Have the Boomers Pinched Their Children’s Futures? - with Lord David Willetts
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- Опубликовано: 15 май 2024
- The post-war baby boom of 1945-65 produced the biggest and richest generation in British history. David Willetts discusses how these boomers have attained this position at the expense of younger generations.
Lord Willett's book "The Pinch - How the Baby Boomers Took Their Children's Future - And Why They Should Give it Back" is available now - geni.us/B0Gvq
Watch the Q&A: • Q&A: Have the Boomers ...
Lord Willetts is a visiting Professor at King’s College London, Governor of the Ditchley Foundation, Chair of the British Science Association and a member of the Council of the Institute for Fiscal Studies. He is also an Honorary Fellow of Nuffield College, Oxford. Lord Willetts has written widely on economic and social policy. His book ‘The Pinch’, which focused on intergenerational equity, was published in 2010, and he recently published ‘A University Education’.
Lord Willetts served as the Member of Parliament for Havant, as Minister for Universities and Science and previously worked at HM Treasury and the No. 10 Policy Unit.
This talk was filmed in the Ri on 28 November 2019.
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I made a horrible financial decision to be born in the 90s
By far and away my worst financial decision
My solution to this is to never have any children. I can't help the mistake that has already been made for me, but I can prevent forcing that same horrible situation on another person.
Anyone born each and every day since 2000 is doomed
Me too
That 😂was a bad 👎 idea 💡
Boomer Females: My government, ex-husband, and children will sustain me through retirement.
Boomer Males: My pension will sustain me and my ex-wife through retirement.
Millennials: What is a pension and who/where is my father?
too real
oof
Have you seen my father?
In Germany, we pay 15% for health care and 20% for pensions. Pensions are Umlagefinanziert, which means there is no fund, we pay for the pensions now spent on the old.
Pyramid schemes, that's what I call these systems.
Where’s my paycheque?
The greatest generation climbed the ladder and pulled their kids up with them. The boomers climbed the ladder and lit it on fire behind them. Then they said "these kids are just too lazy to work."
They foisted participation trophies onto their children and now complain ceaseless about their children having them.
The scariest thing about this video is that it is 2 years old. Things have suddenly got a lot worse for millenials over the past year.
Yeah, he mentioned a small increase in home ownership for young folks in the video and said "hopefully that will continue to increase."
Not a chance
@@SpinningSideKick9000 you
I'm Gen x
Mass immigration of economical migrants (Net loss)
Greater proportion of wealth being taken by a global 1%..
I predict that those two factors alone account for the changes between boomers and millennials...
What I'm seeing in this video.
What boomer generation could expect to have and what millennials can expect to have. Then a placing of the blame on boomers for having more. Rather than an explanation of why they had more...
@@asnowman8094 Yeah, then put your own presentation together and show us how what you predict is the reason. I am going to take the presentation of someone who actually has access to all the information that they needed to even begin to come close to being able to figure what happen out. Not how some Gen X'er feels. No one cares what a random person on the internet predicts. Jesus, it is amazing how even confronted with the research people are still unable to accept it. But that is a true Gen X'er my sister has the same mentality. Gen X'ers always think they can do it better, when in reality then rarely ever do.
Most of us will never retire and never own a house. Most of us will be struggling to pay for basic human needs until we drop dead. A lot of us will perish before were elderly for various reasons related to lack of money. Majority of us will be worse off than our parents and their parents indefinitely. My parents were upper middle class I'm at the poverty line for example. That's not even the tip of the iceberg. When living becomes unsustainable you start planning how to die instead.
Boomers ruined "respect your elders." They didn't respect theirs and they're not worth respecting as a generation
Facts!
In older times the elders earned their respect by being strong and wise enough to survive through war, famine, and disease to an old age. Nowadays thanks to medicine, unless you're born with a crippling health condition any fool can live up to be 70 or 80 years with almost no effort other than keeping a job.
The vast, vast majority of Boomers fully abandoned Christianity and have led to the decay of the global formerly-Christian society as a result.
They also ruined the modern woman
So true
Boomer: "We didn't have those fancy pocket computers when we were young, you are all so spoiled"
Millennial: "True, you only had your own car, house and a secure job with future prospects"
30 millions cars produced in 1990 compare to 70 milliosn produced now? WHO YOU TRYING TO TRICK???
@@daftpunk3401 You think young people own new cars? Not many ;).
Millennial here (in my early 30s). I literally have never known anyone around my age who has bought a brand new car.
@@daftpunk3401 My gran has had 3 new cars in the last 10 years. My mum has had 2 used cars (because one had to be written off) and I've never had a car of my own; I have shared with my mum when I've been around but when I'm away from my mum's it's public transport only. Old people get new cars. Young people get used cars.
@@daftpunk3401 Most brand new vehicles are bought by old people. That’s why a work truck now costs a hundred grand. We can’t afford anything.
My boomer parents started charging me rent from age 16 when I did weekend work (essentially, 5 days in school, 2.5 days in work including Friday evenings). So, not only were they taking money from me, they were also claiming tax relief and child benefit from me right up until I turned 21 and left university. At one point I was paying rent from my student loans while out of work in my final year of uni as I was investing 8-10 hours every day on my research. The thought of supporting their child through a critical step in their life was unthinkable.
My parents never ever gave me anything towards buying a home (incidentally it was the inlaws who helped with that), but continued to enjoy 5-6 holidays a year, two cars, regular shopping trips, DAILY coffee shop jaunts (how's that for irony) and an almost daily stream of online packages in the mail. Yet, they would begrudge helping any of their children financially (on one occasion, reacting with such shock and disgust at my sibling asking for £800 to help pay off debt and get on her feet following car issues).
These kinds of boomers really are a different breed of greed. I don't expect a penny from them when they die at this rate.
Most selfish and sociopathic generation ever mate. Disgusting.
You are fortunate. You can charge them per hour if they call you when they are old.
I'm gonna assume from this your parents didn't love you. Loveless parenting isn't a generation-specific. In this case I always advocate leaving home and/or cutting ties. Cutting that 'safety net' might be the best decision you ever make. It forces you to discover your own value and focusses you on creating your own success. Also accelerates the process of finding the people in your life who DO recognize your value (or just, potential), and will step up to support in whatever small way they can. Bottom line is you don't need negative people in your life. Parents don't get a free pass.
@@chuck1804 Yes you are 100% correct. I have been NC from them for 5 years now. The mother was a NP who controlled the family. I unfortunately lost all contact with my siblings as they were triangulated against me (the scapegoat). It's sad, but I am much happier now and would never ever go back. I get a small amount of schadenfreude thinking that they now all have to deal with her madness and are miserable, but she can blame me for all her problems if that makes her sleep better :)
@@cubey_doo I'm pleased to hear that. A tragic but unavoidable reality is that some parents aren't fit to be parents. Still I say that's a non-generational character trait, your parents just benefitted from good economic timing. Ultimately there is no cure for narcissism, except to escape it.
Imagine having a credit card that your kids, or your neighbors kids if you have no kids, have to pay for when you die, and then running up the bill to live in luxury during your life. Thats what's going on in the US.
But the other important distinction is between public and private. Those with private wealth preventing public spending on those who have nothing. Just so their own kids have sound finances, a
@@RnanknNo, cause the Profits are private but the debt is public, every time the banks or the big companies are saved from bankruptcy by the government their debt is sent to the public sector, so, we are the old people slaves.
And Canada
Each generation for thousands of years: Did everything they could, survided wars, diseases and poverty to provide a better world for the next generation.
Boomers: *I have the right to destroy both the world economy and the planet and I demand respect for that*
The best comment here.
This is so true and i dont think they know
It never ceases to amaze me when people combine open selfishness with self-righteousness .
I can understand saying "Hey, I know it's bad but I really like having an SUV and think its worth it"; but that's not what you hear, what you hear is
"everyone complains so much about SUV's today, well screw them, it's my right."
Gotta use up the world before my children get it.
@@InternetMameluq shit ... do you think they saw us playing sonic and though "gotta be fast!"? :o
I applaud this man...
Sadly, no one will buy his book. Boomers don't care, and the rest cant afford it.
true but yea he seems like he wonts to help to be honest.
it's ok, he's a lord, he'll manage... but I'm surprised anything good came out of the aristocracy.
Justin Williams David Willetts is a Tory politician who participated in the government that gave us austerity. He’s part of the very problem that he’s diagnosed!
Creznour I am a boomer and I care I despair at watching young people working so hard and not being able to set them selves up just for a basic decent life it’s the boomer 1% that has destroyed it for every one f*%# the system
in the 70's a supermarket cashier earned $2000 a year and 2 story houses cost $4000-5000
A society grows great when old men plant trees whose shade they know they shall never sit in.
Conversely, a society collapses when old men cut down all the trees because who cares if there won’t be any in 50 years, they’ll be dead then! 🤦♀️
Elder Millennial here. My Boomer parents are retired and own a gorgeous house and so many cars they don’t have enough garage space for them. The water in my house broke last year and I spent 6 months without running water (with a child). I worked months on end without a day off, plus over time and could barely afford electric. They wouldn’t help until I literally screamed at them. We finally got the water fixed and I’ve had to pay their help back.
When I was going through my divorce I was allowed to stay at my dad’s place (and was only allowed out of my room from 9-5, otherwise they didn’t want to see me because it interrupted their flow). My boss had to care for my child while I worked because my father flat out refused to watch him, and daycare was unaffordable. I was so stressed out I came down with shingles in my 30’s.
