[DiggitySmiggity]

The Baby Boom generation has played a crucial role in the monstrous growth of the DJIA and US national debt in the last 35 years. They also hold and spend a larger share of wealth than any other cohort on the planet and have remained in the workforce longer than expected. What economic and societal consequences can we expect as they finally begin to retire?


https://mishtalk.com/economics/peak-boo ... has-peaked

[Plantagenet]

The Boomer generation began retiring 10-15 years ago......the oldest boomers were born just after WWII and so are now well into their 70s.

It must not have caused much of an effect if you didn't notice that boomers are already retiring.


Hey man...millions of boomers have already retired and now spend all their time partying down and you didn't even notice.......

Cheers!

[DiggitySmiggity]

According to the link above, boomers recently peaked as a percentage of the workforce. So while some boomers did of course retire 15 years ago, that did not offset the unusually large number who stayed in the workforce relative to previous generations.


See also:

https://www.pewresearch.org/fact-tank/2 ... bor-force/

$this->bbcode_second_pass_quote('', '[')b]The majority of Baby Boomers (U.S. adults born 1946 to 1964) are still in the labor force, and the oldest among them are staying in the labor force at the highest annual rate for people their age in more than half a century. In 2018, 29% of Boomers ages 65 to 72 were working or looking for work, outpacing the labor market engagement of the Silent Generation (21%) and the Greatest Generation (19%) when they were the same age, according to a new Pew Research Center analysis of official labor force data.

[theluckycountry]

The boomers have been retiring en-mass for a decade. I'm an early early Nomad and I'm over 60 and retired just recently. The problem with the economy isn't the boomers retiring, it's the millennials that never went to work in the first place. They will save the planet, from their couches.

[AdamB]

$this->bbcode_second_pass_quote('Plantagenet', 'T')he Boomer generation began retiring 10-15 years ago......the oldest boomers were born just after WWII and so are now well into their 70s.

[Plantagenet]

I re-read your link to the Mish commentary on Baby Boomer retirements.

A couple of things are clear.

First of all, your suggestion that the big boomer retirement has just "barely begun" is not accurate.

The Baby Boomer generation began retiring 10-15 years ago....and those who haven't retired are aging out of the work force rapidly.

Second, Mish himself answered your question as to what will happen after most of the Baby Boomers retire. If you go back and re-read the Mish article you'll find that he said that after the Baby Boomers retire the Millenials and Generation X will take over.

Which raises a related question.....What will the Millenials and Generation X do when they take over?

I think we already have some pretty good clues. The Boomers are aging out of the workforce quickly and also aging out of running state, city and local governments. Except for the aging dinosaurs in the White House and Congress, Millenials are already in control of many towns and cities, and in those place where boomers are still in power their staffs are made up of millennials. If you look at the mayors of many our cities and towns....they are millennials. So that provides a clue as to what do the Millenials will do when they are in charge.......

Where they are in political control Millennials seem to be tilting toward progressive policies like defunding the police, legalizing drugs, not prosecuting people who shoplift, and enabling the growth of huge "homeless encampments" filled with homeless people and lots of drug abusers living in tents and camped along the sidewalks and parks of some of our most progressive cities. Look at the cities with millennial mayors....Minneapolis for example, or Los Angeles. The homeless encampments are growing and crime is exploding in these cities, thanks to new progressive policies put in place by their millennial-age leadership. I look for those trends to continue as Millenials continue to take over across the USA as the huge Boomer generation slides into retirement.


I expect more progressive policies to be enacted as millennials take over, resulting in more homeless encampments, more drug addicts, fewer police, and more crimes of all types from shoplifting all the way up to and including more murders.

Cheers!

[Plantagenet]

Here's a classic example of a young progressive Gen X Mayor screwing somebody over.

The young "Generation X" progressive mayor in Cambridge Maryland has just been arrested for posting revenge porn on Reddit.

md-cambridge-mayor-andrew-bradshaw-charged-revenge-porn-

I'm not saying some sleazy old Boomer political guy....say like President Clinton.....wouldn't do much the same kind of thing.

I'm just saying that when the last Boomer retires and all the boomer jobs are taken by Millennials and Generation Xers and a whole bunch of AI robots, I think the same human frailities and failings will be around. The only difference I see is that the Millenials are Gen Xers are more "progressive" on the whole, so the human frailties and failings will be even more hypocritical.





Cheers!

[noobtube]

$this->bbcode_second_pass_quote('Plantagenet', 'W')here they are in political control Millennials seem to be tilting toward progressive policies like defunding the police, legalizing drugs, not prosecuting people who shoplift, and enabling the growth of huge "homeless encampments" filled with homeless people and lots of drug abusers living in tents and camped along the sidewalks and parks of some of our most progressive cities. Look at the cities with millennial mayors....Minneapolis for example, or Los Angeles. The homeless encampments are growing and crime is exploding in these cities, thanks to new progressive policies put in place by their millennial-age leadership. I look for those trends to continue as Millenials continue to take over across the USA as the huge Boomer generation slides into retirement.

