The Gen X generation that is between the Baby Boomer & Millennium generations has smaller numbers and thus there are not enough of them to fill the exiting Boomer jobs nor generate enough capital that can be taxed to support the demands the Boomers will place upon government entitlements. Thus entrenched inflation until the Millennials age into better high paid jobs that will generation sufficient capital. This will take 10 or 15 years. A temporary economic blip. You will not see this in very many other countries because they don’t have vast numbers of millennials like the US. Thus a slow economic geopolitical decline of those nations.
The Millennials are coming in around 45 y/o. They are taking better jobs, higher pay, promotions. The inflation is global. The solution is the Millennials because about 60% of them support a very fast growing GDP in the US with a burgeoning middle class wealth. 2024 is going to be an interesting year. The economy and market will possibly take off.
It’s not so much moving into high-paying jobs as it is paying off children’s college costs and mortgages. The Millennials won’t be such a huge source of investment dollars until those two things are done, which will take about another ten years. Well, you guys have mostly been there, you know how it is.
The Millennials are facing what the Boomer’s parents faced when having us. The Millennials are taking pay raises, promotions and new jobs for more money. If you look back at the arch of the Boomers you see the 1970s as coming of age and entering the workforce. Sad truth for the Boomers we got supply side economics.
The Millennials are becoming far more upwardly mobile. We were scrambling not to get laid off.
As the Millennials become more wealthy and take more control I can see them making state schools close to tuition free. Or very low tuition like the Boomers had but not the Boomer’s kids. The Boomers paid for their kids. The Millennials will defray the costs for their kids to the general public in all likelihood.
Retirement and healthcare going forward for the Millennials will be defrayed by the public purse as well in all likelihood. In relative terms in a better faster growing economy the costs go down either way.
It really goes to an attitude of having a good life or being owned by the company store. When the Boomers were owned it was just about buying into a lot of lies.
This is called “being Europe” for the most part. And that comes with a 20% VAT and assorted other large taxes on nearly everything purchased. For example, car purchase taxes in some places can be 80+%, so people drive smaller/cheaper cars than theyy would otherwise. Also, apartment living is much more common than “house in the suburbs” living. I doubt most millennials want that.
Those are purely Baby Boomer myths. The US has more input wealth than the Europeans. The US has more tech wealth. The US has more financial wealth.
The Europeans did with far less than us far more all during our supply side cave in.
We have as of 2019 some 90% of white males over age 50 unable to afford a retirement. With 50% having no savings and 40% not enough in savings. That is the higher of the benchmarks than women or minorities have.
Meaning Millennials see just how screwy your plan for lower taxes is. Even in a situation where taxes are less on the middle class than what you are ascribing for the next thirty years.
Your way for the vast majority of Americans has been a betrayal. No one is fooled by that betrayal any longer.
You say you saved on taxes? The country is $31 trillion in debt. It is a lie. And do not blame welfare because of the 6.5% of the federal state and local budgets that make up welfare some 85% of that is going to the seniors us boomers. Let’s stop trying and failing to just take from this world.