I was only allowed to come stay with my dad during that time because the domestic violence shelter had a 30 day cap on everyone’s stay and my days were up. I couldn’t afford to rent even though I worked HARD.
When I was severely injured and was suffering from a brain injury, nobody helped me. I was on my own.
Boomers are the worst generation.
Your story breaks my heart. Your parents are horrible people. Truly horrible. I am so sorry.
The way boomers never had to go into major, long-term debt for a car, university education, or a mortgage whilst they watch their children struggle financially after major successive economic meltdowns, only to then offer to “help” them on the condition that they’re paid back is… well, what is it they call our generation? (You know, the one they raised?) “Entitled beyond measure?” 🥲
amen brother I know this feeling, I lost my job in the pandemic over in the "united" states and became a contruction worker. i nearly ended up living in my work truck in -10F winters and my parents never helped me beyond just the baseline of preventing starvation. I ended up getting a impacted tooth and had it removed during covid and the doctor botched the extraction and I nearly died from a infection in my sinus (could not see doctor during pandemic for months so I was working heavy construction with brown pus leaking from my sinus into my mouth) and my parents would yell at me to stop crying while I was in my bed unable to sleep for a week in pain because they needed quiet time for their movie. then of course i ended up not having insurance for the procedure so then I was out 14k for the botched tooth removal and "fix" by the doctors.
That’s terrible how poorly your parents treated you.
Your parents represent all boomers? The entitled generation loves to blame everyone else for their own inadequacies or poor fortune. Keep voting left, they'll coddle you.
Boomers: *Has reasonably priced college*
Boomers: *Minimum wage paid for college in 1,000 hours*
Millennials: *Has four part time jobs, cant afford college*
Boomer: Why dont you try being more successful like me?
This is the result of tax-payer backed student loans. There's no financial underwriting, so anyone can get a loan. Colleges can charge whatever they want, regardless of the return on investment.
@@---cr8nw Thanks boomers
@Austin Lopez, I'm not a boomer.
It's just another example of the road to hell being paved with good intentions. It's good that college is accessible to everyone, regardless of class or race or background. It's bad that so many people go to college. It's worse that so many people take out loans without doing a cost benefit analysis. It's even worse that so many people take out loans and then fail to complete their degree programs.
lets just take half that successful-ness from you. and when you try to make up or build that into your system of success we will call you evil and a monster and try and have you destroyed.
College is a scam
always has been.
Young people, travelling?
I've been outside the country twice since I moved out 14 years ago, and my parents are going to Spanish or Greek isles every month or two.
Your parents sound like quents
@Oliver They're spending his inheritance :)
@Oliver Danish inheritance tax rate 25%, UK tax rate 40%
Traveling? I work more than 40 hours a week and don't even own a car, never been on a plane, and only went on a train once with my own money. I never go on vacations or anything, it's just sitting at home on my computer if I do end up with any free time. Used to get taken to trips or vacation areas a bit by my grandma, no longer around sadly. But for friends and others they often go areas with their parents/grandparents. Can't say I know many in my own age range that do any type of traveling or vacation on their own money, even if they wanted too. Few exceptions are... you guessed it, those who get most of their money from their parents, or got pushed into nice jobs or schools by their parents influence/wealth.
Definitely more than just an issue with the boomer generation lobbying their own interests, plenty of other factors playing into the changes in the economy and how things go these days, but when the older generation does try the "You just don't work hard, I was owning a house by your age and bought my way through college on a part time job!" I really do get violent thoughts that are hard for a person like me to come by normally.
Når du blir gammal ska du ha tid å resa rund i verden som din fa og mor
I feel like the generations before mine were having the best, wildest, longest houseparty ever and then my generation have had to come along to clear up and pay for the damages and because it was such a rowdy party no one else thereafter is allowed to have one 🤣
That is basically what happened. And continues to happen.
My dad had a bachelors degree and retired at 63 with a comfortable pension. I have a PhD and the money I can put towards retirement will barely cover rent in 40 years. I don't expect to ever be able to retire and I'm LUCKY, I know many people who can't save any money at all. And he complains why I don't have kids he can play with now that he's bored.
😂😂 Fathers
The surfing analogy: You Dad was in the right place at the right time, he caught a particular wave and surfed it to retirement. Pure luck, he may not even have been looking back to try and pick the wave. But driving the surf was the only surviving working economy post WWII, so most the waves were making it easily to the pension beach.
Costs have gone up though, too many have gone into non-productive pursuits, driving costs higher for all of us, pensioned or not.
There are still healthy waves to catch.
@@milestoitaly did you not watch the video? It literally wasn’t luck. It was a use of political power to benefit themselves at the expense of others. It is no different than a feudal lord appropriating the wealth of others merely because he has mercenaries to deploy against the peasantry to intimidate and coerce. The feudal lord or tyrant isn’t lucky, they used their power to construct a system what works to their benefit. At least, until the people started relieving them of their heads.
@@Rnankn So, you would prefer I don't leave my two houses to my kids? I shouldn't participate in this tyrannical situation any more? Leave my estate to a cat charity? Or to you, so you stop whining?
I have no degree at all. I own a small business where most of my employees are millennials and genZ. Not a single one of them has any inclination to ever own their own business. I make 3 or 4 times more than people I know with PhD's. You have a choice. You can complain or adapt, up to you.
The way you are explaining this, the age divide is a class divide now.
Sadly it is, but don't worry we have an opportunity to fix it.
@@TheReferrer72 DNC says no.
It is called the generational wealth gap in the USA.
This is unfortunately true, due to massive wealth redistribution policies across the Western world.
@@TheReferrer72 poison the water at elderly homes and bingo halls?
sounds like Boomers had a party and Millenials have to pay for it...
Millennials did not learn to spell, I see.
That is literally what he said...
@@annuvynarawn392 Ok boomer
@@roberto8650 I am not a Boomer. I am Generation X.
@@annuvynarawn392 Almost worse.
My Boomer "parents" have two houses, one has a finished basement that could act as an apartment all on its own (All you would need is a toaster oven down there to make it complete), and one is a modest vacation home up north on 6 acres of land. At one point my husband, young daughter, and I were really struggling and being able to stay either in their basement or at this second house would have potentially made a huge difference to us in getting our life set straight. I'd never asked for any help up until that point and we were denied (Mind you THEY were taken in by my grandparents when they were a young family back in the 70's who helped them get on their feet after a time of struggle and in a much smaller house, so what was good for the goose was not good for the gander).
So now they can turn to dust in their first or second house for all I care. This and 41 years of self-centered gaslighting b.s has lead me to cut them out of my life. Family means NOTHING to these people beyond rhetoric. Boomers will all eventually die and history will NOT look kindly on any of their self-centered b.s. I'm officially changing their name to the Most Hated Generation.
Heard this all too often
Why not the "Worst generation"
Wait, doesn't that just mean you had the misery of having bad parents?
Also they’re responsible for glam rock, some of the worst music
Careful we don't become the generation of complainers--- Never mind. Too late. 😅
Before I started studying, I was working as a Lathe Operator here in Germany. Which is one of the best payed metal working craftsmenships here in Germany. 30 Years ago you could have affored a house, car, regular holidays to other countries and a large family with the earnings from it. But I? I could aford a apartment and an old car. Getting a child for example would probably have ruined me and doomed me to basically poverty. With one of the best paying jobs in metalworking.
My parents: Buy a new car when they get tired of theirs. Me: Buy an old decrepid truck and learn how to fix it so I don't need a mechanic.
Oh gee you're so entitled to a car, why can't you walk 30km to work like I did when I had my first car, which was new btw.
@@InternetMameluq This is a different argument, especially in America where the infrastructure is based entirely around you having your own transportation. My job is 45 miles from my home, there is no public transportation available that will lessen the length, it's an hour by car and the pay is so little that I can barely afford to work towards getting a new car if my car ever kicks the bucket, and of course I can't afford to move to a home closer, which ultimately wouldn't solve the problem as it would still be a 10 mile walk.
The fact is the country is built for you to have your own car, if you don't have one you won't be able to get a job. It's a chicken an egg problem in this country because no employer will hire you without one, so if your parents can't help you get one you can never actually get a job, worst part is the pay for most jobs is limited to the point of people barely able to get new (used) cars.
Due to the massive up scaling of cities, and the fact that some of the largest cities in the country have little to no public transportation. Cars are something you NEED to survive now. Only some situations in some areas can you get away with out them, but that's the exception not the rule.
So are you entitled to a car? Well, that depends on whether or not you believe everybody should be entitled to a meal and a bed.
@@Werdfrerb2 I don't buy new, why am I financially inept?
@@InternetMameluq Well, cars in the 1970s weren't exactly known for their reliability... :p
@@LordSandwichII :D
"20% of boomers own a second house that they rent out" - this, plus nowhere NEAR enough house building, is the biggest problem. For young people, so much of their income goes, via rent, to older generations. Which means less security and no opportunity to build equity
The bank of mum and dad is a huge issue too - after decades of the idea of "work hard and you will prosper", we're now reverting to a generation reliant on the wealth and success of their parents. Lose a parent young? Not only are you dealing with that, but the financial implications will impact you for decades
No. The biggest problem (has been, and always will be) Compounding interest based fiat $ lending. This is the process of the PRIVATE (as in for private sector profit), loaning $ they just made up from nothing (yes; Literally fractional reserve banking), and loaning it out to your gov't, with YOU being the "collateral"...Verses...The gov't doing the same thing( like, one of their most important benefits of a gov't), and getting paid back without interest...We literally pay govt's to borrow $ from someone else with INTEREST, that we can't even afford the interest payments on...All of our problems stem from this.
