chem1st Posted October 31, 2011 Share Posted October 31, 2011 As it’s revealed today’s young will be 25 per cent worse off than their parents, the Newsnight presenter says he and his fellow Baby-Boomers have bequeathed little worth celebrating... A few years ago, an American author wrote a book about the men and women who endured the Depression and then fought in World War II. He testified to their courage, vision and resilience by calling his book The Greatest Generation. If anyone attempted to name their children — those born between about 1945 and 1965 — the so-called Baby-Boomers, they might consider calling them The Worst Generation. It is now received wisdom that today’s young people may be the first generation in modern history to expect to be poorer than their parents. Earlier this month, a report suggested the young will be 25 per cent worse off than their parents when they reach the age of 65 — the so-called ‘baby bust’ generation, having accumulated £400,000 less by the time they retire. This may not be entirely their parents’ fault. But we should certainly take a good share of the blame. A kinder author would perhaps choose a title like The Luckiest Generation for us Baby-Boomers. But how you handle good fortune is surely just as important as how you deal with adversity. I belong to the Boomer generation — a fact I feel increasingly uncomfortable about. No wonder we thought we had it all. Compared to those who came before, we did. Almost a million young people between 16 and 24 today have no work — for the jobs many might have expected to fill have been exported to China, India or Vietnam. Those who do find employment will enjoy none of the pension expectations of their parents. When the first of the Baby-Boomers were beginning to think about settling down, 425,000 homes were built in Britain. Last year, the total was just over 100,000 — fewer than in any year since 1923. Lucky Generation investors who followed the advice of property-porn television and got into buy-to-let schemes developed another way of taking money from the young and securing it for the old. http://www.dailymail.co.uk/news/article-2055497/JEREMY-PAXMAN-Baby-Boomers-selfish-generation-history.html However, all is not as well as it seems for the boomers. The young people of today are unable to keep the ponzi going. Over 20% of them are unemployed. Your pensions are being wiped out, people retiring now are already nursing lower pensions. Inflation is eroded the value of those pensions Your homes are fast falling in nominal value, and that's whilst we have high inflation. They are falling in price faster than you think. When your living standards depend upon the youth's earning power, productive work and ability to breed the next generation of taxpayers, one has to consider how we can move forwards. We need affordable housing, an abundance of jobs, and salaries high enough to be taxed to provide the elderly care. Young people must be able to raise a family. Without that, were all screwed. Link to comment Share on other sites More sharing options...
Agent Orange Posted October 31, 2011 Share Posted October 31, 2011 http://www.dailymail.co.uk/news/article-2055497/JEREMY-PAXMAN-Baby-Boomers-selfish-generation-history.html However, all is not as well as it seems for the boomers. The young people of today are unable to keep the ponzi going. Over 20% of them are unemployed. Your pensions are being wiped out, people retiring now are already nursing lower pensions. Inflation is eroded the value of those pensions Your homes are fast falling in nominal value, and that's whilst we have high inflation. They are falling in price faster than you think. When your living standards depend upon the youth's earning power, productive work and ability to breed the next generation of taxpayers, one has to consider how we can move forwards. We need affordable housing, an abundance of jobs, and salaries high enough to be taxed to provide the elderly care. Young people must be able to raise a family. Without that, were all screwed. What you suggest... kill off the baby boomers? Link to comment Share on other sites More sharing options...
truman Posted October 31, 2011 Share Posted October 31, 2011 What you suggest... kill off the baby boomers? Nah,Chemist just wants their houses taken from them... Link to comment Share on other sites More sharing options...
Agent Orange Posted October 31, 2011 Share Posted October 31, 2011 Nah,Chemist just wants their houses taken from them... Haha you are probably right. How dare they have a home Link to comment Share on other sites More sharing options...
Conrod Posted October 31, 2011 Share Posted October 31, 2011 I am reminded of the expression "one trick pony" for some reason. Link to comment Share on other sites More sharing options...
Halibut Posted October 31, 2011 Share Posted October 31, 2011 I am reminded of the expression "one trick pony" for some reason. Paxman or chem1st? Link to comment Share on other sites More sharing options...
Conrod Posted October 31, 2011 Share Posted October 31, 2011 Paxman or chem1st?Paxman can vary the subject of his debates a little. Link to comment Share on other sites More sharing options...
Suffragette1 Posted October 31, 2011 Share Posted October 31, 2011 Hello Nouveau pauvre. I include myself in that category. Supporting kids through universit (and possibly beyond)y, in-laws who have made zero provision for their retirement and who could easily live for another 20 years, pretty worthless pensions ourselves (at this rate) and a decreasing disposable income year on year. Bloody depressing . . . Link to comment Share on other sites More sharing options...
truman Posted October 31, 2011 Share Posted October 31, 2011 Can I just point out that Chemist is using a Daily Mail article...is that even allowed? Link to comment Share on other sites More sharing options...
Halibut Posted October 31, 2011 Share Posted October 31, 2011 Can I just point out that Chemist is using a Daily Mail article...is that even allowed? Desperate times, desperate measures... I believe we could even see the day when Conrod links to the Grauniad. Link to comment Share on other sites More sharing options...
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