Are Gen X-ers Falling Behind?

The Greediest Generation

I am a baby boomer, but I revile my own generation.

They were the children and grandchildren of the Greatest Generation, who understood the idea of sacrifice and the effort of a nation as a whole.

There is a good reason that the Baby Boomers became the first me generation. No generation in history had benefited from massive government support of higher education, which allowed the boomers to attain the most affluent lifestyle in American history, yet as soon as they got to the working world and started paying taxes they slammed down on paying high enough taxes to give the generation that followed them the same level of government paid for education that would allow them to get the same kind of education and the same kind of well paying jobs that would allow them a shot at climbing the same ladder.

As soon as the boomers made it to the top of the economic heap, they pulled the ladder up after them

Before World War II, only a small fraction of Americans were able to afford a college education. After World War II, as a reward for service and sacrifice, the U.S. Government created the GI Bill, which allowed those who sacrificed, by doing military service, going onto a career where they would have reached some sort of economic security by the end of the war of the early fifties. However, the government and the parents of the boomers decided to extend government subsidization of college tuitions, plus financial aid that largely did not have to be paid back, in order to obtain a college education. The boomers themselves did not do anything to deserve this government funded higher education, which opened economic opportunities to them that would not otherwise have existed.

I would be amused, if it did not cause so much damage to other, by the boomer assertions of how much they earned and how they worked for it, when in fact, they entered the job force during the greatest period of job expansion in American history, they came to expect as a right, the pensions, medical benefits, generious vacation and sick leave time that was hard fought for by their parents and unions. They went to college when 80 percent of student financial aid came in the form of grants and scholarships that were high enough to pay tuitions that were kept low by federal and state supports, even at private universities and Ivy League Schools. 20 percent of financial were types that needed to be paid back They grew up at a time when rural economies were strong due to government supports, when parks and other public facilities were supported and well kept and safe.

But as soon as they took charge, they started the neo-conservative movement, the political wing of the Me Generation.

They cut student loans, the slashed government subsidies for tuitions, they slashed all other education funding, they sent jobs overseas, weakened public funding for parks, made the rich, richer. The flip side of the Greatest Generation

"The Greediest Generation"

Nicholas J. of GA @ Jan 25, 2009 12:48:48 PM

babyboomers

1970's generation

Cheap housing

Drugs

Freedom (trust no one over 30)

Opportunity on backs of parents sacrifices ( who they hated)

In 2000 Baby boomers in charge

Outrages housing prices for new families (boomers have two houses snowbirds)

Extensive federal drugs prosecution (jails full of junkies at tax payer expense)

Lack of freedom (courts dictate responsibilities )

Lack of opportunities due to sell out of domestic business

KId of NY @ Jan 19, 2009 13:11:58 PM

brats as fruit of the tree

i love how all the boomer parents are mad about spoiling their kids then them turning into immature brats!

this is what happens when a culture idolizes youth.

i'm SO glad i had anomalous depression-era parents who didn't want to be my best friend, but instead were adults, unlike all of my peer's folks growing up. it wasn't just creepy, but it had behavioral ramifications even then... fast forward to today.

we gen-x babies are sandwiched between properous generations, and only if the other shoe drops will our strengths be revealed. no one i know is ever happy to have been born a gen-xer, it always seems we missed the party and have to do the clean up--

the best part is paying for YOUR social security, of which we will N E V E R see a penny!

you're welcome.

bitterjen of GA @ Oct 03, 2008 14:57:10 PM

Learn to Budget! (or do without)

We can teach our children how to manage their money, but once out on their own, they tend to forget. In my daughter's situation it was "I want to have it all now." She expected to go into adulthood with a new car, home and furnishings. She heeded all warnings and did it anyway.

Daughter found herself in a nasty divorce with 2 children and in over her head in debt. We allowed her to move back in on a temporary basis until she could get her "finances under control".

This did not help. She took advantage of the free childcare, meals, rent , utilities, ect. This only enabled her to continue her lifestyle of bad choices. The origional agreement was that she would pay a certain amount each month and I would watch the kids, ages 2 and 4,while she was at work. Every month there was an excuse of why she was broke and the childcare became 24 hours a day. When she was home she wasn't watching them or helping with chores in any way.

After 6 months hubby and I told her she had to go. The kids could stay until she was settled if she'd like. Then we were accused of trying to take the kids away.

That was 3 years ago and she has just now admitted she has a spending problem and needs help.

Our kids today want everything now. Things that their parents saved for or just went without. We didn't charge or borrow money for non essentuals. I'm tired of the excuses of how everything costs more nowdays. You get paid more nowdays!

I have 6 other children that are making it. They don't have all the newest electronics or autos, but they're finances are in check and they are happy.

BS of TX @ Sep 29, 2008 06:41:25 AM

Hmmm...I'm not sure I agree with Miss Mooney simply on the principle of where she said she has chosen to live. She lives in one of the most expensive places one can live in the US. I'd like to think that she'd be able to afford to live somewhere else...with a kid...doing whatever it is she is doing. I know a number of people who don't live in New York, who don't have extravagant jobs, who have a kid, who live just fine.

