Well, it looks like it’s not just fringe Gen-X bloggers who have noticed that the Boomers have not only collectively screwed over the Milennials, but also themselves.
Last year, we said:
2. Housing costs are nuts. The Boomers bought into the notion that houses are investments, not costs. They want housing to get more expensive forever. Guess who that hits right in the nuts? Yup, the folks who want to buy a house.
Well, this week, those bright bulbs in media finally figured out what that means.
Hey, buddy — if he can’t afford to buy a house, then you won’t be able to sell yours.
HELL, NO, there isn’t any great demand for starter houses. There’s a desire for starter houses, but demand is defined by “ability to buy,” and guess what? The Boomers never saved, and so now they’re takingall the jobs.
Wait. What kind of bullshit Gen-X boomer-hate is this nonsense? The Boomers are retiring, man!
Err, no, they’re not. Having largely failed to save, they’re now taking the entry-level gigs that Milennials need in order to establish themselves and start families. And, to be fair, many of those few who have saved are being crushed beneath the heel of what the federal government is doing in order to justify not reforming entitlement spending, so none of the Boomers will have to tighten up and get serious until it’s, again, a Gen-X/Millenial issue. It’s a simple and largely-overlooked fact (unless, of course, you count the fringe blogosphere that actually pays attention to what’s going on): here’s the money-quote from Zero Hedge.
In other words, America’s edlerly are not only not in a rush to retire, they are reentering the workforce (thanks to the Chairman’s genocidal savings policy which has just rendered the value of all future deposits worthless thanks to ZIRP), and in doing so preventing younger workers, in their prime years, from generating incremental jobs.
Guess what? They’re not buying the houses that many Boomers decided to stake their entire retirements (and HELOCs) on while guessing they could save 10-15% of their incomes every year for 20 years, throw it into a 401k, and that would magically pay for …20 years of not working. Guess what? While the Fed is inventing something on the order of a hundred and eighteen million dollars a fucking hour to “pay” for all this spending, guess who can’t get a job, can’t buy a house, and aren’t having the children who’ll be needed to pay for it all?
Some of the Boomers did it right. Most didn’t, and not only won’t the Milennials foot the bill, they can’t (and GenX just isn’t big enough to do the job).
Oh, those poor ungrateful Milennials. If only they knew how awesome you all are, and had a few more dollars to throw y’all’s way.