Your one-stop shop for news, views and getting clues. I AM YOUR INFORMATION FILTER, since 2006.
Wednesday, December 31, 2014
Top TILIS posts of 2014
Saturday, June 28, 2014
Milbank: Boomers are terrible political leaders
Boomers inherited a system based on compromise and sacrifice — and they gave us the current standoff. They received a United States victorious in the Cold War and atop the world economy — and they gave us the Iraq war and the Great Recession. They are the parents of the first generation in U.S. history — the millennials — to have a lower standard of living than previous generations. And, in retirement, they will probably break Social Security and Medicare.“Boomers are the scorched-earth, values-driven generation,” said Neil Howe, who with William Strauss chronicled the recurring patterns of generations in the United States. “They invented the culture wars and they’re taking it with them as they grow older, which is this complete polarization and gridlock. It’s very hard to compromise over values.”
Friday, May 30, 2014
Commencement season: Time to pile on Millennials
Yet it's just about what you'd expect from the (formerly) most self-centered generation in American history -- to blame their children for being "deluded" instead of blaming themselves for deluding them.
Thursday, November 7, 2013
Prager: Sad conservative parents
![]() |
| "What in the world have they been teaching you at that college?!" |
This is funny stuff, especially since it's meant to be a somber wake-up call. Where to start?
Americans of every age, gender, political party, and region overwhelmingly say that "family" is most important to them, far more so than religion, work, community, or politics. Interestingly, such devotion to family is actually 13 points higher in the "liberal" northeast than in the "heartland" Midwest.
Religion isn't the source of our division, either: 80 percent of Americans say religion is fairly or very important in their own lives, and almost 90 percent say they believe in God.
According to the poll, large majorities of Americans now say that contraception, interracial marriage, sex education in schools, unmarried cohabitation, stem cell research, gambling, and divorce are morally acceptable. Even pre-marital sex and having children out of wedlock are morally acceptable to the majority of Americans under 65, and homosexuality is morally acceptable to the majority under 45. While marijuana is still about a draw (47 percent morally acceptable to 51 percent morally objectionable), for the most part what used to be "counterculture" is now, simply, culture.
They respect their elders. A majority say that the older generation is superior to the younger generation when it comes to moral values and work ethic. Also, more than six-in-ten say that families have a responsibility to have an elderly parent come live with them if that parent wants to. By contrast, fewer than four-in-ten adults ages 60 and older agree that this is a family responsibility.
Personally, I don't see how our culture could possibly go much farther to the Left. OK, gay marriage and twerking are new ones, but... in America's history we've been a lot more decadent, culturally and morally. (For a total historical eye-opener, check out The Way We Never Were).
To be sure, Millennials remain the most likely of any generation to self-identify as liberals; they are less supportive than their elders of an assertive national security policy and more supportive of a progressive domestic social agenda. They are still more likely than any other age group to identify as Democrats.
Wednesday, August 21, 2013
MB360: Americans unprepared for retirement
What we find in the above chart is that most Americans are flat broke when it comes to saving for retirement. You might say that those 25 to 34 years of age have simply avoided dealing with the future. However, this is the most indebted young cohort of Americans we have ever seen largely due to student debt. Yet look at the other age brackets. The median amount saved for those 35 to 44 is $1,400 (one month of rent and food in many parts of the country). Those 45 to 54 do a little bit better coming in at $10,100. Those 55 to 64? About $12,000.In total, the median saved for retirement by all US households is $3,000.Even those with retirement accounts (obviously a small figure) have a median amount saved of $40,000. The $3,000 figure should shock people into realizing that programs like Social Security are going to become the default “retirement plan” for millions.
Friday, March 15, 2013
Ryan's budget either dumb or disingenuous
Did I mention that Ronald Reagan ran the federal government at 22 percent of GDP when the country’s population was much younger, and health care consumed about 11 percent of GDP?Now Paul Ryan says we can run the federal government at 19 percent of GDP as the massive baby-boom generation retires and when health costs (largely for seniors) have already soared to 18 percent of GDP.Sorry, but Ryan is either deeply confused or doing his best to snooker us.
