So what happens in a decade or so when the building tide of boomers withdraw money out of their retirement instruments. Do the markets collapse or was Generation Y supposed to underwrite them and take up the burden of everyone cashing out? tl;dr what happens when boomers start withdrawing retirement funds, liquidating houses and stop rampantly consuming frivolous shit?
Depends on whether we take up the burden of rampantly producing shit to cover their asses and continue their atrocious legacy. From the posts i've seen around here, it looks like we are.
I think I payed my fair share into my personal retirement and into the Social Security System to get "My Fair Share" in return. Talk to me when you get close to retiring. Yes maybe I have a few frivolous toys but I saved up the money that I earned and paid cash for them. I also WORKED my way through college with no student loans. So quit whining, get off your dead asses and make somthing of yourself.
I think the reason old people are so bitter are because their usefulness to the world is at an end. But then, I'll have to wait until retirement until I can know for sure. If you're going to espouse a productive life you have to promote your own suicide.
I knew this post was coming, thanks for getting it out of the way so early. A University costs around 40k in state. Sounds real cheap huh? Here is something else (An Associated Press analysis of government data reports that half of college graduates are either jobless or are underemployed, holding positions as retail clerks or waitresses that do not require a college degree.) With degrees meaning little to nothing in today's market students can't even get a job or aren't considered because of how weak an associates or bachelors degree is. Now what i asked wasn't about your entitlement to the system i asked how the market would react when the boomers eventually retire. And you do realize we are in a recession right now? http://www.reuters.com/article/2012/07/05/us-centralbanks-action-idUSBRE8640RN20120705
Bitter? Older people, even if they are retired, have a usefulness you evidently have no understanding of. My whole life I've seeked the advice of the older generation. They are a source of immense knowledge. You can have all the book learnin you want but there is no substitute for experience. You seem to be the one who is bitter.
There was a recession in the late 70's and early 80's also. If you want it you can have it. It's call work and desire. Sitting around the house and smoking pot will get you nowhere.
Yeah but old people are used to their old ways. Like we have new tools now for farming and electronic gadgets and stuff and even my older family members would yell at us "what're you using that for!! You don't need a tractor to dig a trench, you just need a shovel and string line." Yeah well, gramps. Times change and we now use more than a hammer, 3ft square and some nails to build stuff.
Oh and old people are quick to point out "I never got paid the amount you people do back in my day and blah blah blah" and what they never bother to realize is that our generations memory is working overtime compared to what theirs was. For instance, we have to remember log ins, passwords, phone numbers, key codes, and countless other crap we need for the technogical advances and my old man can even use a fucking card down at the ATM. And we don't care if you could catch a bus and get a feed and a movie for 7 cents, it simply ain't like that no more. No, that shits gonna cost $50+ and you boomers never got robbed by the banks when you needed money out.
And I'm sick and tired of hearing "why aren't you settling down, you should have a house and a family already" but the fact is, boomers, out generation doesn't want your life. Nothing could be more boring than to live life you guys did. We don't want the life. We don't want the family. We don't want any of it. So go lay down ya bunch of bozzos!
Yes, but this recession is in comparison to the depression in the 30s. I don't smoke pot, thanks. I don't feel entitled and i am working to advance in this horrid economic hardship. I am just concerned as to what will happen to the market when the boomers retire, perhaps there will be a huge work gap or maybe a better economy since boomers will spend some of their money. It's all subjective and i'm just asking for others opinions. By the way, you overlooking many of the points i made. I know Reagan said hard work will make you successful but in today's economy that truly doesn't hold any ground. People with 4+ years of college education, with a wrong degree, can end up in the worst positions.
I'm trying to decide if I should just shake my head in amazement or laugh hysterically. You young lady have a lot to learn. OH, BTW whats a bozzo?
I'm not bitter. You think the old people telling the young 'uns what to do is useful? Ha ha. Like Irmunsul said, you can take your life and ways of thinking and shove them up your.. well, we don't want to think about such things, do we. Like Pink Floyd said "We don't need your education, we don't need your thought control" Moreover, you think they do that for the benefit of the young and not to feel self-important and charitable and a sense of power and control over others? I've rarely seen an oldie unable to shut his/her mouth.
I'm not shoving anything up anywhere, all I'm saying is if you seek some of the knowledge that us as a generation has gained, take it, learn from it, and use it how you need it. Seems you have the chip on your shoulder not me.
Why bash down the older generation? Okay so we might be left with a shit ecomony but blaming others isnt going to get us out of this state, as the new generation we should be coming together to change it. Dwelling on the past isn't going to help us, be the change you want to see. Easier said than done, I know, I've got qualifications that have got me nowhere, had jobs that don't even pay my full rent but I'm not going around hating retired pensioners because of it. How about instead of blaming those who may have been part of the reason were stuck here, lets change it so our children and grandchildren don't end up blaming us? Think about it, economy has always spiraled down hill at some point, it just does. It could be even worse in 20 years, so who's fault is it then? Ours? No ones. We aren't the only ones going through a depression, I'm pretty certain the older generation are feeling the strain too on all the hard earned cash they've spent years saving. It's not just our generation going through this, its all of them, as a society.
I don't blame anyone. The boomers were no less incapable of acting as they did as Gen Y is capable of acting as they are now.
OP has missed a vital point. The global economic model is fundamentally flawed. For example, it assumes infinite growth which is simply not possible, among a host of other logical flaws. If a large number of people simultaneously decide to withdraw large amounts of money from the banks, shit will hit the fan, whether it is pensioners, establishers or students doing the withdrawing. So your concerns are legitimate, OP; global economy is headed for an inevitable disaster. But because of inherent design flaws (or perhaps deliberate design, wouldn't be the first time people profit at the expense of others) not because pensioners stop spending and/or put all their cash in the mattress.
