Is ‘Boomer’ now a pejorative term?

[owbc]

As it pertains to student loans, most people are being told to sign on the dotted line without the slightest clue as to what they are doing. They are getting this advice from parents and trusted advisors who sell them dreams at the expense of their best interests. It is not productive or realistic to expect them to grasp this at 17, 18 years old. Even if you do explain it to most of them it is all fake numbers. They'll work one day and make lots of money! So it does nothing to explain that to a 17 y/o who's been dreaming of FSU for 4 years.

 

So, no, I'm not going to blame people for figuring this out on their own 10 years later and being upset. The people who care about them should have done better. And I laugh when "boomers" go on about this. They were going to college for $600 a semester. It's one topic they should really sit down and shut up about.

 

OK boomer

[OldSchoolSnapper]

I had the right people holding my hand for the most part. Still wish I had just done the first two years at community college but whatever, immaterial at this point. I do empathize a lot with those that don't. For a lot of people it just signing whatever paper you have to sign to get to college. They have teachers, counselors and parents telling them not to worry about it and focus on now. The whole topic is probably the single biggest example of failing our young people so to turn it on them is frankly asinine to me.

[tmwiese55]

Get degrees for nothing, with those degrees get into power. Then demand degrees for most jobs (and kind of look down on people if they don't get degree). You're also in charge of the schools and then jack up the cost of said degrees (while also gouging us in taxes for education spending to pay for your own huge salaries and pensions). Set up a basically predatory loan system and rates for people to attend the school. Tell young people only way to make it in America is with the degree so just take the loan, it'll be fine. Then, when they get the degrees don't hire them for jobs because they don't have enough experience. All while running the country on a multi trillion dollar deficit every year that someone is going to have to pay for eventually. Stealing the money from our SS funds to pay for right now more than likely leaving the young people with no SS. Then bash millenials for thinking they got a raw deal.

[owbc]

I realized I OK boomered the wrong comment. LOL. Apologies to OldSchoolSnapper.

[FVBrewerFan]

As it pertains to student loans, most people are being told to sign on the dotted line without the slightest clue as to what they are doing. They are getting this advice from parents and trusted advisors who sell them dreams at the expense of their best interests. It is not productive or realistic to expect them to grasp this at 17, 18 years old. Even if you do explain it to most of them it is all fake numbers. They'll work one day and make lots of money! So it does nothing to explain that to a 17 y/o who's been dreaming of FSU for 4 years.

 

So, no, I'm not going to blame people for figuring this out on their own 10 years later and being upset. The people who care about them should have done better. And I laugh when "boomers" go on about this. They were going to college for $600 a semester. It's one topic they should really sit down and shut up about.

 

So you go to achool for a couple years, now you're 20. Still too young to figure out taking out loans for an art history degree is a good idea? I don't have any sympathy. You're bright enough to go to college, but not bright enough to figure that out? That's on you. It may suck, but you made the choice.

 

The solution they want is even more laughable. Have strangwrs pay it off for them, and make tuition free moving forward. Any guess what that will do to the cost of a BA degree?

[FVBrewerFan]

Get degrees for nothing, with those degrees get into power. Then demand degrees for most jobs (and kind of look down on people if they don't get degree). You're also in charge of the schools and then jack up the cost of said degrees (while also gouging us in taxes for education spending to pay for your own huge salaries and pensions). Set up a basically predatory loan system and rates for people to attend the school. Tell young people only way to make it in America is with the degree so just take the loan, it'll be fine. Then, when they get the degrees don't hire them for jobs because they don't have enough experience. All while running the country on a multi trillion dollar deficit every year that someone is going to have to pay for eventually. Stealing the money from our SS funds to pay for right now more than likely leaving the young people with no SS. Then bash millenials for thinking they got a raw deal.

 

Correct, they didn't get a raw deal with student loans. Degree for nothing? Ok. My parents couldn't afford tuition. Student lians weren't really a thing then. I worked part time 9 montns a year, full time during summer starting at 15. Then worked full time for two years after HS, and worked all through college. Sorry, no sympathy here.

