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Originally Posted by bumpa
The question is....will our children and grandchildren be fortunate enough to have the same economic conditions we had at their age? NO they will not. Most of us started working with 100% paid medical, many of us had well paid pension plans. We worked for companies where the CEO's were paid 20-30% more than their employees NOT 300% as it is today. We went to colleges that cost $1000-$2000 per year not $40000 and most of us left school without any significant debt. The conditions for today's economy were first established in the 80's with the war on Labor unions and the shift in tax rates, lower and middle class rates went up and the top rates came down from 50% in 1986 to 37% in 1988. Higher education costs have increased more than 170% over the last 40 years while middleclass incomes have increased by only 50% from 1970 to 2020. It isn't today's economy hurting our children it's the changes made years ago.
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My wife and I are of 'The Silent Generation' and most of our generation inherited nothing from our parents.
They were poor, and our formative years were hard.
Today most inherit fair amount from parents and relatives, even if only a property, but in many cases, cash as well.
My good lady and I hope to keep the cash inheritance to our children as low as possible, by spending it, but our house value alone is more than either of us saw as a lump sum in our lives.
Outlook not as bad as many claim.