Boomer Spending CRUSHES Hope of Lower Interest Rates
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- Опубликовано: 4 май 2024
- Boomers are responsible for growing consumer spending, contributing to the dwindling hopes of lowered interest rates. Ana Kasparian discusses on The Young Turks. Your Support is Crucial to the Show: tyt.com/team
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Once or twice a year, she visits her two adult children in different states. She’s planning multiple other trips, including to a science fiction convention in Scotland and a Disney cruise soon after that, along with a trip next year to neolithic sites in Great Britain."
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240429__TA05Boomers
I'm a boomer, and I'm broke. I'm still able to live in a working class neighborhood in an eastern Cleveland burb. I know millionaires who were drunken nitwits until their parents died. Inheriting investments from frugal parents is wonderful.
I've said it before, the Boomers generated their wealth through mostly real estate, while the younger generations mostly missed that train. Its insane how much wealth they have over the younger generations.
Millennial here. Got lucky to buy low in 2014. I feel for everyone else trying to buy right now.
Not every boomer made money in real estate. I admit we did make some decisions while underwater in our home that did pan out, but I know people that are still working longer than what they should have to at there age.
If you’re looking for a scapegoat for your own situation look at the rich buying and companies and gutting them with no regulation and cover by Government. And look at yourself and what’s needed to succeed. We started with immigrants being the problem now it’s old people. WTF!
Yes, it must be the fault of the retirees and the average American worker. It can't possibly be the fault of greedy corporations.
It's the fault of both. Boomers have been very selfish across the west they screwed the future generations for their own benefit at the expense of their children.
In 1984 when I was starting my family, a low special interest rate for a new car was 10.9%. Our interest rate on a used double wide mobile home was 18% with a co-signer.
great to hear the elderly are enjoying old age after years of work
Most boomers are nearly dead and working at Walmart to help pay their bills !!!😂 But hate on!!!
NO thats not "most boomers" thats SOME boomers
@@piccalillipit9211 I don’t know what imaginary world you live in but everyone in my neighborhood can’t even afford a new roof. A lot sacrificed to help their grown kids and have no savings at all.
Im disabled and live on $1100 Social Security per month. I have paid off credit cards only to turn around and charge them back up, just trying to live.
The kind of spending Anna is talking about is the privilege of the most affluent boomers. Most boomers I know just about get by, even ones with decent pensions.
This 67 yo boomer lives in a minivan, not a new one either. There’s lots of us out here.
At 68, I'm an old fart. I can't take it with me. So, I'm going to spend it all before I go.
you're supposed to. don't let the 1% shame you out of your retirement.
You earned it, you saved it, you enjoy it.
Glad my mother does not think like you and will leave me and my sister two houses, and millions in stocks, millions in money and other accounts that have been accumulating capital since we were kids.
I'm 58 (Gen X ) and my home is paid off and I don't buy SHIT.
BULLSHIT
Your one of the few lucky ones.
When boomers were buying their first house the interest rate was like 17%. I remember when my friend bought a truck in the 90’s he had to pay over 11% interest. I’ve never understood how the super low interest rate would be sustainable long term.
No they just had bad credit . 30-year fixed-rate average 1990 9.97%
@@havok5565 I don’t think Boomers bought their first house in the 90’s, that’s just when my friend bought his car. Most Boomers bought their first house in the 80’s when interest rates were 15-20% I think.
@@DCSquirrel Yes but homes were 60-80K.
Banks need to stop financing large purchases and approving refinances for people over 65
I've worked hard for 50 years and planned for retirement. Are you telling me I shouldn't enjoy the rest of my life with the money I've earned. What should I do? Wait until the day after I die before I spend my earnings?
I clicked in to see if they are going to address government spending, which is the elephant in the room when it comes to inflation, and is ratified by a body of mostly boomers (i.e. congress and president).
Blaming average boomers is not a good look. I say this as a gen z.
@ItsukaShimotsuki I fathered my son at the age of 40. He is now 24 years old, Gen-Z. My wife and I waited to start a family with the idea that we were financially set. I am VERY concerned about your generation and others to follow. I have come to the conclusion that America has become an oligarchy. I have looked into things like the Powell memo, Reagan's Neo-liberalism, and Citizens United Supreme Court decision in 2010. Along with many other pieces of the puzzle. We have now entered into the third guilted age. Sorry to say that our only hope is now in the Democrat party.
Pursue happiness and fulfillment first, and then financial security.
@@TheZincroofer "I have come to the conclusion that America has become an oligarchy."
Verily it has.
But I believe that there are many good, kind-hearted, and able Americans out there and they can pick themselves back up again.
@ItsukaShimotsuki The Federal government believes if the GDP continues to grow, the federal deficit can grow with it. I am not of that belief. A massive amount of debt falls on Reagan's Neo-liberalism policies. Bush Jr. and Trump's huge tax cuts for the wealthiest Americans. Google, federal debt by President administration.
@@ItsukaShimotsuki !!!Absolutely!!!
If interest rates come down, then home prices will just rapidly increase. So we're still screwed either way. The lowering of rates, solves nothing.