BOOMER NIMBY's have blocked housing construction. Join your local YIMBY group and advocate for more development.
@@brentfarvors192 yes. Those 3 words. Fractional Reserve Banking.
Are at the heart of all of our problems we deal with in the modern world. Climate Town just made a great video that relates to this.
@@isidoreaerys8745 "Weird" how all of these MSM "presentations" (BS!!!), seem to ignore the FED in EVERY video...?
@@brentfarvors192 Even the gold standard had a fractional reserve. It might have been more restrained by comparison, but this alone is hardly enough to cause the current issues.
If anything, the runaway accumulation of wealth by the few, combined with declining top marginal and corporate tax rates, a decrease in public investment (education, healthcare, infrastructure), and the military-industrial complex (roughly 40% of gov't discretionary spending) are larger issues.
I'm pretty sure everyone after the BBs knows exactly what he's talking about. As well, the BBs were the first generation exposed to advertising based on psychological research. It convinced them that they are the center of the universe and that they deserve everything... Look where it's got us...
Not to mention raised in an environment where leaded gasoline exhaust was still being spewed into the air.
Hate to tell you, but that started in the 20s look into Edward Bernays
Sadly I relate more to my grandma when talking about economic hardships of life. She doesnt tell me to get a third job, or to stop buying avocado toast (which i have never had in my life) like my mom does. She just says “i know honey, i went through it too, hopefully we can vote in some people to help you out, we voted FDR and that helped us tremendously.” She is apart of the greatest generation. When she was little housing wasnt an “investment” it was a roof over your head meant to keep you safe. She said she knew that when they started “flipping houses” in the 70’s and 80’s that the market would suffer. Her father was gifted a house by a complete stranger because he felt sorry for them. That would NEVER happen now.
"We voted FDR and that helped us tremendously.”
Not in the long run.
Go look at this mans graph. According to him people born in 1920 made way more than us.
Not according to Mr. Beast (lol) 🙂
@@EyePatchGuy88OK Boomer!!! The 80s would appreciate their trick el down policies back.
Fdr was sick
I can't think of another time when one generation has anticipated, and even looked forward to the death of a previous generation. Not as a source of joy, but of relief.
That relief may be coming thanks to SARS-CoV 2.
Spot on, sadly. A mass sentiment indeed.
@@jameslewis6617 I pray I get to be an asymptomatic carrier... I'll become a modern day Typhoid Mary
You mean
Boomer remover
@@jameslewis6617 Nope, they'd rather crash the economy.
Can we just hold up for a moment and apreciate how amazingly literate this sitting was? Im amazed right now. 50 min passed me like nothing.
You're not wrong, I didn't even realise the video was that long until I scrolled down here.
You don't get to make a speech to the Royal Institution unless your both a very knowledgeable about your subject matter AND a bloody good public speaker. they literally have the whole of British academia to pluck form.
But it is complete nonsense.
There was no baby boom in the UK in the years 1949-57.
It is a myth.
Our boom was 1958-72.
That's what happened to me and my cohort group. And they never SEE that. They always think they "deserved" everything they have. They think they were smarter, more capable, "did life right" while we "did life wrong," and they think they just "worked hard" even though they really have no idea what things are like for the people coming after them.
Spoiler Alert: Yes, yes they have. In the unlikely event that there are historians (or a functioning society at all) in 100 years, Boomer will be remembered as the generation who ate the future that belonged to their children and held on to power so long they forgot their own names.
an entire generation of ringwraiths
@@rin_etoware_2989 Nazgul economics
Aren't most of the big time CEOs gen x'ers these days tho? I fail to see what exactly boomers did so bad
@@Brandon-bc5um nope, most CEOs are boomers, and even if they weren't, the vast majority of investors are boomers, and the CEO is nothing but a lapdog of the board of investors in most Western countries. Also, if you can't see what they did wrong, even after watching the quite good presentation shown in the video, that sounds more like a you problem than anything else.
@@LudwigVaanArthans Very well said.
Presenter: Calmly dismantles every stereotypical insult hurled by Boomers online.
Boomers in comment section: Hurls stereotypical insults.
My parents will indirectly insult me on the topic that I have not got what they had when they were my age, when they have given me so much more than they had at my age. I try to explain to them that what they gave me was the wrong things, and that it's just impossible for me to own my apartment at age 28, let alone at age 19 as my father did. It just doesn't work like that. A guy I know bought two apartments every year from his orange harvest (he owns a TINY orange farm) and today he can't even pay the WATER for the trees at the end of each season. He is still well off from all the apartments, but I could at best buy ONE apartment every 25 years, it makes no fucking sense anymore. Good luck owning your own house is overrated.
Good for the speaker...he picked the right Demographic to side with 🤣
Presenter : calmly explains that he is against generation conflict and that it's not this answer
Comment section : shows hate for boomers
Posh guy live in the well paid world of academia paid by struggling tax payers in the real world pats a bunch of students and layabout on the head and tells them how hard they have it and the idiot layabouts lap it up.
@@Karen1963Yorks Sounds like a very stereotypical boomer comment.
Very informative, very interesting but very depressing to watch as a 19 year old.
Even as a 29 year old i'm distressed. Lets do our best to avoid the same mistake for our children.
@@eschel2155 yeah, same. I seriously doubt I will ever see a pension.
The answer, of course, is to get involved in politics, even at the local level. Remember the first 15 minutes of the lecture: it all comes down to voting power.
@@glenm99 democracy is overrated.
@@glenm99 I always thought that "everybody votes" was not wise, but what is the alternative?
This has greatly affected American cities. Boomers have consistently opposed upzoning and adding new housing, for various reasons, but (either intentionally or not) their policies have created a massive housing shortage because we didn't build near enough housing from the 70's to the 2010's. So rents are wildly out of control, and housing prices just keep going up. An average home in my neighborhood is about 15-20x my yearly salary. I can move into a more economically poor area of my city and it drops down to about 8-10x my salary. In 1970, the average home price was a little more than 2x the median salary here in LA.
Adjusted for inflation, overall median income is actually 2% lower than it was in 1970, median rents over that same period increased 85% and median housing prices have increased by 60%. Nationwide, the median income of people between 25 and 34 only increased by $30 in 44 years (1974 to 2017).
It really is a case of "F** you I got mine." They bought houses and then watched them appreciate, and refused to support policies that add housing, including even modest proposals for rezoning to duplexes and triplexes.
The US is 10x worse than anywhere else in the developed world.
They have never updated their city design since the 1970s, where other countries have, and as a result have a completely unsustainable car-dependent suburbia.
City planning and first-past-the-post elections and wealth in politics and media have created a very dangerous cocktail in the USA.
after the crash in 2006, we had tons of unoccupied houses. The shortage was because banks and the wealthy do not have to sell. They can sit on it.
The problem is millions and millions of people trying to cram more of themselves into small areas like LA for example. Of course it goes up in price, there is literally only so much space and everyone wants to be there. Duh. Move away from the fun.
@@breadformyfamily4175 Greater LA is about 80% zoned for single family housing. Creating infinite sprawl by continually building suburbs in more and more marginal locations is silly, we have plenty of room here to upzone. The issue is that the people who own homes don't want apartment buildings and missing middle housing in their neighborhoods. So there is a generational divide between people who don't want their neighborhoods to change and people who want to live and work in LA.
Space isn't the issue, it is the way space is allocated.
@@breadformyfamily4175 What's wrong with that? If people want to live in cities, let them. Everyone knows you can buy a house in the middle of nowhere and have lots of space, but people are CHOOSING to live in cities. So build more dense housing our cities so people CAN live there.
The issue right now is that it is literally illegal to build dense housing due to restrictive zoning laws.
My late grandpa who was a boomer. Is one of the people I respect the most. After he died Al of his savings he had left went to his grandkids college education. He lived in a apartment and after he retired he spend most of his time investing money in the community and took care of my dad when he was in a rough part of his life.
My extremely simplified summary:
Boomers are a large demographic. Because they are a large demographic, they have proportionally larger voting power. Due to this, they have voted in many policies that have benefitted them over the course of their lifetimes, e.g. pensions, retirement, healthcare, social benefits/welfare. There has also been a surge of increased value in their housing due to large amounts of immigration and lack of newer and/or continued housing development. Not to mention, wage stagnation. These policies and economics have led to boomers being the most well off, fortunate, and advantaged (economically in the relatively short term) generation to have ever lived.
My personal take is that Boomers have gamed the system so efficiently (knowingly or unknowingly), that they can’t see how they’ve affected generations to come.
This is just the UK. Through my observation, the implications are granted exponentially in the US.
Rill Totally agree! I forgot who touched on this, but the money that could be used for entrepreneurial things holds everyone back because it just goes to debt payments for most of people’s 20s and 30s nowadays.
@@mattk7865 This money IS used for entrepreneurial things and does benefit the owner of the capital.
Last two times it was like this in history, they got the French Revolution and the Communist Revolution.
Which is precisely what I sense happening in the UK unless Brexit does something to turn things around. I mean, in my office at work, the non-home-owners already actively avoid sitting with home-owners at the same table in the kitchen during lunch, and then the same happens after hours in a pub.
I live in California, USA and the boomers here vote in masses to hindered house development by dramatically increasing the fees. You know what doesn't get increase? It's the property taxes on homes that doesn't increase which are extremely expensive to buy. They even manage to trick a lot of young people here that cheap illegal immigration is good. Cheap illegal immigration leads to low wages and entry jobs being taken away from young people.
