How rich are the baby boomers and how poor are their children?
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- Опубликовано: 16 дек 2010
- Speaker: David Willetts MP
Chair: Professor John Hills
This event was recorded on 16 February 2010 in Hong Kong Theatre, Clement House
David Willetts will analyse the distribution of income and wealth between different generations in Britain. He will investigate why the baby boomer generation have done particularly well for both income and wealth. He will then look at why the younger generation face much less favourable economic circumstances. Drawing on his new book The Pinch he will firmly place the issue of fairness between the generations on the political agenda.
They took from their parents, never grew up, then took from their children. Boomers are unique.
The most selfish people who have all this B.S. about caring and sharing but care more about one single irrelevant possession than their children.
Boomers are Demons incarnate.
Cant say that about all.
Even more bullshit.
Hegelian 1 my dad is in love with a boat thats too big to even use
@@c.719
If you could understand what you read, i wouldnt have to be here, AGAIN.
EVERY generation has its mistakes. Has its shining moments. I cant take any responsibility for what went wrong any more than my mother can take responsibility for what went wrong in her generation, and exactly like your generation, youre not personally responsible for what the politicians do wrong in yours.
Mmmkay?
Speak for yourself. There's no such thing as a 'average childhood'. I haven't lived beyond my means. When I was born the national debt was only $900 billion and the boomers increased it to $16 Trillion! I'm not interested in paying taxes that goes to baby boomers entitlements when I have college loans to pay and they don't. Baby boomers didn't have their paychecks confiscated if they fell behind on student loans. They abused system & now want a bailout. They want cradle to grave entitlements.
Preach!!!!!
@h0tne0 - I'm a boomer, and you are absolutely correct about my generation: we benefitted from the lessons learned from the Great Depression and World War II.
And now that we got ours, we don't want to give back so that you can have yours.
But one thing I will say about my generation: when we wanted something to change, like ending the Vietnam War, we marched in the streets until we got it done.
@@willardchi2571 ok boomer. Please lie down and think of the only real geopolitical legacy your generation will leave behind: China.
The Vietnam war ended because of the media, not because of people in the streets. You fucking abused veterans who came back anyway. From hippies to yuppies.
I think only a very select, more self-interested tranche of Boomers protested. And hysterically the protests stopped when the draft stopped, though our soldiers and marines stayed in Vietnam for 3-4 more years fighting and dying. No protests against fighting and dying. Just against softer, more-spoiled college kids getting drafted. Once those kids were in the clear, they couldn’t give a hoot about the war or continued deaths.
Baby-boomer greed and selfishness has ruined the world for those generations to follow and has filled with misery and constant struggle for many.
Then get off your backside and fix your life. You might start by accepting responsibility for your own existence. As long as you whine about boomers, you will never get ahead on you own back.
Yup
I think Baby Boomers had a relatively better economic climate than people from following generations. My dad worked for the same place for 48 years. My mom worked for the same place for 25 years. Globalization and outsourcing have changed the economic narrative of my generation. Good jobs are competitive to get and rare now; if you’re young, just start your own business and don’t rely on Baby Boomers. They don’t have to share.
It’s called ww2. In the early 50’s the us was the only western country with manufacturing that wasn’t blown to bits.
From the USA; We pay out the ass for the "privilege" of going to college (imagine if you don't go), all the while the aging boomers get their subsidized electric scooters in designer colors with matching his and her cup-holders.
You forgot the raccoon tail on the anrenna.
This is bullshit too.
Boo Hoo Life is so tough!
@@reneemclane1845 life will be tough for the boomers who age into a society where all young people will treat them like a disease. How long til young people just start robbing them in their homes with no legal repercussions?
Agreed! Not to mention the school loans our generation will have to pay off, and the talk of cutting out food stamps for people to save money for more entitlement handouts for older folks.
During the recession, I had friends who were computer programmers out of work, serving up platters at Medieval Times (a period restaurant.. somewhat poetically appropriate for how Baby Boomers treat GenXers, “serf! bring me my food!” ). My Boomer family members were robbing trust funds to buy larger houses and new cars.. meanwhile the GenX and Millenials cant afford a tea pot to piss in. Matriach of the family doesnt want to involve lawyers so the Boomers continue to lie, cheat, and steal from people older and younger. My takeaway is if a Boomer starts attacking your spouse or gf/bf, behind your back to your family members.. lookout, they are trying to create a case against any inheritance going to you by using your spouse as an excuse.