I spent my entire life teaching young people how to become recording studio engineers. And also played in the same band, with almost all of the same people, for fourty-five years, just to have fun and make a litle extra money. My wife and I worked hard, spent conservatively, put our daughter through college, bought and paid for our house, making extra payments whenever we could. We both have (Had. My wife has since passed away.) good pensions and 401ks. I get very good Social Security, which I paid into since I was fifteen years old. I'm now sixty-six and enjoying the benefits of what I worked my ass off for my entire life. My best friend of almost fifty years (also a widower) and me travel quite a bit. We're enjoying life to its fullest.
If this is all wrong, what would you have me do differently?
Oh, and I'm not a Republican. Nor am I a Democrat. I'm a Progressive. Have been ever since the modern progressive movement started. So was my wife.
I followed all of the rules my entire life. If enjoying the fruits of my hard work is wrong in your minds, piss off.
But she's got a Bachelor's degree in "journalism" 😅
My comment is total sarcasm
Honestly, I don't think anyone begrudges your generation for playing by the rules and enjoying the results. What frustrates younger generations is that history shows that the rules that benefited you changed to make it harder for younger generations, and it appears that the overwhelming majority of your generation politically votes indicating that you don't care. It's an obvious and seemingly ridiculous political conundrum.
@@jankelsey9738
? Did you just say older people who vote, is an indication that they don't care?
Yes, but you folks never held government responsible, you poisoned the planet, bankrupted the states on your gimmes and nimby policies, you got rich of the devaluation of the currency. I 52, a musician and a recording engineer since I was 15. You paint a really nice picture for yourself. Most people work hard and does the things your congratulating yourself for. You know how much you get for teaching sound engineering these days? Zero. There’s 100,000 songs a day released on Spotify a day. You put your daughter through college? When it was 500 a semester? You’re doing well because the system allowed it. There’s millions doing everything you do and have nothing but war, pollution, financial dickery, lies, corruption, buffoonery and you have the balls to say at the end of it. “. I’m moral. I did well. What wrong with you?” Don’t get me started Mr Cleaver!”
Nonsense. Let them spend.
You can’t take it with you to the next life 🤷🏾♂️
@@dukes1993724 Exactly. You work, you get money, you spend that money before you die. If it is on assets to be handed down to your loved ones, so be it. If it is on Alcohol and cars, so be it.
My baby boomer parents brag about their incredible financial windfalls lately as they RV around the country....seemingly unaffected by the fact that their own children and grandchildren can't afford macaroni. Best generation ever!
So?
😂😂
They're old and have worked for most of their lives. You'll get there too.
If you are a healthy young adult they don't owe you sh..t.
Quit saying theres a housing shortage. Theres 40million vacant homes, and 20million homeless people.
We have a “too many billionares” problem
What does Elon Musk or Bill Gate's net worth have to do with your housing situation? Stop scapegoating billionaires and focus on the elected officials who actually owe you something.
@@WillieFungoway to stand up for the predator. Sucker.
@@WillieFungo I would argue that both the private sector and public sector have influence and can choose to whether they want to make a positive or negative difference. If someone uses their wealth in private equity to buy up homes and reserve them only for higher income people that is a problem, not just government inaction.
@@WillieFungothey are both in the same boat brother.
@@anonymousbiscuit5799 No they aren't. Guys like Elon Musk and Jeff Bezos are not part off America's power structure. The real power in America doesn't show up on Forbe's lists.
To the contrary, "inflation" is the result of the federal gov't "printing" money. Price increases for rent, food and gasoline, are for other reasons. Strong job market also helps FED keep interest rates higher. Boomer spending keeps the economy strong, and is not the problem.
Who controls prices? Businesses. Who raises prices? Businesses. Therefore, inflation is a business model strategy.
Companies on the stock exchange have to publish their share values and profits. Pick one, like Tyson or Exon/Mobile, and you will discover their profits are skyrocketing. It's no longer inflation, it's straight-up corporate greed.
I agree that Boomer spending isn't the problem. But price increases are happening because the owners of capital want more of our money. If that wasn't the case, their profit margins wouldn't have increased when they raised prices. I understand if a business has a 10% margin and needs to raise prices to maintain that 10% margin. But these corporations and equity firms are raising prices to increase that margin and then blaming it on us (because how dare we have two extra nickels to rub together?).
As for the government printing money, yes they are. But let's follow the train all the way to the station here. The average American works to make money. They then give that money to businesses that they patronize either for goods or services. Those business owners can then reinvest in their businesses and pay their workers. Everyone gets what they need and the money continues to flow like the Great Circle of Life, right? Except our system has been broken. The business owners (Corporations, CEOs, investors, etc.) hold on to as much money as possible. It sits in piles collecting dust (figuratively, don't come for me), not being put back into the cycle. The amount of money flowing in the system becomes less and less after every round until the economy begins to grind to a halt because nobody has money to buy things.
The government has two options to get cash flowing again: (1) use taxation to get back the money sitting in dusty piles, give everyone a stimulus, then create policies that reward those who actually reinvest in their business and workforce and disincentivize creating those dusty piles or (2) print more money so that people can spend again. The first choice is unpopular with donors, but fixes the problem long term. The second is a quick fix that won't jeopardize their donations and jobs, but perpetuates the problem because the cycle never gets fixed. We all know which one our beloved leaders always choose. 🙄
I thought a couple years ago that rising interest rates could be an opportunity to buy a house at a low price. But i didnt count on the housing shortage so it's just less affordable in every way.
