The Baby Boomer Bomb
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- Опубликовано: 4 июн 2024
- Passion and Purpose: Transforming Retirement
Presented by the UC Berkeley Retirement Center Supported by UCB Human Resources and the UCB Resource Center on Aging
Keynote - The Baby Boomer Bomb
Professor Robert Reich
As baby boomers age, major issues associated with a growing older population are gaining more attention, e.g., Social Security, Medicare and financing an extended retirement. Retirees confront these issues on a daily basis. Professor Reich will share his knowledgeable perspectives on these and other issues, suggesting how they can be addressed in an informed and responsible manner. In addition, he will discuss the older population's formidable political leverage - how as individuals and as a collective entity, their "clout" can be used wisely and in a manner benefitting future generations.
Recorded May 24, 2012
I had boomer bosses say, work more hours, even after working regular hours, being the most efficient worker, and not calling off one day for 2 yrs. While they left work early, missed days and had a gambling addiction.
Do you deserve make as much money as your bosses?
Why complain.
You should take up gambling for a living.
@@mcashnv well, i definitely believe that he deserves his bosses job and his boss deserves
To not work there.
So?
Quit
“We destroyed the economy and now we can’t cash our houses in for retirement!”
Damn at least you have a home!
I can’t believe this is from 8 years ago. As a 32 yo living at home with a graduate degree, I am so heartbroken for what my generation has inherited. Oh, also my bf is a practicing attorney who also still lives at home. We were sooooo f*cked
You are not alone. But hey, there is also a tiny light at the end of the tunnel. I was speaking to some CEO (cca. 55yo)who is concerned about his company. The guy before him didn't want to hire young people, now the company employs only older people (cca. 50yo). He is concerned how to attract younger people to work with them.
LOL! Every generation blames the previous for their problems. I'm 24 BTW.
Good.
It's them Boomers who made the BAD decisions which put us in the mess to begin with!
@@sinebar Us millennials didn't vote for the politicians from the 60's to the 90's who abused the military industrial complex which spiraled us into debt.
Basically how can we keep from passing the torch
Read "A Generation of Sociopaths" by Bruce Gibney
Go look up the Serial Killer epidemic between 1970-2010. Outside a few cases, all of them were boomers. Not just in America. Everywhere. Started and ended worldwide at THE SAME TIME.
It began to be apparent around 1962. The big cases started in the 70s and exploded in the 80s. Why? Well, 62 would've been the first year most boomers went to college. Pattern Killers tend to heat up in between 25-35. '70-'80 was when the FBI figured out the indicators. Invent the Serial Killer label.
The 80s were the height of it. This would've been the prime years of most boomers. It's not coincidence we saw the peak in PKs here. Look up the real famous cases. Almost all the bodies were done in the 80s.
90s were less severe, but still staggering. Abroad, this was the dark decade. India had 6 active in a 10 mile radius in Delhi.
In the oughts, they all got caught because DNA became viable. Most were caught easily. Notice that Serial Killers are gone now? Just kinda vanished as an issue. They all aged out.
Boomers had a very nasty cime oriented problem unique to them alone: Serial Killers.
GenX, for whatever reason, kinda skipped this phase. They're much more like the silent generation. Xers might be the real hope.
Millennials have been beaten senseless. We now are seeing a disturbingly similar criminal issue: Mass Shooters. Look up the similarities. When boomers snapped, it was a slow burn, bodies over years. Millennials grew up on instant gratification. Therefore, when they snap, it's one big event.
Boomers had it very easy historically. Millennials didn't at all. You think it's bad now? Wait 7 years. You're going to see massacres daily. Millennials, my generation, will end up eating ourselves.
@@thequixoticangler3364Interesting take! I will have to read the book. Thank you!! I think you are absolutely correct with the mental illness and mass shooting within our generation.
We of Gen X wish to tell you thank you for screwing us and making us pay for it all!
The Baby-Boomers didn't do it to you. Realize the power-structure within which you are nested and then you will know who and what really left you holding the bag of debt that is the source of your resentment. Be grateful for what you have instead of only seeing what you don't need and believing it's what's missing.
We grew up in their hateful dysfunctional homes! Nobody is more disgusted with the Boomers than Gen X. We had to live with those fucking vampires and know them best.
You think you have it bad try being a millennial. At least Gen X could still afford homes when they were of home buying age. We're out here living with our parents past age 30 because rents are through the roof and homes cost close to a million dollars. And you might still get some Social Security, it will most likely be totally dried up by the time we are of retirement age.
@@skatevidcentral I agree and feel for The Millenials. There most likely won't be much left of Social Security for us you guys are in a very bad spot. At least you haven't paid into it for decades yet and are smart enough to maybe work out your own plan. You can thank your disgusting and feckless grandparents. I believe in you guys though, you're still youndg strong and smart.
@@skatevidcentral Your parents let you stay with them after high school? They sounds like cool Genx parents who understand how difficult it is. Our Boomer parents would have never helped us out in any way like that. You're lucky your parents are GenXers!
My bro just retired from the military, had to retire 3 years early bc of health. Still getting a somewhat ok pension. He lives with me and my father. .......
thanks boomers. I am so grateful you will be living high quality lives all while WE work for you and cook you food at your nearby diners.
I dont know any boomers living high quality lives. Most just have average jobs paying average wages. Myself I started working making 1.10 dollars an hour. Took 10 years to work up to 8 dollars an hour.
