More Broke Boomers: A Coda to Merina Smith's Post
Below, member Merina Smith writes beautifully -- and with great insight -- about the challenges posed (and faced) by the Boomer generation. In a nutshell: how can we possibly afford all of the programs and benefits that the Baby Boomer generation has mostly voted for themselves, especially if they're being paid for by their children and grandchildren?
What's worse, Baby Boomers are about to get a lot poorer. Their divorce rates are skyrocketing. (And divorce is a key driver of poverty and lower income.) From McClatchy:
The generation that once embraced the smiley face and peace symbol as cultural logos is now divorcing in historic fashion.
Divorce rates are higher for baby boomers than for any previous generation, while rates are declining, slightly, for society as a whole.
New research and census data reveal an unprecedented trend of Americans splitting apart as they turn grayer: In 2009, people ages 50 and older were twice as likely to divorce as their counterparts in 1990.
Just what we need: more broke old people.
But calling it quits — especially in such a punishing economy — doesn’t necessarily lead to happy endings, say demographers and sociologists.
Single Americans in their senior years tend to face more economic hardship than married couples. Unmarried elders are more likely to live in subsidized housing, and “this generation has fewer kids than the earlier generations had to help them along,” if needed, said William H. Frey, a Brookings Institution demographer.
“Baby boomers in general are not likely to have that sure retirement their parents had — a real pension, their savings,” steady Social Security and medical coverage or other “reliable security blankets,” he said.
This is pretty much the worst news you could hear, if you're a young person -- or even not so young: if you're 45, you're technically in Generation X. You already know you're going to have to carry a lot of the burden for lopsided benefits for the large generation ahead of yours. But now you're going to have to pay for their divorces, too.
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Jun '10
Re: More Broke Boomers: A Coda to Merina Smith's Post
This might very well be a blessing in disguise. All those thirty somethings living in their parent's basement might be forced someday to return the favor. Would the reconstitution of the family because of economic necessity be such a bad thing? At least grandma will be around to provide daycare for the next generation. Instead of, say, taking the elderbus out to the casino two or three times a week.
May '10
Re: More Broke Boomers: A Coda to Merina Smith's Post
I really have a hard time feeling much sympathy. The Boomers skated along and have never had to pay the piper. Now the bill is coming due. Don't come crying to me.
Dec '11
Re: More Broke Boomers: A Coda to Merina Smith's Post
In a nutshell: how can we possible afford all of the programs and benefits that the Baby Boomer generation has mostly voted for themselves...
As a Boomer, allow me to place the blame where it is due- upon the 'Greatest Generation.' My generation didn't elect FDR, but we were forced to pay for the social programs he implemented; now we are rightfully hostile as we come to the realization that we aren't going to get our money back.
Sep '12
Re: More Broke Boomers: A Coda to Merina Smith's Post
Matthew Gilley, your attitude is patently unfair. Who do you think has been paying for the World War II Generation's (the parents of the Baby Boom Generation) Social Security and Medicare and Medicaid entitlements out of their payroll deductions these past forty years? The Baby Boomers, that's who. We haven't been on the dole all those years. We were working and contributing mightily to the good years in the 70's, 80's and 90's of the previous century, and, for the beginning years of this century.
May '10
Re: More Broke Boomers: A Coda to Merina Smith's Post
The tab for divorcing Boomers is going to slop over on those of us Boomers who stayed married too. I'm as unenthusiastic about helping to pay for it as any X'er or Millenial.
Jul '10
Re: More Broke Boomers: A Coda to Merina Smith's Post
I've talked with my wife about what society might look like for us in say 30 years or so. (We're in our early 20's now) And we've both pondered the idea of looking for elsewhere to live should things really go over the edge after we're out of the military. Israel, Canada, Singapore, Australia, or Hong Kong are the kinds of sane, [classically] liberal countries I would not mind becoming a dual citizen of one day.
Edited on October 13, 2012 at 3:42amSep '10
Re: More Broke Boomers: A Coda to Merina Smith's Post
My boomer folks recently celebrated 30 years. Raised four boys into tax paying, conservative voting young men.
Jun '10
Re: More Broke Boomers: A Coda to Merina Smith's Post
Please don't generalize. AUDad and I did without for a long time to make sure we didn't overspend. We both worked hard for our living and raising our children. So did our friends.
We just found out that we will have to work longer than we planned before retiring (67 for us) because our retirement expenses were changed for us with notification afterward. Thank you, GE, the 31 years AUDad slaved forgoing family trips, outings, and trips to relatives to take care of the current crisis makes it all worthwhile.
Edited on October 13, 2012 at 4:20amApr '11
Re: More Broke Boomers: A Coda to Merina Smith's Post
Bla bla bla
Jan '11
Re: More Broke Boomers: A Coda to Merina Smith's Post
I've got to remember that for the next Syria conversation.
Jul '11
Re: More Broke Boomers: A Coda to Merina Smith's Post
All of this begs the question: Why, if all of what's come to pass with the raiding of Social Security for decades, and other entitlements, did we continue to re-elect the clowns doing it to us at such a high rate?