Not all baby boomers are rich. There are a lot who are barely making it. A good percentage of homeless are seniors who can’t afford rent. I recently read an article where a guy gets over $5G a month with soc. sec. & pension. His property taxes is $20G a year. He’ll run out of money in a few years. If it wasn’t for my son offering me a room in his house, I’ll be living in my van down by the river.
That dude needs to move. He is living way past his means.
Please, Boomers, ignore financial advice from Ana. As a pedantic, condescending financial advisor, she is a great journalist.
I’m 68 but she isn’t talking about me. I’m not one of those boomers. I do good to get my dental work done, still no hearing aids and pay out more for insurance premiums than I ever did. Even as a young person I seldom went to the doctor. There were younger people who used the insurance more than I did and under Trump my insurance premium skyrocketed and the younger folks at work who used the insurance more frequently paid under 20.00 a week.
I'm 58 and don't know who all these older people with money are because they're not me or anyone I know.
I'm one of them. You know why? Because my wife and I planned ahead and we dodnt buy into the liberal BS.
The near Zero interest rate was never normal ! And retired people need to make some interest on their savings to live on, this is a bad take on things!
The rates should not have been kept as low as they were after the 2008 crash. The low rates through 2020 were not good for the housing market (people buying). Most people I know are struggling because of their home mortgages, even with the low interest rates that have, which is lest than 3% fixed in most cases.
Yass! Let’s blame the older taxpayers instead of the overreaching government and greedy corporations. It’s the Boomers who spent 30/40 years in a factory job and now want to enjoy their retirement. 🙄
Overreaching government occupied by decades of boomer politicians.
@TheWholeWorld1
Yes, let's actually blame them for voting for the policies that made sure that they pulled the ladder up behind themselves so that the rest of us can't have a retirement at all. The greatest generation was followed by the worst.
@@gravestone4840 wtf,
How many yrs have you been voting?
And how many times have you been promised one thing , but got another, oh that’s right you can see thru the politicians bull$&@t,
Dropping interest rates won't fix the prices. This is a side effect of our monetary system. Wealth trickles up, there's no question now.
meanwhile my boomer mom is living below the poverty line...
It’s horrible, old people spending on healthcare. Admittedly, if healthcare weren’t a mess, that spending would be a lot lower.
1 year CDs are currently paying about 5.2% ... not that good but at least its low risk
pretty much zero risk aren't they?
Ronald Regan is in hell with Tantalus waiting for heaven to trickle down to him.
I was going to make a Nancy Reagan blowjob joke but... whats the point lol ¯\_(ツ)_/¯
I just hear a lot of slick talking and see a lot of sneaky criminal behavior
Interesting, we drive an older model vehicle, as well as most of our friends. We travel rarely, but did in 2021 to New York. I can honestly say that all of the younger "Americans" - your words, have housekeepers, lawn service, eat out and travel worldwide....we've never traveled across the pond but could, late 60s. We maintain our own yard and house. Why was there no mention of record profits. This is the most prejudiced piece i have ever seen on your network. Thats it.
I mourn the lost art of home repair. People pay hundreds of dollars for simple tasks( assuming you know how to use basic tools and think). Hell, now there are even videos on RUclips that demonstrate most repairs. A younger coworker paid about three times more to have a kitchen faucet replaced than I did to buy one and put it in myself, which took about half an hour.
Exactly. So do we. Game not have vacation after I had my child in 1986. We saved by cooking at home, taking our lunch, clean our own house, took a bus to work by taking two buses so Iwe don’t have to pay extra gas,insurance and pay for parking. My next vexation was when my child send us to a cruise on my 50th birthday. Imagine from 1985 till 2008 we had no vacations. Yes we bought a house and it’s payed off but still trying to to save for our old age and healthcare. This generations think if they work for 6 months they need a vacation. They have their food delivered, the housekeeper comes to clean their house. How in hell they expect to save? Every weekend they go to a bar to drink. I am 66 years old and I have no idea what bars looks like. So they have to stop blaming baby boomers that they can’t buy a house. When we bought a house our mortgage interest rate was 13%. We made it because we knew how to save and put the priority first. And as a woman I cut my grass for years after I came from work and took care of two kids. They have to stop crying.
Great advice from Ana on the high-yield savings account. But where is the money that one might put in there? "Ana Kasparian is an American co-host and producer who has a net worth of $2 million."
None of these TYT ers were alive back then! I was, and it was tough in many ways!
Oh BS. Come on. I'm a Gen Xer and I remember Boomers having it all. The last generation to really have it tough was the silent generation who suffered the great depression and world war II.
@@davidhutchinson5233 ! And you were there? We also had duck and cover, assasinations, gas crises, riots in Watts and everywhere else, Kent State, Cuban missile crisis, "Will the Last Person Leaving SEATTLE - Turn Out the Lights" where I lived. Actually, you were the ones who were spoiled by the affluence of your parent Boomers!
Why is it always the Boomers?
It's not really the Boomer but a bunch of other things like deregulation.
I SUPPOSE THE SURGE IN OIL PRICES ARE BOOMERS FAULTS AS WELL!?!?!