@@johnd4348 yeah but you had way greater purchasing power than any of us today. Especially my generation, gen z. We will quite possibly have to accept multigenerational housing as a norm.
@@Szcza04 LOL, I dont know what you mean by greater purchasing power. Things might be cheaper than, but wages were a lot less and spend decades with stagnant wages and no way to move up the career ladder because there were already people in their 40's and 50's in those positions no were near retirement. So everyone like me stuck in lower positions. Like I said I started at $1.10 an hour. Thats a little over 40 dollars a week . After taxes you bring home about 30 dollars. My car got 8 miles to a gallon . Took a whole weeks pay to fill it. Cars got really bad gas milage back then. So were you get more purchasing power is beyond me. I skipped lunch for 20 years because I could not afford to eat out. Sometimes I could afford a soda.
Watching this at the end of 2022 is... Interesting
The problem is we have greedy politicians that want more money and power. That is the nature of the problem these days.
And all politicians are from which generation? Babyboomers.
One tragic collateral damage the boomers inflicted upon the younger generation: their minimum wage jobs were launch pads to something better, maybe a union job. Today's workers are over educated and over qualified working minimum wage jobs as a career. This is unsustainable as cost of goods go up and a confrontation with generational warfare is inevitable and the government has to pick a side. You can't stimulate a economy with student loans interfering with housing and auto purchases.
hotneo7 You could not be more correct in your assessment. While I make more than minimum wage, it is significantly less than my father was making approximately twenty years ago. He started with lower pay at a union job and after time his pay increased significantly based on union representation and other factors of course. I can’t make him understand that when he was making $80,000 or more twenty years ago, he was golden in comparison to me making about $49,000 a year now. He claims that I make good money. Well when you factor in inflation I am making so much less than what he did. It’s staggering and this issue is getting no better in our society. Union jobs are going away so quickly. Pensions, which he also receives are a relic nowadays in the private sector. We have to figure something out to make this better or our society is honestly deeply in trouble. I shudder to think what my children will face in the next ten years when they are looking for good jobs.
I literally cannot understand older people who cannot process that we make less money via every metric available. They just refuse to believe what is right in front of them, no evidence will dissuade them. Then they will mention something stupid like fucking smart phones, smugly.
@ronald ferguson same can be said current gen. blame someone or something for your problems, wont get you anywhere.
@@slaughteredwolf why are you hating on your father for doing better than you? Maybe you are just under-achieving. Do you know how trite is sounds to listen to somebody complaining about somebody else's success?
@@explorermike19 shut up, old man.
"Insurance companies will storm capitol hill." LMAO...So prophetic...kind of.
🤣 In a way, big money did.
Watching this on July 30th, 2020.
Gen X > Boomers.
We can't afford you .... we're broke.
As for pensions, what the heck are those.
I've worked in retail for 20 years and will get nothing when my jobs done. Just a pay out that will last a year if I'm lucky.
People who missed the boom have to be pro active to have a retirement now. Like putting aside 10-25% of every pay check into a fund for retirement or taking that money and investing it in real estate or something that can turn into some passive income to stow away for those 'golden years'. Only a fool is waiting around now thinking that the social security retirement fund is going to be there for them decades down the road. The boomers will milk that thing dry before anyone else can get to it, guaranteed. Time to save is now. Good luck friend.
@@bozejoetheclown3554 About the only thing that's going to save me is my inheritance.
@@poodtang2104 me too. I've got a good inheritance lined up... but most don't because they had retarded boomer parents.
Any ways I'm up for killing off the boomers, as gen y. Gen x can have their privileges, you've earned it by being forced to put up with them for so long.
@@InternetMameluq I heart you so much for recognizing how much crap Gen X has had to deal with. Time for Boomers to GO from all positions of power.
@@annablyst6754 Yeah I know they've been gaslighting you for your whole life the same way they're trying to gaslight us.
i am not sure his assement is correct, he thinks that women entered workforce to make up for
the decling wage to maintain household income level, but it is more likely women entering workforce
is the reason of declining wage. it is simple supply and demand, when you have extra supply of
work force, the wage decline.
That definitely increased stagflation. I'm sure the workforce issue is probably a combo of factors, not just one.
You might have a point (without being sexist) the greedy corporations looked at women as an untapped resource to exploit. Women are 'trained' to work with less, and take on bs guilt more easily than men. More women in the workforce ment that lower wages would be more accepted. A women will make do and not aggressively fight for promotion, even against other women.
Your argument suggests women are in competition with men and are taking jobs that would otherwise belong to men. Not so, an incompetent man will always be hired over a woman because of perceived bias. That bias increases exponentially when she is pregnant or has children or is older. Declining wages are intentional inflationary policy by a babyboomer supportive government. Women are not the cause.
@@susannahjones6410 simple supply and demand, it is not just women, same as illegal immigrants entering the country now..
@@susannahjones6410 then they have to pay for childcare🤑
@@susannahjones6410 you said it best
What will happen to all those retirement communities around the nation in the future? Or the ocean cruise industry etc.
2020 asks "what ocean cruises?"
Working for someone else is going out of fashion quickly. Those that can are saying thank you and goodbye.
It’s been a decade since this was made.
- The housing market is destroying itself daily
- inflation is border line out of control
- rent is unsustainably high
- the price of food is increasing
- gas prices are up 50-60% or more
Boomers still Booming....
These people are so brilliant to identify a serious problem and then feed poison as the answer.
