The ‘great wealth transfer’ isn't $73 trillion but $129 trillion, Bank of America says—and the government gave most of it to baby boomers
The ‘great wealth transfer’ isn't $73 trillion but $129 trillion, Bank of America says—and the government gave most of it to baby boomers
Boom! Government policy has really enriched a certain generation of Americans—ones who have been in power for decades.
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Far and away the greatest wealth transfer was between the poorest half of the world to the wealthiest 1%. This is just noise caused by that statistic. That's the culprit of that, not some boomer with a vacation home that they're struggling to manage the payments on.
No war but class war.
What? Boomers with vacation homes likely doubled their net worth in like 2 years. All the houses doubled in value, and they have more than 1. Talk to any real estate agent. The only people buying houses are boomers rn. On the occasion it's a younger person, they usually have help from their boomer parents or an inheritance from boomers. The scales were already tilted in their favor, and the pandemic response was to lower interest rates and let them buy more of the already scarce housing at unbelievably low rates or refinance their existing mortgage for a lower payment while first time homebuyers got outbid by people with more equity, and larger down payments. (See: boomers). They absolutely gained the most from the pandemic response, and if the high rates ever cause the correction it was designed to do, I won't feel the least bit bad if they lose their ass and didn't plan for it / have to go back to work (again).