THEY'VE BEEN RUNNING THE SHOW WITH THEIR VOTING POWER IN THE WEALTHIEST AND MOST POWERFUL NATION ON THE PLANET SO YES, LOOK AT THE WORLD AROUND YOU, THIS IS THE WORLD THE BABY BOOMERS WANTED AND THE ONE THEY CREATED.
I lived through 15% interest rates.
I am sorry that I worked for 45 years.
Stop giving money to people who did not earn it and then interest rates can be lowered.
Oil a problem? Drill Baby Drill
It's corporate greed. That's it. They see the opportunity to keep prices high and do so.
You have to buy groceries, you need utilities. But it's depressing that you have to really choose between debt and having no entertainment, no travelling, just work, eat, pay, sleep, repeat.
Yes, you can trim your budget and most people have but we are supposed to be in a first world nation.
Corps can get away with it because of boomers are able to pay it.
I get tired of the "Blame the Boomer" game. But there are some relevant issues here. In my case, technically speaking, i am Generation Jones. What never heard of it? Don't believe me? I invite you to look it up. It's a real thing. Anyway that being said, is it the boomers fault for making good investments? Is it the boomers fault for accumulating wealth over a lifetime of work and wanting to spend it and finally get to enjoy their lives a little? I'd say no to both questions. If anything there are some very good lessons for younger people when it comes to building wealth. Boomers aren't screwing up the housing market, greed is. Boomers aren't price gouging, corporations are. Add to that wars going on in the Middle East and Ukraine and a lot of Oil comes from both area's and we have some big fish to fry here. Anna is 100% right about not leaving your money sit in a low interest account when banks are now offering amazing interest rates on savings and CD's. Put your money to work for you. Interest rates haven't been this high in decades so now is the time to act. I know many American's are not in a position to take advantage of this situation and our Government is going to have to get very creative and soon to bring some relief to folks on the economic low end. But please stop blaming the boomers for a collective problem. 😎
omg ty, Im a Gen Jones too. I tell people that and I get laughed at, because they dont think its a real thing.
History will not treat the baby boomers well
@@GSPeacepipe My friend history will not be kind to Gen X or Z either.
@@teresasimpson5143 Once I found out about it, it all made sense to me. I never felt like a baby boomer. I never identified with the boomers either. Gen Jones fell between the cracks, Gen Jones heard all about the bright future stuff, etc, but once we got there is was starting to slip away. If anything Gen Jones folks feel some what disenfranchised. We don't exactly fit the Boomer profile, and we don't exactly fit the Gen X profile. But in many cases we embrace the best of both. Obama is Gen Jones along with Steve Jobs, Bill Gates, Prince, Madonna, Kate Bush and many, many others who were born between 1954 and 1965.
@@AOK3x3 most boomers I know are broke and depend on the govt...
Ana’s implication regarding LBJ is false; in fact, even that worthy, so accustomed to going over opposition like a steam roller, FAILED to bend the Federal Reserve to his will.
That was the intent of its creation in the first place. History presented a long record of politicians getting into wars and then engaging in recklessly inflationary policy.
The Boomers cohort - that in between my parents’ generation and my own - denotes those born from 1946 through 1964. In 2024, that means an age from 60 to 78.
In 2022, 57.6 million Americans were age 65 and older. Half of all elder adults had less than $29,740 in yearly income from all sources. Half of all elder _households_ - including those with two or more members - received less than $50,290 in yearly income from all sources.
A rise in market price of one’s home doesn’t mean much if it doesn’t afford buying a replacement home! Some folks take a reverse mortgage to meet expenses; others go from owning a house to renting an apartment.
Many don’t own a house in the first place! One way or another, households aged 65 and older saw their homeownership rate decrease to 79.2% in the third quarter of 2023 from 79.5% a year prior.
Yes, that’s greater than the general population’s 65.6% or so rate. It’s still a lot less than the _general_ 96% in Romania, 90% in China and Vietnam - even 87% in Russia, despite the “shock therapy” imposed ere the dissolution of the Soviet Union.
Aren’t “high yield” savings accounts capped and taxed after a certain amount?
The real reason why prices are high is because excessive corporate profits and artificially keeping interest rates low.
Anna in order to get low interest rates you must print money, the Federal reserve has to buy our bonds which is printing money. The printing of money raises prices.
We are all better off with interest rates at this level or higher.
Housing prices should be lower the only way to do that is to increase the supply of houses. Lowering interest rates just makes the supply even lower
Please stop with the Democrat "economics". There is no such thing as excessive corporate profits. All companies always keep prices at the most profitable level based on supply and demand. When demand is elevated, they are supposed to raise prices until supply and demand equalize. The extra profit is the free market signal for them to expand and increase production, which they are doing.
It's called greed and it ended capitalism in Cuba. And many other countries. Sorry but you can keep your billionaire propaganda
These companies are monopolies
are gouging us. they bought every Republican and many democratic politicians in order to keep them them from breaking them up.
We have antitrust laws for a reason they're not enforced.
T-Mobile and Sprint merger is a perfect example the first day after they switched everybody's account T-Mobile to a more expensive account after the grace period.
Thank you Donald Trump for looking after us he let that merger happen.
We don't have competition because we let every company buy each other up
And Boomers enjoyed far better music!
If you play "Monopoly" for 45 years, you might have more money than someone who's only played Monopoly for 25 years😮
Monopoly doesn't work that way. You bankrupt the weaker players. The guy who has played for 25 years is completely gone.