Little hat mafia
I remember growing up during the 60s. My mother passed last year. She was a wonderful mother. I told her many times that she was. She made growing up a magical time. Christmas was something I will always cherish. I do miss her. My father treated her like crap. They divorced. Towards the end of his life I cut him off. No regret.
Great responses from the comments about this video.
it's baby doomers, not boomers
Most BBers have their wealth tied up in their homes (at least those who didn't loose them during the 2007-2008 bubble). Now there are not enough younger generation members making enough money to buy those homes.
Real estate prices will drop.
This lecture just shows how little we and our 'experts' know.
By the way, does anybody remember how we were told in the '70's that reducing our birth rate would actually increase our standard of living?
+macpduff It isn't the younger generations fault that Baby Boomers wanted to show off with big houses, that has to do with the simple superficial mental capacity of the generation of Narcissist. People do not want a 3000+ sq ft home anymore, the loss of value in that asset is the problem of those that had to go big. Passing debt onto other generations via bailouts is wrong. We should not be strapped with over-inflated housing cost because the Baby Boomers made a bad investment.
Amanda Townsend
I totally agree. I also know that each generation has been lied to by the government and restricted by cleverly constructed regulations. My generation did not have access to 15 year mortgages, so the first 10 years or so of our 30 yr mortgages, none of the payments went to paying off the principal. Also, a lot of high earner BB worked for big corporations that moved their employees frequently. Tax laws required money from the sale of the first house to be rolled over into the second, or it would be taxed as capital gains. That was a big incentive to buy bigger/more expensive each time. It's very difficult to find a suitable safe house at the exact same price, in a new community, on a 3-5 day house hunting trip. We also bought into the lie that real estate was a no loose investment and that the American economy would never see another Great Depression.. Add the trauma to the young family of ripping up old community roots and relocating - the family self medicated by buying a nicer house. Yes my generation made a lot of mistakes, had too much hubris, and believed everything we were told by the authorities.
not true the cost of housing has skyrocketed in 2017, we have another bubble that is going to burst. We also now have Trump, the worst boomer
macpduff Then you would have to expect a asset devaluation/depreciation super cycle to develop with the high number of Baby Boomers needing to sell off their primary asset to afford medical and assisted living care.
Baby boomers are the worst!
Everyone human is born with nothing and will die with nothing. He will have to leave everything behind after he died. He will leave his illnesses, disease, wealth, health behind. That's the beauty of life. He only leave his name behind. A good person leave his name behind to be respected, glorified and remembered for long time, and some eternity.
Work hard to keep your good name and be remembered by those who knows you.
The DINS caught me off guard and now my coffee’s all over my shirt 😂
Really good talk….from one of the silent generation!
"Social security is fine... for the next 26 years there isn't going to be a problem..."
No. The problem exists now - I'm 35, have been paying into social security for quite a while now, but will not see a dime of it in benefits. What he should say is we have a HUGE underfunding of future liabilities, which is a massive problem now, that we are going to allow to fester under the surface.
Exactly. That's the exact problem with the mindset of 99% of Americans and 100% of those in powerful positions in gov't. If it isn't a problem today, ignore it completely and make no plan. Unless of course a bigwig discovers a way to profit, then we can de-mothball our brains and get to work.
D Chapero
I'm a baby boomer.
Heck I've been paying so much in social security they stop taking from my check each year in late October.
Didn't plan for social security and saved/invested,contributed to retirement savings. Also didn't depend on my pension.
Bought my condo as a home not as an investment and didn't upgrade to larger homes like the masses.
Bought 3 year old cars instead of new.
Didn't get married for obvious reason......no kids.....so no alimony,divorce rape,courts,attorneys,weaponized child support,drama,etc. to deal with.
Great career,traveled the world,enjoying life,etc..
Fast forward 30 years and looks like I will get $3200/mo. in social security and $2800/mo. pension.
And I have 1.3 million in 401k/Roth 401k and $520k in Roth IRA.
Also other investments and savings to draw from.
I'm retiring in 2020 ten years early and debt free.
"I'm 35, have been paying into social security for quite a while now, but will not see a dime of it in benefits."
___
The only way you're correct about this will be if the politicians literally cancel the program. Absent that, the more accurate thing to say would be that you'll receive significantly reduced benefits compared to today's retirees.
(Unless, of course, you're predicting that when you retire there will be literally zero workers paying into the system; it is, after all, a pay as you go system, and your benefits, however reduced they are, will be paid by the workers who are working when you retire).
(Full disclosure: I opted out of contributing when I turned 36. It's one of the perks of becoming an expat who works for a non-US employer).
asterisk911
If you opted out at 36 you will probably get something down the road.
Only people in the U.S. I know of that are opted out of social security are teachers.
Best thing for many to do is just save/invest like I did and leave social security,pension,and inheritance out of your retirement plans. Then if you don't get it or very little you still have money to still retire or at least not worry about money.
Now that I know I'm getting pension,social security and an annuity I'll have almost $6k a month when I retire that's a bonus.
@@blackworldtraveler3711 And with your big brain IQ you left us 0 people like you to carry the torch
Ah 2012... When the worst of our worries was electing a sentient jar of mayonnaise. Those were the days...
2018 when we thought we had problems -sincerely, 2020
@@alli4236 We swear to God its safe & effective, just take another vax ya cattle. - 2023
The was economic growth on the backs of middle class.
A full service gas station would clean up nowadays. Laziness, Convenience, & more phone time.
Yes and provide employment, something Boomers enjoy taking away from whatever area of business they can.