Expecting an inheritance weakens people
As an American, it is wonderful to get an economic perspective that is not a part of a polarized politic, such as we have here in the US at this time. I do believe that the excesses of the baby boom cohort will affect all western countries and subsequent generations as well. It is essential that the baby boomers be voted out of political office in the coming years. I say this as a baby boomer myself who has always lived simply within my means, and not in the self-interested service of ego.
I'm 29, i'm an ingineer and have a daughter. I live in a 70m² flat with my gf, who's also has a master degree. We cannot afford a house for less than 400K euros, wich we can't afford.
My father is 72, he lives in a 800K euros house of 300m², alone.
which he paid 10,000 for
Exactly that 10k came from working 2 hours a week for 3$ an hour, one scholarship and a student bank loan backed by his income of 6 bucks a week. Now they expect a 10$ job to pay for a 500k living house just gotta get more work. They actually hear 10 hours when we say we work 39 per week
R H if you were a single person making $20/hr and you worked 40 hours per week, with 2 weeks off every year, and even did some solid overtime, you’re still looking at about $35k take home on the year. A financial planner would tell you that you could afford a $100-150k home in that salary, and it would take you a few years to save up every penny you could for a down payment. That’s on nearly triple the minimum wage. (I’m in US)
Put that daughter to work i hear king philip or andrew or whatever his name is loves young girls hes a epstein friend 😂😂😂😂😂😂
U lucky u live in uk at least u get free helathcare and dental and vision and 2 weeks paid vacation in america we dont get none of that shii nope we work 40hr to 80hr work weeks non stop eat sleep rinse repeat
Governments should focus in helping the younger generations in order to continue growing their economicallys and a brighter tomorrow for their countries.
The younger Generations need to step up and go to work your 40+ hour week. Carry your own weight and the rest will work out.
@@chasl3645 ok boomer.
Also please look up statistics about hours worked and pay per hour through the years so you don't seem like a lobotomized idiot
@@LudwigVaanArthans Your gens kicking a$$ you just need to put in an honest 40 plus hour work week so you can build some cash. You conduct yourself like your semi-retired. And you wonder why you don't have any money.
Your work ethic sucks.
I know, because I put in a lot of overtime covering for your pansy asses.
Governments should shrink in size by 80%
@@chasl3645how's that working out, 2 years later and there's barely a reason to work now because of the inflation of everything.
Enjoy your holidays. I'll be lucky to be able to eat. We will have no pensions
at 4.00, the question should be asked, is growth good? Why simply not stability. Why the need for growth? Is it that we always need more? How much is enough? These are the questions we need to be asking ourselves, and be responsible for our own actions.
Exactly.
Is there a comparative documentary or talk/discussion regarding the same topic (how much money have the baby boomers hoarded vs how much money is available for the following poorer generations to share) for America, Canada, etc...
It is all about redistribution of wealth Rob from Peter (young & working) to pay Paul (Old, retired, and feel entitled) That's how this whole system is designed.
A couple of very harsh observervations:
Feminist: "Why isn't it all about me? And women Vs men?"
Boomer: "Won't this all sort itself out naturally? So I don't have to change anything."
Well Boombers want to live forever and who pays for it our generation they want everything without a thought to how this will do harm to this generation.
Great, relevant presentation, and a particularly drôle final word at 1:06:00
Poor enough that we're still living with our parents
If you work a normal 40+ hour week and live within your means it can be done.
@@chasl3645 it makes no sense to work 40 hours a week for 20+ years to afford a house that anyone could build in around 400hours alone with modern tools. Its all a fkin wage slave scam
Time to do an update after Covid passes, wait till we see the carnage.
24:35 that table...
As an American, the idea that a politician would give a talk like this is surreal. I mean, he hasn't insulted or ascribed villainous motives to anyone!
As interesting as this is on its own, has anyone done this kind of analysis of the American boomers? I suspect the generational differences would be even more extreme over here, but maybe I'm wrong.
I thought Millenials were born 1980-2000
Ive heard 1980-1995 for millennials
gonna be a lot of homelss babyboomer after they cannot work.
their pensions are taken care of by the younger generations, they won't suffer
Yes if there was jobs,allot of gen Y's are homeless & allot of them got college degree's.
i can confirm, i am millenial, 1985, i am homeless. well... i live with my 94 yr old nan and 65 yr old boomer mother.