[MrTPlush]

Do you know how many people get ‘worthless’ degrees? Do you know how many plead for someone else to pay off their debt. That’s just a random minority of people so microscopic. It just gets blown up in the headlines because it is an attention grabber.

 

If you want a real problem look no further than FAFSA. The concept/expectation that your parents are going to help you pay is an incredible burden on kids who don’t get that help and their parents make more than say $100k combined. If you are even luckier your parents will take that tax credit for a dependent in college and not give you a penny...which yes, is quite common. The parent gets to claim the child’s college expenses and get a tax credit even if they didn’t pay for it themselves.

[homer]

I blame boomers for developing the culture that created millenials.

[burnzy24]

It is definitely an interesting culture shift as millennials are expected to overtake boomers in number this year. What always fascinated me is how millennials are blamed and even mocked for "destroying" certain industries when in actuality they are either cutting unnecessary expenses due to a tight budget or they just don't value the same things as boomers. Look no further than Harley Davidson. A lot people my age (mid 30s) either can't afford to buy a $20,000 bike to drive only 5 months out of the year or just flat out don't want them, yet boomers liked them so mennials ridiculed.

[OldSchoolSnapper]

Get degrees for nothing, with those degrees get into power. Then demand degrees for most jobs (and kind of look down on people if they don't get degree). You're also in charge of the schools and then jack up the cost of said degrees (while also gouging us in taxes for education spending to pay for your own huge salaries and pensions). Set up a basically predatory loan system and rates for people to attend the school. Tell young people only way to make it in America is with the degree so just take the loan, it'll be fine. Then, when they get the degrees don't hire them for jobs because they don't have enough experience. All while running the country on a multi trillion dollar deficit every year that someone is going to have to pay for eventually. Stealing the money from our SS funds to pay for right now more than likely leaving the young people with no SS. Then bash millenials for thinking they got a raw deal.

 

Correct, they didn't get a raw deal with student loans. Degree for nothing? Ok. My parents couldn't afford tuition. Student lians weren't really a thing then. I worked part time 9 montns a year, full time during summer starting at 15. Then worked full time for two years after HS, and worked all through college. Sorry, no sympathy here.

 

You could do all that today and you would not have 1/4 of the balance paid. Sorry bud, you're just out of touch, and the reason this thread exists. They weren't a "thing" because you didn't need them.

 

My wife's hairdresser has an economics degree. You're so off on this one, it's just laughable. The premise of your argument, and calling it that is generous, is that 90% of the country took out student loans to study philosophy.

 

The government screwed the people, it's that simple. When the federal government guarantees the loans there is no incentive for the universities to manage costs of make it affordable. They can make it as expensive as a house, which it is, and it won't matter because people can get the loans. Fast forward a few years and you have a secretary of toilet paper making $160k. It's predatory, as someone else said.

[tmwiese55]

Yup, my summary and OSS's paragraph imo is exactly the problem. I forgot to mention in mine too that generation once in control also increased rent/housing costs by about 10X gouging the current young people.

 

It's funny this person is exactly falling into the whole point of what this term is getting at and doesn't realize it. Even as far as falling for the art history spin that the boomers like to put on it that's completely exaggerated.

 

That said, I'd generally agree with a more creative solution than to just wipe away all loans. And if you make college fully free (without reigning in the costs/salaries, etc with it) it's a huge tax burden on the people that isn't really sustainable either. And would lead to tons of kids just wasting away the government's money to party for a few years. The systems in Europe seem ripe for that type of thing based on stories I've read. Some there even cut the checks to the kids first (who can then blow it partying or gambling) rather than direct to the schools, seems like an easy loophole to correct there to me. Granted, it's been a few years since I've read on that topic so maybe that is better now.

[MrTPlush]

My Fiancé is in a healthcare field. 6.5 years of school, 2.5 years of graduate school costs $90k for the tuition alone. That was the cheapest of the schools she got accepted to and pretty typical. Before you could work and be debt free after college...now you better go play the powerball.

