Baby Boomers To Blame For Housing Shortage?

[2012Bearcat]

Blame the baby boomers for the housing shortage, Redfin says

A growing number of older Americans are choosing to age in place rather than downsize their homes, which is contributing to a nationwide housing shortage.

www.foxbusiness.com

Here we go, the opening propaganda salvo in what will turn into a effort to reduce Social Security and Medicare benefits for the Baby Boomer generation.

Older Americans are hanging onto their homes largely for financial incentives, according to the study. More than half of boomers own their homes with no outstanding mortgage. Even those still paying off their mortgage likely have a much lower rate than they would if they sold and bought a new home with today's rates, which are hovering around 7%.

With Social Security and Medicare combining to be about 2/3rds of the budget and our national debt reaching levels that are crippling politicians ability to spend money at will they have to do something to create a political environment favorable to cut both. What better way than to blame Baby Boomers for the plight of young people not being able to afford housing. It's the same game politicians have been playing for decades, tell people the blame is on a specific group in an effort to turn other groups against them.

 

[Tulsaaggieson]

Blame the baby boomers for the housing shortage, Redfin says

A growing number of older Americans are choosing to age in place rather than downsize their homes, which is contributing to a nationwide housing shortage.

www.foxbusiness.com

Here we go, the opening propaganda salvo in what will turn into a effort to reduce Social Security and Medicare benefits for the Baby Boomer generation.

Older Americans are hanging onto their homes largely for financial incentives, according to the study. More than half of boomers own their homes with no outstanding mortgage. Even those still paying off their mortgage likely have a much lower rate than they would if they sold and bought a new home with today's rates, which are hovering around 7%.

With Social Security and Medicare combining to be about 2/3rds of the budget and our national debt reaching levels that are crippling politicians ability to spend money at will they have to do something to create a political environment favorable to cut both. What better way than to blame Baby Boomers for the plight of young people not being able to afford housing. It's the same game politicians have been playing for decades, tell people the blame is on a specific group in an effort to turn other groups against them.

I'm not concerned about Baby Boomers holding onto property. They should be, and keeping your costs low while on retirement is a must these days. Unless you have saved millions for retirement cost savings are a must. Gen Z and Millennials need to understand that they have to start somewhere. These generations believe they should have the same kind of home as their parents, whom they just moved out of. I have a ton of things to complain about when it comes to Baby Boomers, but their holding onto property is not even close to being on the radar.

Now when it comes to SS and Baby Boomers I might ask why they get to have full benefits and everyone else has to have less. I thought it was the parent's dream to have a better world for their children, not a worse one. If cuts need to come, they should come to all or get rid of the program entirely. SS has always been set up to fail. There is no mathematical way you can pay for SS in its current form. This is why Politicians want illegals and are letting millions in. When they give them amnesty, they make up the gap for SS, or so they think. The problem with this idea is adding more people to pay for SS who are older and will receive benefits later down the road with less investment. It's making the world harder for their children.

My biggest complaint about the Baby Boomer Generation is that they have passed all of the benefits they receive on to their kids, their kids' kids, and their kids' kids' kids, while enjoying the rewards of a golden age for America for themselves. We have put more debt on our backs with Baby Boomers in charge, than at any other time in our history, while lingering in positions of power with no regard for the future. Sorry Boomers, but the truth hurts, and you may not have even had a part in it, but the legacy of your generation will be debt and more debt. I wish you good health and enjoy your retirement, the rest of us won't be able to.

 

[O-State1974]

I'm not concerned about Baby Boomers holding onto property. They should be, and keeping your costs low while on retirement is a must these days. Unless you have saved millions for retirement cost savings are a must. Gen Z and Millennials need to understand that they have to start somewhere. These generations believe they should have the same kind of home as their parents, whom they just moved out of. I have a ton of things to complain about when it comes to Baby Boomers, but their holding onto property is not even close to being on the radar.

Now when it comes to SS and Baby Boomers I might ask why they get to have full benefits and everyone else has to have less. I thought it was the parent's dream to have a better world for their children, not a worse one. If cuts need to come, they should come to all or get rid of the program entirely. SS has always been set up to fail. There is no mathematical way you can pay for SS in its current form. This is why Politicians want illegals and are letting millions in. When they give them amnesty, they make up the gap for SS, or so they think. The problem with this idea is adding more people to pay for SS who are older and will receive benefits later down the road with less investment. It's making the world harder for their children.

My biggest complaint about the Baby Boomer Generation is that they have passed all of the benefits they receive on to their kids, their kids' kids, and their kids' kids' kids, while enjoying the rewards of a golden age for America for themselves. We have put more debt on our backs with Baby Boomers in charge, than at any other time in our history, while lingering in positions of power with no regard for the future. Sorry Boomers, but the truth hurts, and you may not have even had a part in it, but the legacy of your generation will be debt and more debt. I wish you good health and enjoy your retirement, the rest of us won't be able to.