Cheers!

[Plantagenet]

$this->bbcode_second_pass_quote('noobtube', '
')The Boomers represented, probably the worst of humanity.......The BOOMERS can't disappear fast enough for me.

[DiggitySmiggity]

$this->bbcode_second_pass_quote('Plantagenet', 'I') re-read your link to the Mish commentary on Baby Boomer retirements.

A couple of things are clear.

First of all, your suggestion that the big boomer retirement has just "barely begun" is not accurate.

The Baby Boomer generation began retiring 10-15 years ago....and those who haven't retired are aging out of the work force rapidly.

[theluckycountry]

If you look into the work of Strauss and Howe it's clear the boomers are no special exception, their generational archetype come through every 80 odd years. They are a product of their times and are created by it just as much as they created it. The 60's revolution, the mad 70's, and then the hunker down and make money 80's. Who was in charge of things then? Not the Boomers, It was the silent generation that preceded them that was in power. Boomers just did what the system told them to. Just like the Millennials are doing what the current system is telling them to do.

People who blame Boomers for being rich are so pathetic, it's classic "sour grapes" talk. They see these older people living in beautiful homes with garages full of sports cars, motorcycles and boats and want to blame them for all the world's woes. Just like when the Nazis blamed the Jews for owning all the big houses.

I'm not a boomer and I struggle with their moralistic smugness sometimes, but they earnt what they have and certainly would have taken stronger action about the environment and depletion issues if these problems had arisen when they were younger. Truth is they are too old now to be of influence, it's the millennials that are best positioned to solve the world's problems but you have to get them to put down their drugs, their smartphones and their gaming consoles first.

[Plantagenet]

$this->bbcode_second_pass_quote('DiggitySmiggity', '')$this->bbcode_second_pass_quote('Plantagenet', 'I')
The Baby Boomer generation began retiring 10-15 years ago....and those who haven't retired are aging out of the work force rapidly.

[theluckycountry]

A lot of the boomers I know began retirement around age 60, some in their middle fifties. If you're monied up it makes no sense to stay on the treadmill. Here Boomers went all in the property market, residential mostly, and it's proven to be a good bet, They sell a house in the inner suburbs today, pay their CGT and walk away with 500k or more. Then there is their private pension, Superannuation, which is still doing well. It's a good life, the hardest thing is often deciding which model new car to buy.

[AdamB]

$this->bbcode_second_pass_quote('Plantagenet', '
')Face Facts---millions and millions of baby boomers have already retired

$this->bbcode_second_pass_quote('Plantagenet', '
')The Boomer generation began retiring 10-15 years ago......the oldest boomers were born just after WWII and so are now well into their 70s.

[Plantagenet]

$this->bbcode_second_pass_quote('theluckycountry', 'A') lot of the boomers I know began retirement around age 60, some in their middle fifties. If you're monied up it makes no sense to stay on the treadmill. Here Boomers went all in the property market, residential mostly, and it's proven to be a good bet, They sell a house in the inner suburbs today, pay their CGT and walk away with 500k or more. Then there is their private pension, Superannuation, which is still doing well. It's a good life, the hardest thing is often deciding which model new car to buy.

[theluckycountry]

I'll tell you one thing @Plantagenet, when you have enough money, peak oil becomes more of an academic exercise than a looming disaster. What the millennials do with the future is of no interest to me now, let them eat cake and build homes out of their old iphones.

[Plantagenet]

$this->bbcode_second_pass_quote('theluckycountry', 'I')'ll tell you one thing @Plantagenet, when you have enough money, peak oil becomes more of an academic exercise than a looming disaster. What the millennials do with the future is of no interest to me now, let them eat cake and build homes out of their old iphones.

[JuanP]

$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('theluckycountry', 'I')'ll tell you one thing @Plantagenet, when you have enough money, peak oil becomes more of an academic exercise than a looming disaster. What the millennials do with the future is of no interest to me now, let them eat cake and build homes out of their old iphones.

[mousepad]

$this->bbcode_second_pass_quote('JuanP', 'm')ost people of my generation are worse than most people of earlier generations. I also think that Millennials are even worse

[Pops]

According to Strauss–Howe, boomers are "prophets." They describe prophets as focused on values, individualism, and inner-life and that fits my generation in every respect.

But Boomers actually don't have as much wealth previous cohorts at their age, in fact when Silents were this age they controlled 60% of wealth where Boomers only hold 45%. AND Boomers have more debt, much of it student debt—$69,000! That isn't their college debt, it is borrowed for their offspring.

(bunch of stats here)