Boomers: how to keep their hands out of our pockets

[Tex Pro]

Yep, the boomers are dirtbags and they are going to be coming for your money. Social security and medicare were not designed for the very low labor force participation rates we have today. These programs basically become unsustainable if the labor force participation continues to drop. That is something the government is not telling the sheeple.

One thing the boomers are going to do for sure is demand more taxes, but that will only get them so far since there aren't enough people to tax. My guess is they will warm up to immigration (especially of young professionals from overseas) so that they have more people to tax.

 

[Remington]

I suggest a switch to Bitcoin. Not to try and conceal money, but to increase the ease and demand for its use.

The US debts owed are owed in US dollars, so a widespread surge in popularity of a new currency could leave an excess of dollars sitting stagnant as people rush to the new currency. Prices would have to rise-aka inflate- and that could suddenly make the federal debt owed interest skyrocket. That could cause bankruptcy and a forced reevaluation of the policies that led to the debt.

Not to mention the side benefits of bitcoin, like no middleman for money transfers (aka paypal or credit card fees), which in theory would allow consumer prices to drop.

Bitcoin used to be a growing market. That bubble will burst very soon, making those them worthless. Consider investing in something that is guaranteed. Better yet, start a Scottrade account and learn from experience in investing and finance.

 

[CaP7]

First off, I wish people would stop screaming for the U.S. to default. It's not going to happen unless there is a better, safer currency to flee to. The U.S. has the most (and most accessible) natural resources in the world, no enemies at our borders, efficient economy, enforceable laws, etc., etc., etc. No other country even comes close. If there is a default, I doubt it will be in our lifetimes.

That said, I have a MAJOR problem with the Boomer generation in general. They enjoyed tremendous freedoms in their youth. When they grew older and no longer needed the freedom, they passed endless laws and regulations so that they wouldn't be bothered by others that wanted to enjoy the same freedoms.

For instance, I think it's shameful that you can't drink alcohol on the beach anymore. Their generation enjoyed an entire culture of beach parties. Now they rarely happen. Smoking is outlawed. Drinking and driving is a prison sentence. To build ANYTHING in CA, the taxes and fees are impossibly high (other states might be easier). State parks and public places are underfunded. Last, but certainly not least, the existing lawsuit culture that didn't exist in the 50's and 60's.

The selfishness of that generation is unbelievable.

I don't know. I could be wrong. Maybe we can chalk it up to growth, bureaucracy, or something less offensive to an entire generation. I have a hard time with this though.

 

[Grit]

Bitcoin used to be a growing market. That bubble will burst very soon, making those them worthless. Consider investing in something that is guaranteed. Better yet, start a Scottrade account and learn from experience in investing and finance.

I'm no expert, but as a designer I see at least three more triggers to bitcoin's popularity:

1. No one has created an easily useable open source wallet program, enough for an average person to engage in. This is because the market is still too fragmented with competing developers. Closely related, there isn't one company in the bitcoin industry that has made status of household name. I predict that the most likely scenario will be a developer making the spotlight with an easy to use program, which will trigger users into the system.

2. Bitcoin hasnt figured out an easy way to cash out. I imagine some ventures like mylocalbitcoin or some kind of bitcoin ATM hitting mainstream for making this process super easy. When people have confidence they can easily switch back to cash, expect another wave of users.

3. More of a slow burn, but every day political bodies are voting on bitcoin, and I expect the general exposure of this to hit the public's radar, especially since bitcoin is in infancy and will move from deregulated to highly regulated, just like everything else. Expect the media to catch every step of the process, exposing it more.

First off, I wish people would stop screaming for the U.S. to default. It's not going to happen unless there is a better, safer currency to flee to.

Proving my point. No international currency will unseat the USD; for all purposes, every other international currency *is* the USD. A tibetan farmer might not give a shit about dollars, but I guarantee Tibetan bankers are hedging his efforts and his currency against the USD. Its safe to assume that society will combust and we will be back to trading apples for peanuts before the USD goes away.

This thread is about the ridiculous fiscal policy (or utter lack of) that creates and sustains the USD. A dog can complain about his master kicking him all he wants. it doesn't change the fact that the next kick is on the way, and will hurt. And the next kick, and the next....

 

[iknowexactly]

I have a problem with boomers. And I've ranted about them before.

