Tory boomer explains how his generation pinched your future Watch

Joinedup
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Lord Willetts - former universities minister spells it out.

https://youtu.be/ZuXzvjBYW8A

TLDR; you're going to have restricted opportunities, work longer for less money, live in a smaller house/flat, get less back from the NHS and pay more tax.

So what do you think about that then?
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Deggs_14
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Alarmist ignoramus that can shut up. He’ll be dead by the time our generation runs the country.
Last edited by Deggs_14; 3 weeks ago
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fallen_acorns
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The generational relationship is dead in british culture unfortuantly.

Living abroad its easy to see the comparison. The Chinese families I'm around all start transfering wealth/possition downwards once they reach a certain age.. the old downsize to make way for the young, and the old transfer their wealth through gifts, payment of education, houses/cars etc, so that the young can have good lives. In return the young take on the responsiblity of leading the family, and looking after the elderly through their retirement.

In the west.. after WW2 the old don't want to honor this arrangment. They keep their wealth horded up in pensions, savings, shares and property.. they don't want to give up their possitions of authority or let the younger generation lead, and won't do unless forced to.. they also don't want to pass down wealth, because they don't want the bennifit of doing so.. they want to be indipendant and their dream is to live as good or better a life when retired then when they are young, all on their own back, without relying on their children. They justify this by saying 'I don't want to be a burden', 'my kids don't want the hassle of looking after me' without realsing that the cost of looking after themselves is costing their kids far more overal. And in the end, instead of relying on their children, they rely on the state and the private sector, and blow their wealth away.

There is a reason why 80% of young people here (under 35) own homes, and the vast majority of those are mortgage and debt free... whereas in the Uk its a fraction of that, and of those that do manage to own a home, the vast majoriy do so by taking out a life-time of debt.

---

Honestly its one of the worst cultural developments of our modern times, and yet one of the least looked at.. mainly because young people are so focused on themselves, they don't see whats happening to them. As long as they have their 'experiances', holidays, uni times, technology and their ever more progressive and 'good' outlooks.. they think their lives are getting better and better than those before them. But they miss that in the fundimentals. Home, Family, Heatlh, employment, they are doing worse and worse than their parents and grandparents.
Last edited by fallen_acorns; 3 weeks ago
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SaucissonSecCy
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(Original post by fallen_acorns)
The generational relationship is dead in british culture unfortuantly.

Living abroad its easy to see the comparison. The Chinese families I'm around all start transfering wealth/possition downwards once they reach a certain age.. the old downsize to make way for the young, and the old transfer their wealth through gifts, payment of education, houses/cars etc, so that the young can have good lives. In return the young take on the responsiblity of leading the family, and looking after the elderly through their retirement.

In the west.. after WW2 the old don't want to honor this arrangment. They keep their wealth horded up in pensions, savings, shares and property.. they don't want to give up their possitions of authority or let the younger generation lead, and won't do unless forced to.. they also don't want to pass down wealth, because they don't want the bennifit of doing so.. they want to be indipendant and their dream is to live as good or better a life when retired then when they are young, all on their own back, without relying on their children. They justify this by saying 'I don't want to be a burden', 'my kids don't want the hassle of looking after me' without realsing that the cost of looking after themselves is costing their kids far more overal. And in the end, instead of relying on their children, they rely on the state and the private sector, and blow their wealth away.

There is a reason why 80% of young people here (under 35) own homes, and the vast majority of those are mortgage and debt free... whereas in the Uk its a fraction of that, and of those that do manage to own a home, the vast majoriy do so by taking out a life-time of debt.

---

Honestly its one of the worst cultural developments of our modern times, and yet one of the least looked at.. mainly because young people are so focused on themselves, they don't see whats happening to them. As long as they have their 'experiances', holidays, uni times, technology and their ever more progressive and 'good' outlooks.. they think their lives are getting better and better than those before them. But they miss that in the fundimentals. Home, Family, Heatlh, employment, they are doing worse and worse than their parents and grandparents.
Huge huge generational power imbalance imo. I'm the oldest end of the millennials and gen X and boomers have just had too much power for too long. People are getting screwed.
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Miss Maddie
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Not far off and it's not the boomers' fault. People are living longer and there is a pension bomb slowly detonating
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ByEeek
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(Original post by Deggs_14)
Alarmist ignoramus that can shut up. He’ll be dead by the time our generation runs the country.
By the time your generation is running the country, much more of your taxes will be being used to pay off the debts incurred by his generation. He has mortaged your future. And most young folks are ambivalent. It is depressingly sad.
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Quady
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(Original post by ByEeek)
By the time your generation is running the country, much more of your taxes will be being used to pay off the debts incurred by his generation. He has mortaged your future. And most young folks are ambivalent. It is depressingly sad.
Not necessarily.
The debt held by the BoE could just be wiped without consequence which would sort a lot of it. Not like debt repayments are that burdensome these days, perhaps after Bojo....