No, a full service gas station would close in the first few months. Gas would cost more and people want cheap gas and everything else.
This guy skates over the two biggest reasons "Why we are are today". Both are intrinsic and feed one another. First A: the greed and selfishness of the boomer generation. And B: which was an off shoot of that, was this subsidizing of women into the workforce through massive governmental growth. It's not these big ethereal concepts as "globalization", "technology revoution", "the billionaires" etc etc. Starting in the late 60's and through the 70's, we changed from a producing society to a consuming society. From a saving society to a spending society. And this all stems from the starting point of how to get women into the work force, and more importantly, what impact will it have. There's only trade offs and no perfect solution. Our current and past 40 year approach has been horrible. Massively increase government(and spending) through borrowing. Governments then in turn have a much bigger influence over the household. They can dangle increased spending in schools, health care, welfare, law enforcement, etc in a way to entice votes. And as governments grow, they become more and more susceptible to corporate influence. Corporations love big governments. The last thing a corporation wants is a government that can ideologically change every four years. So now we are stuck in this illusion of two party state. Both serve the corporation and those addicted to the government spending. And to the core of the issue, we've never dealt properly with getting women into the workforce. Or more importantly, why the government wanted it in the first place. More taxation = more government = more control and influence = more goverment. And the cycle just keeps repeating itself as evidence by the national debt. And the corporations are more than happy to keep turning this wheel. Politicians are happy. Those in the upper middle class who work for the goverment/public sector are happy. Corporations are the happiest. And the middle class will continue to shrink and shrink.
Libertarian nonsense that he did debunk if you only listened.
If you think that a few purple having half the wealth of the U.S. Didn't cause this problem while offshoring production then you have been indoctrinated by the Koch Cabal.
Union participation in the 1950’s was 34%. Today it hovers at 10%.
Can you explain how the boomers are greedy and selfish As a boomer, I started working at 14 and worked 2 full time jobs until I was 40 to fund my retirement. And by the way I started working at 1.10 dollars an hour Took 10 years to work up to 8 dollars an hour. .
@@johnd4348 I did if you bother to read above other than the two buzz words that set you off. This greed and selfishness isn't something intrinsic to boomers, but unfortunately has fallen on you lap. I have no doubt that if this economic gold mine(Based on inflationary low production, high return economy your generation surfed) had fallen on any other generation(X, Millennials, Z etc) ....they would have acted the same. The harsh truth is though that it fell on your generation. You hold the burden and can't punt it to others and do the "I worked my 40 hours/week....paid my pension...paid my dues etc etc) type argument. The reality is many of your generation did just that. And you patted yourselves on the back the whole way. The reality is however, as a population cohort(conservation or liberal), you lived off over consumption and lack of productivity. This for 40 years was subsidized by increasingly larger and larger governments printing Fiat currency to support your lifestyle/wage/retirements. The harsh truth is for every $1.00 your generation put into the system, it took out $1.70. This is through health care, public schools, infrastructure, social services etc etc. And is evident by the close of the 30 trillion dollar national debt( +2 trillion up here in Canada). Your generation blindly ran deficit after deficit, and as a whole never questioned "how are we paying for it?". The truth is, you or your generation hasn't. You kicked the proverbial can down the road and now have left the mess for your children, and especially grandchildren to clean up. Did that somewhat answer your question?
@@shawnp4155 I have never worked 40 hours a week. It was more like 60 to 70 hours a week, Manytime over 90, As far as low productivity, the productivity of America has increased every year for the last 50 years. Mostly thru better technology. I seriously doubt you know many boomer generation people. Like many of the younger people I work around, they have a misconception of boomers. The majority of boomers just worked normal average jobs grinding away everyday. Everything they have they earned. As far as the debt, that on the politicians. We had nothing to do with that. If I had it my way we would have term limits, yearly IRS audits for all politicians and required balance budgets for the National debt. I'm sure your generation will clean up the mess our politicians made. As far as high return, not sure what you talk about. I have average returns most of my life, and several 50 point Market drops, that took years to recover. Also experienced 21 percent interest rates and 30 percent unemployment that lasted for years in my area. So it hasn't be a joy ride for sure.
Who's retiring in 26 years? Gen X. Thanks Boomers.
The good news for the younger generations is that all our 'stuff' is going to become available at real cheap prices.
Hope you younger guys love avocado carpet and harvest gold refrigerators :-)
I can't wait for the house prices to plunge because I have my saving waiting for them to dive. When a second 2008 housing market crashes from the selfish boomers, and I am going to take a pick of the cheap houses.
im doing the same thing with the stock market, all my cash is sitting in a money market account, waiting for that day haha
lolol
macpduff 😂😂😂
When 50% of them are dead it's all going to drop.
I've always thought one of the best ways to run a "Medicare/Medicaid for all" system, would be to not allow pharmaceuticals to be advertised anywhere, which would lower price because we wouldn't be paying for their ads, and to also run hospital procedures on the need basis, where cosmetic only (as in not medically necessary) procedures are delayed to allow shorter waiting for those who actually need it. Not necessarily Oswestry pain scale approval (I hate that system) but the actual medical need as reported by the doctor. Not approved by the desk jockey who's specialty has nothing to do with the report they are being asked to approve.
Are home is paid for. When the time comes when one of us goes into assistance living it will pay for it. Just went through it with my father-in-law. Nothing is free. One of us will go to a 1 bedroom apartment.
Everybody knows this story from both the Left and the Right. Everybody has identified the issues, the question is what are we gonna DO about it???
