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Do you feel like younger generations are constantly knocked down by Baby Boomers?
Though most older generations work to help the development of current society, there can be a negative impact that detracts from the youth’s experience.
From economic burdens to lack of representation, the consequences of boomer-oriented decisions have been far-reaching and disruptive for Generation Z and Millennial populations, ultimately preventing them from fully achieving their dreams.
Here are 14 disadvantages that sneakily impede on the livelihoods of these demographics, helping us to understand better why many believe Baby Boomers contribute negatively to our world today.
#1. Social Security Depletion
As the Baby Boomers move toward retirement, they take advantage of programs like Social Security, leaving lesser amounts for subsequent generations.
With over 31 million retired workers collecting benefits in 2017 alone, it’s easy to see how this could be problematic.
#2. Legacy Thinking
The way the world works today is largely based on the legacy thinking of Baby Boomers.
This means they have set up a system to benefit themselves and their generation first, rather than future generations.
This has led to outdated systems and practices in certain industries; making it difficult for young people to succeed in today’s economy.
#3. They Exploit Those in Need, Engaging in Systems That Are Inherently Problematic
What boomers have either created for themselves or inherited is often quite exploitative.
Take, for example, investing in housing.
The previous generation (alongside mega corporations) has created an entire generation of renters by buying out available housing, driving up prices, and keeping people trapped through high rental prices.
Another example is the new state of work, where low wages and things like lack of training and unrealistic hiring expectations exploit the younger workforce.
#4. They Voted for Reagan
Reagan is often cited as one of the worst presidents.
While a long list of things made him a terrible president, one particularly pertinent to this discussion is his trickle-down economics.
He gave ample breaks and benefits to corporations and the wealthy, believing they would create jobs and improve the overall state of society.
Unfortunately, the wealthy hoarded more wealth, and boomers will still defend him and his politics because they voted him in.
#5. They Continue to Vote or Act in Their Own Self-Interest
The boomers benefited greatly from all the hard work the silent generation had to tackle.
From major world wars to the Great Depression, the silent generation understood what it was like to struggle.
As a result, they wanted to make sure that their children didn’t have to struggle as much and that they were given everything they needed to thrive.
Boomers then received it all, and in one of the more prosperous periods in America’s history, no less.
Unfortunately, that didn’t instill their desire to pass it on.
Instead, many have remained entitled, voting for those who preserve their wealth and put their interests first at the cost of those younger than them.
#6. They Benefited From Things They Did Not Pass Down
Inexpensive college degrees, a minimum wage that could support a single individual, low-interest loans, and affordable mortgages.
These are just some of the things that boomers enjoyed during their time.
This is also a list of things that today’s youth can no longer enjoy.
Boomers benefited from a wide range of support in their time that they did not make sure to pass down to the next generations.
#7. They’ve Stripped Away Any Benefits That Could Support the Next Generation
Boomers don’t understand how good they had it when they were members of the workforce.
Retirement accounts, investments, stellar health insurance, and other benefits characterized their time working for employers.
While jobs do exist that offer all of these things, you’d be hard-pressed to find them.
Even worse, boomers that do operate companies that should offer benefits instead offer low wages and none of these benefits, keeping the youth from getting the advantages they had.
#8. They Aim to Dismantle Social Support, Believing It to Be Entitlement or Laziness
Boomers are a generation that has profited the most off of social support.
However, they’re also a large group that believes this type of support is laziness, giving handouts to those who are able-bodied and capable of earning a living.
Unfortunately, this has an impact on younger generations that are struggling.
Whether it’s food benefits or other forms of security, boomers tend to shame and seek to cut back on these benefits to justify their belief that hard work trumps all.
#9. They’re Uninformed About the State of the World
Many boomers believe that the world is the same as it was when they were growing up.
They think that hard work gives someone everything they need and that those who can’t succeed fail because they aren’t working hard enough or doing something wrong.
Because boomers have been out of the workforce, they haven’t seen the lack of opportunity, changes in pay, and other issues plaguing youth today.
They remain steadfast in their beliefs, and they may choose to cut off the youth in their family and refuse to help them advance solely because of these beliefs.
#10. They Continued to Generate Debt and Have Handed That to the Next Generation
Boomers grew up during a time of financial prosperity, and many didn’t have to work as hard for what they received.
Because of this, they spent and spent and spent, going into debt while putting us into a deficit and taking full advantage of Medicare and Social Security while judging others for using these social programs.
Some may even pass on debt to their children or rely on them to pay off things they’ve taken care of.
Unfortunately, this has left others in a precarious financial situation as the economy worsens and life remains far less affordable.
#11. They’ve Given Younger Generations Hope Without Realistic Expectations
If you’re on the younger side, you’ve heard the pitch.
Go to college, get a degree, get a job, get a house, start a family, and retire.
The problem?
None of this is very achievable in the modern world.
College degrees are expensive and less valuable than before, high-paying jobs are scarcer and much more challenging to get into, and the wealth you have to amass to live comfortably later on is immense.
Put simply, the boomers created unrealistic expectations for youth and then shamed them for their lack of success.
#12. They’ve Refused to Acknowledge That Climate Change Is Real
Climate change has continued to be a contention between boomers and younger generations.
Despite ample scientific evidence pointing to rising global temperatures and its disastrous environmental effects, boomers refuse to acknowledge it.
Even worse, they continue to vote for individuals who roll back protective measures designed to preserve the environment or even make laws that are actively hostile toward the environment.
They might even dump products that shouldn’t be dumped and engage in behaviors they know are bad but refuse to abandon.
#13. The Housing Market
Many Gen Z individuals feel that they are facing a tough housing market due to the actions of the Boomer generation.
They believe that Boomers fueled the housing market with their demand for larger, more expensive homes and that this caused prices to skyrocket.
Additionally, many Gen Zers feel that Boomers have made it difficult for them to enter the housing market by not downsizing their homes and freeing up inventory for younger generations.
#14. Minimum Wage
When it comes to the issue of the low minimum wage, many young people in this age group are quick to point the finger at Baby Boomers.
Some argue that the older generation had it much easier when it came to getting a job and climbing the corporate ladder, and that they simply don’t understand the struggles that today’s youth face.
Others say that Boomers are responsible for creating policies that favor big businesses over the working class, resulting in stagnant wages and financial insecurity for millions of Americans.
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I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
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