@@LJ_nowandalways
I wasn't talking about the "Monopoly game" I was talking about how long you play in the Monopoly game in other words, the world of Finance and how it affects cost of living
I have $26K in the bank and $200K in my 401K and my budget consists of rent, grocery, and thrift stores.
Groceries cost $200 + a week. Inflation stays high. Most Boomers are retired now and on a fixed income.
The idea in this preposterous economic system is that higher interest rates will impact people's mortgages and that will reduce spending. Since the boomers don't have mortgages, they will keep spending and inflation will never go down. All that will happen is that the boomers will soon be able to buy the houses foregone by people with mortgages, and they will then rent them out to make even more money and spend more. So raising interest rates does not stop inflation, it just transfers more wealth to the already rich. But this is always the aim in neoliberalism, so all good!
This deserves so many more likes.
Yep let's blame the boomers!
😫😫😫. Woodstock! ❤✌🕊
I am a old man that worked hard my life now is very expensive I didn't cause this 0 so life is different back in 1960 you will be old or not so blame the old people now stupidity blues. Again not my fault get offyour phone and make a difference life is tough
Also you want to spend your money before you die. You can't take the money with you beyond the grave.
The crazy thing is that the rise in both home prices and stock volume are a result of increased spending in both areas. We're in the feedback loop from hell.
Boomer spending is not good for the economy? Then who will do the spending? The poor underprivliged youth??
Boomers grew up during the FDR, Keynes, H Ford, Eccles Demand Economy which ruled from 1933 to 1981 when trickle down aka supply-side, killed the middle class.
londonbanker.blogspot.com/2011/09/testimony-of-marriner-eccles-to.html
@@dthomas9230tell us how you don't have a clue why people are called Boomers.
Boomers is the term used for people who are born during the baby boom after World War II when veterans returned from Europe.
People who are born between 1931 and 1945 were called The Silent generation
FDR just rolled over in his grave.
@@dthomas9230 ! As another pointed out.Boomers were born between 1946,, just after the war to 1964. I was an early Boomer, born in 1948. Boomers are personally responsible, hard workers. New kids are 32 hour work week advocates!
@@j.whisper2379 '55 was my start, and the polio vaccines worked.
Lower interest rates?! We’ve had a decade and a half of nearly free money in “quantitative easing” started as a putative emergency measure in response to the Great Recession. That has NOT translated into low rates for ordinary borrowers! I don’t think even Japan’s _negative_ primary rates achieved that, but certainly they did not without regulation requiring it of banks.
Spending has fundamentally changed over the years. Today, you are encouraged to finance everything, for "zero down and low, low payments!" In the 50's, 60's and 70's, people financed house, cars and maybe major appliances. Today people finance everything. I bought a bag of good chocolate on Amazon and was told I could pay it over time. It's hard to save for a house when you're making payments, with interest, on money you borrowed for groceries, clothes, restaurants, movies, concerts, phones, etc.
Incidentally, I bought my house in 2003, and was scrambling to close asap because interest was at a historic low of 6%. I worked at bank in the late '80's and saw mortgage rates in the 15-18% range. Houses being bought up as investments is the problem, particularly as short-term rentals.
On savings, PayPal has savings accounts thru Synchrony Bank paying 4.3%. My credit union pays half a percent on money market accounts. Why? Sychrony uses that money to finance credit accounts that charge 20-25% interest. My credit union charges half that but has much stricter lending rules.
👉 I've never seen any type of benefit given out by by the White House or Congress just for retired Seniors. There's ALL sorts of programs for new parents, school assistance, child care tax credit, college funds repaid for borrowers etc. Where's all the perks for younger retired Seniors?
This seems really biased and agist to me. How to develop more blame and anger towards the older generations. My parents, although boomers don’t fit into that category at all. Not every boomer has thousands of dollars in their posession, and not every Americans’ focus is on building wealth. There are thousands of other influences and economic factors affecting why people may have divested in stocks which then might’ve raised the costs! When the economy crashed in 2009 due to the balloon loans people didn’t want to invest aggressively anymore and they they looked for other investment avenues. Real estate and flipping houses seemed more practical- as you can watch the market more predictably… this in my humble opinion is the main cause of the rising housing interest rates. Because to buy and sell and donthat over and over puts a strain on banks! And largely those people who have been going into smaller towns seem to be in their thirties honestly. I don’t think you are being accurate in your reports.
Like most TYT videos it is just commentary on original news stories. So it isn't really ageist to report on the conclusions of other news sources (Fortune magazine, et al.) It doesn't matter if there are SOME boomers who aren't well heeled, so long as statistically more are well heeled.
I can’t figure out the message today except “How dare you benefit from preparations you made over your lifetime”.
The only downside of lower interest rates is home prices will literally go up even higher than they are.
150k annually is lower middle class 🇺🇲
It depends on location.
What a stupid thumbnail and focus. The real conflict is not intergenerational, but CLASS-based.
You are being simplistic. There is an intergenerational imbalance due to policy change over time. Placating older voters has shaped the economy as well as class differences. Don't be a class reductionist.
I agree. To just blame it on older people is disingenuous. It would be like saying it's because of white people because there are more rich white people than other races.
It is also intergenerational as well. Without a doubt.
