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this post was submitted on 29 Oct 2023
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politics
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This is the best summary I could come up with:
You’ve probably heard about the “great wealth transfer.” It’s the $72 trillion stack of assets that baby boomers are sitting on and going to pass onto millennials someday, thereby solving many of the economically beleaguered younger generation’s problems.
No less a figure than Ray Dalio, the billionaire and former leader of what was for many years the world’s biggest hedge fund, wrote on his LinkedIn page in August about a “coordinated government maneuver” that left household balance sheets rich and the state effectively broke.
Fortune has reported extensively on how millennials have not enjoyed a boomer level of success as they struggled to afford to buy a home for years before facing off with an overpriced, ultra-competitive pandemic housing market.
In addition to low interest rates and inflated housing prices boosting asset value, a 2020 Deutsche Bank report found that boomers shelled out less for education than millennials did and won’t have to pay for the environmental damage caused by the carbon emission-releasing companies they invested in.
While boomers have still had their fair share of economic challenges, like the Great Inflation of the 1970s, BofA found they ultimately benefited in the long run from an economy that’s set them up pretty nicely for wealth accumulation.
Dealing with a hefty price tag for a college education and ensuing student debt, many young adults graduated into a post-recession thorny job market, bouncing around to find a well-paying role.
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