In the US, savvy young people are saving money and working in healthcare. In the next 10 years, as Boomers require capital to pay living and healthcare expenses, all of their homes will go on the real estate market, prices will go down, and younger people will be able to buy multiple homes for decades low prices and rent them to those born 2010 and later for huge profits. The equalization is coming.
@Manannan anam If you are trying to make a real estate play, the ideal timing would be people needing the capital with low demand and high supply of housing. We don't need Boomers to die quickly, it is actually better if they have unanticipated changes in expenses or mobility and have to compete against each other for home buyers, thus driving market prices down dramtically. In the US, we may see homes prices drop by 50% over the next 10 years. Good news if you want to buy a house.
As a recently 22 year old young man, I’ve essentially given up on ever owning my own home, and I’m seriously considering never getting married or starting a family because I can’t see how I could afford it without having to spend my entire life working my self into the ground.
Ohh, scathing.
The opinion of a guy on the internet who has nothing better to do than call a person barely out of his teens a loser because he has financial troubles means nothing to me other than to provide a laugh.
Three years, great math there.
having your own children is beautiful, your children will have your back through thick and thin, more than any boomer you've ever met.
You dont beat your enemy by doing what he would do, you beat him by doing whats right.
@@donjaun8435 How do you afford to have children?
Try it when you are minimum wage, and the support isn't there.
I know a guy who has 6-figure income job, gets a government pension (as well as generous pensions from his government job), who own multiple investment properties (which have increased dramatically in value, but that have not had those gains taxed), had a free university education, and has all the associated benefits that come with being a "poor-old pensioner". Clearly this is a highly inequitable and unfair system and it will need to change...
If will change after we paid all the boomers to have good lives and then die off.
Gen X here. I've noticed boomers around me got promoted at 2-3 years on the job back in 70s and early 80s. GenX and younger are going 20-30+ years and not getting a promotion,while having contractors whittle away at the work they currently perform.
I'm really thankful that my parents got a wake-up call when my dad had to look for a new job after he couldn't continue with the physical demand of his job. They're still pretty delusional when it comes to current economics and events, but thank god they finally realized that it's not just a bunch of kids running around having minium wage jobs because they're "easy" it's literally because jobs are only paying that amount. My dad walked out of so many interviews the first few months he was unemployed because they refused to match his previous job or pay a living wage and none of them offered benefits even though they were jobs that requires various certificates and degrees. He finally found a job and lowered his expectations on new hire packages, but now their newest obsession is "we're getting old, you're the only child without a house so you should buy our house so we can retire and move in with one of your siblings!" Even though they have no money for retirement because they've spent all their savings on vacations and moneyholes, they want retire on the money they get for their house and when that money runs out they expect their kids to pool their money together to support them, but at the same time have as many grandkids as possible.
XENOLIT_Exactly, everything and I do mean everything was way easier for boomers. Even the work itself was much easier, less strenuous and provided reasonable job security. I love seeing boomers who had a cushy existence totally fall from grace.
thats chronos for ya
Just arrange an accident for them.
You’re the generation that are the richest “victims” of all time.
@@richardj9016 Please evidence this claim.
This is happening globally in one form or the other. I was already and am still so disgusted right now.
There's so many potentially disastrous things coming to a head in humanity's near future isn't there?
When I was born there were about 4 billion people on the planet. Now there is around 8 billion. It's almost as if doubling the population on a single planet has some far reaching impacts.
@@IdgaradLyracant Its not a worry this is levelling out.
@@IdgaradLyracant In this entire video he's talking about causation and evidence but ignores the fact we have open borders, no training, unaffordable higher education and social competition like never before thanks to millions of extra economic competitors imported from elsewhere. its all the fault of the native boomers? No mention. Just bad older white people = source of all woe.
@vctjkhme
But has there been a number of problems simulataneously converging and coming to a head in the near future? I am quite young and live in the UK btw.
I’m a millennial, I have worked and saved hard until now to buy a house. I’m 32, my wife is 30, we have two children. We are both nurses in good paying positions, yet the housing market is so rough it took us a lot longer than it would have in the early 2000’s let alone earlier during boomer season. My dad who is a boomer to this day scoffs at house prices, and believes we should be able to find a good 4 bedroom 2 bath home for around 50k.
//edit i’m American.
Try living in New Zealand where the average house price is over 1 million and over 10x our Average wage.
It's all your fault btw and you're lazy 😂
@ryderoreilly9807 a bunch of socialists living on an island with little natural resources. What could go wrong?
@@ryderoreilly9807 Aside from visiting Hobbit village I have no desire to live in New Zealand. It's a beautiful country, but that's about it. No offense.
Tell your boomer father to go seek professional help.
As a "boomer" I have long felt the sentiments expressed in this brilliant analysis but for me it was "gut feel". In my opinion we are the most disgustingly selfish generation and should be held to account. We will not be held to account because of our voting power. So it falls to us to be decent human beings. Our solution is to "generation skip" our own anticipated inheritances. We take responsibility for our own welfare and pass the inheritance from our parents directly to our children. This should deliver a real (capital) benefit to our children at the crucial time when they are trying to establish home/career/business. It may not work, but we have to get the conversation going.
By the time you lot pass on all your I'll gotten gains, your children will be long past the age where they can have children of their own, biologically.
@@anthonytwohill9726 Exactly right. This is why we are disclaiming any inheritance from my parent's estate and passing it straight to the next generation. With normal life expectancy this will deliver an inheritance when my children are in their early thirties as opposed to waiting for me to shuffle off - by which time they will probably be in their late fifties. The point I am trying to make to my fellow boomers is that if we collectively make choices like this we could make a great difference in the lives of our children - and if our children choose the same method of estate planning this would be a permanent shift for the benefit of future generations. We need to start conversations like this, but to be respectful in the process.
@@06224kim I'm reading this and I'm thinking we probably need more Kim Powells in this world :). Yes a 'boomer' led, solution-oriented conversation around this would be a real step forward. That said, the cost of living extends well into retirement, so boomers without a comfortable pension are not without financial uncertainty. I watch my own mother grapple with this moral dilemma, although she is both careful and generous with her relatively modest savings, being that she has 4 (grown up) kids and now 3 grandkids to support. Ultimately this is an inequality created by unique and changing economic and political conditions over several decades within a capitalist system. It's unfair (and inaccurate) to blame an entire generation for actions they took as individuals, only for the basic comfort and security of their own futures, and those of their children.
My grandad died and my mom and went and bought a porche and another home to rent out for triple the mortgage. When my grama passes i suspect she’ll buy a tesla and another home.
Well done Kim. As a millennial age 30 you sound like a great person, just feel you putting the weight of others in your generation on your shoulders. If we had more like you in this world things would be great. Have a good one friend
Short answer: Yes.
Long answer: Yes, and we are so incredibly screwed, even the Boomers are starting to worry about it.
Only because most of them want to be grandparents and sadly, most of their millennial offspring are not in a financial position to even consider it thanks to their choices. Oh and because of their choices, their kids are also stuck living with them into their 30s. The boomers didn't think that would happen, they thought their kids would be off a decade ago and they want their house to themselves or be able to sell it on and can do neither.
yeah... because they can't trip around so much now and have their "entitled" kids all back at home living with them because of the fakedemic.
if that won't humble some, then what will lol...
The next generation won't even bother getting jobs they won't see the point.
@@chrishart8548i am genZ, will try to be artist or advanced homless guy that hunts cats and grows edible mushroms
"...even the Boomers are starting to worry about it."
Only because their kids are stuck living with them. They couldn't care less about anything unless it directly inconveniences them.
9:20 try to move jobs when everything is highly contested by all the other workers and also people demanding 10+years experience from 25 year olds
Greetings from Canada (And Germany, since I lived there for a while); same situation! Entry level jobs requiring 5 years of experience for minimum wage.
@@branimirstoilov8640 germany here mate
@@scotsan3857 I live in the US and it's the same thing, can't even get a job in rural Wyoming where I live with people looking for 5 years experience for an entry level job and what's worse our minimum wages laws are worse then anything you have. I have to do that for less then $7.35 an hour because that number doesn't take into account all the taxes I must pay. So really don't even make $6.00 an hour take home money.
@@LegoSwordViedos It's a side effect of all the conservative bullshit advice. 80% of the population live inadequately, so be the top 20%? Without making life better for the bottom 80%, all this does is artificially raise the criteria for job searching. Working as a barista used to be something for high school students on break. Now it requires a college degree and 2 years experience.
Daily reminder of that mcdonalds job posting with 13 years experience. HR is cancer.
my grandfather always told me "just work hard, if you wanna have a lot of money, fold it in half and put it in your pocket" 30 years later Im broke Af working multiple jobs still trying to find this money to fold and put in my pocket... He's a business owner with a hand full of properties that he owns.... thanks for the solid advice grandpa...
you just need to work harder
Well to be fair that’s inheritance money if he hasn’t pledged it away.
@@grouchy88 He's gotta work 4 jobs smh
@@grouchy88 You need to pray harder too. Gotta step up to muh Jesus game. Watch Kenneth Copeland. He'll show you the light.
@@grouchy88 He works hard enough. It's you who have never worked a REAL job in your life. Sure must be nice being a spoiled brat living off of daddy's money.
I'm a millennial. I don't own property, or a car. I have no plans to start a family. Despite having a Master's degree, I only make minimum wage. I'm currently living in my parents' house, trying to save money so I can afford to go back to school again. Simply put, I don't have the means to accumulate wealth the way my parents did at my age (I'm 36).