Andrew of TX @ Sep 24, 2008 18:10:48 PM

Not TRYING Like Mom and Dad

Let me get this straight....poor Nan Mooney is "expecting" the same level of comfort that her parents enjoy. Doesn't she realize she "upset" her parent's comfort by returning home as a single mother??? Let's go blame Nan's parents for not training her in the basics of money.....you need income prior to buying a house, buying things to put in a house or having a child. (Oh yeah, and having a father for that child would be nice, too.) And that income is dependent on a good paying job. But we don't want to blame her parents(or her poor decisions)......let's just demand the government give us the money for our wants. There are plenty of people who survive life daily in these United States and don't go dump on their parents or complain things are too hard. This article/interview is not about Bush or Obama or anyone other than Nan Mooney and the poor decisions that have gotten her to this point. You got yourself into this position, Nan...now get a job, (write a book??) and take care of yourself and your child. Being an intelligent and articulate member of the political system does NOT mean you have any common sense!!

cb of SD @ Aug 13, 2008 14:19:33 PM

George Bush is a victim as well

Obama is not the answer, nor is McCain. Small, medium, and large companies have sold their soles (and souls if any) to Corporate America. As they sold their business, the business was closed for purposes of economic greed of the buying Corporations. The "guts" of the business has been sent overseas. The real needle in our backs is we are expected to buy the junk they are sending back to us.

Our Fathers were good businessmen. They built a good America. Their sons are primarily the guilty parties that sold off the Family business and went to retire in the South somewhere. The sons friends and schoolmates were left in Podunk with no job and a pitence of retirement, but the big loss was that their kids no longer have a place to work. The middle income jobs vanished. The Gen-exers dads were betrayed as were the Gen-exers. Now they need to come up with alternatives to make themselves come out of this problem.

The current debacle of finances that is sending us to the next Great Depression (to be called "The Great Bernanke") is a direct cause of Bernanke's raising the FED Prime from 1% to 5.25%. I'm not a mathematician (nor speller), but I think when the rate went to 2% I was wondering about all the 1year ARM loans that were being solicited, but @ 5.25% I knew what was going to happen. Did Bernanke not realize that he was pulling the cork out of the dam? Every 1% translates to about 5% mimimun.

Thank goodness Corporate America is so heavily invested overseas, the Stock Market may not even be effected by the devastating Depression the rest of America will be in.

Rah, rah C-NBC.

John Daly of FL @ Aug 01, 2008 02:27:42 AM

The Downfalling of America...

The Downfalling of America -

Falling behind is real

I’m in my late 30's. I have been thinking about this “falling behind” a lot lately. Things are getting worse for the Gen X-ers. The Gen Y-ers will start felling this “falling behind” in about 10 years. I've even noticed that many boomers are starting to realize that they are “falling behind”. 20 years of GOP leaderlesship have done this. When you see China and Dubai rising and the US falling (due to our own greed) it is a major psychological blow. It is also a “real” blow to the US.

The Future

I was watching Current TV. One of the video pods is called the Surreal Islands of Dubai. The host, a Gen X-er was show the viewers all this cool building projects that are going on in Dubai. At one point in the video she got really quiet, around 5.54 of the video. She mentioned that she did not know how she felt about “all of this.” As a viewer, you could hear in the silence that she was sad, mad and baffled at what she was seeing.

Minority Report

Another big part of this "downfalling" of America imho is the fact that the US has never wanted to extend the “American Dream” to "non-whites.” I know, I know, all the whites reading this are rolling their eyes but it is true. After reconstruction, America never really opened up capitalism to everyone. $1 in 1865 would be worth $25 in 2008. A large part of America totally missed out on the many American wealth “creation engines” (1492, gold rush, silver rushes, sooner land grabs, railroad system, 1950s, 1980s, the Internets…)

This has stifled the American capitalistic system in ways none of us even know. The completely American psychosis of excluding “certain” people form wealth creation was “expanded” and is “in play” now.

Not extending the American Dream literally "barred" 10 to 35 percent of all the potential new ideas from the American juggernaut. That perpetual "gap" was never filled. Things just stagnated and now America is paying a very heavy price. That loss is real and gets magnified with time. Those who are left out become a burden and those who aren’t get “soft” due to a lack of real competition.

Now many Gen X-ers, Gen Y-ers and many baby Boomers of all stripes have to choose between paying for gas and buying food...sad. We need to turn it around fast. Obama as POTUS would be the first step.

The Future

We as Americans just need to get real and stop doing “the same ol’ same ol’”. If you can do it, work 4 days a week. That would save the US a lot. Think about ways to save money.

Only buy things that you will use. If possible, write-off things on your taxes (like rich folks do). Vote with your dollars. Think outside of the box to get things done. Check out what this guy did:

http://seantevis.com/

Just vote for Obama. This will get things going in the "right" direction.

Imho

puddyfudge

http://www.comicssherpa.com/site/feature?uc_comic=cszpe

puddyfudge of IN @ Jul 29, 2008 15:55:19 PM