National debt, how much longer before this bubble bursts?

[Barefootdog]

Thank you boomers.

America's 'Great Wealth Transfer' is underway. How will it impact the country?

Boomers are set to pass on as much as $90 trillion in assets to younger generations.

www.yahoo.com

You read that and it clearly defines/justifies the leftist/socialist/Democrat burning desire to steal other peoples money.

Pretty disgusting BS to those of us who earned what we have.

 

[CamoDeafie]

You read that and it defines/justifies the leftist/socialist/Democrat burning desire to steal other peoples money.

Pretty disgusting BS to those of us who earned what we have.

On the other hand... inheritances/leaving wealth behind for your own children, but no one else? Can't take it with you to grave. Don't want to give it all to the government who wants it all.

 

[Loc]

Trusts solve this issue big time. If you have enough to shield from the government tax goons, you have enough to pay someone to draft a solid trust for you.

 

[solv3nt]

Of course they are. But the very bottom of the middle class starts at $164,000/yr in earned income according to some estimates. Any guesses on the mean income level of the new middle class in 2024 dollars?

Where did you come up with $164k? That's around the top 10% of income earners. Median is around the low $80k area for household income, which includes two working people.

 

[arakboss]

On the other hand... inheritances/leaving wealth behind for your own children, but no one else? Can't take it with you to grave. Don't want to give it all to the government who wants it all.

Yep, you can't take it with you. Enjoy it while you are above ground. Regardless of whether it gets spent now or after your dead, it will trickle out to others.

 

[Barefootdog]

Actually, in my family it's become a tradition that everybody gets a taste. Not just direct children. Something is spread throughout the family. Donations to non related persons/organizations are not uncommon.

The point is.....The owners of the wealth should have the say over where and how is gets distributed.

 

[arakboss]

Actually, in my family it's become a tradition that everybody gets a taste. Not just direct children. Something is spread throughout the family. Donations to non related persons/organizations are not uncommon.

The point is.....The owners of the wealth should have the say over where and how is gets distributed.

Trusts will do that.

 

[Loc]

Where did you come up with $164k? That's around the top 10% of income earners. Median is around the low $80k area for household income, which includes two working people.

Based on the sources, it's apparent they're looking at affordability, not on how many people make a certain amount of money. IOW, just because the median household income is in the low $80Ks doesn't mean they can actually afford to live in this economy at the level their income position appears to indicate.

 

[CamoDeafie]

The point is.....The owners of the wealth should have the say over where and how is gets distributed.

Agreed 100%. Unfortunately, the numbers suggested is IMO a myth thanks to the whole medical care/drugs industry, death industry, government, and credit companies also, its not uncommon to hear or read about boomer/early Gen Xers just blithely spend everything they have in their retirement years so that the govt gets 0

 

[solv3nt]

From a high level, if you bury your head in the sand and only look at numbers, yes, the economy is doing very well. That said, for the average working American, life isn't as rosy.