Boomers are the richest generation!

According to the article Boomers make up about 20% of the population and own $85 Trillion in wealth. The total population of the US is about 340 million. 20% of that is 68 million. 85 Trillion divided by 68 million is 1.25 Million. That's per boomer. Which would be 2.5 million for a couple. I suspect that a handful of very rich Billionaires and mega millionaires are bringing that average way up.
 
Trade said:
According to the article Boomers make up about 20% of the population and own $85 Trillion in wealth. The total population of the US is about 340 million. 20% of that is 68 million. 85 Trillion divided by 68 million is 1.25 Million. That's per boomer. Which would be 2.5 million for a couple. I suspect that a handful of very rich Billionaires and mega millionaires are bringing that average way up.
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Thanks, I'm feeling richer already!
 
I am a little shy of the 1.25 Million, but i have about 40 silver dollars (1 once each). They are worth $60 a piece now! I wonder how much they will keep gaining? Whatever, I don't think I will have much of inheritance for my 2 children. I think they are doing fine with the livelihoods they have.

The baby boom boomers were born with Pluto in Leo. We felt entitled to everything. We are responsible for how the environment has become, and how we govern ourselves. It looks like we are headed into a world of wasted rock stars, except for those entitled people who keep to themselves. :)
 
I wish they wouldn't use emotionally laden terms like 'gobbled up'.

The older boomers have more of the wealth than the youngest boomers. The Great Recession had a bad impact on the youngest boomers (job loss during the peak earning years, depressed salaries for years more, then being 'too old' to compete in the job market).
 
Seems logical some credit should go to the parents of boomers.

True, the boomer generation accumulated more wealth than other generations, but a lot of them also generated wealth through innovation, inventiveness, and clever marketing in many fields. And millions of boomers were skilled laborers in construction and infrastructure that helped grow the general economy and improve people's lives, while they became members of a massive middle class.

Boomers were also involved in growing fields of research and discovery; technological, natural, medical, and scientific; and can be credited with innovations in space and oceanic exploration, innovations that saved lives and preserved wildlife, improved farming and food distribution, expanded cities and improved services...I could go on.

And all that's a measure of wealth, imo. But it isn't really appreciated is it. Young people go on and on about the mess we left for them or the mess the world is in, because Boomers. I really don't get it.
 
Nathan said:
Yea, but is large amounts of money really the true measure of "richness"?
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Yeah, to wax pedantic for a moment, "richness" can apply to color, taste, interests, and things not related to money. Wealth my have been a better word for this discussion, but even there there, other definitions of "wealth" may come into play too.

But I think the context here is enough to get the meaning across.
 
David777 said:
A flawed way to use statistics with non-linear data to push a social agenda narrative.
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That came to my mind right away too, but I don't know if a social agenda was intended, or if someone was just being careless in how the facts may be interpreted. Or if the story had been carefully constructed so the writer could fall back on the "Who me? No that was not my intention" defense.
 
This early B generation person has never been wealthy, as have never been money oriented. Oh, I had some good stock grants, but most went underwater in 2001. Some of the products I've had important work in have made companies hundreds of millions of $$$ in sales.

The part of my generation, I least liked, are those mostly wealthy latecomers from the East, involved in finances, especially the stock market, real estate, and banking corporations, that moved West, but had little to do with the creation of technology, but like leeches sucked away what others had created and built with those in real estate continuing to prey on the rest of us.
 
The narrative of "Boomer hard work" overlooks the structural advantages they inherited and subsequently dismantled.