Really???
Then why did "OK, Boomer," became such a meme, starting in '09 and peaking in '19 with the viral video of young woman repeating "OK, Boomer..." in various poses.
Typical the meme was young people rejecting "boomer's" advice to do outmoded things that the boomers did to get where they are now... "retired with pensions, paid mortgages and lots of free time."
@@Juan-os4hs Why did the misogynistic “Karen” memes take hold? Why do anything of these distractions get encouraged that obfuscate the obvious: it’s the rich versus the poor.
It is not a matter that interest rates are "high", which compared to historical data it is not, but people want interest rates to remain low. Perpetually low interest rates gets us in the situation we find ourselves in.
Yup. You know who loves cheap money? Wallstreet and venture capital. Lower them much from where they are now and we'll accelerate toward an even greater asset bubble. HIGHER FOR LONGER
How do you not see that the interest rate hike is for war
Scary thing is that these are still traditionally low interest rates...
Let me explain the real reason bankers.... eh hem the Federal Reserve keeps interest rates high. Whenever the Fed thinks you and I have extra cash and save it in their banks.... they want it. The end.
Blame the 65+ year olds for living their best lives. What a pathetic viewpoint.
They aren't completely blaming retired folks. It's the Federal Reserve failure of increasing interests rates. It's the system we are in that's the problem not the people.
In the past it worked to slow the economy down, but when a large group of people have an uneven distribution of wealth. They don't need to borrow money. They just spend it causing the raise in demand, companies buying up more properties.
So the opposite what the Federal Reserve wanted.
We need regulations on who can buy homes and how many homes a business can have etc. That's the only way to deal with the problem, not raising the interest rate that causes people to lose their jobs.
Ana - what percentage of older Americans have disposable income? You do realize you are slanting this story in a way that provides cover for lowering Social Security?
Why are we giving money to the richest generation alive? Younger generations know that they are paying into a black hole that they will never benefit from. There are government assistance programs for the less fortunate who aren't a part of this. Everyone wants to complain about "government spending", well this is the biggest expense we have. It is getting harder to justify taking care of a generation who feels entitled to something that my generation will never have.
Social security is running out of money no matter what they do
@@red_panda4282Hello. Many of us are still working into our mid 70s and paying into Social Security!
A lot of boomers aren’t wealthy. When they were younger social security seemed like a sure part of retirement. Don’t buy into lies that they can’t keep it going. The US doesn’t need to spend money on all these stupid wars. It needs to focus on its people. Ending social security won’t give you a dime more.
They saved and are spending now. They didn't travel and go out to eat when they were younger. When they were kids they didnt have cell phones, computers, internet, video games. They had a black and white TV they used to watch with rabbit ears and had a stick and a ball. They didn't live to the standards people live today.
Inflation hurts baby boomers the worst because they are on a fixed income.
RUBBISH suck that boomerdick
You obedient mongrel. They spent its just their dollar went way further than today. Don't trust everything you hear from them.
Letting the housing market jack up the price of the house you bought with money from the bank isn't what I call "saving."
@@LJ_nowandalways NO NO NO - NO. If its a Boomer its HARD WORK, good decisions, doing without and savings. Its NOT buying a dirt cheap house for 2.5 X one person's salary and that house going up in value 50 X in the last 50 years.
DO NOT be criticising the Boomers they have every right to endlessly bash Gen Z for the crime of not being born in 1950....!!!
Im Gen X and I cant stand the typical boomer - we had it GREAT and Bommers had it way way better then we did!
Yeah! Back in the day, nobody went anywhere, had any forms of entertainment, restaurants didn't exist, black and white tv wasn't the latest technology available, and nobody communicated via a telephone system that they had to pay for monthly. Vacations, entertainment, and non-face-to-face communication from the comfort of your home are frivolities of millennials and these dang alphas! 😝
Chicken Little says the sky is falling
I’d like to know who these boomers are - sure ain’t me.
Household wealth is growing 9% a year. Impressive.
I am not taking financial advise from Ana and don't deny the older folks what they are due. Wait until YOU grow up.
Also, high yield savings accounts don't exist anymore. I had one as a kid, and I made more interest having a couple thousand in the bank then than I do from having 10 times that now (my life savings, it's not much). They want you to put it in the stock market. Savings accounts are crap. I gotta get outta mine.
But just 'one' of the main factors.
The other is many of the younger Americans insist on driving new cars. Clothes, expensive apartments, buying nonsense is the other part of this.
My daughters shopped at Goodwill, and Salvation Army when we left Europe to visit my Mom in FL. They bought an extra suitcase to take their clothes home. We have no debt.
What does affluent mean exactly? I'm a boomer but I don't think I'm that. I might spend $50 a month on eBay is that what you're talking about? And we do go out for fast food every couple of weeks.
This is one of the most ridiculous things I’ve seen in a while. Who would actually listen to this and find value in this? This girl has no understanding of anything.
I don't blame any generation for the current situation my wealth won't come from owning a home and I have to find new avenues of financial success. I don't intend on living an extravagant lifestyle because that comes with a high cost (and that is not something I'm willing to pay for.) As consumers we have to reject what we are sold (bigger homes, more expensive cars, ever increasing tech) if we want to be free. I might not ever be able to own as much stuff as my parents but to myself that is a burden.
