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Resentment of this generation
Comments
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do you know what the 'deficit' means?
and why do the younger generation have a 'right ' to all the good things they have 'inherited' but don't 'deserve' any of the draw backs?
maybe they would all love to live in say somewhere like Chad that has no budget deficit, instead of the appalling mess here?
I see the bitterness between generations goes both ways!0 -
Can you give us a link to those reports.
Sure.
Hmph. Message too short.The National Institute of Economic and Social Research (NIESR) revealed in research that each child born now would have to pay an extra £70,000 throughout their lifetime than they would receive back in benefits and services from their government.
They claim that those aged 65 would have been given back £220,000 more than they put in, representing a huge difference.
The report predicts that taxes would have to increase by £82 billion a year if the country is to fill the gap created by the 47-64 boomers age group.
“There is a past history of pay-as you-go benefits, which has allowed earlier generations to receive more from the state than they have contributed over their lifetimes, and it is inevitable that there is now a net contribution which has to be paid,” the report said.
The report added that those over 50 had the vast majority of the wealth now, and that younger workers would be left paying higher mortgages that those born in the boomer gap.
The NIESR predicted that it would take a 6% of GDP rise in taxes to level out the playing field.0 -
Graham_Devon wrote: »Sorry if it comes across that way. Was just stating the facts to be honest.
Theres realisticly no chance that my generation won't leave behind a defecit also.
Trouble is, who would vote for a party that suggested we were to pay up this money through taxation? No generation able to vote would vote for it.
So we are all to blame. The only difference is, IMO, it was the retiring generation today that just about squeezed the pips until they sqeaked. Hell, they even made sure they could retire at the same time they thought they would, just made sure others had to work longer. My generation, although we would if we could, won't have that chance. Would have been alright for a few years more if the crisis hadn't have taken hold.
Don't think anyone could reasonably suggest the younger generation isn't paying for the mess. The figures show they are. Be it wages, employment, healthcare (more stuff to pay for now), working age, education or cost of living.
Unfortunately I am at the top of the middle bit and my retirement age is being pushed up as is the point at which I can take my work pension.
Difference is I only had 2/3 years to prepare for it.
State pension provision still remains poor (relatively) in this country many haven't benefited form property increase at all but have still paid their dues along the way.
The problem is if we left it all up to the individual and cut taxes way down we all know what would happen.
Even where we have tried to "save" enough it will never be enough very few could provide it all through personal provision alone.
A bit like telling the Unis they could ask for up to £9000, a bit like a blank cheque, they have just tried to take it."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Correct me if this is a very naive view but to me it seems like:
The Baby Boomers are drawing down a pension that is more than they put in to begin with, while sitting on a house which is mortgage free and worth incredibly more than they ever paid for it, saving there pennies for god knows when (not supporting the economy).
People say that their house being paid off is a replacement for the pension that they don't have, but people are even reluctant to spend that. My grand parents have a house which has been paid off for a good 20 years and are very financially sound, yet they save like they have another 50 years left to finance. Makes no sense to me.0 -
Graham_Devon wrote: »I see the bitterness between generations goes both ways!
no, old son,
much of my income already goes to the younger generations of claptons and
my limited wealth is slowing being drip feed to them
and on death they will inherit whatever they haven't already been given
and I hope they enjoy it all.0 -
My grand parents have a house which has been paid off for a good 20 years and are very financially sound, yet they save like they have another 50 years left to finance. Makes no sense to me.
Don't whinge quantic as it may well make it your way eventually.
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shortchanged wrote: »Don't whinge quantic as it may well make it your way eventually.
And don't forget young uns that you do have the democratic vote, which will allow you to shape the future for yourself, if you think it is was that easy for us to manipulate - now I am being sarcastic;)"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
People who bought 20 years ago have not benefited as much as people who bought 10 years ago the people who benefited the most were the people who bought 15 years ago. But I’m not sure what they are supposed to have done to help the situation now.
I wondered about this.
The home I found two years ago was a repo. The poor sods had only a £19k mortgage on it back in 1991 but fell for the idea that your home is a cash machine and started releasing equity in 2006 and were finally repossessed with the bank wanting £95k for the house when it hit the market.
I didn't pay £95k for it cus I smelt blood at the EAs and started beating them down when they chased me.
I got lucky but it shouldn't be down to luck for someone my age (mid-40s) on an average wage to get into a home.0 -
Hectors_House wrote: »I wondered about this.
The home I found two years ago was a repo. The poor sods had only a £19k mortgage on it back in 1991 but fell for the idea that your home is a cash machine and started releasing equity in 2006 and were finally repossessed with the bank wanting £95k for the house when it hit the market.
I didn't pay £95k for it cus I smelt blood at the EAs and started beating them down when they chased me.
I got lucky but it shouldn't be down to luck for someone my age (mid-40s) on an average wage to get into a home.
Not making any judgement on your personal position but is this something you have been saving hard for since you left school or uni or have you made life choices previously?
Just curious."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »Sure.
Hmph. Message too short.
Do you know how they worked that out? I don't understand what the average 65-year-old has taken out.0
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