I think young people are talking and there is a growing mass concioussness. It's gonna get ugly especially if those boomers use 3 letter organizations like fbi cia or nsa to protect them and their interests while cracking down on dissenters. We need parallel systems
Canadians complain if they have to pay for parking at the hospital!!
I would 2!
10 years ago
Taxes need to rise to support baby boomers. I could see this coming so have acquired quite a large amount of arable land, many valuable houses to rent out (not beautiful ones, fixed them out myself), plenty of farm equipment, some gold, plenty of rifles and avoid paying taxes wherever possible.
Retirement is a boomer concept, as is lying on the beach and wailing "it's my time, it's my time." Advertising was made for the consumer boomer, in an age of excess.
I like working and hate paying taxes. Land is very productive and boomers very big consumers. The perfect Epicurean is a boomer. So the generation before and after needs to be Stoic.
Kyn Chan
Or we’ll just stop coddling them
@@aubreywilliam9048 There is this unspoken promise for a generation to lay the foundations for the next one, to act in some measure as guides, to foster the values to make the next generation better for it and to encourage the same responsibility and sacrifice to the generation after. Virtually every race accepts it but somewhere along the line the values are lost and one generation betrays the one after for its own gain.
Not only have the boomers largely failed, they don't want to: correct for mistakes; accept responsibility.
But they hang tenaciously to power and when criticized they exclaim "I don't give a shit. It's not my problem."
The generations after will need to find those values again, but they have no direct template to work on. It is very hard to do a 180 shift but somehow it must be done. I've asked myself may times what my values are because values were never discussed at home. The examples to foster good values and habits were not present and it was just assumed school should fix it all.
Not only has the Western boomer not protected industry and building of infrastructure they have outsourced it. They have outsourced every other responsibility, including the teaching of children, to everyone else but themselves. That way they have a clean conscience. May be the boomers should also be called the outsource generation. Of course, the short sighted boomers forget who is meant to pay their pensions when they retire. Many in fact, can't even afford retirement so they come back to compete with the young.
With 30-40 years of solid growth, an abundance of jobs, get straight into work from school, training at work, expanding credit, cheap housing, good pensions and they can't build an even stronger foundation? What crap values do these people have to squander the opportunities?
@@kynchan3332 They coined the phrase greed is good.
@@jc.1191 Greed doesn't overcome stupid. Too much borrowing to buy liabilities means most of them won't get to retire.
Soft times have made boomer brains ossify but the luckiest generation won't bear the brunt of the hardship when it comes.
It is the younger generations really suffering now and more hardship will come if all that debt needs to be paid off.
Often, I don't even think the young should bother to pay off liabilities they did not create. It might even be beneficial to leave to go to foreign lands where there is really good work and prospects, appreciation of the new skills and energy brought in and the opportunity to build a good life without that boomer garbage that always needs to be paid for.
@@kynchan3332 Yup. Well said.
What can we do about it?-Demand that our politicians_all of them_ seperate the funds for Medicare/Medicaid and Social Security as they should have been and then they will see the need to properly tax those individuals from the Panama Papers that have not paid the government.
It's all been summed up in the new "Baby Boomer" song that just popped up on RUclips. Here it yourself. It nails 'em. ruclips.net/video/-vMicdkKlBk/видео.html
He would get a better response if he talked about how to get a government pension.
Thanks UC Berkeley Events.:) "A single payer system makes far more sense...Politically it's very difficult to sell given the political power of the health insurers and the big pharmaceutical (and equipment?) companies...Nurses spending 30% of their time simply filing insurance claims and making sure that certain procedures are covered...":D
tremer 2009, a great quote for these asshats: “professing themselves to be wise, they became as fools.”
No its already selling itself to We the people . Corrupt politicians? Of course not.
Our other single payer programs are bankrupt. Our government is incapable of running our healthcare. Look how bad it's gotten just from the ACA.
Baby boomer is a euphemism for hippie
I'm loving the wonderful comments against the boomers. It was the "Greatest Generation" that the boomers had to deal with. The boomers had to live under that racist, sexist environment which thought was going to be annihilated in a nuclear war. Who's parents were on average with a high-school or less in education. The boomers were the counter culture generation that fought against racism, fought for women's rights and against Vietnam War and for less pollution. While doing that they also tried to have a life and enjoy it. The average boomer was not some high level office person but a blue color worker or who worked in sales. If they did work in an office they were not some fat cat CEO. The problem is your future went to China, Vietnam, South Korea, Japan, Mexico and so on. We don't need college degrees that does not make anything. I spent 40 years in retail and worked more 6 and 7 days then I want remember and I made a good living at it. It was not fancy but it paid my bills. I'm the average real boomer.
You're the greed is good generation, and the voting pattern proves it's still held tight. You didn't fight civil rights, or get environmental change, that was the silent generation. Women's lib was you guys.
Absoultely correct LBJ started the theft and needs to stop.
I think Robert will be just fine.
Well the baby boomers sure didn't fix anything..
I've met Robert Reich. I like him & he's great on Twitter.
Brilliant guy but he misses the fact the it's a broken money that causes the Cantillon effect thus concentrating wealth at the top.
If the INFO comes from "ANY WHERE" in Cal. I has to carry with it an awful of doubts !
The real problem with healthcare cost is how poor the average american diet is. Diabetes alone, will bankrupt all forms of public "free" healthcare plans in just a few decades.