The program is sustainable if the money borrowed from the trust fund is paid back and adjustments are made. The problem is not with the program itself, it is that trust fund taxes have been diverted to pay for stuff like Afghanistan and the second Iraq war, for which taxes should have been levied if they were going to be pursued at all. Unfortunately it was easy to say we should fight this or that war with all volunteer armed forces and no tax increases to pay for it. How very patriotic!

 

[Tulsaaggieson]

The program is sustainable if the money borrowed from the trust fund is paid back and adjustments are made. The problem is not with the program itself, it is that trust fund taxes have been diverted to pay for stuff like Afghanistan and the second Iraq war, for which taxes should have been levied if they were going to be pursued at all.

The program relies on the ability of 4 to 5 children to pay for their parent's Social Security. It always has. With the birth rate in the US being 2.5 for the longest time, there are not enough people to pay for Social Security. The math just doesn't work. Baby Boomers paid for their parents because they came from large families, and then they turned around and had small families. This made the program doomed from the start, but in their defense, they based it on the numbers they had in front of them at the time. Just look at a graph of birthrates over the same period.

 

[O-State1974]

The program relies on the ability of 4 to 5 children to pay for their parent's Social Security. It always has. With the birth rate in the US being 2.5 for the longest time, there are not enough people to pay for Social Security. The math just doesn't work. Baby Boomers paid for their parents because they came from large families, and then they turned around and had small families. This made the program doomed from the start, but in their defense, they based it on the numbers they had in front of them at the time. Just look at a graph of birthrates over the same period.

There was a large surplus collected intended to cover periods of reduced birth rates. That surplus has been taken and spent on other things. Problem goes back to the Clinton era when these programs were put on budget. No one knows what birth rates will do in the future but SS is good for many many years out considering the surplus. Medicare is more problematic because of out of control health care costs in the US.

 

[O-State1974]

My biggest complaint about the Baby Boomer Generation is that they have passed all of the benefits they receive on to their kids, their kids' kids, and their kids' kids' kids, while enjoying the rewards of a golden age for America for themselves. We have put more debt on our backs with Baby Boomers in charge, than at any other time in our history, while lingering in positions of power with no regard for the future. Sorry Boomers, but the truth hurts, and you may not have even had a part in it, but the legacy of your generation will be debt and more debt. I wish you good health and enjoy your retirement, the rest of us won't be able to.

I think blaming it on an entire generation is inconsistent with the facts. I do blame a lot of politicians in both parties, both of whom abandoned any semblance of fiscal responsibility a long time ago. Some are Boomers, some older, some younger.

There are plenty of boomers who stayed out of debt but still completed college and didn't borrow money to pay for their kids' education. Do their kids possibly need to pay a bit more in income tax to keep our country moving forward as it should? Perhaps. If they don't want to the cost of living in Costa Rica is pretty low but I'm skeptical about health care and safety.

 

[Tulsaaggieson]

There was a large surplus collected intended to cover periods of reduced birth rates. That surplus has been taken and spent on other things. Problem goes back to the Clinton era when these programs were put on budget. No one knows what birth rates will do in the future but SS is good for many many years out considering the surplus. Medicare is more problematic because of out of control health care costs in the US.

It's a sustained issue, not a period of reduced births. Even if they didn't take the money and spent it elsewhere it still would not be viable.

 

[Tulsaaggieson]

I think blaming it on an entire generation is inconsistent with the facts. I do blame a lot of politicians in both parties, both of whom abandoned any semblance of fiscal responsibility a long time ago. Some are Boomers, some older, some younger.

There are plenty of boomers who stayed out of debt but still completed college and didn't borrow money to pay for their kids' education. Do their kids possibly need to pay a bit more in income tax to keep our country moving forward as it should? Perhaps. If they don't want to the cost of living in Costa Rica is pretty low but I'm skeptical about health care and safety.

You said it yourself in the first paragraph. The problems were manifesting in the Clinton era. This is a Boomer era of political control. From Clinton to Biden Boomers have been in control of the political apparatus. I don't blame an entire generation, and many Boomers did great with their incomes. They however sent people to DC with the will to spend money. Until recently all politics was pandered to the Boomers. Everyone else was a side show.

 

[osu_orangestreak]

People need to be taught that they should not expect it to be there or will be enough to live on.

My wife is 9n the Dave Ramsey cult and that is one thing he has always taught. We have saved that way and will never need it. I wish we could have invested ourselves, would have been a better use of it.

 

[O-State1974]

It's a sustained issue, not a period of reduced births. Even if they didn't take the money and spent it elsewhere it still would not be viable.

That’s just not the case, plenty of objective material out there on the issue that is not pushing the fiction that it is not viable.

 

[O-State1974]

You said it yourself in the first paragraph. The problems were manifesting in the Clinton era. This is a Boomer era of political control. From Clinton to Biden Boomers have been in control of the political apparatus. I don't blame an entire generation, and many Boomers did great with their incomes. They however sent people to DC with the will to spend money. Until recently all politics was pandered to the Boomers. Everyone else was a side show.