This presentation didn't tell me much beyond what I already know. The reality is my parents' generation made choices that screwed my generation over, but we are being blamed for it and told to stop complaining. If they put as much energy into fighting corporate greed and reclaiming some of the benefits they fought to gain for themselves, we might stand a chance. But boomers don't care. They've got it made in the shade, and they're happy there.
You have a master's degree and earn minimum wage at your job? And you want to go back to school for some more of that?! Let's first talk about the kind of choices that YOU yourself made.
Here in the US the life expectancy for millenials is for the first time in modern history, dropping. The largest reason is simply because healthcare is an unaffordable luxury. I wish the biggest problem I faced was higher taxes and lack of property ownership. I just do not want to die young because I cannot afford health care. My government and majority of voters in the US says that healthcare isn't a human right and lack of insurance and inability to deal with rising costs is a personal failure and I deserve the consequence. Boomers are literally watching their children water down insulin and try to treat cancer with over the counter drugs and calling an Uber instead of an ambulance and they're calling us entitled and that we do not deserve the privilege of watching our own children grow up like they did.
Become a Peace Officer. They are still in short supply and get good benefits. Especially in places like NYS
@@lelandbuerman4025 I am fortunate enough to have a good job with excellent insurance. Just because I have an abobe average pay with state benefits, doesn't mean I am oblivious to the many more that aren't as lucky.
Majority of my adult life I spent rationing asthma medication or going without medication at all because I couldn't afford it.
"Just be a peace officer by working in one of the most expensive cities in the country" is hardly a solution.
Our government is preoccupied dealing with high costs without addressing why prices for healthcare are hyper-inflated sometimes with a markup in the thousands of a percent.
@@cloud2018 I understand your point; I just also consider it more of an educational and cultural values issue. There are good paying jobs with benefits all across NYS. But unfortunately the retention rate of new hires is terrible. Some argue that it’s money, and to a large extent I agree, but we are also raising an entire generation of entitled and seemingly incapable people. Who are likewise at a steep disadvantage regarding personal finiancial education and literacy.
I worked 2 jobs throughout high school and have continued to work multiple jobs throughout my adult life. I was born in 86 yet genuinely feel as though unchecked internet, media, and video game usage has spawned a majorly sedentary and entitled generation - where good help is just hard to find. Yes there is a place for desk work and tech but there are also seemingly no tradespeople to be found and labor shortages across my home state.
@@lelandbuerman4025 this is the correct answer... Don't get me wrong.. there are challenges that face young people today... But it's not as bad as this talk makes it out to be.... For one... Alot of boomer wealth goes directly to millennials and will be inherited by millennials. 2nd... I came up as an ironworker in the south making $100,000 a year... I've owned a home since I was 19..... Now I'm a project manager and we cannot give enough money/benefits away to entice young people to come on board... I don't think if we offered a million dollars a year it would be attractive enough.....
@@thomaslove6494 Pay me $100k/year (adjusted for inflation) and I will literally move to the South to work for you. I'm a reliable worker in good health and not snobby about what work I do.
watching this I thought of my dad, did not graduate with a business degree....had me, my 2 brothers and mom to take care of, managed to land a 225K a year job.....we lived in a nice house, had cars, went to college and not a single one of my brothers or I could afford 3 boys and a house even with degrees and no debt...... just bitching... but I will say one major problem is that the older generation refuses to leave/die off... I still work with people who refuse to retire... they're making 100k or more and no one can move up because they are just lingering..... anyone else having this issue?
GenX to Boomers everywhere: RETIRE ALREADY!
So what did your dad wrong then?
push them down the stairs.
You will become that zombie eventually.
@@zacharywilhelm2462 So you think people working in 2 of the lowest paying sectors that exist are not poor? They keep working tables etc because they enjoy it? Has it occurred to you that they are poor but too embarrassed to tell you?
Something no one addresses: when the retirement/pensioner age was decided as 65, the life expectancy was like 72. So you retired closer to 60 with savings, and got an extra help for the last decade or so of your life. Boomers retire at 60 still, often younger ("Freedom 55!") due to all the wealth they have accumulated, and then expect to live no less than 90, which people are doing in more and more numbers. Being 90 used to be unheard of, now it's not uncommon, in 15 years it will be relatively normal. So if you started working at age 22, retire at 57, but then live to 94, you are taking for more years than you have actually worked and expecting people with 1/10th your wealth to support you. If boomers live to age 94, they should be retiring in their 80s.
assuming you know when you are going to die?
Many of these 90 year old boomers with dementia don't even want to live anymore but the medical industry keeps them alive unnecessarily long for no reason but to make profit off taking care of them.
Agreed. Instead, they are asking the younger generations to start their retirement even later while themselves keeping their retirement age.
Boomers started working when they were in their early to mid teens, usually. Full time all summer and part time all year. I guess it's ok to wait until 22 now since you need all those "life experiences" to record for Instagram first.
@@teage12 Are all you whiners going to refuse the inheritance you will get from us boomers? Thought so.
I find it so jarring and interesting that this man is part of the UK Conservative party, and yet his proposals are to raise property taxes and gift a 10000 pound inheritance to every citizen who hits 30. This is so far removed from the "policies" of the US Republican party that I'm reminded of just how ridiculously skewed the Overton window is in my country. I doubt even the "liberal" Democrat party would be agreeable to those proposals.
UK is much closer to the global center than the distinctly neoliberal right-leaning US. Americans are kinda disconnected and think "Republicans right, Democrats left" without actually knowing the true center for fully developed, 1st world, Western countries
Another American here- It’s so beyond frustrating that even the “liberal” democrats offer essentially nothing of value to the country because they are a neoliberal, stagnant party that leeches off of the outrage and political regress caused by the republicans. I wish I could see a way to get the democrats more left at least
He's the minority of the Tories - don't be fooled
@@MillezA minority, but the Republicans don't even have a single person willing to accept and honestly look at the issues.
It's a really dumb policy, that £10,000 isn't free, someone is paying for it, most likely us. Conservatives are a joke.
I know a few boomers who live in a house with three empty rooms, and have letting properties strip-mining other people's kids for rent. And they complain about having no grandchildren :-/
I am a millennial, and my baby boomer neighbor paid very low 40k (back in the 80s) for his house compared to me 150k. Our houses are exactly the same and have the same value today. I remember him telling me when he worked, he made more money than I do now, he had a working class job too, along with me. As a homeowner (lucky me) I pay 4 times more property taxes now than he does because he had the luxury to buy his house for a cheaper price way before I was born.
I'm an Australian millennial.
Our house pricing is way more extreme than this. I would sell my soul for your housing situation.
In 1993. When I was 2 years old, my mother purchased her house for 56k. It is now worth 950k.
My mother made $20 per hour in 1993. I make $30 in 2022. It took roughly 1.5 years pay to buy her house. It would take me 16 years pay to do the same.
Her house has not been renovated or improved since purchase.
And your name is almost Dave Willets!
Intrest was like 12% though.
@@seksiama 12% of 56k is $6720
4% of 950k is $38,000
Interest doesn't matter much for smaller amounts.
@@dalewilkins8412 I'm a Gen X Australian and housing was becoming unaffordable even back then. I kept renting and missed the boat. I feel so bad for younger generations. I made a bad call, but young people now don't even have a choice (unless uber-rich parents).
This explains why fewer grandkids and future children will be coming.
Fascinating the impact of the age cohort you are born with and your opportunities in life.
Yes, 😮☝️❤ this year there were very few children out trick or treating and big part of that is, New families aren't buying houses and having children as much anymore, so there were less children around on Halloween 😢🎃
my mom once asked me what i thought about some shoes she wanted to buy. They were ~$300. I said i thought they were nice but not $300 nice. She asked how much i would spend on shoes, and i told her $30-$80, and only the $80 if they have a specific purpose like for work.
she was just so out of touch.
Boomer: Pension, Paid for home, College education paid for when acquired, Ability to raise a family on one income. Also Boomer: "Millenials are so entitled."
Most boomers don't have pensions. Yes to the rest.
@@dingfeldersmurfalot4560 They do here in Australia!
Boomers = DRAFTED for WAR!!! Millenials = NEVER DRAFTED!!!
@@rollingdudes8859 I’d love to see your generation try and live in our shoes.
@@Rawnfella I am not a BOOMER but I do admit life was NOT ALWAYS PERFECT back when BOOMERS were young!!!
Boy do I love having to pay for social security that I'll never actually get myself :))))
Do you hate paying taxes? I've got a solution for you.
Its called, Tax evasion! Get it free today!
@Nicky L They didn't say they wouldn't need it, they said they wouldn't get it.
Monado Boy. Tax evasion only works for rich people and multinational corporations.
@@David-lr2vi it's not evasion when you pay legislators to make it all legal.
Jon. And just because it’s legal doesn’t make it right of course.
Just a couple points:
(1) Smart people saw where things were going a long time ago. My father (b. 1930) explained all this to me back around 1980 when I was about 10, and spoke of it as something that had been obvious for a very long time - well, he explained about 80% of it anyway. But he also noted that the general public would never vote to fix things so it would just continue until everything fell apart. So I've known pretty much my whole life where things were headed.
(2) The ad that came up for this video for me was for tiny houses.
Well the trouble is with 'tiny houses' is council/zoning regulations, perhaps less so in big America, but U K , Europe where the restrictions on doing anything are so great that it has to be a corporation that builds stuff, makes dwellings etc. The 'Tiny house' movement is just a flash in the pan and will be gone. Mobile homes, caravans are the equivalent elsewhere.
