JTA wrote:I'll be pissed if it is phased our and i still have to pay taxes and be raped financially by the "got mine" generation.
Actually there's a bit of generational karma happening.
The baby boomers ran up the debt and passed it on to the next generation. Reaganomics was essentially long-term child molestation.
But since 2008 we've had near-zero interest rates to stimulate the economy. And that's robbed the baby boomers' savings. Inflation has devalued their savings far more than rock-bottom interest rates have increased it.
Granted, far more than previous generations, the baby boomers put their wealth into real estate rather than banking-based savings. Family-sized houses and McMansions. They're all hitting retirement age over the next few years, and without banking-based savings they'll need to downsize.
Good luck. Previous generations of downsizing retirees depended on a younger generation of university and college graduates - now starting families - to buy their family sized homes. But now that younger generation is graduating with debt for life, and their degrees don't lead to reliable decent-paying jobs. They can't get the mortgages to buy the seniors' family sized homes and McMansions; instead they're occupying the tiny houses and apartments that the seniors want to downsize into.
All that bad student debt is being packaged up into bond funds and sold to suckers just the way bad mortgages were, and it'll lead to a similar collapse.
But hey, at least give Trump a chance to make it all better.
