Why Baby Boomers are richer than Gen X...

Graham_Devon

HAMISH_MCTAVISH wrote: »

Thanks Graham, you've just made my point in the other thread for me perfectly.

In order for the recession to be declared over at the end of Q3, it would actually have to be over in Q3. And funnily enough, the ITEM club made that declaration in Q3.

You're dancing on hot coals there Hamish!!

The predication was that the recesion was over. It was made before the Q2 data was released. Everyone read it the same way...apart from you. And you, of course, were right, according to yourself!

Now, your description of passing wealth to the young, is spending it in care homes. And we are, of course, wrong to assume passing off wealth is actually directly passing it down! But oh no, Hamish just means spending it. And any old way will do.

HAMISH_MCTAVISH

Graham_Devon wrote: »

Everyone read it the same way...apart from you. .

You're not doing yourself, or your mates, any favours there Graham....

Can you translate the following opening line from the article into Grahamese...... Because in English it seems pretty clear.

According to the ITEM Club, the economy will return to growth over the final six months of the year,

Is Q2 in the "final 6 months of the year"?

Or would the "final 6 months" only include Q3 and Q4?

As the article was written in July, could you clarify whether July is in the first 6 months or final 6 months of the year?

And if July is in the final 6 months of the year, then how could you possibly translate that into referring to Q2?

Loughton_Monkey

Wealth does, in fact, trickle down to the younger generation. It is doing so every day.

Main trouble is, those younger 'heirs' primarily exist in China, India, Korea, South America, and Eastern Europe. This happens every time us oldies buy another car, television, cruise, etc. [I recently passed quite a few £thousands to the Spanish younger element over a 2 month holiday - only a small proportion of which found its way back to UK in the form of Gordon's Gin profits.]

Then a large slice of the wealth that passes to the younger 'British', ends up in offshore tax havens.

So the actual amount of cash, savings, property, etc. that passes down to Baby Boomers' children is smaller than you'd think. Plus the fact that a lot of that which does pass down this way very rapidly gets transferred abroad thanks to their inability to save it, and their remarkable ability to spend it on foreign gadgets, cars, clothing, holidays, and draconian interest to foreign credit card companies.

So I have to agree with Hamish.