@@linmal2242 yes in Europe it's so freaking weird. Belgian here, the ONLY way to build anything anywhere is to be a corporation.... if you're just a random person you can barely put up a tent in your backyard or you'll be fined.
If you think America has less zoning restrictions then you've never tried to build anything anywhere urban@@linmal2242
I would like an updated version of this after the whole covid crisis. Im a working 30 year old right now and can bearly pay rent, food and energie. Plus, house prices has absolutely skyrocketed in the last 2 years
Rent control is making it worse where I live. Landlords don't want to rent and tenants don't want to move.
Wait until the energy crisis is really in full swing this winter 🙃
"Ten thousand pounds? that's hardly anything!"
*Me with 97p in my bank account* haha yeah
I have about 9k dollars saved. I literally can’t afford to get hurt or I’ll end up in debt.
@@angelgjr1999 i know the feel so hard to save up anything. If i move out i cant even afford furniture 😂
Don't worry guys, the inflation caused by money printing to afford social benefits is coming for our savings...
We all know the Boomers ripped off their kids just as they abandoned their parents.
@@AnnoDominiAD Nice try. Turing invented such 'boomer' technology before the boomer generation even came around. Typical boomer behaviour - claim the achievements of other generations as your own...
Let's just hope this Wuhan virus manages to spread around a bit more, shall we? I hear the chances for the older generations to survive it are.. well.. quite a lot lower ;) Good luck!
@@AnnoDominiAD snowflakes exist because of boomer professors and teachers, things like safe spaces, gender studies and so on are boomer and early gen X creations. Also the tech that we use in modern computers is currently creation of gen X, not boomers, unless you are using Pentium 4 and Nokia 1110...
@@AnnoDominiAD With your cause and effect logic the first human that discovered how to produce fire is responsible for all technology and as a boomer you owe them the luxury of your ignorance, which you seem to display so proudly unaware of your own self. I find you funny taking such pride in accomplishments that have nothing to do with you, it's kind of sad. You must have no accomplishments of your own to speak of since you attach your own self worth to feats done by people you only have age in common with. So why then if you can attach yourself to positive things like "boomer tech" why don't you attach yourself to any bad instances of the era as well?
@@AnnoDominiAD Gen-X built the modern tech world.
@@AnnoDominiAD The most prominent "Invention" boomers created is how to spend more money then you actually have. Boomers should never get a pension, you should work until you have repaid the deficit you have created. For example take US national debt between 1985 to 2018 this is Boomer economics for you, this is a perfect example what boomers invented.
Fast-forward to mid 2022 and the Tories have announced a 10% pension increase while refusing public sector pay increases for working age people (despite major strike action, with more planned later in the year).
I despair.
Thank you for informing me that the older generations have failed to fulfill their contractual obligations; since they’ve voided the contract, I no longer need to honor it with them.
Make things affordable again.
Central Bank money printing is designed to make prices go up 2% a year.
@@jessem8928
And since placing money into a savings account yields 0.1% interest, your money there is losing value.
What's the main alternative? Stock market / financial institutions that bring us situations right out of "The Big Short" and "Margin Call".
And the Stock Market is volatile. It is utterly and completely buyer beware.
More and more, this all seems deliberate in its maliciousness and incompetence. And no, it's not either / or, it's both.
@@TheMaleRei na listen do what i did saved up money and found a house bought it and rented it out
@@TheMaleRei less than 0.1%.
More like 0.001% interest.
It is absolutely not worth a savings account. I can make more finding change on the street.
@@jessem8928 Yeah the constant 2% inflation as well as fixed interest rates, are there to ensure that prices just keep going up. Especially faster than wages or wealth earning.
Jesus, it feels like he's talking directly about my life as a millennial. I thought it was just me who was a failure at life - good to know I'm not alone, lol.
well it is kinda hard to get even a job now... you know im self employed( i was... ) Over 98% of my costumers werer boomers. And the 2% were just inheritet positions.When the Boomers die out( and im sorry to say that and at the same time not) i can finally request a decent prize where i can grow my work and hire people... fricking underpaying....
Same here
:p
@P White the thing I can't get my head around is how hard it is to relate to my parents generation. I have explained so much of this stuff to them and they just can't see any of it, they have seen us struggle and just don't see that they got help and we don't. It's bizarre.
The moment you stop listening to boomer tales is the moment you exit the matrix.
My grandparents are the baby boomers. They built a walfe in my family when I was a little girl. I live in Poland and they worked in the US in the 90s and earned a lot of money. With this money, my grandparents bought a large apartment for my parents (my parents were then in their 20s). Grandparents bought my father everything - new cars, they funded a prosperous life! As long as my grandfather be alive the finances were kept by him, but when he died, the real fun for my father began. Grandma gave all the money to my father for alcoholism, another cara, failed businesses. I will also mention that when my parents divorced, my grandparents decided that my father would stay in the huge apartment, and my mother and I would move to another apartment that they bought. Can you even imagine that your parents are able to buy you an apartment ?! And so, after many years, the prosperity generated by my grandparents, baby boomers, disappeared because my father wasted it. I have completed my master's degree, completed many courses, and I am barely able to survive. I works for the government earning the minimum wage. I don't have a car because I can't even afford to get a driving license, renting is very expensive. I renting an apartament from lady who is also a baby boomer. I don't know what will happen next with us millennials..
What boomers did to millennials is the equivalent of an upper-middle class suburbanite stealing the tip jar from a homeless street busker.
On council tax: as well as being extremely regressive, it is also passed on to tenants! Our main property tax is not even paid by the owners if it’s a second home that they rent out! Why do we allow this?
Because council tax pays for the services you use, not the maintenance of the property.
@@igotes I understand the 'logic' of it, but this is the UK's principal tax on property and it is implemented as a tax on living, not a tax on wealth.
@@igotes except when I was looking after my grandad and bought a house, I was charged full council tax because it was an "empty property" there is no consistent argument about "why council tax"
@@igotes Which is horseshit because you still pay it even if you live somewhere else and the property is empty. A lot of councils even double the tax for empty properties.
@@frmcf If it was just left to just landlords to pay council tax outright, there would be shortage of money for these local services.
What does council tax pay for? Local services such as planning, transport, highways, police, fire, libraries, leisure and recreation, rubbish collection and disposal, environmental health and trading standards.
If you really understood the logic, you'd know without council tax the place would look like the downtown of Aleppo in Syria. You'd know that some of these people would of spend years working to pay off something called a *mortgage*
You can't have tenants without owning outright the property. So they obviously had to do something to earn that money.
You just seem jealous that you don't have a second property, and probably are yourself a tenant living under rented conditions. Why don't you climb the property ladder and then you too can do the same as your landlord.
Boomer: I'm a financial wizz.
Millennial: You just bought a house at the right time bud
Lol. True. So true.
More like born at the right time.
they bought houses for 20,000 then teachers realized they could raise property taxes (how does this happen you ask!? uhhhhh because every small local gov is corrupt and everyone knows eachother so they raise everyones home values to raise property taxes to pay teachers higher wage..) dude it all goes to the high school and grade school.. look up where your property taxes go.. property taxes go up when your home value goes up.. thats how all this works..
@@thothheartmaat2833 So true....Boomers assets Appreciated in Value - Millennials assets Depreciate in Value
Born at the right time and with enough brain to hold a job that didn't require higher and costly education. Cost that went into the mortgage and opportunity to own a house that's now worth more than 30 years of income.
I live in Australia and am astounded by the parallels between us and the UK. This is one of the most incredible, heartfelt presentations on what a society is there for, and how far we have strayed from this. Poignant, on point and wonderfully presented. It is a must see . Thank you for your contribution Sir.
It's the same almost everywhere there was a giant post WWII baby boom. Check Japan and South Korea to see how they talk about their own boomers. It's a global phenomenon.
If young people would only get out and vote. Why do they give up their power like that? They complain about boomers voting in policies which help only them, but then they sit at home on Election Day.
My geography teacher in secondary school (would now be called a boomer) warned us about this in the late 70’s when explaining demographics & pensions…. But he thought goverments would find an answer to all this when we would be approaching our pensions…..how wrong he was…..& i’m from ‘64….
Well the Tatcher/ Regeanomics is to thank for all this.
He didn't mention the selling of government assets at least here in Australia to fund tax relief that would have helped the baby boomers the most.
Same in Britain. People still talk about Gordon Brown selling half of the UK's gold reserves at the bottom of the market 20 years after the event.
@Paraponera T I get where you're coming from but that isn't the measure of an asset when the government owns it. Any monopoly can be profitable because it sets its own prices. That doesn't mean it is a good business. If government runs the education system but it costs 4x what it should and nearly bankrupts people who have to pay for it, is it really a public good? Or a wasteful and corrupt program?
@@mrblack888 then they try and ban privatized schooling because public schooling is losing the numbers.
All while paying a pittance to Newstart receivers
@@elly8353 All while inflicting unpaid illegal forced labour on the long term unemployed, too.
30 year old millennial in the US, and much of what he describes is true here too. The very notion of buying a house or traveling is just inconceivable to me right now. Even putting a deposit down on a house might wipe out my savings (much of which was acquired by inheritance).
Love ur username. Would serve on that ship lol
You know what really sucks tho, is to be an millenial who's parents were highschool dropouts. My parents could have gotten university degrees on 6 months minimum wage salary, but opted not to... Of course I paid my own way for everything, including my education. Looking back I have no idea how I had the energy...
