View Full Version : Wealth Gap Between Old and Young
1stindoor
11-07-2011, 14:43
http://www.boston.com/news/nation/washington/articles/2011/11/07/us_wealth_gap_between_young_and_old_is_widest_ever/?page=1
That's right, we have more money and we have a yard....
Damn kids...get off my lawn!!!
"It makes us wonder whether the extraordinary amount of resources we spend on retirees and their health care should be at least partially reallocated to those who are hurting worse than them," said Harry Holzer, a labor economist and public policy professor at Georgetown University who called the magnitude of the gap "striking."
A moron by any other name...
Blah blah blah blah
Older Americans tend to have higher net worth because they are more likely to have paid off their mortgages and built up more savings over time.
....From hard work, something many of my generation seem to lack in understanding. I will blame the older generation for LBJ though. :( :D
GratefulCitizen
11-07-2011, 15:08
Wealth is accumulated over time when you produce more than you consume.
When productivity is rewarded (get to keep the fruits of your labor) you get more productivity.
When slothfulness is rewarded (get the fruits of someone else's labor) you get more slothfulness.
When, on average, a society produces more than they consume, there is abundance, growth, and life.
When, on average, a society consumes more than they produce, there is scarcity, decay, and death.
This is why capitalism and private property produce life, while socialism and collective property produce death.
greenberetTFS
11-07-2011, 15:18
"It makes us wonder whether the extraordinary amount of resources we spend on retirees and their health care should be at least partially reallocated to those who are hurting worse than them," said Harry Holzer....
WTF,This guys an asshole for making that statement........:mad::mad::mad:
Big Teddy :munchin
Badger52
11-07-2011, 15:25
I will blame the older generation for LBJ though. :( :DWho ended up where he did because a better man was murdered.
Disclaimer: Then again, my whole side of the family was AuH20 and LBJ talk was grounds for getting one's mouth washed out.
I too now have a yard and own the roof over my head. Where's that M1...?
Harry Holzer:
Harvard, Georgetown, Klinton Administration, Urban Institute(an LBJ creation). Explains quite a bit doesn't it. I guess *celebrated* progressive policy professors don't need to worry much about social security, retirement and the like. *How are those "mucho dinero" fellowships working out for you, Harry? :eek: :mad:
*No offense intended to academia that actually teach/research things that are, well, useful. :D
Who ended up where he did because a better man was murdered.
Disclaimer: Then again, my whole side of the family was AuH20 and LBJ talk was grounds for getting one's mouth washed out.
I too now have a yard and own the roof over my head. Where's that M1...?
True that. I own my yard and roof..well sort of...Fannie May owns part of it too :(, that said, my %20 down payment wasn't dropped into my lap by some fairy or Uncle Sugar; My wife and I worked for it, and worked hard. Now if I can just get my daughter to can this "It's broken, lets buy a new one" nonsense, I'll be in good shape. ;)
tom kelly
11-07-2011, 15:46
They should have un-plugged Dick Chaney 20 years ago, and used those resources for academica ?
mark46th
11-07-2011, 16:35
Let's see... My wife and I work for 40-50 years, scrimp and save, make some good financial decisions so we can live out our lives in relative comfort. Now we are evil because someone who hasn't done any of these things feels slighted?
Someone needs to straighten things out. The citizens of this country used to envy the rich and strive to become wealthy. Now, rather than earn wealth, these cry babies want someone to give it to them. Move to Greece or Latin America and tell me how socialism is working.
"Takes money to make money"
Forsooth, guess ye olde adage holds true.
And so it goes...
Richard :munchin
"Takes money to make money"
Forsooth, guess ye olde adage holds true.
And so it goes...
Richard :munchin
An old man along time ago told me
"I am too busy making a living to make money"
Took me a long time ( i was a teenager) to know what he was talking about.
I am only 39 and see the difference between my generation and todays kids. I still dont understand them. Some work is beneath them and most pay is too. The ones I have had working with me spend too much time on the smart phones and cant get the work done. They feel like money should be given to them when they need it and they NEED alot of things. Instant gratification is the norm for the ones I have seen.
GratefulCitizen
11-07-2011, 18:15
Poverty.
I'm sure that those rich people over 65 remember being young and poor.
They remember what it was like to face a lack of employment opportunity.
They remember being forced to stay out of the workforce, collecting unemployment for 99 weeks, getting free healthcare, using their smartphones to bemoan the horrible economic conditions to the world while watching cable tv errr... HDTV on their 2 year-old out-of-date plasma; all the while complaining about being overweight because they can't afford a gym membership.
Those rich folk over 65 can probably relate.
DevilSide
11-08-2011, 13:08
Poverty.
I'm sure that those rich people over 65 remember being young and poor.
They remember what it was like to face a lack of employment opportunity.
They remember being forced to stay out of the workforce, collecting unemployment for 99 weeks, getting free healthcare, using their smartphones to bemoan the horrible economic conditions to the world while watching cable tv errr... HDTV on their 2 year-old out-of-date plasma; all the while complaining about being overweight because they can't afford a gym membership.
Those rich folk over 65 can probably relate.