I half agree with you, the USA diet is SHIT
You're not wrong about diet, but healthcare is literally insanely expensive. Walking into an ER can instantly rack up ten grand. Shit is a fucking joke.
I was in a nursing home last year after a bad accident. My roommate was an old lady who had a stroke. The food was awful, I lost weight from not eating. The old lady had diabetes and they kept telling her she couldn't go home because her sugar kept spiking. They were deliberately feeding her crap no diabetic should touch so they could make money off her. You posted a long time ago, I hope you see this, I appreciate how you posted
Maybe now people will realize they can't afford kids. Look at the math before thinking about kids.
This guy is a Wizard. They were dead serious about death pannels and he completely neglects the ruinous effect of MASS MIGRATION on the healthcare system
Jeff Miron PhD Economics at Harvard: Cut entitlements.
Huge oversight by this guy...
When you pay for private goods using public money the cost of those private goods ALWAYS goes up. The REASON health care is so expensive is that Government stepped in and "helped" with it. You think the cost of college is high now? Well that's on the backs of Government loans with public money. Just wait until college is "free".
Correct. When universities know students get guaranteed money, no brainer that tuition will go up. Idiots.
Of course! That explains why healthcare is so much more expensive per capita in Canada compared to the U.S.!
Having banks involved has had a negative effect, but it is not the primary reason for tuition increases. Funding for public universities has simply been decimated over the last three decades. Tuition had to rise. If your care to learn, google "25 Years of Declining State Support for Public Colleges" and you'll see a good source for data on the issue.
Yep, medical care was very affordable before medicare came along. That's what really wrecked the health care system and why costs are so astronomical today.
Right just like how every other country with free college pays less than America...oh wait, that's the opposite of what you said.
Didn't you before posting this? College costs less in all the other first world countries.
Robert Reich is one of the good ones.
It's just going to get worse.
41 Hippie Boomers dislike this 11/20/2019
There were a lot more Boomers that hated this video but they couldn't figure out how to downvote it
@@richs.7373 Never teach them how to use technology lol 🤔😅😅😅
Single Payer is the only way forward.
ok...have you ever been to VA hospital?...and you want the same people running health care...
@@afterthefox Do you have any brains at all? Do understand what single payer even is? It's Medicare, the same thing your grandparents have. The government just pays the bill. Wow, and you vote?
@@brucevilla7490 why do u insult people...does that make you feel better?
This is good, but has not aged well post-Trump.
Why didn’t Little Robert do something about it, he’s a Boomer
He tried. Clinton would not let him
I am convinced that the folks who are still complaining about life not being fair are mostly under-achievers and people who made bad choices early in life. I am surrounded by very successful young people who are doing better financially than most in my generation had ever dreamed when we were their age. In my neighborhood surrounding me is a couple in their mid thirties who own a lovely home. Two young men on our street both have jobs that bring in excess of $120,00/year. They are 20 years old with associate degrees from the local technical school. A young man who works for me is 25 years old. No education beyond high school, but he is intelligent and works hard. He is having a home built for him and his wife. In fact, nearly all the young people that I know between 20 and 40 are all doing very well in every way. So, for a LOT of young people today, the world is bright and full of opportunities.
And COVID-19, a bomb, an airplane ride, cancer or a drunk driver can move any of these folks young or old to an early grave. Tomorrow, wealth and material is promised to no one, not even the arrogant!
@@alwayshavestrengthjoy7450 True.
Must be nice to live in fantasy land
Does anyone really believe or read Time anymore
I was just reading Time a few hours ago. I wish more would.
Boy, this speech seems so dated and yet done in 2012? Weird...
I am listening to this guy state the obvious .
Ok it takes a professor to state the obvious .
Unfortunately in this society no one is taken seriously unless there's a ( PhD ) or some other set of letters in there name .
But also starting the obvious , our economic system is ( capitalism ) and what are the guiding principles of capitalism ( greed / self interest and exploitation )
My country has since it enception embraced those principles / using spreading freedom / justice / liberty as cover .
As a Republic and Democracy we have in the name progress and spreading the principles of democracy ( invaded /genocide/ exploited ) peoples, countries.
In WW1/2 we have gone to war to protect the British / French Empires ( two empires that also committed genocide and crimes against humanity ) in there war against other imperialist enemies Nazi Germany / imperialist Japan .
We should have gone to war to liberate their colonies from the French / British / Japsnese Empires
All the ( Police action ) my country has been involved in ( post WW2 ) where done not to further ( freedom and justice ) but to protect ( American interests ) ( international capitalism ) ( city of london)
Why would you be surprised that those same principals are now use on it's own people .
But as a intellectual educated in our system you consider ( capitalism ) the only ( economic system ) there no alternatives .
Your not a educator but a ( propagandist ) who states the obvious but give no alternative economic systems .
Talks about its faults but doesn't say capitalism is based on these faults
Capitalism considers these faults it's virtues
Expertocracy
Interesting watching this 10 years later. Markets are always cyclical. If when this doom and gloom piece was made you kept investing and dollar cost averaging you'd be very wealthy today. When you build and invest for the long term and seek generational wealth and live under your means, you'll be okay.
OK boomer
Reich has understood the whole picture. Go Bernie and the revolution!
bahahahaha, sorry the DNC won't let that happen
Hahaha! I like jokes
If only the Dems weren't obsessing over trans-rights and hating White people, they might actually get real things done.
somehow this popped up over 8 years after it was presented. I listened and its quite funny that given hindsight, he was WRONG on nearly all accounts.