Richard Branson is a high school dropout.
I particularly like how they gaslight our entire generation all the while.
GenX here. Look up Charlie Brown and Lucy. My entire life the boomers have been Lucy.
Millennials think they have it bad. At least they know what they dealing with. I was gaslit my entire youth into doing thing after thing, which nearly all failed, until I crested 30, and just decided to do something different...risky, according to boomers. And that worked.
However the housing crisis took what little wealth I had accumulated, and I am now staring down 50...barely recovered from that travesty.
They didn't just pinch their children. They killed us. I think I'll be ok...but world travel? Vacations? Probably never again.
Then please work with us millennials to improve all of OUR circumstances. Well being for all!
I wish you the best of luck my friend.
There's a particular subset of us Millennials--the older among us, those born in the late 80's--who really did get an extra special kick in the teeth. I went to a fairly expensive private out-of-state technical university. Big bucks doing that. But it was okay, there were plenty of job opportunities in my field when I graduated...in the summer of 2008. AHAHA big ol' student debt barreling straight into the "Great Recession." It felt like "Congratulations on your achievement, now take off your mortar board, lie down and bite the curb."
Here for you politically friend, we WILL restore some of your mobility before it's too late. We're all in this together.
@No One says u. im 29 putting myself thru school fulltime and work full time. i've spent the most of my adult years digging myself out of debt forced on me by boomer parents.
As a Boomer myself, I have been disappointed in my generation which went from young people who cared about the world to greedy old people; and the three Boomer presidents, Clinton, W. Bush, and Dumpy have been disasters.
"Young people who cared about the world"
*HA!*
I highly doubt you cared about anything beyond yourselves anymore than you've forced my generation not to.
I was born Christian but stopped bothering with it awhile ago. But i have made a prayer to the Devil, that he takes 90% of your generation in his arms, and NEVER lets you go.
Obama was as much a disaster as any of them.
@@Ren33469 Obama administration was very divisive. You can't blame him for disliking the former president.
An example of a divisive policy: during the Obama administration, Congress put a limit to how much could be borrowed as part of a college loan, citing "predatory loans" from big banks and "low return rates" as concerns. This resulted in honest people becoming unable to pay for college through standard federal college loans. Policy only served to deter the people who wanted to go to college but couldn't afford the rising costs.
@@Ren33469 They were all destructive. Difference in how much they destroyed is negligible when we consider that people's lives were ruined and their suffering was from the government. It isn't dishonest to point out that Obama's policies was very divisive, it is objective truth that we can glean from the 2012 election.
If you're calling me dishonest, please do your duty as a free citizen of the commonwealth and do your research.
@@Ren33469 Well now, you've exposed your partisanship. How objective you are!
House prices went up by approximately £50,000 on average in 2020 and 2021. Who is saving that much money in a year? Not many young people. Generation rent.
The first recorded incidence of an actually okay Boomer!
Okay, Boomer!
🤣🤣🤣🤣
I know in Canada every other young person I know has the same plan.
Rent until your mom dies and move into her house... She is never gonna be able to sell it because nobody can pay what the market claims it is worth... There are fewer young people than old people, as they die/move into homes the market either has to adjust, or collapse, and we arn't lucky enough for a collapse.
Ya... that works if your parents were somewhat responsible... mine inherited her house from her mother, but as she wasn't the most responsible in her life can't keep it do to costs, so there definitely won't be any notable inheritance by the time she passes. And honestly... is having your parents die as soon as possible really something that should be seen as the biggest likely improvement in a generations quality of living? Because that's messed up no matter how I think about, and something every generation should be doing their best to make sure does NOT apply to their own children, and for more reasons that one.
@@terricon4 Its clearly messed up, thats the point. We have been left in a no win situation as far as the housing market is concerned. Either the younger generations lose out on their chance to build some wealth and live a good life, or our parents die young, move into homes, or sell their homes cheap. There is no good option.
Sounds nice in theory but you have to have parents for this to be a viable option.
@@TheMuslimsarecoming Yeah, not really meant to sound nice, its kinda just the grim reality caused by steadily inflating house prices being a generations major retirement resource, coupled with 30+ years of mostly stagnant wages.
@@reidwallace4258 im 25 living in Sydney Australia im aware of the injustice. But I don't have the luxury of having a family to inherit from so they solution of inheritance is a pathetic solution.
As a millennial I find Boomers confessing to their sins deeply therapeutic. At last, the trauma can be processed.
Edit: To clarify, I'm being somewhat sarcastic here. I am not using the term 'confession' literally. Nor am I being literal when I say that I'm processing trauma while watching some old guy talk about statistics. Relax guys.
That is the truth. Its sinking in as their lives end and reflection on a worthless existence takes hold.
you can't even call this a confession. It's a "here's the problem I created, now deal with it. sorry, not sorry."
@@mayastic9570 Sadly this is true. Smiling about it the whole time.
Don't fool yourself. If this is what a Boomer is willing to admit to then it's actually way worse. Also, M. voors is correct.
@@mayastic9570 It's a joke.
I’m so happy to have a nice boomer father who somewhat gets it. He still expects kids and can be a bit over-optimistic, but he is fully willing to help me and my brother as much as we need because he understands that we don’t have the luxuries that he did at our age.
As the universities minister responsible for increasing the tuition fee cap from £3225 per year to £9000, doesn't he think he's a bit more responsible for pinching the children's futures than all the other parents and grandparents who didn't do that?
The system in the UK is such that it acts as a defacto tax. So it could be £9k a year or £100k a year, it doesn't matter as you pay back 9% of your earnings above a certain earnings threshold (about average UK income) THEN the debt is cancelled after a timeframe (for my cohort 25 years) regardless of how much is left. It's actually very accessible and fairly equitable. The people who go on to earn the most pay back the most by a considerable margin.
@Run with Me We've all heard the Tory Spin a thousand times before. The whole point of a progressive tax system is that the people able to pay more do so. Why should a graduate on 30 grand a year be forced to pay an extra 10% 'tax' compared to someone on 50 grand who didn't go to university? As for only paying it for 25 years, that leaves you at 46 at the youngest when the period is over, somewhere around the age when getting a mortgage becomes difficult. We all know that proof of income is a key part of mortgage application, so in the key years when people are thinking of getting one, these people's incomes are being needlessly depressed. Society as a whole benefits from an educated population. The people who earn (and have) the most overall should be paying for it, not graduates earning somewhere around the average wage. Yeah, rich graduates should pay more, but so should rich people who didn't go to university (instead of hiding their money away in the Cayman Islands and buying super-yachts).
@@danielseanbrooks I agree with most all of what you say. In my view core degrees should be free (for at least lower income families [at the bare minimum]) and softer degrees carry the burden of loans. Uni needs to be brought back into the public domain as opposed to the private money making operation they have become.
@@danielseanbrooks and a side point that I appreciate the frustration of a person who didn't go to uni and doesn't have access to the higher paying jobs (as a degree is essentially mandatory to gain a high paying starting job in most all corporate roles); who would then expect that person to go on to pay for their education that will net gain more than they will ever pay in a student loan. So I think the loan system works reasonably well. You reference the 50 grand for someone who did and didn't go to uni, the point above is the person who did go to uni has a far far higher opportunity to make that 50 grand.
annecdotally, most all of my uni cohort now earn easily in excess of 30 grand whereas those who didn't - again only my experience - mostly don't. Is the loan system therefore not somewhat part of a progressive tax system which you reference and I also strongly support
*Me with a barely functioning car that I inherited, a job that barely leaves me any money after spending my salary on rent and lliving expenses and with a conscious choice to not have kids for the foreseable future:* Wish life was better
*Boomer:* That's cuz you're lazy. By oyur age I had a new car, owned my house and was married and had 2 kids.
Or they tell you how you should do it, by moving out to a swamp hut behind a radioactive waste site and make a fortune off some nonexistent specialized job you have no inclination or skills for and that you should fashion a makeshift cart powered by the mutant swamp rats for your transportation, just like they did.
You inherited a car? I wish I had been that lucky.
@@two-sense bore off will you
yeah but we could have like gotten a trade or something and still be impoverished because you need to be making plastic surgeon money right now to be boomer tier
Whilst they live off lavish pensions and social supports paid for by the taxes of younger generations they label as 'spoiled'.
young people traveling? Yes, doing volunteer work to get free housing/food, going to the cheapest hostels sharing room with 40 people, cooking food yourself (mostly rice and fried veggies) because you can't afford to go to a restaurant.
"Vacation"
"Work Trip Abroad"
The only person I know of my age group who "travels" does it solely for work reasons, aka. company pays the expenses. The rest have done via exchange student programs, as in "this is probably the only chance I'll have to travel, ever".
story of my life*
EXACTLY.
too late to be read or for a reply, probably... but on this point, it seems odd that a backpacking traveller is complaining about the lack of five star. The rucksack and bunking ,pilgrimage style of travelling is exactly what the more adventurous of decades past embraced and enjoyed. As long as you're wise enough to be safe, ... even British "holiday cottages" used to be a lot more basic. Having a work or family reason to get more involved in another country was almost my only travel experience, at any age.
This is pretty much universally understood by people my age (early 20s). Unless things drastically change, it'll become more and more difficult to have money for basic human needs with no chance of ever saving enough to retire. People my age will be working until the day they die.
They did have a larger cohort, but most importantly much lower educational requirements for most skilled jobs. Nurses or teachers only needed a diploma or associate's degree. In the immediate post-war era even those requirements were waived for those with equivalent education in my country.
