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a little angst from a "cute kid".....
Joe Goodson rant
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Gen Y waking up?
I've been wondering when they'd get it..
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martialcomp 
- Bachelor of Stock Proctology
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- Group: Members
- Posts: 739
- Joined: 29-July 02
Posted 05 June 2004 - 06:41 PM
MJKST, that letter expresses EXACTLY how I feel about the baby boomers.
Many early to mid 50 couples have been living large for a long time and have been very unrealistic with their kids. The baby boomers lifestyles wreak of arrogance.
Some of them have high paying jobs that will be replaced with much lower paid workers once the baby boomers retire. In fact, many companies are praying for these arrogant, over paid idiots to retire.
They think college is the only way to be successful.
Many younger couples have gone in to astronomical debt trying to live like the baby boomer generation. Many are about to meet their maker as interest rates rise.
It's the ultimate betrayal...
Politicians have lied to us.
Central bankers have lied to us.
Economists have lied to us.
Analysts have lied to us.
We can now add one more to the list...
Our Parents have lied to us.
Lets do some simple addition for a young kid who has parents that are over leveraged and can't afford to pay for college.
Once college degree is done:
Average college loan debt: 27,000
Credit card debt (goodies, vacations, spring break, months of joblessless after graduation, etc): 5-8,000
Once little Johnny gets a job (probably paying much less than he thought) he buys a new car: 20,000
Now, his/her total debt is now over $50,000 dollars and could be as high as $60,000.
But, their new job pays an average of 16-17 dollars an hour. Certainly a decent wage, but not enough to pay off the debt.
So, now little Johnny/Jane owes more than they earn in a year. Many in financial circles consider this insolvency. When you owe more than you earn in a year, many recommend bankruptcy.
But, isn't the student loan low interest? Isn't it tax deductible?
Well, yes, but it is still debt....debt that will take years to pay off. I have known people in the past that took 10 years or longer to pay off their student loans.
Meanwhile, the baby boomer idiots are arrogantly ranting and raving that EVERYONE makes $50,000 or more all of the time. This is a straight faced lie. The BEA.GOV site tells the real story.
Many early to mid 50 couples have been living large for a long time and have been very unrealistic with their kids. The baby boomers lifestyles wreak of arrogance.
Some of them have high paying jobs that will be replaced with much lower paid workers once the baby boomers retire. In fact, many companies are praying for these arrogant, over paid idiots to retire.
They think college is the only way to be successful.
Many younger couples have gone in to astronomical debt trying to live like the baby boomer generation. Many are about to meet their maker as interest rates rise.
It's the ultimate betrayal...
Politicians have lied to us.
Central bankers have lied to us.
Economists have lied to us.
Analysts have lied to us.
We can now add one more to the list...
Our Parents have lied to us.
Lets do some simple addition for a young kid who has parents that are over leveraged and can't afford to pay for college.
Once college degree is done:
Average college loan debt: 27,000
Credit card debt (goodies, vacations, spring break, months of joblessless after graduation, etc): 5-8,000
Once little Johnny gets a job (probably paying much less than he thought) he buys a new car: 20,000
Now, his/her total debt is now over $50,000 dollars and could be as high as $60,000.
But, their new job pays an average of 16-17 dollars an hour. Certainly a decent wage, but not enough to pay off the debt.
So, now little Johnny/Jane owes more than they earn in a year. Many in financial circles consider this insolvency. When you owe more than you earn in a year, many recommend bankruptcy.
But, isn't the student loan low interest? Isn't it tax deductible?
Well, yes, but it is still debt....debt that will take years to pay off. I have known people in the past that took 10 years or longer to pay off their student loans.
Meanwhile, the baby boomer idiots are arrogantly ranting and raving that EVERYONE makes $50,000 or more all of the time. This is a straight faced lie. The BEA.GOV site tells the real story.
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