In 1989, when President Reagan left office, there were 34 million people on Medicare and 39 million on Social Security. In 2025, according to these programs’ trustees, there will be 73 million on Medicare and 78 million on Social Security.This is not happening because we’re stringing up the “hammock of dependency” that Ryan often invokes. It’s happening because our famously big postwar birth cohort is getting older.Ryan obviously knows these facts. This means he’s disingenuously trying to use the aging of America to force a severe cutback in the non-elderly, non-defense portion of government, which is already headed toward historic lows as a share of GDP.
At 19 percent, Ryan’s vision is an America with 50 million uninsured ... forever. Of infrastructure and R&D investment that trails other advanced nations ... in perpetuity. Of a nation that assigns its least effective teachers to poor children . . . permanently. (Amazingly, Senate Democrats have fallen prey to Ryan’s gravitational pull, with the budget they put out Wednesday coming in at 21.7 percent of GDP in the years ahead, a tad below Reagan-era spending.)Ryan thinks we’re too dumb to see what he’s up to.
Wednesday, August 1, 2012
Those poor, greedy Boomers
Wednesday, June 20, 2012
The coming crisis of elderly poverty
Friday, February 3, 2012
MB360: Boomers have no savings, live on SS
What happens when a society that prides itself on a middle class and self-sufficiency suddenly starts losing both? For over a decade the middle class in the US has been shrinking. This isn't some speculation but is reflected in the stagnant household income data. You also have a giant demographic train in that many baby boomers are now retiring in mass. Over 10,000 baby boomers enter into retirement each day and many have an inadequate amount of savings (if any) to get them through the leaner years. Couple this with a less affluent younger generation and you have a recipe for financial and social turmoil. Many of these younger Americans, many saddled with large student debt, are moving back home with parents that have seen their entire home equity evaporate. Do you think these are happy households especially when the median income of those 65+ is $19,167?
Median income of the old
There seems to be this misconception that older Americans are simply well off. The data shows us otherwise:
Source: US Dept. of Health
What is troubling about the above data is that during some of the most affluent decades in US history, most Americans have very little income in older age. In fact, most rely on Social Security as their primary source of income:
"Social Security constituted 90% or more of the income received by 34% of beneficiaries (21% of married couples and 43% of non-married beneficiaries)."
How is this even possible? Keep in mind the average Social Security payout is roughly $1,000 per month and this is fixed. Since the government has juiced the CPI data most of these fixed income Americans are seeing their energy and healthcare costs soar all the while they are told inflation is virtually non-existent. Try arguing that after going to the grocery store.
There is also this sense that since many older Americans own their home, they are somehow immune to the housing bubble. That is not true:
"In 2009, 48% of older householders spent more than one-fourth of their income on housing costs – 42% for owners"
Many older Americans still spend a lot of money on housing even if they are owners. Much of this comes from property taxes and costs associated with owning a home. Since many older Americans do own their home this housing bubble crash has harmed their largest asset.
As time presses on more and more of our population is going into retirement. Lower birth rates and more Americans making it into older age conjure up memories of Japan:
Source: Baby boomer stats
-There are approximately 77.6 million baby boomers in the U.S.
-The baby boom phenomenon is responsible for over half of all consumer spending in the United States
-80% of all leisure travel is taken by boomers.
-Every 8.5 seconds a baby boomer in the U.S. turns 50 years old.
-The baby boom generation is the largest generation in American history.
-On January 1st, 2011 the very first Baby Boomers turned 65
Baby boomers tended to also be big spenders (at least they were during the debt bubbles). But what now? The strongest spending group is losing a large part of their wealth with the housing crash and many are exiting their peak earning stages. From the Social Security data, we realize many did not save in what was likely the most affluent times for America. With many younger Americans carrying major debt loads and finding items like pensions disappearing, how will they prepare for retirement? What access to savings do they have? Homes are still expensive for many younger Americans and that is why millions have moved back home:
A society that has preaches independence and pushes out young at 18 will have a hard time dealing with boomerang kids coming back home. Many younger Americans will feel the strain as well especially if they "did the right thing" and went to college but now find a tough employment market and being back home. This demographic train has left the station and nothing will slow it down.