I attended an Anglican grammar school in the late 00's and I distinctly rember that there were a few pages in the back of our diaries listing all staff and their qualifications. There was one teacher in his 80's bless his soul, and beside his name simply read "TCertEd". The entries of many younger staff took up at least two lines listing fellowships etc.
is anyone else starting to feel like The Royal Institution is starting to replace what TED talks used to be? just having that kinda realization. At first I thought this place was narrowly focused but im seeing talks from political realms to physics to paranormal speculation. The real important questions that TED used to be about.
Indeed, thank You for stating this! It's like TED has run out of ideas worth sharing.
Maybe they should enlarge the "X" in TEDx to make sure the actual exceptional people go for the real deal.
I mean, I now personally know 3 people that spoke in a TED-X event, mostly for just wanting rather than having something to say.
I believe TED talks have earned a poor reputation with actual academics in recent years. The standards for what constituted a talk were lowered as TED from my understanding was more about creating an environment for like-minded "intelligent" individuals to network and share ideas. The talks just served as entertainment while the main focus was on the networking.
true, i don't watch TED because they are often so vague, general and anecdotal... snooze
@@clumsydad7158 They didn't used to be, they were very direct and informative at one point.
" paranormal speculation" TED was never about that, they simply banned controversial speakers, such as Graham Hancock
Jobs earn less, Jobs are harder to find (automated application rejection and more prior experience needed), Jobs are contract based with very little loyalty from the employer, Employers don't do walk in application/interviews anymore, Rent is higher, Rent requirements are higher (rent needs to be 1/3 total income), College is 4 times as expensive because of federal loans, and college education includes a couple semesters of mostly worthless general education courses.
*I wonder why younger people say they're having problems*
Usually about two years are devoted to the "associates degree" level stuff.
college is also more expensive because of a bloated administrative structure that is probably at least 70% boomer demographic.
I felt like smashing my head on a desk when my boomer parents encouraged me to hand cvs out in person. Literally every one said what I expected : it's all online
@@dalehitchcock6382 Yup. Reminds me of my strabismus, an eye condition which makes it so you can't see in three dimensions. Even my own mother asked me why I didn't just try harder.
@@buttlesschap Nothing like the Pres. of your institution giving himself a huge raise to his already outlandish salary, all while shutting down school functions, laying off maintenance, and hiring more administration for no reason.
I am in the US. A recent study here concluded that the average household income can not afford to buy the average priced home in 99% of the counties in the US. So Americans are now waking up homeless on the shores their ancestors conquered
Boomers are the kind of generation who would win a lottery and say "it's not luck, it's skill"
Respect to anyone who admits that part of their success came from external good fortune.
It's too easy to blame everything in the young individuals today, they have it harder than anyone in my opinion (yes anyone).
@Kaleb Swager Americans really have the short end of the stick, there would be riots in Britain if we were being fleeced like that.
this is the most in depth breakdown on wealth and power distribution that I have seen
You haven't seen many, then. Read Thomas Piketty.
Now I know why I’m struggling while I’m doing everything I ‘should I’ or ‘must do’.
At 32 went burn out last year..
I think this gives me a sense that I’m not a failure, and I have to try to let go all we taught.
Because nothing of that could be achieved or realized.
I don’t know how I have to this, but I’m happy I came across this documentary.
I’m 32 as well. I’ve been living in my car for over a year
It's always someone else's fault, eh?
As someone who is 22 I can also tell you that there is a growing resentment towards the older generations
Indeed, it's feels good to have scapegoat to blame. A little man with a moustache capitalised on that once, though it didn't end particularly well for anyone....
@@rumtumbugger Yet, it could be argued that humanity learned a valuable lesson because of it. Everything is about perspective
@@rumtumbuggerThat man was right.
Even after hearing this I struggle to hate the boomer generation. My father, a late boomer, drowned himself in his greed and hypocrisy. In doing so he destroyed his relationship with his friends, his parents, his siblings and me. Last year he died alone in his home from a heart attack after years of severe depression slowly biting away at his soul. There's always a price to shunning ones responsibilities. If anything him and his generation will serve as an example of the terrible cost of greed. I much prefer carrying that lesson with me into the future then waste my time looking at the past with resentment.
As another commenter basically said, we're upset that we're coming up in this unnecessarily difficult world. We're not waiting around for boomers to die out of some sick enthusiasm, but out of relief, as we'll finally have the chance to fix things with them out of the way.
I don't think most people hate boomers themselves, a generation is too abstract a concept to hate on the scale of individuals, but we hate what they represent.
@@ledumpsterfire6474
I agree.
Bruce Gibney came to similar conclusions (and several additional interesting ones) in his book, "A Generation of Sociopaths" based on U.S. data. There are big charts in the back of the book listing off dozens of policy changes over time, their effects on various generations, and the generational breakdown of Congress (Boomers have had the majority for decades, holding about two thirds of both the Senate and House seats before dropping to 54% in the House in the 2018 midterms). The whole book is a must-read, but those charts alone are worth grabbing a copy.
I'll pick up that book. Thanks for the recommendation.
It is a fantastic book and everyone should read it.
Thanks for the recommendation. I'm a boomer, but I don't get how my fellow boomers don't see what's going on.
Britains babyboom was nothing like the US one.
Our boom was in the 1960s.
I'll go pirate it. Thanks for the suggest.
As an American, this rings true for me as well. I would argue that all of these variables are even worse in the US where basically no consideration is given to what might help young people succeed.
When he says the bit at the end about how older generations should feel obligated to pass something on to their children... I would say that the boomers too this too literally.
That is, the extraordinary wealth that they generated by being born at the right time, needs to be handed over to specifically their children, and no one else's. So while the boomers might think they are doing their children a favor by ensuring their future, they are not only dooming the rest of society to inevitable decline, but their own children will find those inheritances to be worth less as the economy collapses around them.
All this because, as a wise philosopher once said, the mantra of the boomer is "GIMME THAT, ITS MINE!"
That philosopher being George Carlin
I think coming out of the Great Depression era placed all importance on material items and therefore those values from their parents were passed down to boomers and ultimately that is what’s led to social status and material possessions being the lead driver of life until recently. It comes down to millennials and later generations have been forced to work so hard for things that they were told they need vs actually wanting those things and willingly working for those things
really amazing how this guy can spend 3/4 of an hour spitting out the exact basis for the sentiment of "eat the rich" and still have the nerve to proudly declare he's a tory at the end
like dude, I'm just saying that those closing remarks sound like the exact opposite of "there is no such thing as society, there are individual men and women and there are families"
The Boomers will be called "the disastrous" generation.
The Boomers operated on assumptions of economic growth projected at the time.
I am not sure this guy is the best person to explain it.
But, I will say I see the Millennials are now setting up their own cycle of social mess.
@@Ren33469 The same could be said for all previous generations going back to
Adam and Eve.
Like global warming. A bit of data and you create hysteria. Some argue a
temperature spike occurs just before an ice age sets in. If an ice age sets
in, the ones who created the hysteria based on the information of the time
are going to be hated?
@@Ren33469 You can't stop Mother Nature when she is on a tear.
@vctjkhme They think everyone wakes up every morning thinking how can we
make them happy.
And their taste for free stuff goes beyond student loans.
I should add environmentalism didn't start with the Millennials. I walk
to many places instead of getting in a car and I have thousands of gallons
of fuel that way just as an example.
I'd like to see a vast reduction in the dog population just as one way of reducing
animal waste both in their food and their feces production.
32:21 this chart is actually terrifying.
The biggest rise in 1950 in educational spending is accompanied with high pension and medical spending through to 1977. While even the biggest fall in pensions therafter spared education.
However the projected figures give a huge rise in pensioner medical costs and even a steady increase in pensions, while declining for education... This is not only going to destroy the future of the next generations in their capasities to generater wealth while having to pay more. It is also the only time in history this insanity has happened....
Here we can't even learn form history, drastically new laws have to be propposed for the youth and by the general public if we are to save society.
And guess who the largest voting block is? BOOMERS!
So this reform will never happen. They will keep these benefits for as long as possible and the pollies will give it to them so they get re-elected.
Until the vote is restricted to those who are net taxpayers, the freeloaders will keep voting for more benefits and more free stuff paid for with other people's money, until the productive people either give up and join the freeloaders, or they will leave and move to a place where their effort is rewarded. The old adage was "No taxation without representation", but an additional phase must be added, "No representation without taxation."
To be fair, we really dont need to spend as much on education. Internet is drastically fixing that. When I went to college I didnt really know what youtube was. 2 years later doing my masters I used youtube to replace my professor's lectures. Education is becoming about will and discipline more than access.
The increase in education was a result of the Sputnik Crisis. The US just poured money into education because some imaginary Communist invasion that has and will never happen.
On the plus side, we get cool gadgets and (probably) are better educated.
Society is already done. The boomers are braindead cowards so completely programmed they can never be woken up. The younger generation is in terrible health, and the power structure is rapidly moving to sterilize them. Kids who are perhaps even as old as 16 right now, may already be sterile. Younger, odds are it's already done.
It's all damage control at this point. The cell phone was the nail in the coffin.
It's nearly impossible to not be BITTER ASF about this as a millennial.
Go spend a day in literally any developing country. You might find you have substantively not that much to be bitter about.
Insightful talk by Willetts understanding the mess he's left behind for our generation, but he was also instrumental in raising university tuition fees to £9000 in the UK. Seems like dissonance on his part suddenly caring about our debt and cost of living burden only five years later.
People can change