Sunday, March 25, 2007

Under 35’s Mugged by Baby Boomers

The great generational robbery

This is what it's all about, the older generation sub-consciuosly fleecing todays youngster to fund their retirement plans. Many of you reading this will be thieves. And a good proportion of you will be victims. There is no mugging involved, but a new form of wealth exchange, which economic observers are calling generational robbery.

Posted by enuii @ 02:30 PM (582 views)
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10 thoughts on “Under 35’s Mugged by Baby Boomers

  • Well there will definately be a HPC eventually (in 20 years time) as there will be less people – due to the distictly reduced birth rates. BTL-ers who are planning on holding onto property for a considerable period should think about this.

    Property is probably not a good long term investment – only a short term/mid term speculative investment.

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  • Yeah, that’s the irony of it all. It will crash, and if it doesn’t now, it’ll only be delayed. BTL as a long term investment is doomed.

    And you know what the silver lining to this generational theft cloud is?

    Well, as ageing politicians shape legislation and policies to help their ageing friends, just as they reach their dotage, a new generation of disenfranchised, discarded youth will come into power. And they will correct the balance by taxing them to the hilt and sending the greedy sods into an early grave.

    We will steal back our birthright to decent housing and a reasonable pension.

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  • Northern Lad says:

    interesting Paul. I think people are starting to feel like this…p*ssed off with this government..one that furnishes it’s own pockets. They don’t care for our future. It’s a very sad state of affairs. It’s all carefully planned by Brown and his mates
    – shift the wealth to the elderly and then…./*–(*^(%^ Kabam!!! Sting ’em with inheritance tax when they pass it on!!

    …..and the winners are??

    Q. In the last ten years how has this country improved?

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  • Paul, a distinction must be made between people with tens of properties portfolios and those trying to secure a decent living for their old age.These baby boomers are also those who have seen respect for the elderly decline together with their pension funds.
    I re-iterate the point I keep making: tax people with more than two properties, tax them hard. Believe me or not I don’t begrudge people’s good fortune, but I’d like to see some sort of measure to curb inhumane Capitalism.

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  • Paul,

    I’ve been thinking along the same lines

    Sounds like that 1970s sci-fi where nobody was older than 50. Once the population reached this age they either walked into the distructor voluntarily or a young blade went and killed the old chap and chopped off his right hand (with tattooed birth date and IS), to prove that the deed was done.

    I hope we do not need to resort to enforced euthanasia just to gat a HPC !

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  • There will be no need for any “Logan’s Run” euthanasia. Just plain, good old-fashioned measurement of utility to the economy will correct this.
    Starting with 8% base rates, rising to 15% over a 2 year period.

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  • @sirGoogle,

    The rise of house prices has never had anything to do with the population. To believe that is to have drunk the “koolaid”.

    Why, in that case, did Japan’s housing market ever crash? They have an islandonly slightly bigger than the UK, whose livable area is only 28% of that land, and whose population is twice the UK’s. And they have been in a 17year slump.

    Cheap money fuels cheap assets. The people who took that credit will be permanently financially ruined.

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  • Interesting article! My take on all this is that the government needs to take many measure to sort things out.and this includes taking responsiblity for controlling the polulation’s debt through controlling credit card and mortgage borrowing criteria. This all fuels house price inflation. In my opinion this country has lost its way. There needs to be controlled inflows of immigratin unlike the masses of eastern europeans hitting these shores and putting pressures on housing . I see this as a powder keg situation and there could be riots and big big trouble when the native masses rise and show their anger

    One of the bloggers above raised a good point about taxing people who have more than 2 properties up and above just CGT. How about increasing the stamp duty on these people as they own more property ?

    As for affordable housing , Many any such schemes are being hijacked by property investment companies who then increase the target price. Example :- Newport Pagnell – new affordable housing project started with target price of 85K and now flats are selling for 185K !! A property investment company muscled in on the new build and hiked up prices.
    massively.

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  • In “Logan’s Run”, everyone over 30 was killed (except for the elite who controlled everything from behind the scenes). Not such a great idea from an over-30’s point of view – or even from a late-20’s point of view.

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  • Logan’s Run is a great film. I insisted on a Logan’s Run-themed birthday party when I turned 30 – it was great.

    I hope it doesn’t get a nasty Holywood makeover.

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