@@alanssnack1192 very sad
@@crypter27 excuse me? do you care to obliterate on that?
@@alanssnack1192 On what topic?
@@crypter27 sorry, i must have been speaking to somebody else, bon voyage.
The social contract also breaks down when large swathes of people from vastly different (uneducated and backward) cultures come into the country specifically because the country has a comprehensive social welfare system. They will be net consumers. We are seeing this in Britain now.
This man is nothing more than a Baby Boomer apologist. Makes sense because of course, he is a Boomer.
Use punctuation.
what would they give younger people? I mean people at our age can work and are fresh from highschool. I don't know about you but I know when my parents retire, Social security will help them stay afloat when they cant work no longer. (ofcourse I will help them too). and that's unfair to assume one doesn't have money cause they were irresponsible with it. sometimes its is what it is and shit happens.
They had an entire generation benefit from social security that never paid a dime into it.
nothing says boomer quite like anything the LSE has ever done
Did not start for the entire presentation do maybe this was mentioned; the distribution of wealth across the baby boom generation in the U.S. Is very skewed towards the top end. Some very wealthy ones at the top, some like me in the middle, and then a huge cohort at the bottom with very little.
My daddy gave me this land.
Baby Boomers definitely started obesity lol
A virtuous cycle in economics with rising wages occurs from a shortage of labour. ie after WW2 there was a labour shortage, even into the sixties there was high employment. In the seventies there was a big bust - rising prices and deflation, not caused by boomers. My recommendation to any young persin who can't find a means of jump starting a career but can live at home, is to take an evening bar job or something similar, and take a course during the day vocational or an on line degree course - pay for it as you go. Choose something directly related to a vocational niche where there are current openings, and consider working abroad once you've finished it, relative experience from anywhere is worth having.
armstrong economics dotcom blog
/2014/05/12/a-virtuous-cycle-in-the-economy/
Find the intersection between your abilities, preferences and personality if you can.
Baby boomers 1946-1960.
little attention is paid to the following point: citizens born before 1950 had pensions paid by the cohort born after 1950. Citizens born after 1950 had to pay the pensions of all those born before 1950, while paying for their future pension and seeing in 2018 that the funds had been emptied! I draw the attention of millennials that the demons who have mortgaged their future are those born before 1950.on this debate, precision is required.
I wish I was born as a Generation Xer. Generation Y is pretty much Baby Boomers 2.0.
+Omeed Al-Omary أوميد العمري truth
+Radek P It has nothing to do with generations. Why have you graduated with a degree that doesn't offer a job instead of one of the careers where employers are short of people, like IT?. These are your own choices you are making - not somebody else's . There are plenty of jobs around which are not manual labourers - even in McDonalds. I came from a working class home, my mum either made my clothes or I wore second hand, and you know what? , I didn't blame them or anybody else - I got on with it. Worked hard and changed jobs as I could.
Omeed Tube Really? Omeed let me ask you something do you have a job?
O-Tube Lmao, you are clueless. You wish you had to go to college for 4 yrs to make $15 dollars an hours with 100k of debt that you will probably never pay off. Smart
O-Tube not really
LOL! Give it back!!! I never stole anything! I began my adult years with nothing!!! Slept on a blanket on a bare floor. I was given nothing! As an African American raised by a single father from the Silent Generation who had nothing as well. I did complete a BS and MA without any help! Paid off student loans and a mortgage while raising two children on my own. I ain’t giving nothing back
wonderful, now find the "get younger" potion and try and do that today
@@LudwigVaanArthans the voted to split the workforce 3 ways, between men, women looking for careers and total immigrants. This society has nothing to do with kids unless its push queer culture down their throat before they turn double digits.
The study suggests baby boomers hold most of UK assets, but that would be the case anyway as those who took out a mortgage in their 20's/30's would hope to be paying it off in their fifties, and maybe have empty nests.
Comparatively speaking todays youth are more likely to be accruing uni debt, so their potential for accruing asset value is bound to be less than a (2x) generations earlier who didn't value Uni education to the same extent.
The much older generation are losing assets and income as they pay for their care and suffer from loss of income from current low interest rates with rising prices, whuie the younger generation benefit from baing able to take out debt on very low compared to historical interest rates. (The average is 7% in the UK, in the US it needs to be at 8% to avoid pension funds going bust).