 

Now some people do graduate a basic 2-4 year degree debt free...but that usually requires aid of government/parents and almost surely being able to commute to school.

[tmwiese55]

bah, In my day I walked to school and work both ways uphill in the snow. If she worked harder she'd have paid that off, seems like a lazy entitled kid to me. I bet she bought coffee some days, just irresponsible with her money

[OldSchoolSnapper]

The only aspect of the boomer argument that I see and agree with is that college is WAY over-prescribed. My high school was a psycho one, but 95% of the class goes to college. The trades and entrepreneurship are undersold, but it is changing if only out of necessity. But again, that is not kids' fault. They are not teaching themselves that, we are as a culture. We are not adequately teaching these people that there are other paths to a quality life.

 

Wiping out all of the debt with a broomstick is not going to happen, and I agree with getting creative about it, but the reality is that debt is not just a hard lesson people need to learn. These people aren't buying new cars, they're not having kids, they're not buying homes. They're not paying contractors, going on annual vacations....those things have tremendous ripple effects. We all lose if this isn't fixed, it's not just them.

[homer]

bah, In my day I walked to school and work both ways uphill in the snow. If she worked harder she'd have paid that off, seems like a lazy entitled kid to me. I bet she bought coffee some days, just irresponsible with her money

 

Also avocado toast

[tmwiese55]

100% agree with OSS on the college being overprescribed. Kind of what I meant with my line about how society kind of looks down on or shames people if they don't go to college. I've been saying that for years now, way too many kids go to normal college. And I witness people (cousins, friends etc) who are or were given a hard time if they don't want to go to college, would rather work in the trades or construction instead. That needs to change, there is nothing wrong with not going to college.

 

If you have any connections to industries needing to hire the trades, cement, construction and thing of that nature there is a massive shortage and they're way backed up on work. And, those people can now charge a heck of a price for that work. There is a niche/demand in the market big time in that space if any of ya'll have kids approaching these types of decisions of what to do with their lives after HS

[nodakfan17]

My then girlfriend (now wife) started with ~$80,000 in student loans in 2010. We’ll make the last $800 monthly payment next November (2020). If everyone’s outstanding federal student loans balances get wiped clean, I’m going to be pretty upset.

[OldSchoolSnapper]

My then girlfriend (now wife) started with ~$80,000 in student loans in 2010. We’ll make the last $800 monthly payment next November (2020). If everyone’s outstanding federal student loans balances get wiped clean, I’m going to be pretty upset.

 

I won't lie, I have similar thoughts to this. I think at the end of the day you have to just be happy that it worked out and you are where you are. Wiping out loans won't solve problems for a lot of people are still largely unemployable in today's world. Harboring resentment about things like this just doesn't help you in any way whatsoever, but like I said, my mind goes there sometimes when that idea floats around. I don't think any solution will be that cut and dry.

 

Like I alluded to earlier though, more young people with less debt will is overall a good thing for everyone. They are then doing more of the things we need them to do to keep our economy strong. The back end of how things currently are is even worse. When the student loans are paid off at 48 and these people have $15 saved for retirement it is going to be 100x worse than this.

[tmwiese55]

Think of this way your last monthly payment after 10 years is more money than what a 'boomer' had to pay for a whole semester of tuition in the 60s/70s. Plus, your rent now vs then is also 10X or more higher.

 

Totally agree with Nodak's issue there, there has to be a more creative solution than wiping away.

[MrTPlush]

Considering 50% of baby boomers have zero saved for retirement I really wonder what they have blown their money all these years. College was cheap for them back in the day and many parts of cost of living were much less than today when taking into account what inflation said it should have been.

 

While I think these days people understand the importance of saving for retirement I still don't think it is really being hit on enough. People coming out of college don't understand the incredible importance of early saving for retirement. They have that "I got time" mindset and are willing to wait 5-10 years. Another concern that I am afraid will come to fruition is millennials not starting savings for their eventual children to go to college. I doubt many are running to save money for college 20 years from now while they are trying to pay off their own college every month as is.

