Baby Boomers Going Bankrupt at Record Levels

So I found this pretty funny article in the news recently and on one of my favorite Youtube channels. I tried not to laugh and feel bad but I couldn't help myself.



So the tough and economically super genius old folk in this country are essentially being priced out of the market by higher taxes and inflation. I find it funny because my age group (the really lazy loser socialist generation, the Millennial's) have been trying to point out how broken the market place is with inflation and stagnant wages only to be met with vitriol and condescension. So anyway... let's look at another source as well.

CBS News

The "golden years" of retirement are significantly tarnished for some older Americans, whose ranks among the bankrupt have surged fivefold since 1991.

Even though the U.S. population is aging, the spike in older Americans entering bankruptcy far exceeds the demographic shift, according to new research from the Consumer Bankruptcy Project, which analyzed data from bankruptcy court records and written questionnaires. About 100,000 of the 800,000 annual bankruptcy filings are from households headed by seniors, or about 12.2 percent of all filings.

So a 5x increase in bankruptcies from the older generations. Not surprised really a large swath of Americans (nearly 50% of the working population) can barely put food on the table and keep a roof over their head and nobody listens to them when they say something isn't working right. That and the incredible amounts of inflation we are experiencing from the Fed printing money and taxes continually being raised to cover cost like the incoming pension tsunami that will bankrupt our entire nation (and already is).

The culprit appears to be cutbacks in the social safety net -- such as raising the retirement age and requiring seniors to pay more out-of-pocket health care costs -- as well as a shift in risk from government and corporations onto individuals. Americans are less likely today to retire with a private pension, given the growing popularity of 401(k)s, where workers are responsible for making their own investment and savings decisions, and more likely to be carrying mortgage and credit card debt into their 60s and 70s.

This may be part of the problem but the real problem is increased property taxes and inflation pricing people out of the market. We all know the gubberment CPI is essentially complete bull****.

Let's just take the cost of a coke for example... Coke cost .05c in the 1950's and is now $1.40 from Wal-Mart. That's an increase in cost by 28 times by my failed algebra.

According to BLS CPI calculator that Coke should only cost .47c if it kept up with the rate of inflation. However that's just 1 out of dozens of anecdotal examples of out of control inflation.

Anyway...

Older Americans who file for bankruptcy told the researchers in survey responses that they were often hit by a double-whammy: inadequate retirement income and rising costs -- especially health care costs.

Aside from verifiable economic data that indicates several potential factor's making life harder on everyone except the people benefitting from this insane broken and rigged system here are a few reason why I think the Boomers have mismanaged their finances;

1. Cell phones. They have expensive cell phones that cost them to much money. Lose the cellphones guys, go back to landlines.

2. Useless college degrees or no degree. Most Boomer didn't have to go to college for higher paying jobs so they obviously don't want to work.

3. No longer physically capable of working a real hard trade job for good pay. That's right, you're lazy. Get off your rocking chair and throw that damn back brace on and get out in the trenches and work.

4. Incapable of managing their finances. They obviously spend more than they make because they go to movies and drink to much on the weekends. Wine and cigars are expensive people.

5. Living outside of their means. Yup. Get a tiny home and sell your home. Get rid of your internet and cable and start using your library card to read books and you will have better finances.

Enjoy a taste of your own medicine for once.

a reply to: toysforadults


Maybe all of us old people should just marched into an oven and your brilliant idea of a Utopian world would be fulfilled?

Ya'll whiney youngsters will still have the same corrupt 2 party system many of us old miserable worthless human beings have been trying to tell you about!

a reply to: seeker1963

oh let me guess, I'm obviously pro socialism right?

yeah anyway good try

originally posted by: toysforadults
a reply to: seeker1963

oh let me guess, I'm obviously pro socialism right?

yeah anyway good try

Where did I mention socialism?? Why are you going to college? Seems you have a failed future being a mind reader!

a reply to: seeker1963

you didn't really offer much in your post in the way of context or meaning so I had to assume. If this entire thread were a valuation of ability in relation to job or technical skill you would be working for me and I would fire you.

So Baby Boomers did not always make smart choices. Neither have their children. Intelligence is inherited. I see no evidence that Millennials are doing any better. And it's not for lack of choices. They are just as stupid as their parents. And the only thing that will see them through is their parent's money.

a reply to: schuyler

yeah let's just ignore all the economic data for rhetoric and sticking to a narrative

a reply to: seeker1963

Eat the old! Solve world hunger and overpopulation all at once. Everything tastes like chicken in the matrix anyways.

Seriously though, the system has been "crashing" for a while. Everyone not in the path of its collapse was content to shimmy to the side and keep on keeping.

