#OccupyWallStreet Discontent: Blame The Baby Boomers
The Occupy Movement that is happening around the world is complaining primarily about income inequality, but there are so many reasons for discontent and dissatisfaction. However the reasons for underemployment and the economic squeeze may have a deeper root- demographics. Wendy Waters of All About Cities says "The baby boomer cohort has been distorting aspects of the economy since they were born, and today is no exception."
The boomers are not only clogging up all the jobs, but caused the real estate boom and subsequent crash.
Once the baby boomers hit the housing market, demand skyrocketed but the preference for detached single family homes meant that supply could not increase in the best locations, and so values went up owing to increased demand. The only place supply could expand was the suburbs.
Waters thinks that the occupiers complaints are misdirected.
Being shut out of the good jobs, and for those with a good job an affordable house, undoubtedly feels unequal, and unfair for millennials. And it might be nice to blame corporate greed on an unfair economic system for this situation. But it might be mostly a demographic phenomenon and the situation will change over the next few years.
Yes, Wendy, it is going to get worse, as those millenials have to pay to support all those boomers on medicare and social security. It is an unfair economic system.
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