How was he wrong? From 2021
Can you elaborate?
best way to fuck them back is to scrap the monetary system along with all the pensions based on it and issue precious metal coins as THE currency.
that way the government and banks HAVE to at least hire skilled tradesmen HERE
to mine and refine the metal (plus mintage) BEFORE handing anything to the banks-so they have to hire at least some of us in creating the coins before any goes out.
boomers have to go, you screwed everything for us younger generation
Get a job like everyone else or sit in your mammas basement rest of your life
Yeah, we said that about our parents and grandparents. Quit whining. If you want to have a revolution start with yoruself.
No there's still more to screw up and we don't want to leave any younger person better off but we will try to give you a performance trophy
@@jeffhagerman7810 its not really possible to work if youre homeless living in mamas basement
My Husband and I are Boomers. We did not spend money we didn’t have. Our Mortage was our only debt. Then when cars got so expensive we needed loans for them. Our Sons graduated debt free with masters degrees in finance and computer security. Then we paid the 20% on their first mortgages. Our Sons are doing great. Our grandchildren are great. Since our Sons graduated we have continued to work and are now in a good situation to take care of ourselves without our Children’s help. What is wrong with that. Get out and vote if you don’t like the system.
Just annecdotal evidence. Better check the statistics,
Home prices have gone up VASTLY relative to wages for the current generation compared to when you and your husband bought a home. As for your son, you paid for a graduate level education and 20% of their first home? You think most working class people get that level of help from their parents? If you had a basic knowledge and awareness of economic and social realities you would know these things, but you don't you ignorant boomer
@@iblard its all bullshit. that entire generation loves to save face while shitting themselves
Boomer Remover 2020!
Didn't work.
Donald Trump also born in 1946
Robot attacks are up this year and bologna sandwich is the only effective solution. Do you want lettuce on that?
retire and care for yourself on your own merit. Don't ask somebody else to.
This also means to stop taxing people. Social Security is a scam.
One thing most forget is if your planning on any inheritance. Keep wishing. My wife and I plan on spending every dime with have worked for before we die. That's right. Worked for. Young people today want everything handed to them. We plan to borrow every dime we can from are paid off home. That way Medicare can't get it. They want every asset you have before they will pay a dime. Good luck finding the cash. We spent it.
Handed to us? I'm 40. 2 college degrees. Everytime I tried to move up, I got blocked by your generation. You're the embodiment of what we hate. I work 60+ hrs a week for half what you get in SSR. I'll never own a house, you bought em all.
3 things you gave us.
1. Serial killers
2. Drug epidemic
3. An inherited debt that didn't exist before you created it.
You bought houses with zero down. Same with cars. Your COL was 11 percent of ours. We work twice as much for 1/3 the money. Enjoy your retirement, when you get infirm, that's when we get back. We'll inherit. Or you'll end up in the dregs of nursing homes. We don't care. You picked the fight. We're just waiting.
The boomers will get what they deserve. Complete economic collapse for retirement.
If you're 75 years old when everything burns down does it really matter? They won, at least here on Earth.
@@samuelspiel8855 quite possibly. But boomers are complete and utter drug addicts, completely soul dead, a cancerous group. No one does evil and doesn't know they do evil. I wouldn't want to trade places with a boomer.
If I was dumb enough to have children, I would want them to love me. If I was dumb enough to marry one of these tatted up, feminist, government spies called women... I would want her to love me. I dont think boomers have anything close to love, hence their unending desire for evil.
@@samuelspiel8855 and yeah brah. I dont want economic collapse to happen when I'm 70. a 20 year old can recover. a 30 year old can recover. I'm not recovering at all when I'm 60/70. old people are old. young people fight.
I'm a boomer and have close to 2 mil in my retirement fund. I think I will be ok. And I only averaged 40 K a year. working construction. Its about life choices. Make good choices early in life and you will be ok.
made in china...
666th Like. Boom.
I can't follow this guys logic... The only conclusion I can make is that this guy is some political activist for the current administration pushing for universal health coverage and open immigration. I don't know how these two things are to solve the problems he mentions.
Let me clarify. He even states himself that the social security was not based on individual contribution, but put into a pool as to prevent the program from being taken away. Well fast forward to today we know social security doesn't work and won't work. So what is the point of having the social security program? All this did was put social security in the hands of government. Now we the people are locked into it even if the policy is flawed.
2nd. The real increase in medical cost is the fact that people are living longer, but to live longer there is an incurred medical cost. Whether it be Canada, USA, or any other country. Now everything can be calculated if you know every factor that needs to go into the equation, but truth is no one knows the future so you cannot predict the outcome. Just as he had said we thought it would grow 3% every year, boom finds out the future is not as predictable as thought. So how can you quantify how much cost has to be incurred when you don't know the true life expectancy of a person. It seems every time we look into it we come to the conclusion "living 10 years more" .
3rd. He makes a comment in the end immigration we do it best and this is what solves the problem. He doesn't illustrate how immigration solves the problem. We are to take his word for it? In the beginning he says there isn't enough jobs to go around for reasons of globalization and better manufacturing methods. So how does bringing more and more people into the job market from other countries help the people that are already here? Yes,It will only lower the standard of living more people have to compete for the already scarce job market...
Step into Jan. year 2015. Look up this name jonathan gruber. and Obama's immigration stance. I can't help, but wonder if this is a more politically motivated video.
