Over 65? Congratulations, You Own the Economy | Hacker News Reader

Over 65? Congratulations, You Own the Economy

wsj.com

46 pointslucaspauker32 comments

Plenty of poor older folks. Way to miss the mark. The battle is against class

Exactly. "No war but class war" applies also to generational war. I love the way Some More News tackled the subject : https://youtu.be/Pit-WT0pU34

https://archive.is/akHpQ

https://archive.is/https://www.wsj.com/economy/over-65-congr...

Hmm, Musk, Bezos, Huang, and Zuckerberg are all younger than 65...[1]

1: https://www.newsweek.com/americas-12-richest-men-worth-combi...

Total household wealth in the US is about ~170 trillion dollars. Those 12 own about 1% of all US wealth. Not shabby for a dozen people but the main issue of American society isn't the handful of people who hit the news but mostly the top 19% below them. Richard Reeves wrote a good book on the topic: https://en.wikipedia.org/wiki/Dream_Hoarders

It's the upper middle class that fills educational institutions, prevents the construction of new property, hogs most of the old property and in general has impacted the upward mobility of the lower classes. Musk has a lot of issues, but he's not really getting in the way of people getting richer themselves.

Upper middle absolutely causes a lot of problems; surprised more people aren't focused on them

It’s easier for the top 10% to blame the top 0.1% and absolve themselves, in spite of the knowledge that this changes nothing. Americans especially are averse to the idea that the middle class owes anything to anyone.

IOW alot of the parents of the young people who are complaining quite a bit themselves.

Sorry, on HN I wasn't expecting any attention from somebody who is fully convinced that no young people have parents, or something like that.

All US billionaires make up like 8 trillion

Also Taylor Swift, Beyonce, Rihanna and may others the generation adores.

Beyonce is currently in the news for firing a stage manager of 20 years with no severance.

The ultra rich are also a problem. Wealth makes it easy to get wealthier. You can take unlimited risks. Copy the ideas of startups. Act in anti competitive ways. Live off loans. Etc

They are both true? Between the ultra rich and the elderly there are scraps for everyone else.

True - though I would say that the elderly have had a chance to earn and invest longer than the young, so it's not exactly like that's a nefarious plot. But a better tax structure would make that less glaring (same for the multibillionaires, only more so).

Those guys own squat compared to the assets the boomers own personally and fractionally.

That said, they do get to exercise infinitely more control and power than a bunch of old people who own non-voting shares and real property that's only valuable at the whim and pleasure of the local regulators.

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