Ever since I can remember, I’d hear those from the boomer generation say similar things about older generations, both in TV/movies, and IRL.
What will be different about Gen Y once they become the wealthiest generation in history? Is there some latent difference there which will be unleashed that will reverse the extreme wealth inequality that has been ramping up throughout the decades?
Wasn’t there just an article about Gen X folks being a significant part of the reason trump won the vote? I don’t think we’re heading anywhere good just by generation trends.
Yeah, I didn’t love seeing people in my “generation” trending toward the cons. I think it tends to happen with every generation, unfortunately. Well, at least so far. We’ll see what kind of disruptions there are on the horizon.
Not sure if you are laughing because you expect it to be no different than prior generations or if you didn’t know they are set to become the richest generation in history?
The Great Wealth Transfer is under way, and I’ve read that Gen Y is poised to become the wealthiest generation in history. Will they be any different than the boomers or the Silent Generation or the Greatest Generation? (I’m Gen X; we are used to being ignored and sidelined at nearly every turn, lol) What will they do with all that wealth? Do they, by dint of being born between two arbitrary years, have some magical property other generations don’t?
This is such bullshit. Many will never see this wealth transfer, either because they have no intergenerational wealth in their family, or because the real enemy is looking to prevent it from passing down. Many states have laws that’ll make mortgage rates and taxes increase when that wealth gets passed down, causing many people to sell that capital for short term income, further driving the younger generations into fiefdom for the wealthy feudal lords. It’s a self reinforcing cycle that makes a middle class statistically impossible. No bourgeoisie; only nobility.
There is no winning at this late stage capitalism, because we no longer live in a system where people can save, aquire wealth, and retire. One bad day is all it takes for almost anyone to lose everything, and those bad days are engineered to be so frequent that it’s all but guaranteed eventually. The only wealth transfer is into the pockets of those who already have extreme wealth, and you will not be one of those people.
They didn’t even read their own links. From the Wikipedia page they linked (emphasis mine) :
Inheritance has become more common among households, with 60% of surveyed households in 2022 having received, expecting to receive, or planning to leave inheritances. Wealthy individuals make up 1.5% of all households but constitute 42% of the expected transfers through 2045, approximately $35.8 trillion. The wealthiest 10% of households will give and receive the vast majority of the wealth, with the top 1% holding about as much wealth as the bottom 90%
First off, the background is based on surveys, not hard data of any type. Expecting an inheritance doesn’t mean being guaranteed to receive one. Where’s the actual data? Second, it’s painfully clear that this “great wealth transfer” is going to miss the vast majority of us. How OP could’ve read this and interpreted it to mean that Gen Y/Millennials are somehow, as a cohort, supposed to become super wealthy? I have no idea.
Then their CNN link, from its very first paragraph (again, emphasis mine) :
However, over the next twenty years, Millennials are poised to inherit some $90 trillion of assets and become the richest generation in history – but only the ones who already come from affluent families, potentially deepening wealth inequality further.
It’s just rich people doing rich people things. This inter-generational phrasing is propaganda to distract us from the real opposition, the ultra wealthy, who are holding all of us down regardless of our age.
I’m sure they did read the content in the links. The point they are making is exactly your final line. There’s this refrain of “Boomers are ruining everything!” but the reality is it’s a small number of people with a lot of money using that money to do what they please at everyone else’s expense.
When the last “boomer” dies, the problem will remain. If we collectively fail to address it, then it’s just going to change up to “Dang GenYs ruining everything!”
It remains to be seen if Gen Y is going to reverse a decades-long trend of increasing wealth inequality. What magical properties are there within a set of people born between two arbitrarily-set years? When Gen Y becomes the wealthiest generation in history, are they going to be any different?
I have heard boomers making the very same kinds of remarks about their parents/grandparents being selfish, not thinking about the future, “working for The Man”, etc. And yet, now “boomer” is shorthand NOT for the 60s generation that worked to make things better via activism, but now, instead, it’s shorthand for something much, much different. And now I hear echoes in Gen Y when they talk about the boomers. Just sayin’ - seems I’ve heard this song before…
The article makes points about the distribution and that Gen Y, along with being the wealthiest generation in history, will likely have even more inequality than prior generations.
I guess we’ll see if Gen Y does something different than any generation prior.
I don’t feel like we need to spend much effort predicting how the “wealthiest generation of history” with relatively unprecedented amounts of wealth inequality is going to play out. Rich assholes will feel entitles to become even richer with only extremely weak societal checks to keep them from running amuck. I expect the leadership of gen y to be - at a baseline - even more violent and exploitative than the current leadership meta
No, but enough of them to remove most of the ladder rungs for anyone after the.