+James A (RateItArt) what are you talking about? Obama's immigration policy- he's deported more people than any other president. Universal health care is in every developed country in the world- except ours. Social security helps people have a little money when they are older
Inequality of income is the real underlying issue. As it stands upward mobility is only seen in STEM degrees,income generated through the use of capital or business based on service,rental models. The percentage of our GDP that used to afford upward mobility to the average middle/low middle class is almost completely off-shored at this time and the masses didn’t see it coming. This will inevitably shift the burden of legacy costs to the upper class in the form of higher taxation as he mentioned when he suggested removing the income cap on SS tax. I’m sure the Federal budget ceiling will also continue to be elevated.At some point capital will start to flee or face devaluation and a higher interest burden will be required to attract bids for sales of U.S. bonds to foreign nations.
Robert Reich. In 2000 I thought the guy was an idiot and a joke in his politics on these matters. Today in 2021 I see the errors of my youthful ways. He was right and I was wrong in outlook. Thank you for your government service to this country sir. However you still remind me of Bob Newhart in your speech and mannerisms LOL.
There are a hell of a lot of pissed off trolls in the comments!!!
ok boomer
Can't help when I was born .
No dearest.
A troll is someone who is either purposely being an asshole with disingenuous intentions, or is trying to make a group of people mad to make a point.
The passed off people you refer to are NOT trolls. They have been robbed and are venting about it.
I am 67 never attended College worked in a major hardware store for years purchased and paid for a home I contributed to a 401k and a Roth IRA I have no Company pension but I am able to live off my Social Security so I am tired of hearing the younger generation complaining how bad they have it nobody forced you to take college loans.
You got a job at a hardware store that could allow you to pay off both of those? I'd be lucky to just have one that allows me to afford a cheap apartment and food on top of that. Congrats, you got lucky that things were far cheaper compared to salary back then.
Do you seriously not see that your 401k and ira are invested in that student loan debt? Or are you disingenuous?
with 7 millon boomers retiring the nxt 15 years the imagrants could be a lufe saver for social security. do you homework.
Not if they send remittances to the home country each month.
NAFTA guy at work
So much misunderstanding on this thread. Boomers didn't destroy the future for younger generations. As this speaker points out, on a macro level, to a large extent globalization did. America was the only game in town post WW2, so Americans could demand good wages and unions thrived. Then other countries woke up. They invested in manufacturing plants, and with modern efficient facilities and a lower cost labor force, jobs moved from the US to those countries. In manufacturing Japan started the trend, then China continued it, while India's big contribution was cheap talented white collar jobs. As others began to thrive around the world, our relative standard of living in the US began to decline and yes, that decline was masked for a long time by higher family income due to women entering the workforce in massive numbers. Furthermore, America has remained the dream for many foreign workers, so America benefits from attracting foreigners with the best skills and talents, but American born kids also face having to compete with these best of the best workers from around the world. So things really are tougher for the younger generations due to competition at home and abroad. But it's because of global economic shifts - a balancing of things around the world that still has a long way to go. The boomers aren't as well off as younger people seem to think. Most don't have pensions like their parents had and a large number haven't saved enough for retirement, in part because many lost their jobs, homes and savings during the financial crisis. In recent months, inflation and the tanking stock market have made things even worse for them. As for Social Security, it's a Ponzi scheme and always was. It's highly dependent on younger generations having as many or more children as prior generations. That's a foolish assumption. The GAO has been telling us for years what needs to be done to fix Social Security, but until poop hits the fan in 2035 our populace and politicians will remain too afraid of the problem and the fix to acknowledge them.
A child from the 60's is not a Baby Boomer.
"A child from the 60's is not a Baby Boomer."
___
You're half right. The most common definition of Baby Boomer includes people born between 1946 and 1964. By this definition, anyone born in 1960, 1961, 1962, 1963, or 1964 is a Baby Boomer.
1960-66 is a Boomer. Don;t try and put any Boomers into Gen X -- we won't have them.
Okay boomer.
All people do is think about sex 24/7 & not their financial future.
Ok boomer
This guy is obviously not for capitalism and free markets, which brought us great wealth. Soviet-style solutions are not going to solve problems. Less government is the solution, not more. Communism is dangerously popular nowadays, please look at Cuba and Venezuela. Lessons learned?
Peter Smit - seriously? You think the free market is the reason for our 'great wealth'? You really think it's a free market, as Smith envisioned, in the US? Are you aware of how many industries are subsidized by the government, and have been for a long time?
This wealth you talk about... is that after the record high amount of sovereign and personal debt the US has taken on? A massive percentage of our weak GDP is due to the public sector.
Peter Smit I’ve learned that capitalism is failing
I just witnessed a woman with a serious concussion from hitting the back of her head on the hard ground (causing her eyes to roll up in the back of her head) physically FLEE because the restaurant called her an ambulance and she didn't want to be bankrupted by a medical bill. So it's funny you compare the USA to "communism" like Cuba where no one fears a medical bill more than literal brain damage. Scratch the surface and this is not even a first world country.
I am no expert on cattle raising, but I figure pure capitalism is like a rancher running a ranch. Some males become bulls. Some become steers. If there is no use for any cattle, they are slaughtered. In the case of humans, they end up jobless, homeless, etc.
propaganda to spur hate. we worked and had fun at the same time.
this guy has given the same speech since the recession. just retire already
all due respect... this guy is always on the wrong side of history...
Don't diss communism, it's why the Nazis were defeated.
DISLIKED
It's a mistake for the speakers as otherwise it was very good.