Incomes of those under-54 in 8-year nose dive

Incomes of those under-54 in 8-year nose dive (Full Version)

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DedicatedDom40 -> Incomes of those under-54 in 8-year nose dive (9/18/2009 11:08:34 AM)
http://www.usatoday.com/news/nation/census/2009-09-17-young-people_N.htm Its a generational thing. Today's retirees are the first generation in our history to practice 'scorched earth' to get the comfortable retirement they want. I'm sure that if my generation could borrow 10 trillion over 25 years and hand the bill to the unborn, we could make ourselves one hell of a rockin' party out of the economy for a good 20 years or so, maybe blow a few economic bubbles of our own, and allow ourselves to retire early in comfort. Its funny, tho, that when my generation tries to borrow, those pesky boomers are the first to shout about how irresponsible that practice is. We are so blessed that the thieves are looking out for us.

TreasureKY -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 11:35:56 AM)
Did you read the article you posted? quote: What caused the income gap: • Waiting line for good jobs. Older people are working longer, crowding out young people from the best-paying jobs while boosting the incomes of older workers and seniors. • Global competition. Low-income workers in other nations have pushed down wages in the USA. Newly hired workers — generally younger people — experience the wage decline first, says economist Dean Baker of the Economic Policy Institute, a liberal-leaning think tank. • Golden age of retirement. Social Security and private pensions have elevated the incomes of retired people to record levels and reduced poverty among the elderly. Sound to me like they've mostly worked harder and longer, and saved. Good for them.

DedicatedDom40 -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 12:18:29 PM)
Yes, I did. The article also missed the borrowing, which accellerated heavily starting in 1980, when today's retirees were in their 40's. The application of $10 trillion of stimulus over 25 years is what created the bubble economies of the past 2 decades and caused the stock market to ejaculate all over 401Ks. Seriously, are you asserting that this result is of "hard work"? http://xs743.xs.to/xs743/09385/dow244.jpg My, how those many generations that came before them and forged this country were a bunch of lazy asses! Note how the time frame of that abnormal trend corresponds with the time frame of this abnormal trend. http://xs743.xs.to/xs743/09385/debtchart100.jpg And you think the fault of a manufactured income gap lies with a younger generation of video gamers? Are you serious? Yes, it does take alot of hard work to execute a con job. It was wealth redistribution, from the unborn, to the soon-to-be-retired. It was the "theft of the century", dressed up to look like "generational values and hard work"

thishereboi -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 12:23:58 PM)
quote: ORIGINAL: DedicatedDom40 http://www.usatoday.com/news/nation/census/2009-09-17-young-people_N.htm Its a generational thing. Today's retirees are the first generation in our history to practice 'scorched earth' to get the comfortable retirement they want. I'm sure that if my generation could borrow 10 trillion over 25 years and hand the bill to the unborn, we could make ourselves one hell of a rockin' party out of the economy for a good 20 years or so, maybe blow a few economic bubbles of our own, and allow ourselves to retire early in comfort. Its funny, tho, that when my generation tries to borrow, those pesky boomers are the first to shout about how irresponsible that practice is. We are so blessed that the thieves are looking out for us. Yea damn those baby boomers....oh wait according to the article they are the ones in trouble. Well 1/2 of them anyway. ""The second half of the Baby Boom may be in the worst shape of all," says demographer Cheryl Russell of New Strategist Publications, a research firm. "They're loaded with expenses for housing, cars and kids, but they will never generate the income that their parents enjoyed."

DedicatedDom40 -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 12:52:03 PM)
Worst shape of all? Oh, I am sure there are other generations that have been screwed into deeper straits than the second half of the boomers. Being stuck in an overpriced house in the burbs when the 30% of younger generations cannot even get into housing makes the late boomers more disadvantaged?

Musicmystery -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 1:21:33 PM)
I have no sympathy either for unprepared boomers, early or late, or younger folk, whining about not getting a fair shake. Move your ass. Start projects. Use and sell your talent. Set aside for future contingencies. If there's no market or no job or no benefits, create them. I know, whining is easier, but it doesn't pay as well.