Yeah… it’s s vast majority
Ever since I can remember, I’d hear those from the boomer generation say similar things about older generations, both in TV/movies, and IRL.
What will be different about Gen Y once they become the wealthiest generation in history? Is there some latent difference there which will be unleashed that will reverse the extreme wealth inequality that has been ramping up throughout the decades?
Time will tell, I guess.
Wasn’t there just an article about Gen X folks being a significant part of the reason trump won the vote? I don’t think we’re heading anywhere good just by generation trends.
Yeah, I didn’t love seeing people in my “generation” trending toward the cons. I think it tends to happen with every generation, unfortunately. Well, at least so far. We’ll see what kind of disruptions there are on the horizon.
😂
Not sure if you are laughing because you expect it to be no different than prior generations or if you didn’t know they are set to become the richest generation in history?
Well, they can’t take it with them.
The Great Wealth Transfer is under way, and I’ve read that Gen Y is poised to become the wealthiest generation in history. Will they be any different than the boomers or the Silent Generation or the Greatest Generation? (I’m Gen X; we are used to being ignored and sidelined at nearly every turn, lol) What will they do with all that wealth? Do they, by dint of being born between two arbitrary years, have some magical property other generations don’t?
https://en.wikipedia.org/wiki/Great_Wealth_Transfer
https://edition.cnn.com/2024/03/01/economy/millennials-richest-generation-in-history/index.html
This is such bullshit. Many will never see this wealth transfer, either because they have no intergenerational wealth in their family, or because the real enemy is looking to prevent it from passing down. Many states have laws that’ll make mortgage rates and taxes increase when that wealth gets passed down, causing many people to sell that capital for short term income, further driving the younger generations into fiefdom for the wealthy feudal lords. It’s a self reinforcing cycle that makes a middle class statistically impossible. No bourgeoisie; only nobility.
There is no winning at this late stage capitalism, because we no longer live in a system where people can save, aquire wealth, and retire. One bad day is all it takes for almost anyone to lose everything, and those bad days are engineered to be so frequent that it’s all but guaranteed eventually. The only wealth transfer is into the pockets of those who already have extreme wealth, and you will not be one of those people.
They didn’t even read their own links. From the Wikipedia page they linked (emphasis mine) :
First off, the background is based on surveys, not hard data of any type. Expecting an inheritance doesn’t mean being guaranteed to receive one. Where’s the actual data? Second, it’s painfully clear that this “great wealth transfer” is going to miss the vast majority of us. How OP could’ve read this and interpreted it to mean that Gen Y/Millennials are somehow, as a cohort, supposed to become super wealthy? I have no idea.
Then their CNN link, from its very first paragraph (again, emphasis mine) :
It’s just rich people doing rich people things. This inter-generational phrasing is propaganda to distract us from the real opposition, the ultra wealthy, who are holding all of us down regardless of our age.
There is no war but class war.
I’m sure they did read the content in the links. The point they are making is exactly your final line. There’s this refrain of “Boomers are ruining everything!” but the reality is it’s a small number of people with a lot of money using that money to do what they please at everyone else’s expense.
When the last “boomer” dies, the problem will remain. If we collectively fail to address it, then it’s just going to change up to “Dang GenYs ruining everything!”
Yes, THIS. Thank you.
It remains to be seen if Gen Y is going to reverse a decades-long trend of increasing wealth inequality. What magical properties are there within a set of people born between two arbitrarily-set years? When Gen Y becomes the wealthiest generation in history, are they going to be any different?
I have heard boomers making the very same kinds of remarks about their parents/grandparents being selfish, not thinking about the future, “working for The Man”, etc. And yet, now “boomer” is shorthand NOT for the 60s generation that worked to make things better via activism, but now, instead, it’s shorthand for something much, much different. And now I hear echoes in Gen Y when they talk about the boomers. Just sayin’ - seems I’ve heard this song before…
I did indeed read both links. You seem to be missing the point.
The article makes points about the distribution and that Gen Y, along with being the wealthiest generation in history, will likely have even more inequality than prior generations.
I guess we’ll see if Gen Y does something different than any generation prior.
I don’t feel like we need to spend much effort predicting how the “wealthiest generation of history” with relatively unprecedented amounts of wealth inequality is going to play out. Rich assholes will feel entitles to become even richer with only extremely weak societal checks to keep them from running amuck. I expect the leadership of gen y to be - at a baseline - even more violent and exploitative than the current leadership meta