Problem is, if the young are sounding the alarm about not being able to work or earn enough, and no one listens and nothing is done...then no one will be financing the retirement of the generation before them. So everyone fails together.

a reply to: toysforadults

So the tough and economically super genius old folk in this country are essentially being priced out of the market by higher taxes and inflation. I find it funny because my age group (the really lazy loser socialist generation, the Millennial's) have been trying to point out how broken the market place is with inflation and stagnant wages only to be met with vitriol and condescension.

I don't understand why anyone would be giving you "vitriol and condescension" for pointing out the problems with inflation and stagnant wages. These have been long ongoing issues and even the baby boomers I know have always recognized it, so I don't know why you think your age group is the only one pointing it out.

originally posted by: tadaman
a reply to: seeker1963

Eat the old! Solve world hunger and overpopulation all at once. Everything tastes like chicken in the matrix anyways.

Seriously though, the system has been "crashing" for a while. Everyone not in the path of its collapse was content to shimmy to the side and keep on keeping.

Problem is, if the young are sounding the alarm about not being able to work or earn enough, and no one listens and nothing is done...then no one will be financing the retirement of the generation before them. So everyone fails together.

EXACTLY!!!

Housing inventory is still much higher than it was before the 08 crisis. The housing data actually is not very good and as someone who works in the trades I can tell you that the residential construction market is nowhere near as good as it was and IMO will never be unless we fundamentally challenge the way the economy is currently functioning.

I was going to make a thread on the housing market because I know some pretty intelligent members who actually work in mortgage industry could offer some great insight but I've been insanely busy.

originally posted by: toysforadults
a reply to: seeker1963

you didn't really offer much in your post in the way of context or meaning so I had to assume. If this entire thread were a valuation of ability in relation to job or technical skill you would be working for me and I would fire you.

Obviously you are not even capable of creating your own business. So there fore you could never hire nor fire me! I have made close to 6 figures in my lifetime, and now live quite comfortably on less than those like yourself who do nothing more than bitch an moan about how bad off you are than everyone else.

Being happy isn't about how much money you have or how many things you own, but a state of mind. Don't worry, the older you get, hopefully a day will come when your ole brain kicks in and realizes how those in charge manipulated you to be debt a slave?

a reply to: DBCowboy

Actually if you read my thread you would see I was validating and sharing the real reasons why they are having problems while simultaneously dishing out a dose of perspective.

But that's ok. I know there will be a much of mindless drama and useless/ senseless posting I'm used to it by now. Carry on.

a reply to: toysforadults


Lighten up, youngster.

Lighten up.

The downturn has been coming for decades but people have been in denial. A few more decades and we'll see who won by getting all the wealth.

a reply to: seeker1963

I didn't bitch and or moan about my current circumstances at all I made a post about the economy because I follow markets. However you have an incredibly simple mind incapable of not personalizing and experience and probably incapable of seeing things from a bigger perspective outside of yourself in an objective and analytical way.

I follow and watch markets so I can make better investments in the future. I also help my father and uncle run a business, we do good. I worked 60+ hours this week on a huge project while getting a technical degree at night.

But go on... tell me more about my life and your inability to use data and evidence to analyze markets.

originally posted by: DBCowboy
a reply to: toysforadults


Lighten up, youngster.

Lighten up.

lol..

originally posted by: tadaman
a reply to: seeker1963

Eat the old! Solve world hunger and overpopulation all at once. Everything tastes like chicken in the matrix anyways.

Seriously though, the system has been "crashing" for a while. Everyone not in the path of its collapse was content to shimmy to the side and keep on keeping.

Problem is, if the young are sounding the alarm about not being able to work or earn enough, and no one listens and nothing is done...then no one will be financing the retirement of the generation before them. So everyone fails together.

If they were doing it the right way, I would back em up. Problem is they want to burn the whole damn thing to the ground and start from scratch without any idea as to what they even want and how to accomplish it.

Instead of attacking our corrupt government that is run by global Corporations, these young uns are buying into every notion and idea these Corporations are pushing?

Capitalism isn't the problem, it is a corrupt government that adheres to and is bought and paid for by the Corporations, ie Crony Capitalism.

Why am I the enemy for speaking out against those wanting to destroy our Constitution in the name of a Corporitocrisy/Globalist form of government?

originally posted by: roadgravel
The downturn has been coming for decades but people have been in denial. A few more decades and we'll see who won by getting all the wealth.

yes, what we currently have is not a total downturn however it depends on where your at on the spectrum

if you one on one side of the spectrum everything is fantastic and if you are on the other things get harder every week

somehow we have to find a balance between the 2 or we risk losing stability

a reply to: tadaman

Problem is, if the young are sounding the alarm about not being able to work or earn enough, and no one listens and nothing is done...then no one will be financing the retirement of the generation before them. So everyone fails together.

That's the direction we're headed, and in my opinion, nothings been the same since 9/11/2001 happened.