Tuesday, Oct 30, 2007
Off Topic? - Maybe; but this quote is great!
Telegraph: Ipod generation crushed by tax, says report
''The Ipod generation has been reduced to galley slaves in the public spending empire of the baby boomers," Mr Bosanquet says. "The Government is in the process of mortgaging the future of a generation."
Posted by tyrellcorporation @ 08:42 AM (726 views) Add Comment
6 Comments
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1. Superruss said...
I'm so angry with the government for this. The expectation that my generation will be able to support The Crony Boomers in the style of comfort to which they have become accustomed is a ridiculous long term view. I’m fortunate enough to have worked my way out of the 1 bed btl hovel stage of my life and yes, I have central heating... but there is a
remarkable difference in the level of lifestyle I enjoy vs my parents.
I don’t begrudge them of course…But it's just not sustainable.
I don't own a house, I haven't settled in one area and am not married/reproducing. Most of my friends are the same. If I were in my parents shoes I'd have had 2 children by now with another on the way in a couple more years. The pension pot property scam has rather ironically worked in the inverse! I see many of TCB working the poo-fields with us until they drop!
And then some for us… DOH!
A friend of mine has recently moved to Dubai. And whilst their no-tax-on-anything-anywhere-ever strategy isn’t a long term cert, its certainly looking like the most sensible option.
2. mrmickey said...
As I've mentioned on this blog before I can't believe how compliant young people are today. Most popular TV programmes involve people in authority humiliating and bullying the contestants and people seem to lap it up. I do think there is a bit of the "Concentration Camp Syndrome" going on in society today where if you keep people isolated, confused and fearful their easier to control just look at the constant flow of health and terrorism scares coming out of the media.
3. inbreda said...
I must admit that although it is easy to "Blame the XXXXX" (fill in the blanks for any given situation - in this case the baby-boomers), but thefacts speak for themselves in this case.
My parents keep trying to encourage me to buy a house and settle down because otherwise I will be too old for kids. I say I can't afford it and they come back with the old "we had to work very hard blah blah, things only seem to have been cheaper in the past but we didn't earn much then"
So you look at the facts. My parents first house was a large family home on a large plot of land which they bought for the equivalent of 3x my fathers wage - not even counting my mothers wage.
Furthermore, they are both teachers. At the time that they bought they had been teaching for three years. Because teachers salaries are so structured, it can be calculated that if they were in the same position now, they would have to borrow more than 20 times salary.
Admittedly they said times were hard when inflation was high, but then the inflation wiped out any debt, and they managed to make it through presumably because they were on such a small saray multiple.
I don't think people will be as lucky this time round.
4. Ticktock said...
...and don't forget that having worked so hard (much harder than they ever did) to support the boomer's in the luxuary that they have never deserved, none of those benefits (final sal. pensions, free health care, unearned riches from property rises etc.) will be available to you.
They f*ucked it up, but they never have paid any price for doing so, and they never will. The greedy, self obsessed nobody's still think their Country 'works', and why wouldn't they, it does for them.
I can accept that some generations will always be more fortunate than others, but this lot really take some stomaching don't they?
Is it any surprise that the 'youth of today' would rather kick their heads in than show them the 'respect' that they seem to feel so 'entitled' to?
5. Quiet Guy said...
@Inbreda
"My parents keep trying to encourage me to buy a house ..."
I think this is very common. A lot of the older generation who started their employment careers in a more affordable (but admittedly less comfortable) era do not seem to understand that the current housing market is a confidence game.
One of my colleagues at work was persuaded by his parents that he "had to buy" at the peak of the last cycle - resulting in 10 years negative equity.
What does concern me is the very low level of savings by young people today. Weaning the iPoders off credit card debt will be a bit painful.
"but then the inflation wiped out any debt ... I don't think people will be as lucky this time round."
Maybe some houseowners will be lucky. I am fearful that our government is going to print fiat money to pay for governemnt borrowing and destroy my savings.
6. The Reaper said...
inflation is coming through China,Sterling and Dollar depreciaiton and the wider rise in commodity prices.If people can sit through it they'll be fine but I fear many will not make it through in one piece.
The build up of public sector liabilities is frigthening
£166 billion govt debt
£685 billion public sector pensions liabilities
£118 billion PFI
£969 billion
Add on personal debts of Joe Public circa £1 trillion, a massive public sector in terms of payroll and high levels of welfare dependency with no long term mechanism for mechanism for funding them(debt laden consumer economies don't count)
We've never had it so good
Note to self--must cheer up