They're a supremely selfish bunch. ........ old people in the US are selfish fucks.

Yes, and young people are altruistic saints, human nature has totally changed. Sounds realistic to me.

But I tell you the income I get now after 25 years of kissing ass and working graveyard to finance my education is small but very welcome. Nice non-work if you can get it, I can tell you.

And of course, if you found some angle that enriched you, like leveraged stock whambammery, you'd nobly decline the easy, legal money for the good of future generation, and work at your cube job uncomplaining.

Sure you would.

 

[Maciano]

Again, blame-gaming is useless. It distracts brainpower from finding a solution. While you're arguing how much boomers suck you're losing money. Boomers, as a generation, seem to have no choice but to suck others dry: they're as broke as anyone else. They don't have the time to make up for old age later, they're getting old right now. Guys who are angry should realize that: use your anger/energy to find a way out, shouting matches will win you nothing. We must respond adequately. While I understand their pain, I'm not going to solve the boomers' pension problems by handing them over my money. Policies of political parties are an expression of power. Young people simply haven't got the numbers, contacts, network or $$ to fight this fight. With politics as usual we'll be taxed out of fun for a very long time to come.

Anyway, it's probably best to use existing tax loop holes, like starting your own company (for maximizing income, minimizing tax) and using tax havens to pay as few taxes as possible. I bet there's a whole bunch of better-call-Saul type lawyers out there who are smart enough to tap into the market of young people who don't want to be Helots.

PS I believe in bitcoin, but bitcoin is not an option for this situation. Bitcoin might keep money off-balance, but I don't want all my money off-balance and just in one basket.

 

[Tex Pro]

Bitcoin is an option. Precious metals are another option. Foreign stocks are yet another option. So is foreign real estate.

Realistically, the only option if you want to avoid taxation altogether is to bail to Russia, China, or some other country that has not signed or likely to sign the FATCA (see here: http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act#FATCA_intergovernmental_agreements).

Otherwise the US government will find some way to screw you.

 

[DaveR]

Realistically, the only option if you want to avoid taxation altogether is to bail to Russia, China, or some other country that has not signed or likely to sign the FATCA (see here: http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act#FATCA_intergovernmental_agreements).

That would only work if all of your assets and accounts were in Russia or China, and those countries come with their own set of issues.

Besides, the OP is not American as I understand, so US tax law is irrelevant in this case.

 

[roberto]

Again, blame-gaming is useless. It distracts brainpower from finding a solution. While you're arguing how much boomers suck you're losing money. Boomers, as a generation, seem to have no choice but to suck others dry: they're as broke as anyone else. They don't have the time to make up for old age later, they're getting old right now. Guys who are angry should realize that: use your anger/energy to find a way out, shouting matches will win you nothing. We must respond adequately. While I understand their pain, I'm not going to solve the boomers' pension problems by handing them over my money. Policies of political parties are an expression of power. Young people simply haven't got the numbers, contacts, network or $$ to fight this fight. With politics as usual we'll be taxed out of fun for a very long time to come.

Fuckin Amen. You can't change history. Yeah, it sucks that I can't buy a house yet. But guess what? Life isn't fair. You find your way around problems, and nobody is better placed than guys like you and me, reading this board, to do better than the Boomers ever did.

Cushy retirement in suburbia with my wife and 2.3 kids? No thanks. If I'm gonna work all my life for something I want more than that!

 

[soup]

Every time I glance by the title of this thread, I keep seeing:


Boners: how to keep them out of our pockets

 

[Laner]

My parents are an anomaly among their peers. They are going to retire at 58 after working hard and saving most of their lives.

My father is giving away 7 years of wages to the next generation. And of course his wage equals the wages of three younger men.

His peers are going to die at work. No retirement, re financing homes at 55, talking about bad debts and giant homes full of shit. Its disgraceful that with so much opportunity and wealth the boomers have managed to mess it all up for themselves.

Whenever I see men in my industry staying in the game and playing defense in their careers I get a bit angry. Its not the staying working to old age that bothers me as much as the defensive nature of their work practice. I hate seeing a company run by a 75yo man try and block a company start up by a couple of 30yo guys.

 

[It_is_my_time]

First off, I wish people would stop screaming for the U.S. to default. It's not going to happen unless there is a better, safer currency to flee to. The U.S. has the most (and most accessible) natural resources in the world, no enemies at our borders, efficient economy, enforceable laws, etc., etc., etc. No other country even comes close. If there is a default, I doubt it will be in our lifetimes.

