How the baby boomers have stuffed the younger generation

MRSTITTLEMOUSE

HAMISH_MCTAVISH wrote: »

Todays young will end up just as wealthy as the boomers, on average.

All wealth is ultimately redistributed to the younger generations, always has been and always will be. Perhaps you've heard of this little thing we call "death"...

Actually I think all us baby boomers should go on a massive spending spree and enjoy our "ill gotton gains" and not only would it help the economy(except when we all go on loads of holidays abroad)but it would give our whingeing young people something else to moan about.
There would be the added bonus of there being nothing left for them to inherit :rotfl:.
Then we realy could burden them,they'd have to pay for the care of millions of us for many more years to come.

MRSTITTLEMOUSE

Graham_Devon wrote: »

I blame Maggie.

so do I and every other prime minister before and after her.

iolanthe07

Norwegians who now have the third (IIRC) biggest sovereign wealth fund in the world on the back of a similar amount of oil.

This is because they are a much smaller nation and had the good sense to stay out of the EU.

princeofpounds

This is because they are a much smaller nation and had the good sense to stay out of the EU.

Hardly. It's simply because they didn't spend all the money. Nation size is not an issue as it also provides a larger ordinary tax base. The eventual SWF might be a smaller proportion relative to GDP but I spoke in absolute size.

As for the EU, well this may or may not have been what we spent some of the money on, but what matters is that it was spent.

ILW

I think the younger generation should stop whining, get off their backsides, earn some money and buy the houses they so seem to desire. Cannot see their problem myself.

ILW

princeofpounds wrote: »

Hardly. It's simply because they didn't spend all the money. Nation size is not an issue as it also provides a larger ordinary tax base. The eventual SWF might be a smaller proportion relative to GDP but I spoke in absolute size.

As for the EU, well this may or may not have been what we spent some of the money on, but what matters is that it was spent.

Do the Norwegians pay 10s off thousands to people to discourage them from getting jobs?

princeofpounds

Do the Norwegians pay 10s off thousands to people to discourage them from getting jobs?

haha I have no clue.

nearlyrich

Oh yawn yawn yawn...

I was unemployed when I left school there were no jobs and we still had sex discrimination so 3 jobs I should have got I didn't because they were boy's jobs!

I have had no inheritence ( well £1500 if that can be counted) paid loads of tax owned one house at a time, lived within my means and not expected a big house a new car every year and 3 holidays a year. I have modest savings and a small retirement pot which have suffered from the ravages of the stock market. I signed up for the NI system with the expectation of a pension from my investment at 60 now it will be 66 at least.

Stop whinging about what you haven't got go and get a better job work a bit harder like my dad had to when we got a new sibling, noone is entitled to anything there will always be people who have it all and those who work hard to get what they want and others who see what others have and moan on internet forums!

Kohoutek

princeofpounds wrote: »

Hardly. It's simply because they didn't spend all the money. Nation size is not an issue as it also provides a larger ordinary tax base. The eventual SWF might be a smaller proportion relative to GDP but I spoke in absolute size.

The best sovereign wealth fund for Norway and the UK would have been to simply extract the oil slower by using quotas like OPEC. Unfortunately, greed and short-termism prevented the UK's natural wealth from being at least partially preserved for future generations.

In the mid 70s, there was enough oil in the UK section of the North Sea to keep the UK self-sufficient for 60 years or more. Instead, the UK decided to become a mini-petro state and sold the oil that was frantically pumped out of the North Sea during its most productive years (c. 1983 - c. 2000) when oil prices were at historically low levels.

Due to the way the North Sea was developed, we became a net importer in 2005. Now our oil production is declining by 20% every year. Criminal really...

Generali

The reason baby boomers have most of the wealth in the country is that they are just before retirement age and so have had 40-50 years of working life to save up and get compound interest. At the same time, they, for the most part, haven't retired and so haven't started to sell off those assets in order to get an income to see themselves through retirement.

In 60-70 years time, people will be having a conversation almost exactly the same as this complaining that my children's' generation own all the wealth in the country.

"Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it." Albert Einstein