That hasn’t been the case for awhile but they’re still spending us to oblivion without any serious attempt to return to fiscal responsibility. Jerome Powell talks about a lot. It has to be brought under control or the US is through. SS/medicare is only a small part of the problem frankly.

 

[EZ Reyes]

Now when it comes to SS and Baby Boomers I might ask why they get to have full benefits and everyone else has to have leless.

Because they've paid into the system since they were teens?

The real question I ask is why FICA caps have been so low all these years. Lift the limit on FICA withholding as they did on Medicare.

 

[2012Bearcat]

People need to be taught that they should not expect it to be there or will be enough to live on.

My wife is 9n the Dave Ramsey cult and that is one thing he has always taught. We have saved that way and will never need it. I wish we could have invested ourselves, would have been a better use of it.

I was told by a very wise man back when I was 25 not to count on Social Security being there when I aged into the system. He also said to plan for Medicare to be substantially more expensive up to $1000 a month per person. We've done that. I was hoping Social Security would at least pay the property tax on our house but who knows with the way it's going.
I could start receiving Social Security this month if I wanted but I'm going to wait another 5 years in order to get the full amount if it last that long.

 

[Tulsaaggieson]

Because they've paid into the system since they were teens?

The real question I ask is why FICA caps have been so low all these years. Lift the limit on FICA withholding as they did on Medicare.

I have had that as a thought for many years, but recently I have been rethinking this, and this argument has some holes. Everyone has been paying into it since they were teens. Why should that mean they are exempt?

 

[LAY THE WOODY]

I don't know what the problem is here. Just print more money!

Sincerely and many thanks,

Vladimir Zelensky.

 

[trapped_in_tx]

The program relies on the ability of 4 to 5 children to pay for their parent's Social Security. It always has. With the birth rate in the US being 2.5 for the longest time, there are not enough people to pay for Social Security. The math just doesn't work. Baby Boomers paid for their parents because they came from large families, and then they turned around and had small families. This made the program doomed from the start, but in their defense, they based it on the numbers they had in front of them at the time. Just look at a graph of birthrates over the same period.

Sounds like a government sponsored pyramid scheme.

There’s a reason the plebeians are prosecuted for trying to create a pyramid scheme.

 

[LAY THE WOODY]

Sounds like a government sponsored pyramid scheme.

There’s a reason the plebeians are prosecuted for trying to create a pyramid scheme.

Where would our country be without plebians?

 

[cableok]

Because they've paid into the system since they were teens?

The real question I ask is why FICA caps have been so low all these years. Lift the limit on FICA withholding as they did on Medicare.

Ahh, tax increases without giving the taxpayer more benefits.

 

[LAY THE WOODY]

Ahh, tax increases without giving the taxpayer more benefits.

I'm just happy my taxes are paying for the illegal immigrants. While Sundown joe and crying eyes mayorkas bank. Yes, I sleep better at night with these two Barnum brothers running my country.

 

[AC2020]

I'm not concerned about Baby Boomers holding onto property. They should be, and keeping your costs low while on retirement is a must these days. Unless you have saved millions for retirement cost savings are a must. Gen Z and Millennials need to understand that they have to start somewhere. These generations believe they should have the same kind of home as their parents, whom they just moved out of. I have a ton of things to complain about when it comes to Baby Boomers, but their holding onto property is not even close to being on the radar.

Now when it comes to SS and Baby Boomers I might ask why they get to have full benefits and everyone else has to have less. I thought it was the parent's dream to have a better world for their children, not a worse one. If cuts need to come, they should come to all or get rid of the program entirely. SS has always been set up to fail. There is no mathematical way you can pay for SS in its current form. This is why Politicians want illegals and are letting millions in. When they give them amnesty, they make up the gap for SS, or so they think. The problem with this idea is adding more people to pay for SS who are older and will receive benefits later down the road with less investment. It's making the world harder for their children.

My biggest complaint about the Baby Boomer Generation is that they have passed all of the benefits they receive on to their kids, their kids' kids, and their kids' kids' kids, while enjoying the rewards of a golden age for America for themselves. We have put more debt on our backs with Baby Boomers in charge, than at any other time in our history, while lingering in positions of power with no regard for the future. Sorry Boomers, but the truth hurts, and you may not have even had a part in it, but the legacy of your generation will be debt and more debt. I wish you good health and enjoy your retirement, the rest of us won't be able to.

If you're old enough to vote, you're doing the same thing re: passing on costs to your kids.

 

[LAY THE WOODY]

If you're old enough to vote, you're doing the same thing re: passing on costs to your kids.

Nothing of concern with Dan

 

[Tulsaaggieson]

I agree with that. We are not fixing the issue any time soon. Everyone is now addicted to spending in government.