“I have a young family and I seriously doubt there will be anything left for them. Boomers will drain the system. Homeowners will be trapped. I’ll keep my liquidity and mobility and get the hell out of here at the first whiff of serious trouble.”

Unfortunately, we share some of this poster’s concerns. -vreaa

rp at vancouvercondo.info 23 mar 2010 6:33 pm

“The road to boomer wealth absolutely has been based on other peoples’ debt. They are in their years of maximum income and wealth, and they’re collectively putting the squeeze on younger generations. They’ll do it again as they retire and completely drain the system. I have a young family and I seriously doubt there will be anything for them. We are getting a nice preview from the US of what happens when governments have absolutely no money. They simply close schools, disband the police, etc. Meanwhile there are tons of administrators and what not who will or do make far more from their pensions than I can from working. I expect all resources to be devoted to the baby boomer generation and the median tax rate to approach 75% before it all simply collapses. The poor bastards who bought a house will be trapped. I’ll keep my liquidity and mobility and get the hell out of here at the first whiff of serious trouble.”

5 responses to ““I have a young family and I seriously doubt there will be anything left for them. Boomers will drain the system. Homeowners will be trapped. I’ll keep my liquidity and mobility and get the hell out of here at the first whiff of serious trouble.”

  1. Also, please note I’m not blaming the baby boomers in particular. As a society, we are just not doing anything smart about these problems. We have our heads in the sand.

  2. It’s so easy to cause damage in our world… You’re just making decisions which are economically rational, locally optimal, and you don’t realise the damage you’re causing.
    I suspect that most of the money in Vancouver Real Estate isn’t wealthy Asian investors, it’s local boomers who have a lot of cash just ’cause they’re near retirement, have saved a lot of money, see real estate as a safe place to put their money. They wish nothing but well for us young professionals, even as their collective decisions screw us over. Unfortunately for them, I suspect a lot won’t be able to liquidate their real estate for anything like reasonable rates. I’m not happy for their loss.
    We don’t really see the effects of our economic decisions, on the world and on our future selves. There needs to be better ways to analyse this, there needs to be better ways to get this in front of people in a strong enough way to drown out “Buy now! Buy now!”

  3. Boomers aren’t home free. Costs will go up and they’ll have to sell in order to have money to survive. You see, 90% of the boomers I know have a house (not paid off) but nothing else. If some boomer wants to charge me a ransom for a house I’m going to get them right back when they come to get their Lipitor script filled from me EVERY MONTH. That’s the way it works. Sorry boomers!!!

  4. There is no question they have been the most selfish generation of all time and that will continue until they die. What really upsets me is also how destructive they have been. I am not just thinking about the wars and the environment. I am thinking about how they have taken innovation and productivity out of our economy in exchange for paper wealth.

  5. I don’t think the boomers have been the most destructive generation by a long shot. They’ve done relatively well in many areas, and the world has made a lot of progress. Unfortunately, they also have a tendency to let a lot of things slide. I just hope that we can stop deluding ourselves. This fake reality where we ignore obvious problems until they blow up in your face is getting very tiresome.

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