It’s inane to blame boomers, we worked HARD!!
Our oligopolies hit us with price inflation because they can get away with it and profit maximization is capitalism’s imperative.
The long regime of low interest rates for capital has created a huge bubble of corporate debt, which is - as in leveraged buyouts - further incentive to tighten the screws on workers and customers.
Blaming the spending of elders - most of whom are in fact on barely adequate fixed incomes, and would be seriously impoverished without Social Security - for the higher prices that well-off Ana pays is *blaming victims* of the extortion wrought by the capitalist class.
_Whose_ household income has been growing by a whopping 9% per annum?! The plain reality is that _most_ households have seen their inflation adjusted real income going _down!_
Ana is engaged in some bizarre gyrations that must involve firstly lying to herself. It’s long been evident that whatever she learned in college, it came up short in critical thinking.
Children of boomers who are affluent, benefit from their parents' affluence...
I really don't like the thumbnail for this video. I'm not going to blame Ana because I don't believe that the major TYT folks do their own thumbnails.
I’m not a Boomer but am Gen X and I’m 44 and retired and am buying every physical asset I can get my hands on.
Congrats! What industry were you in before retiring? Were you born into some wealth, or did you start from scratch?
Too many old people in congress. They are not dealing with these issues because they already own thier home or homes, they dont have to work full-time and realize that that job is not enough to pay all their bills. We need younger people in Congress who understand what average American workers are dealing with and are going through.
As Gen X, that's the upside about being forgotten, we can sit back and watch the Zoomer/Millennial/Boomer generation blame game and sniping and get a good laugh at the ridiculousness of you all.
So, exactly what accomplishments does Gen X have to brag about?
@@AOK3x3 You mean like only the entire modern digital industry? That mini-computer, AKA cellphone, you are probably typing on is thanks to us. You're welcome.
it was your job to protect us millenials from the boomers. you let us down.
@@ting280 I'm not a boomer dude.
@@AOK3x3 I was talking to the gen x guy
Who needs a new car? First mistake I made when I was discharged from the Army was spend my accumulated savings on a new American Motors Hornet! Very stupid! I actually wanted a Gremlin! I have never again purchased a new car! I purchased my first Android phone in about 2011. I currently own a 2019 model Samsung S10+! Flagship in it's day but still better than most mid range phones today. Does everything anyone would ever need! If I were a current gen. I would NEED to have the latest Iphone available at incredible cost! Boomers think differently, are much more responsible, were and are better educated. Suffered through, cold and hot wars they could not avoid. Worried about gas lines in the 70's. Witnessed the assasination of a President and 2 great leaders, the attempted assasination of another. Every generation has to compete with their peers in their environment. We had no internet, no way to receive the wisdom of the ages on a monitor screen! Instead we play games!
I want the interest rates to stay high, get a nice interest on my bank accounts
The Fed kept rates near 0 for far too long. They seem to have broken something. I bought my house in 2009 and interest rates were at 7%. We had the timing advantage of refinancing when rates were very low.
^The year should be 2000 not 2009.
As an older millennial, I want boomers spending because when they do it helps the economy grow. As a result, my 401K goes up, my stocks go up and my home value increases when the economy is doing well. All of this spending is good for America. Heck, Joe Biden is making America great again
OPEC is artificially keeping production tight, thus it keeps the oil price high.
If they were true friends ( of the democratic world ) they would ramp up production.
Oh poor America? Do you realize we have the some of the biggest oil reserves on the planet?
So Anna, I am a Boomer and a viewer. So, because I worked for 40 freaking years, went to college, made good decisions and invested well. I should not spend my money? I should not have bought the new laptop in April. I should not have bought the new Audi Q4 etron in November. I should not have gone to a California Winery and Resort for Thanksgiving? I should not have bought my Husband a new Rolex for this 60th Birthday in March? Stuff it Anna! This is not our fault.
My husband and I did not have to borrow on our $1.7 million dollar Bay Area home with a 2.7% interest rate. We are both still working and have a dual Gay Male income. So, now are you going to blame it on the gays??? GRIN
Nimby ppl
I feel as if you’re suggesting Boomers should stop spending their own money. Money they worked a lifetime to accumulate (and a lifetime of paying taxes), a lifetime deferring gratification to save money because they were too busy working, paying their mortgage and putting children through school to spend it.
No one can be blamed for when they were born, all anyone can do is work for a lifetime then retire. What’s the point bagging anyone about this? They can’t help that things were better when they were your age; and alienating them as if they are all personally responsible for making the rules hindering the current generation is not really warranted or helpful. I suggest you direct your frustration towards the policy makers where it belongs, or god forbid, become a policy maker to change the laws! PS I would have voted for Cenk if I could have, I realise TYT is doing what it can to cause change, but I think this story misses the mark.
Reagan, Limbaugh, Gingrich, and Murdoch killed the middle class and the demand economy created by FDR, Keynes, H Ford, and Eccles- londonbanker.blogspot.com/2011/09/testimony-of-marriner-eccles-to.html
I agree with most of your comment. The one point I disagree with is them not being responsible at all for the way the system works today. For the longest time they have been the largest voting block of the population. They have also been the ones in the positions of power responsible for creating public and financial policy both locally and nationally. They could have easily made changes to these arenas decades ago, but chose to say "hooray for me; to hell with you," kick the can down the road and call future generations lazy. I'm not saying that this is a reflection of every individual Boomer, however, but as a generational demographic as a whole.
