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by throw-234
50 days ago
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> Sounds dramatic, but what are we talking about here? How about this? https://thehill.com/opinion/finance/4633773-eat-the-boomers-... > In his book, “A Generation of Sociopaths: How the Baby Boomers Betrayed America,” Bruce Gibney argued that “generational plunder” was their economic legacy. Through tax cuts and deficit financing of several wars, the Boomers left America in shock. “Plunder” is a strong word. In the corporate legal world, it is enough to justify a clawback of the plunderers’ assets. IMHO if we don't use it to settle the debt, it won't be inherited by people anyway, it will simply be deleted during end-of-life care, where the oldest boomers pay the youngest boomers that are still in charge of whatever insane private-equity healthcare mess we land on, thus making the "greatest generational transfer of wealth" directly to the 1%. |
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But you seem to be talking about taking the retirement savings and homes of people who are using them to live.
You find different numbers in different places, but the median retirement savings for boomers is under $200,000. That's a lot of money, but it needs to last ~15 years or so, years where they're likely to have reduced or no capacity to work.
A lot of old people have paid-off houses, which is a major asset. You could take those (e.g., by taxing them out), but then where do the old people on a small, fixed income live?
The attitude seems to be, "to hell with them, who cares?"
But I think a lot of people care: the old people themselves, of course. The people who love them. And everyone self-aware enough to realize they too hope to become old.