Somebody who bought a house in London for £85k in the early nineties might now have something worth close to a million, but that isn't representative of the country as a whole, and they only way of realising their profit would be to move somewhere away from their family, where maybe they are now offering support as grandparents and unpaid childminders. So their high asset wealth (based on home ownership - the average UK private pension pot is just £20k per head) is meaningless inless it can be passed on in some part, and that is frustrated by the 'gift tax' imposed by the last labour govt. Rather than being 'selfish', boomers are being hit yet again by political posturing.
Also since UK average property prices are really hiked up by London property prices,are these figures realistic as a general measurement for boomers?.
+Mary Fountain even though you are British (and we in the U.S. have inherited much of the horribleness of English capitalism) you sound so divorced from reality of today- buying a house in your 20s are you fckin kidding me- i don't know anyone who has done that. My generation X is waiting for yours to pass away you've left the economy, the environment, and world political affairs in a horrific "rubbish" state- we'll clean up the mess when you are gone and leave behind a more just society, not the pile of dung we inherited
+David Schlessinger I didn't buy a 'house' in my 20's , in the eighties all I could afford at 27 was studio flat (no bedroom), which I bought while living at home with parents. I had an ordinary job and it cost me virtually all my income, I couldn't actually afford the bills to live in it, so had to wait until I'd switched jobs a few times and upped my income. An interest rate raise would have killed me financially. Believe it or not outside of London that income to studio flat purchase price ratio is still pretty much the same. Spend some time looking into economics maybe over on 'liberty pen on YTb, doesnt sound as though you're all that clued up, just following the media. 'World political affairs' , last time I checked there was no British empire.
I had to check out before the half-way point. I could see that this was heading towards the idea that wealth must be confiscated by government force. Time to go to the store and buy another box of ammo.
@@c.719 I suppose so. And then there is the generational-hate that goes the other way; "Those older people got all that money because they were just lucky"
I'll go with the assumption that human-nature has not really changed much, if at all, over even thousands of years. Thus; no reason to think it changed over the last thirty or forty years. More like the incentives (as you have suggested) have been changed (by certain people in positions of power).
that youll never do anything with
@@ChrisHillASMR ... until you show up
It's not our fault we were baby boomers. It had it's ups and downs. Not much chance for secondary modern kids to go to college, let alone university. Freezing cold homes, no telephones and crappy food. BUT jobs were plentiful, houses were cheap AND we had the Beatles. I feel sorry for kids today, but it's not all our fault. I've been able to help my own kids buy their homes, but I know that's not always the case.
PS We make good (grand)child minders!
+Ann TwoShoes that's a typical Baby Boomer reply. Take an extremely timid amount of blame, slightly acknowledge that you had a few advantages growing up (in truth, you had EVERYTHING) and barely acknowledging the horrible world you've left those who came after you
+David Schlessinger Hindsight is a wonderful thing, isn't it? You forget we lived through the Cold War and the shadow of 'the Bomb'. And university students in those days demonstrated (literally) how much they cared about world issues. I don't see many students doing much of that nowadays. Buying our own homes and doing them up was the only way most of us could better ourselves in life. And now, a lot of our generation are downsizing to help their kids of have become permanent child minders in our retirement.
+David Schlessinger
My parents came of age in the middle of WW2, my father ended up in Germany, how 'horrible' do you think that was?. My grandfather was sent to the front in WW1, took a bullet in the spine and ended up permanently disabled. Neither went voluntarily they were both conscripted and had no choice. Do you think they enjoyed it?
You better grow up fast and understand that no matter which side you vote for in the US the people who manage affairs are the same, the state. It makes no difference who your parents voted for , the government decided what 'it' wanted to do, it's all political, and revolved around 'bought votes'.
Now although we were told that we were paying in for a pension that was guaranteed - that money has been spent elsewhere..think Iraq war, Afghanistan war, all the cahs being given to Afghans. ALl the money being distributed to those on welfare. What can we do about it?, has any govt offered a vote on it even? of course not. This is the system. You think you know it all - you try to change the system. See how well 'you' get on. If you don't like it you have to emigrate, and still they'll track you down and double tax you. Good luck with that.
fkujakedmyname I don't remember Brits being given the vote in the US? Can you remind me when that was made into law?
+David Schlessinger Plus smugly helping their smug children to hoover up more assets.