That said, I have a MAJOR problem with the Boomer generation in general. They enjoyed tremendous freedoms in their youth. When they grew older and no longer needed the freedom, they passed endless laws and regulations so that they wouldn't be bothered by others that wanted to enjoy the same freedoms.

For instance, I think it's shameful that you can't drink alcohol on the beach anymore. Their generation enjoyed an entire culture of beach parties. Now they rarely happen. Smoking is outlawed. Drinking and driving is a prison sentence. To build ANYTHING in CA, the taxes and fees are impossibly high (other states might be easier). State parks and public places are underfunded. Last, but certainly not least, the existing lawsuit culture that didn't exist in the 50's and 60's.

The selfishness of that generation is unbelievable.

I don't know. I could be wrong. Maybe we can chalk it up to growth, bureaucracy, or something less offensive to an entire generation. I have a hard time with this though.

The baby boomers will be known as the generation of Americans who were handed the greatest country to ever exist in the history of the world. A country that broke through racial barriers. A country that was extremely safe yet extremely fun yet extremely profitable. A country in which you truly could be anything you wanted.

And smashed it into pieces in an attempt to get out of responsibilities.

 

[The Beast1]

First off, I wish people would stop screaming for the U.S. to default. It's not going to happen unless there is a better, safer currency to flee to. The U.S. has the most (and most accessible) natural resources in the world, no enemies at our borders, efficient economy, enforceable laws, etc., etc., etc. No other country even comes close. If there is a default, I doubt it will be in our lifetimes.

The default is what will kill the boomer's power. They're massively more invested in the system than most millennials are. They're starting to freak out because the system isn't working right now.

For the boomers, it is 4:45am and the party has been dying down for awhile. The lights are starting to turn on and the mess is becoming apparent. Something abrupt needs to happen for the fluorescent lights to light on the mess that has been created. A default would be a rude awakening to that generation.

The only way things will change is if things get massively horrible. Nothing will change unless that happens.

 

[Greek kamaki]

Boomers in Greece created the crisis.Basically many of them simply stole money which the newer generations have to pay.The reaction of youth to boomers is part of the problem and is expressed as rise of nationalistic parties which are no.1 in the preference of young voters.
Boomers on the other hand control everything,politics,economy,government,press and do not want to give in even a tiny part of their power.This intragenerational conflict will not have a good end as boomers see their future pensions getting smashed again and again by GDP fall.

 

[Sp5]

I will enjoy collecting my $2600 a month military reserve pension when I am eligible in a couple of years.

Freedom isn't free. Neither is my dissipated lifestyle. I defended you babies from the Reds. So pay up!

 

[soup]

"Boners: how to keep our hands out of our pockets"

 

[rudebwoy]

I thought real men don't complain, they just put there head down and try harder.

The last generation grew up in a time when they could have there cake and eat it, probably for the first time in modern history. If money was always there why would they think it will stop coming.

The elites are stealing your money, not the boomers. The 1% group that owns 99% of the wealth and soon they will be coming for your piggy banks.

 

[Maciano]

"I thought real men don't complain, they just put there head down and try harder."

You first need to understand what's happening, then you act.

Putting heads down & trying harder, we can always do that if everything else fails.

Now, we need to think of smart ways to not get fucked over.

 

[DaveR]

I thought real men don't complain, they just put there head down and try harder.

The last generation grew up in a time when they could have there cake and eat it, probably for the first time in modern history. If money was always there why would they think it will stop coming.

The elites are stealing your money, not the boomers. The 1% group that owns 99% of the wealth and soon they will be coming for your piggy banks.

That is what I was alluding to earlier in the thread. It isn't the boomers' fault that they were born into a population boom and credit-fueled economy; both of which were caused by the policies of the previous generation.

And if you think it's bad in the US, it's a LOT worse in Australia, where the entire economy is geared towards boomers' real estate.

 

[rhr]

Glad to see Bitcoin finding so much acceptance in this community. Not all of you might see it for what it is today, but sooner or later it will become clear that it is the last remaining save harbor for an entire generation (millenials) to protect themselves from the coming fascist government onslaught on your future!

It might be very unwise to NOT take - at least - a very close look at it!