[tmwiese55]

Good point. Yes, I don't know how people are affording it. I look at young families with 2-4 kids and say the parents are a teacher and a nurse. Good solids jobs, they've done everything right their whole life. But combined income probably in the 100K neighborhood. Daycare is also crazy expensive now. I see these folks and I have no idea how they're doing it. How are they paying off their loans, their mortgage, daycare, cars, all the other kids costs, saving for retirement, saving for the kids college? I can only assume they're massively in debt, living basically month to month, and saving nothing. And have no money left for vacations or actual life enjoyment. Granted, they probably don't go on 10 vacations a year like I do so don't have that cost, but still. I can't imagine their balance sheets look good at all, unless they have help from their parents.

[OldSchoolSnapper]

Well, for one, there is no way the higher ed. system is unchanged in 20 years. It's just impossible. It's unsustainable and the enrollments would dip to such a level that these places will collapse. The Ivys will be fine but the others will not be able to survive. Something drastic will happen, but who knows what that will be.

[MrTPlush]

Well, for one, there is no way the higher ed. system is unchanged in 20 years. It's just impossible. It's unsustainable and the enrollments would dip to such a level that these places will collapse. The Ivys will be fine but the others will not be able to survive. Something drastic will happen, but who knows what that will be.

 

That may be true, but I don't think it will magically get cheap. Room and Board is expensive and from personal knowledge I know the typical college is in the red when it comes to residence life. They definitely aren't making money off people living on campus. ~$10k yearly tuition isn't that crazy in my opinion, but the $25k+ tuitions probably are not sustainable. Even at a cheap college you are talking $20k a year ($80k total) to go if you have to live on campus. If you only get basic federal loans that leaves $55k to find in the couch cushions. Just roughly speaking.

 

I am not even sure it can get cheaper. Is LSU going to demolish their water park? Are schools going to tear down the luxury living quarters? If people continue to fill these universities where is the motivation to change?

[RollieTime]

My then girlfriend (now wife) started with ~$80,000 in student loans in 2010. We’ll make the last $800 monthly payment next November (2020). If everyone’s outstanding federal student loans balances get wiped clean, I’m going to be pretty upset.

 

$800 monthly payment for her college loan, $1,000 on a mortgage, electric, heat, water, wifi, cable or other service, car payment, car insurance, house insurance, health insurance, food and gas. Probably up to around $3,000 per month at least. So entitled. We haven’t even talked about finding daycare for your kids, buying presents at birthdays and Christmas, or POSSIBLY trying to save up for maybe one family vacation per year.

 

The buying power of money has decreased, while minimum wage and wages in general haven’t increased. That’s why it’s so difficult to get by these days. Way too many low paying jobs, including ones that require additional education. Hard for a single millennial to get ahead to purchase their own place when rent itself takes 50-60% of what you make right away for most young people out of high school and college.

 

A person making minimum wage in 1991 of $4.25 per hour had the buying power of $7.84 today. Fast forward to today where $7.25 is the minimum, which (should) have the buying power of $13.37, but obviously doesn’t. Rent of a place for $250 back in the day for a person making $5 an hour in 1991 would take 50 hours of work pre-tax to pay. Rent of a place for $800 for a person today getting $8.50 an hour would take 94 hours PRE-TAX. Tack on another 20 hours and now you’re just paying rent. So it would take a person something around 115 hours to pay rent this month. Just rent. That’s 3 weeks of a full time job. Good luck affording a car or even paying for food to eat this month. These dang entitled kids... Trying to eat this month. It’s all handed to them so easily!

[homer]

People are bad at saving for retirement because humans in general are bad at long term thinking. Another example is diet. People don't think about long term effects of eating poorly. This isn't a flaw as much as it's just that we haven't evolved as quickly as society has changed. Back when we were cavemen you lived day to day and maybe thought about how you'd survive the next winter...that's as far ahead as you had to plan.