Lol wow, this is an interesting article though. My Dad was 65 when he passed, born and raised in poverty, actually grew up in a shanty town from the great depression. Told me stories about having to stand in soup lines once or twice a day. He served his country, went to work, but he didn't exactly end up rich but he got by for what family he had.
1stindoor
11-08-2011, 14:11
...he didn't exactly end up rich but he got by for what family he had.
I guess that depends on how you define it. He's remembered for serving his country, his work ethic, and taking care of his family by his son...pretty rich in my book.
cat in the hat
11-08-2011, 14:17
a lot of older people did not go to college on govt loans either.
30=40 years ago, if you wanted to manage a restaurant or motel, you worked your way up in the industry. now kids earn a degree first then complain that Chili's will not hire them as a General Manager right off of the street.
a lot of older people did not go to college on govt loans either.
30=40 years ago, if you wanted to manage a restaurant or motel, you worked your way up in the industry. now kids earn a degree first then complain that Chili's will not hire them as a General Manager right off of the street.
Don't forget private student loans, a lot are defaulting on those too. Due to the recession everything has become more competitive. Entry level jobs ( at least in my field ) that used to require 0-2 yrs of experience became 2-4 yrs. Internship/lab experience is sometimes not counted in full and instead half. When I was in high school, I was taught that a good college = success. What happened as a result of this mantra was the mass production of graduates for whom there aren't enough jobs. Even getting a job part time flipping burgers is hard because they feel you are going to demand more money as a college graduate and instead opt for a high school student.
As far as fresh graduates denying work that is very low pay or "beneath" them, there is another rationale for that and that is if they stay with this job outside of their major, it will be very hard for them to switch back once the economy picks up ( if it ever does ) because HR will ask why haven't you worked in your field for so long and interpet any answer as a lack of interest/motivation on your part. The other option is to stay unemployed. So you have two very shitty options with one being slightly better than the other. As a result, this generation is pissed off at the fact the educational system told them, hey it's ok to take out loans, your invesment will pay off in the long run and it really didn't. I wonder what schools are telling their students today.
As far as fresh graduates denying work that is very low pay or "beneath" them, there is another rationale for that and that is if they stay with this job outside of their major, it will be very hard for them to switch back once the economy picks up ( if it ever does ) because HR will ask why haven't you worked in your field for so long and interpet any answer as a lack of interest/motivation on your part. The other option is to stay unemployed. So you have two very shitty options with one being slightly better than the other. As a result, this generation is pissed off at the fact the educational system told them, hey it's ok to take out loans, your invesment will pay off in the long run and it really didn't. I wonder what schools are telling their students today.
If HR isn't aware of the number of job openings in a field, and the number of applicants who had to wait in line, run from that company, don't walk. If any of them don't understand the normal desire to eat/survive in the interim, run faster.
Educational systems sell education like Ford sells Fords. I wouldn't stake my future on any salesman. I don't believe any prospective student should.
Worked a "not in my field" job for 8 years. Applied for my very first engineering job, and when the HR type asked what I'd been doing for the 8 years since graduation, I told her "jumping out of aircraft and killing folks". Got the job. ;)
When faced with shitty options, add more options.
Kids today pay more every year for cellphone use, than I paid for college tuition. Young people could build a nest egg, if they gave up Starbucks and made their own coffee.
:munchin:munchin
1stindoor
11-09-2011, 07:24
Kids today pay more every year for cellphone use, than I paid for college tuition. Young people could build a nest egg, if they gave up Starbucks and made their own coffee.
:munchin:munchin
I've had that same talk with several Soldiers when I was a 1SG and they would come in my office asking to get me to sign off on an AER loan. Looking over their bills I see cell phone bills that are over $100.00, cable/internet bills that are over $100.00, and eating lunch/dinner bills that are in $200-$300 range.
TrapLine
11-09-2011, 07:37
Worked a "not in my field" job for 8 years. Applied for my very first engineering job, and when the HR type asked what I'd been doing for the 8 years since graduation, I told her "jumping out of aircraft and killing folks". Got the job. ;).
As someone who sits through a lot of interviews, I can see how that worked. I might have responded, "Can you start tomorrow?" ;)
DevilSide
11-09-2011, 08:04
I guess that depends on how you define it. He's remembered for serving his country, his work ethic, and taking care of his family by his son...pretty rich in my book.
Was referring to money-wise but in the other way, yes, very rich. Wouldn't trade those qualities for any amount of cash. :) Was just pointing out that not all the past generation are rolling around in benz's because thats just not the case.
As far as fresh graduates denying work that is very low pay or "beneath" them, there is another rationale for that and that is if they stay with this job outside of their major, it will be very hard for them to switch back once the economy picks up ( if it ever does ) because HR will ask why haven't you worked in your field for so long and interpet any answer as a lack of interest/motivation on your part. The other option is to stay unemployed. So you have two very shitty options with one being slightly better than the other. As a result, this generation is pissed off at the fact the educational system told them, hey it's ok to take out loans, your invesment will pay off in the long run and it really didn't. I wonder what schools are telling their students today.
Thats a Rationale?
