I was listening to the All-In Podcast this morning and they threw out some statistics that sort of shocked me, but maybe not. However, it might put some of us here in perspective (knock us off our high horse a little).
They said that all of the money injection massively pushed up asset prices, with the vast majority of it going to the baby boomer generation.
They said that American boomers have a total of $71 Trillion of assets, mostly in home value and equities.
The average ($71T / number of boomers) asset value is $1.2 Million. Of course that is not the median and I am sure that there are a lot of broke boomers to balance out those of us with more than $1.2M
They said that American boomers are 1% of the world's population but control 1/7 of the worlds wealth.
They mentioned the lack of younger people willing to work and pointed out why work if your parents will bail you out while you are waiting for them to croak.
They also pointed out that with the predicted future drop in house values and equity values, these numbers will change. But they did say that this will be the largest generational wealth transfer ever.
They said that all of the money injection massively pushed up asset prices, with the vast majority of it going to the baby boomer generation.
They said that American boomers have a total of $71 Trillion of assets, mostly in home value and equities.
The average ($71T / number of boomers) asset value is $1.2 Million. Of course that is not the median and I am sure that there are a lot of broke boomers to balance out those of us with more than $1.2M
They said that American boomers are 1% of the world's population but control 1/7 of the worlds wealth.
They mentioned the lack of younger people willing to work and pointed out why work if your parents will bail you out while you are waiting for them to croak.
They also pointed out that with the predicted future drop in house values and equity values, these numbers will change. But they did say that this will be the largest generational wealth transfer ever.