More like be paying state pensions.
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DiddyDec
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(Original post by fallen_acorns)
Honestly its one of the worst cultural developments of our modern times, and yet one of the least looked at.. mainly because young people are so focused on themselves, they don't see whats happening to them. As long as they have their 'experiances', holidays, uni times, technology and their ever more progressive and 'good' outlooks.. they think their lives are getting better and better than those before them. But they miss that in the fundimentals. Home, Family, Heatlh, employment, they are doing worse and worse than their parents and grandparents.
It is looked at but there is **** all we can do about the selfishness of the older generations. We are well aware that our lives are not as easy in certain regards as our parents or the post war generation, but again this is mostly out of our control.
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princetonalec
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Generational divide is really the wrong way of looking at our current issues.
Are boomers currently soing reasonably well with money and property? Well, it all depends on the class of those boomers.
Because all the poor boomers are either struggling, scraping by, or dead.
Generational divides are easy, but the 60 year old man in poverty is a closer ally to me than the 27 year old born into wealth. Because I know all it would take for me to be destitute would be two bad weeks, i'm far more likely to become homeless than a millionaire, and so are many boomers. The question isn't age, its class.
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Johnny Tightlips
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(Original post by princetonalec)
Generational divide is really the wrong way of looking at our current issues.
Are boomers currently soing reasonably well with money and property? Well, it all depends on the class of those boomers.
Because all the poor boomers are either struggling, scraping by, or dead.
Generational divides are easy, but the 60 year old man in poverty is a closer ally to me than the 27 year old born into wealth. Because I know all it would take for me to be destitute would be two bad weeks, i'm far more likely to become homeless than a millionaire, and so are many boomers. The question isn't age, its class.
But as the graph at 28:30 shows far more boomers are doing well then any other generation.
It's because they hog a lot of the wealth that is zero-sum like housing and pensions.
Even if you were a working class boomer you were (for example) still able to buy a house back in the day; that isn't possible for working class (and even middle class) people now. So the wealth isn't distributed. Until the boomers die :fuhrer:
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princetonalec
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(Original post by Johnny Tightlips)
But as the graph at 28:30 shows far more boomers are doing well then any other generation.
It's because they hog a lot of the wealth that is zero-sum like housing and pensions.
Even if you were a working class boomer you were (for example) still able to buy a house back in the day; that isn't possible for working class (and even middle class) people now. So the wealth isn't distributed. Until the boomers die :fuhrer:
Unfortunately a lot of the boomers who aren't doing well already died.
Ignoring the AIDs crisis which really did a nasty dent into the groups within the boomers who societally and socially weren't doing the best on average, there's also just the fact that people who are working class and who are struggling to get by don't typically live longer.
To put it very simply: the 21 year old who comes from a rich family has very different political opinions on average to me, a 21 year old from a working military family. Even upper-middle class Communists are different, just look at how they all reacted when Corbyn suggested shutting down private for-profit schools - all because a lot of them believed in a weird eugenics concept of rich people being inherently smarter than poor people.
My interests and safety lays more with the poor boomer than the rich zoomer. Thats just fact.
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awkwardshortguy
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I'm quite proud of myself for just watching that whole video, not to mention actually managing to grasp most of it. Saying that, it is my experience that lectures that aren't part of a university course tend to be distinctly more tolerable than one's that are, no matter what the lecture is about.
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harrysbar
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(Original post by Joinedup)
TLDR; you're going to have restricted opportunities, work longer for less money, live in a smaller house/flat, get less back from the NHS and pay more tax.

So what do you think about that then?
Don't hate the players hate the game?

I'm a GenX - practically a boomer and it's not exactly our fault things turned out the way they did - blame governments not individual people who didn't make the policies that mean the younger generation is worse off today. I have genuine sympathy for the situation of young people today with regard to buying a property, retiring later etc but I don't feel personally responsible or that I was "selfish" for anything. For example, I didn't vote for Maggie Thatcher who enabled working class people to buy their own council houses (and so lose that stock of council homes forever). It was conservative policies that caused that societal problem - you can't just blame it on all boomers.

All I can do as an individual is to help my kids get on the property ladder (and pass on the wealth accrued in my own property when I die). Some of you just sound bitter yet you would do the same thing as most boomers if you had the chance (buy a property, join a company pension scheme, retire at 65 etc)
Last edited by harrysbar; 3 weeks ago
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