I cant work in my "major" so I wont work at all. Thats sounds like an excuse to be on umemployemet for 99 weeks to me. What about your bills, your students loans. Are just not gonna pay them since an unemployment check only goes so far? Gotta have net access, gotta have the new iphone so I can keep up on job prospects. I have heard that also.
How about working in that non major field and making some money and paying your bills. Then when the time comes you move up in the company or your find a job in your feild. I cant think of any HR person that would rather hire someone thats been on unemployemnt for 50+weeks over someone who has been working as an under employed college grad that has been paying his bills. Its called work ethic, get some!
SOunds like the arguements from the 99%ers. I think they need to branch out and form the 99weekers.
a lot of older people did not go to college on govt loans either.
30=40 years ago, if you wanted to manage a restaurant or motel, you worked your way up in the industry. now kids earn a degree first then complain that Chili's will not hire them as a General Manager right off of the street.
You could and I did. It was a apprenticeship so to speak. I like many others started working in a hot, dirty warehouse sweeping and worked my way into the office. From there I worked my way up the chain. The pay was excellent, in many cases better than if we had a college degree.
Along the road somewhere, companies in that industry began filling spots with the College Educated who had never been dirty or touched a broom rather than the Apprentices and before to long these highly educated folks commandeered the ship and told many of these folks that they did a wonderful job, but based on their education level their compensation was too high....
1stindoor
11-09-2011, 08:43
...Along the road somewhere, companies in that industry began filling spots with the College Educated who had never been dirty or touched a broom rather than the Apprentices and before to long these highly educated folks commandeered the ship and told many of these folks that they did a wonderful job, but based on their education level their compensation was too high....
That's a very good point.
There's a huge 'wealth gap' between my wife and I and our three sons - we keep our money and they get to keep theirs...and they have the opportunity to continue 'working' on trying to reduce the gap. ;)
And so it goes...
Richard :munchin
When our son moved out, a couple of years ago, he was surprised to find a bunch of IOUs from his dad in his "piggy" bank. :D I'm ATM challanged. ;)
Pat
1stindoor
11-09-2011, 11:25
When our son moved out, a couple of years ago, he was surprised to find a bunch of IOUs from his dad in his "piggy" bank. :D I'm ATM challanged. ;)
Pat
That cracked me up...I'm always borrowing $20.00 from my son until I can hit an ATM...generally though I never go through the ATM, I wait until I hit a grocery store or Target so I don't have to pay ATM fees.
The mindset today is "gotta have it NOW." Instant gratification = debt for most people. Debt means paying more for the item than the sticker price. But hey, you're cool because you have it all now, right?
My husband and I bought a 4-plex and lived in it until we could afford a home. Now the income from the 4-plex pays for itself and the home. Did I enjoy living in a little apartment in town? Not really. But the idea of someday affording something better in the country kept me patient. I paid my dues, so to speak.
Nobody wants to pay their dues now.
Susan
Thats a Rationale?
I cant work in my "major" so I wont work at all. Thats sounds like an excuse to be on umemployemet for 99 weeks to me.
How is someone who has not held a job eligible to collect Unemplowment Insurance?
How is someone who has not held a job eligible to collect Unemplowment Insurance?
Someone has to be very corrupt on both ends for that arrangement to happen. I think cold1 meant the mindset being the same.
MTN Medic
11-09-2011, 22:11
You could and I did. It was a apprenticeship so to speak. I like many others started working in a hot, dirty warehouse sweeping and worked my way into the office. From there I worked my way up the chain. The pay was excellent, in many cases better than if we had a college degree.
Along the road somewhere, companies in that industry began filling spots with the College Educated who had never been dirty or touched a broom rather than the Apprentices and before to long these highly educated folks commandeered the ship and told many of these folks that they did a wonderful job, but based on their education level their compensation was too high....
Or there are guys like me that worked their as off in Alaska making money for college and then joined that Army (enlisted). I am so sick of damn generalities out of old people lately. God forbid a kid wants to make something better of himself.
:boohoo
I disagree somewhat with the assertion that nepotism was not practiced in America before the 1970s.
1stindoor
11-10-2011, 06:47
I am so sick of damn generalities out of old people lately.... :boohoo
Agreed!...and I'm so sick of damn generalities coming out of you young'ns too! :D
God forbid I should think my house and my income belongs to me and not my children.
ZonieDiver
11-10-2011, 15:39
Us old farts can't remember specifics, so we're stuck with generalities! :D
Sparty On
11-20-2011, 12:03
I'm interested as to what effect the skyrocketing costs of health care will have on that wealth gap.
I'm interested as to what effect the skyrocketing costs of health care will have on that wealth gap.
I've seen that as the common phrase when discussing health care expenditures. How does "the skyrocketing demand for the most expensive healthcare options" sound as a partilal cause?
I get x-rays at the docs office, take generics that do well enough instead of the "latest and greatest" with high co-pays, and at my age take a fair number of medications. I haven't seen an overall increase that wasn't in the range of the usual annual rise in the cost of living.
I expect that those who just gotta have the medical equivalent of a lear jet wouldn't be able to say the same.