1. Economic Inequality: Pulling Up the Ladder
The primary critique of the Boomer legacy is that they inherited a robust, affordable economy built by their parents (the Greatest Generation) and reshaped it to benefit themselves, often at the expense of those following them.
* Dismantling the Social Contract: In the late 70s and 80s, the political consensus shifted (often driven by Boomer voters) toward neoliberalism—prioritizing tax cuts for the wealthy and deregulation over public investment. This severed the link between productivity and wages; while worker productivity has continued to rise, wages have stagnated since the 1970s.
* Asset Inflation vs. Wage Growth: Boomers benefited from cheap housing and heavily subsidized education. Once they acquired these assets, they often supported policies (like restrictive zoning and lowered capital gains taxes) that inflated asset values. The result? They gained massive wealth through home equity, while simultaneously making housing unaffordable for their children.
* The Education Debt Trap: Boomers largely attended college when it was heavily state-subsidized (often costing the equivalent of a summer job's wages). During their peak earning years, state funding for education was slashed, shifting the cost to students. They essentially received a "free ride" and then handed the bill to the next generation in the form of crippling student loan debt.
2. Environmental Neglect: Profit Over Planet
The most existential criticism is the environmental legacy.
* Ignoring the Science: The Boomer generation was the first to be fully aware of the science of climate change. Major reports on global warming were available in the 70s and 80s (even internally at major oil companies). Despite this, the generation in power prioritized unchecked industrial growth and consumption.
* Consumerism as a Lifestyle: The post-war era ushered in the age of disposability. The "Boomer lifestyle" became synonymous with suburban sprawl, gas-guzzling vehicles, and single-use plastics. This culture of hyper-consumption accelerated carbon emissions to dangerous levels.
* Blocking Reform: Even as the climate crisis worsened, political resistance (often led by older voting blocs) stalled renewable energy transition and environmental regulations, kicking the can down the road to preserve stock portfolios and economic convenience.
3. Societal Dysfunction: "The Me Generation"
Author Tom Wolfe famously dubbed the Boomers "The Me Generation" in the 1970s, noting a shift away from community-centric values toward individualism and self-actualization.
* Erosion of Institutions: Many argue that the Boomer era presided over the degradation of trust in institutions. By prioritizing privatization, vital public services (healthcare, infrastructure, utilities) were turned into profit centers. The US healthcare system, for example, became the most expensive in the world with unequal outcomes, protecting the profits of insurance and pharma industries over public health.
* Political Polarization: The current gridlock in governance is often attributed to the culture wars solidified during the Boomer tenure. The refusal to compromise on social safety nets while demanding protection for programs that benefit them (like Social Security and Medicare) creates a dysfunctional fiscal environment where the young pay for the old, with no guarantee the system will exist for them.
4. The Entitlement Paradox
The "entitlement" you mentioned is often framed as a lack of self-awareness.
* Confusion of Luck with Merit: As the post you shared demonstrates, there is a tendency to view wealth accumulation as solely the result of "innovation and hard work." This ignores the historical anomaly of the post-war economic boom. They entered the workforce during the most prosperous economic window in history, yet often lecture younger generations who face recessions and gig-economy instability about "work ethic."
* Refusal to Pass the Torch: In both corporate leadership and politics, Boomers have held onto power longer than previous generations, resulting in a gerontocracy. This stagnation prevents new ideas and policies that address modern problems (like AI, climate change, and housing) from taking root.
Summary
The counter-argument is not that Boomers didn't work hard, but that they borrowed from the future to finance their present. They extracted natural resources, spent down public infrastructure without replenishing it, and leveraged debt that their children must now service.
 
My response is this...

My father was a successful businessman and looked after every penny because he was a Depression-era baby. He left me his estate, but most was spent on caring for my mother, including assisted living, for 21 years. I made most of my money myself.

This Boomer mowed lawns and washed cars for spending money until I was old enough to get a real job. When I did, I was always willing to work nights and weekends in retail if it meant more sales. I worked my a** off in every job, and when I became successful I socked away everything I could into my 401K. I spent 20 years at my last company and received a nice severance package for doing so. I've invested for 40 years to make that money grow.

I'm not ashamed for being comfortable because I put my life into my career, at times sacrificing my personal interests. There were many times I gave up nights and weekends or was traveling while Hubs stayed at home. But now we can both stay at home and enjoy our time together.

The Millennials and Gen Zers I hired prior to retirement, for the most part, had no such work ethic. There was no loyalty to the company nor any interest in longevity as an employee. If they saw a job that paid more or required less effort, they moved on. If they were allowed to work at home, they virtually "disappeared", never responding to phone calls or emails. They were belligerent about taking every day of vacation. In short, they were not willing to sacrifice anything at all.

In my view, most of the younger generation have no interest in getting their hands dirty. This is one of the reasons trades like electricians, plumbers, etc. need people. Most want to be in the tech industry or want to be "influencers". They want to start at the top, not work their way up. So, if they resent what I've achieved as a Boomer so be it.
 
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