The simple (and I hope mostly accurate) answer is that the gov't has become far too big for the average American to wrap his or her head around - what's a good policy, what's bad, who's running for office, what have they promised to do or not do, and what's the likelihood of them keeping a promise once they're in. There's far too much money to be spent by politicians that help keep them in office, and so they spend it - which essentially means, they're mostly spending it for their own benefit, not ours.
Which puts us where we are today. Biden/Ryan was a perfect dichotomy of thought, in terms of what needs to change - Biden thinks everything he's done is just peachy, and Ryan sees the cliff we're driving off.
It's that simple.
Jul '12
Re: More Broke Boomers: A Coda to Merina Smith's Post
Things fail apart and the center cannot hold.
I'm not a typical social conservative, but I agree with them in one sense.
Without virtue we can't handle economic liberty and we can't handle freedom. I believe before we can restore economic liberty and greater freedom we have to have the virtue necessary to handle all that freedom without tearing each other apart.
In that sense I think the typical economic issues can't meaningfully be addressed politically until we address (not necessarily with government) the oft ignored issues of widespread vice.
Jul '11
Re: More Broke Boomers: A Coda to Merina Smith's Post
Have faith, we lived without this stuff before we can live without it again. Maybe we will rediscover ourselves in the process.
Aug '10
Re: More Broke Boomers: A Coda to Merina Smith's Post
The 60s chickens....are coming home...to ROOST!
Nov '11
Re: More Broke Boomers: A Coda to Merina Smith's Post
Rocket City Dave: Things fail apart and the center cannot hold.
I'm not a typical social conservative, but I agree with them in one sense.
Without virtue we can't handle economic liberty and we can't handle freedom. I believe before we can restore economic liberty and greater freedom we have to have the virtue necessary to handle all that freedom without tearing each other apart.
In that sense I think the typical economic issues can't meaningfully be addressed politically until we address (not necessarily with government) the oft ignored issues of widespread vice. · 1 hour ago
I take a single minor exception to your excellent comment: "Not necessarily with government".
I submit that government has no role here, at all. This is one of the main mistakes liberals make when conflating the welfare state with compassion. Forced virtue is not real virtue.
Edited on October 13, 2012 at 7:04amSep '12
Re: More Broke Boomers: A Coda to Merina Smith's Post
It never ceases to amaze and appall me how the actions of a desperate depression generation, listening to FDR's siren song of government paternalism and freedom from want impoverished the following generations as far into the future as one can see. The "Greatest Generation" and their parents went out and saved the world from the Axis, and in a very literal sense came home to enslave their children and five or six more generations not just to the debts they've incurred, but also to the lie that any any degree of comfort, security, and satisfaction could be had in one's senior years in any other way than through reliance on family, funded as much as possible by the earnings of a lifetime of work, well invested and saved.
It would be very interesting to see a solid economic analysis of just how much the very existence of Social Security, which resulted in so many trillions of dollars going through government hands instead of being invested in a truly productive manner over the last 80 years has reduced the economic growth and wealth that would have been otherwise created, and thus impoverished the richest nation in history.
Jun '12
Re: More Broke Boomers: A Coda to Merina Smith's Post
Have you all seen the film "Generation Zero"? No surprise here.
May '10
Re: More Broke Boomers: A Coda to Merina Smith's Post
MsApprehension and AUMom, I hear you. But why should I not generalize? The costs of the Boomers' wreckage will fall generally to my children and me, and your generational cohort seems bent on electing more folks who will pass an ever more crushing burden on to me and my boys to shore up Depression era and Great Society entitlements (after all, much of this arose during the sixties and under Johnson). I completely understand your frustration at having to retire later than expected; please understand, though, that my generation wonders whether retirement will ever be an option.
Jun '10
Re: More Broke Boomers: A Coda to Merina Smith's Post
Matthew, we also wonder if we will be able to retire. Plus we have topped out many times on Social Security payments over the years. We know we will never, ever see that. Have you paid? Yes. Have you paid the maximum for too many years too count? I have no idea. I know we have.
We worked hard at our job. We worked even harder some years keeping our marriage together. That part paid off. The money part never will.
Apr '12
Re: More Broke Boomers: A Coda to Merina Smith's Post
AUMom:
We worked hard at our job. We worked even harder some years keeping our marriage together. That part paid off. The money part never will.
But your generation did get something out of it-- your parents were taken care of; without social security, that would have been the kids' job.
Then there was the reduced-spending of not having enough kids. And all the spending for this or that pet cause, various wasteful charities, etc. Go ahead and blame it on generic forces, doesn't change that your generation didn't pay.
And now those too-few kids, and their kids, are going to pay for your retirement.
Sure, it's not all Boomers. My parents have been fighting dumb stuff out of Washington their whole lives, since "helping" rural workers to death is apparently a hobby.
Can't say that about my DINK aunts and uncles, though, or the ones that had two and are still horrified we want more than two children when we can't pay for four years of college for the two we have. (yes, seriously)