gov't spending/illegal immigrants, and the other side thinks it's corporate greed/billionaires. I tend to think it's all of the above causing the issues and both groups have legitimate gripes. Whatever the case, something needs to change because as y'all have been saying itt, Gen Z is ******.
Couple clarifications. I don’t mind spending, we need infrastructure, military, etc. My issue is entitlements are out of control. I do not blame illegals, I understand and empathize with them. I blame the people that incentivize that behavior.