DedicatedDom40 -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 1:41:42 PM)
Well, when the bank comes collecting for the 10 trillion that was dumped upon today's youth, I will ask them if moving and shaking my ass will suffice as payment for that debt. I'll let you know what their determination is. I am at a loss as to why you blame everyone but the perps, and think everyone else's destiny is to suck it up and work twice as hard to pay the debts of elders? Like Madoff, its a crime scene. Do you not get that? It used to be people worked twice as hard to better the next generation. Today, we work twice as hard to pay the credit card from gram and gramp's tropical vacation, and the next generation (our own kids) are losing out. Excuse me if some reject that when told its the new "status quo"

thishereboi -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 2:26:32 PM)
quote: ORIGINAL: DedicatedDom40 Worst shape of all? Oh, I am sure there are other generations that have been screwed into deeper straits than the second half of the boomers. Being stuck in an overpriced house in the burbs when the 30% of younger generations cannot even get into housing makes the late boomers more disadvantaged? Don't ask me, ask Dennis. He wrote the article. You posted it, I just copied a portion and quoted it in my post.

Musicmystery -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 4:07:04 PM)
quote: when the bank comes collecting for the 10 trillion that was dumped upon today's youth, I will ask them if moving and shaking my ass will suffice as payment for that debt. I'll let you know what their determination is. I am at a loss as to why you blame everyone but the perps Incidentally, I oppose the debt. I have for 29 years now. Nor have I blamed anyone. You have. But whining...ain't gonna help. How's that working out for ya? Better yet....what's your solution? One that acknowledges the consequences of adopting it.

DedicatedDom40 -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 6:04:21 PM)
quote: what's your solution? Put elected officials who create an unbalanced budget in jail. Treat a generation like the felons they are, remove their right to vote and confiscate stolen assets. Bust some heads at the SEC for allowing our capital markets to be used as an instrument to launder stolen money. Fire up the antitrust machine and mow down these big corporations that outsourced jobs in order to feed greater dividends to grandpa the money junkie Educate younger generations to acknowledge what happend for the crime that is was, and address it as such. Oh, and give the finger to those who think that discussing anything amounts to complaining. That should keep ya busy for awhile. I mean, lets face it, the world can only create so many breakout rock stars, day traders, patent creators, authors, college professors, and American Idol winners. Everybody else has to work for a living. And when the majority works for a living, using their kid's college funds to pay for an entire elder generation's trip to Vegas is sort of a big deal.

Musicmystery -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 6:39:14 PM)
Your finger seems plenty busy. The debt was bullshit in the late seventies when H.W.Bush and Bob Dole ridiculted it as Reagonomics and Voodoo Economics during the Republican Primaries. So America elected their feel good Great Communicator, who in eight years quadrupled the national debt, changing the largest creditor nation in the world to the largest debtor nation in the world, with 25% of our assets owned abroad. From there, everybody realized all you had to do was say you'd cut taxes and borrow the shortfalls. I'm still waiting for your discussion. Simplistic outrage doesn't work anymore than going on television with a stack of dollar bills and repeating that America is a shining city on a hill. When you've finished your purge, the problems will remain. "Get rid of the bums" has been repeated in this country for two centuries. Why do you suppose midterm elections almost always go to the opposite party? But those reactions just perpetuate the cycle.

awmslave -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 7:26:52 PM)
quote: Put elected officials who create an unbalanced budget in jail. Military spending and bailouts of big corporations this year consume the entire federal tax revenue. Obviously, there is practically no way not to run a budget deficit. Are you sending the entire US Congress into jail? Maybe Chinese/Russian Gulag style re-education camp for these people would be a good idea.

thornhappy -> RE: Incomes of those under-54 in 8-year nose dive (9/18/2009 7:30:22 PM)
quote: ORIGINAL: DedicatedDom40 the world can only create so many breakout rock stars, day traders, patent creators, authors, college professors, and American Idol winners. Could be I'm clueless (I'm under the influence) but day trading covered a wide span of ages, and American Idol seems to be a young fart thing too. My parents have never had high incomes, and now they live on less than $20k in Social Security. Yep, makes for a lot of trips to Vegas. I'm starting to supplement their income (they paid about half my college education the first time around); it's kind of tradition on my mom's side of the family. thornhappy

awmslave -> RE: Incomes of those under-54 in 8-year nose dive (9/19/2009 5:39:48 PM)
US median income is still one of the highest in the World. In theory, a perfect globalized free market system should level the incomes between countries.

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