Sits back enjoying life as the economic world burns not giving a damn about the world for once.
It's the opposite, boomers are not likely to borrow for big ticket items: homes, and overpriced vehicles.
Who has to borrow for those big ticket items?
The GenXers, Millennials and GenZ.
Yep and fortunately I’m not one of them. I do have debt but very manageable and am tackling both aggressively to maximize my savings growth and debt reduction potential from avoiding interest.
@@rodimcgeesums633
👍💯
OK, enough Boomer bashing. It is true, I have a decent pension, a decent inheritance from my parents, and Social Security. I'm also in the 22% tax bracket and get no deductions beyond the standard deduction the IRS has allowed. I have been audited, fined, charged interest above and beyond what I would consider fair, compared to all the rich folks who get tax breaks all over the place.I have been penalized by the State and the IRS for two years running, because I hadn't been withholding enough for income taxes. Yet no one contacted me to suggest I needed to review my tax status.
I donate to multiple charities to the tune of over $10k per year and I try to keep my expenditures at a minimum post-pandemic. I'm a single female in her 70s and when I need help around the house, I have to pay people high rates to do repairs and help with other home maintenance needs. During the pandemic, I spent a LOT of money on local businesses (restaurants, retail, etc.) to try to help keep them afloat financially. I didn't qualify for most of the financial incentives that were made available to the public during Covid. Most of the people I know are in the same situation. So, I'm getting really tired of being blamed because LLCs are buying up tons of real estate; corporations are gouging the crap out of everyone (including me) for food, rent, mortgages, disposable and durable goods, etc. I didn't own a car until I was 30, relying instead on the local bus system. I didn't own a house until I was 32 and knew marriage wasn't in my future. But from my very first paycheck, I made a point of setting some money aside in savings accounts and modest investments. Sometimes, it was only $5 per check, but still, I was disciplined enough to keep up that practice throughout my career and into retirement.
I watch young people spending what disposable income they have on high-rent apartments (not their fault, btw - that rests squarely on the shoulders of local governments who levy property taxes without batting an eyelash), greedy landlords, fancy cars, pets they wind up neglecting and surrendering, and taking lavish vacations. They're having children they may not be able to support. Many of them have crummy jobs with employers who do everything they can to nickel and dime their workers, who are responsible for the profits their companies are making by price gouging. This is LESS about Boomers than it is about the corporations whom no politician/lawmaker will hold accountable - except Bernie Sanders and even he has lost some of his luster over the past few years.
Just watching the obscenity of the Orange Menace and his family continually grifting off people, who are more than happy (apparently) to be robbed, disgusts me. So, please, get off my back. I'm doing as much as I can in my final years to keep younger people afloat. Get the millionaires and billionaires out of Congress and the State Houses and start pushing for some equity and fairness (yeah oxymorons in a Capitalist economy) for people at all stages of their lives.
NO - Im Gen X and boomers are insufferable.
I think people need to understand what is happening around them.
From 2000 to 2024, major businesses spent $5.5T on stock buybacks instead of reinvesting it in the economy to create new jobs.
In 1965, ceo to worker salary ratio was 20.4
In 2021, that ratio was 389
The older generation did well by any metrics
Let's not forget that the people we keep voting into office are making this bullshit possible.
Boomers are way too old to be the CEO's today. Zuckerberg, Musk, Bezo, even Mark Cuban, they are not boomer. You need to aim your complaints at the capitalists, not the boomers. And don't forget to pay into the GoFundMe so another Kardashian can be a billionaire. Gen Z'ers parts with their money way too easily and too willingly. We are not paying the salaries of the CEO's you are.
@@RLIAU Capitalism is dead. We are living in the era of technofeudalism.
Zuckerberg, Musk, the twins at Google and any tech CEOs, they are not boomers. I think Logan Paul made more per year than MJ from his salary at this prime. Don't blame the boomers, blame how quickly money flows from Gen Z'er's wallet into the bank account of their idols.
@GeorgeSchneider8889 that's the inevitable outcome of capitalism
Good Show.
I don't buy it when it comes to inflation.
Inflation had fallen alot within the last year.
Housing prices had also fallen within the last year.
Not to long ago, the Federal Reserve wanted to raise the interest rates to cause the unemployment to go up.
I am not 100 perfect sure of this, I think TYT had covered all or most of said stories.
Deficit spending and corporate welfare are major causes of inflation. The IRA is an oxymoron in that regard. The government is hung ho on creating jobs most directly by granting billions to chip makers for instance. This increases the supply of money and demand, which increases prices.
Painting with a broad brush. Not everyone is the same. Shame on you.
Lower interest rates are coming soon here in Canada the Bank of Canada announced last week. They said the conditions that were needed to do so are now in place.
Yea I worked manual labor for 38 years and you wanna blame me for spending what I’ve worked my azz off for. I earned mine go earn yours.
Life must have been great, when your generation was not running the country
She's a moron
I knew they've helped inflation when my boomer parents bought themselves an RV on a whim! Three years now. Used it twice. It's a white elephant parked alongside the house now. Just there, losing its value. Pure financial genius!