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Boomers Booming?

Discussion in 'Tilted Philosophy, Politics, and Economics' started by genuinemommy, Aug 26, 2018.

  1. genuinemommy

    genuinemommy Moderator Staff Member

    I came across this piece today:
    Dave Scott Blog 74 Million Baby Boomer Retirees Are Projected To Make Economy Go “Boom!”

    I really don't understand why someone would think that baby boomers retiring would help the economy at all. But maybe that's because most of the Boomers I know either lost their pensions or are supporting their children and grandchildren in some substantial way, which negates their disposable income and motivates them to die before retiring.

    Do you think that there will be an economic boom as boomers retire?
     
  2. cynthetiq

    cynthetiq Administrator Staff Member Donor

    Location:
    New York City
    Boomers widened everything from schools to employers they will widen things like home care and other things that are needed for elderly.
     
    • Like Like x 1
  3. redravin

    redravin Cynical Optimist Donor

    Location:
    North
    Here in Alaska the oil industry is pulling out and those jobs are going away rapidly.
    The industry that is growing like crazy... healthcare.
    We can't hire people fast enough and can't get enough people with the proper training.
     
  4. rogue49

    rogue49 Tech Kung Fu Artist Staff Member Donor

    Location:
    Baltimore/DC
    It’s going to make a shortage in the job market
    So this means higher wages and easier job hunts
    Also good benefits may come back

    While they’re retiring, doesn’t mean they’re stopping spending
    And most companies are gunning for larger client bases as things go more online and global

    This translates into a greater need
    But less workers
    Thus increasing wages
    Because most don’t want bells and whistles and stock options anymore

    Looks like the corporate management (and the congress that caters to them) selfishness in the Great Recession and the past 3 decades may come back to bite them.

    Trump may want to rethink those restrictions in foreign workers...because the CEOs are about to have his head for it.

    Supply and demand
    It sometimes helps the worker.
     
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  5. Lindy

    Lindy Very Tilted Donor

    Location:
    Nebraska
    What @rogue49 said! The retiring (and semi-retiring) boomers has already created increased demand in nursing and teaching
     
    • Agree Agree x 1
  6. rogue49

    rogue49 Tech Kung Fu Artist Staff Member Donor

    Location:
    Baltimore/DC
    It's doing it for IT also
    However, teaching will sooner or later go fully online...for better or worse. Cheap governments don't want to pay for either infrastructure or staff. (being online will allow them to do more for less...)

    But nursing is a "hands-on" job and then some...and the criteria & regulation & education required is a very heavy lift...especially for a job that entails so much physical labor and stress.
    The Millennials won't be having it...they want money for their effort...and nursing often is too much effort for the buck. (They're starting....then leaving)

    More than likely, there will become a 3rd level of staff, doctors, nurses, then another...less qualified more shifting and shoving.
    But basically that still turns into more jobs and more money for people. (and higher medical costs)
     
    • Like Like x 1
  7. genuinemommy

    genuinemommy Moderator Staff Member

  8. Stan

    Stan Resident Dumbass Donor

    Location:
    Colorado
    I'm not quite sure what the question is.

    As a recently and semi-retired boomer, I'll continue to contribute to the economy, while expecting that the services/entitlements that I paid into for 50 years will be there when it comes time for me to use them.

    I may or may not work again. I'm casually looking into contract work; but intend to be very picky. We have zero debt, our house is paid for, and I have a pension and a substantial 401k. I'm at least a year behind on home maintenance and projects around the house. I intend to get caught up.
     
    • Like Like x 1
  9. PonyPotato

    PonyPotato Very Tilted

    Location:
    Reno, NV
    These definitely already exist.. there are different levels of nursing (nurse practitioner, registered nurse, licensed practical nurse), as well as nursing assistants. CNAs also usually have to be certified/licensed so they’ve gone through multiple background checks and are competent for the jobs.
     
    • Like Like x 2
  10. genuinemommy

    genuinemommy Moderator Staff Member

    The question was at the end of the first post:
    Do you think there will be an economic boom as boomers retire?
     
  11. Stan

    Stan Resident Dumbass Donor

    Location:
    Colorado
    Na, things will change. Healthcare jobs will boom because of the number of people involved. Other jobs will will see decreases. Boomers will cut their spending to match their decreased income. I'd guess it will be a wash.
     
    • Like Like x 1
  12. PonyPotato

    PonyPotato Very Tilted

    Location:
    Reno, NV
    As for the original question: I work in healthcare and we are already seeing an increase in need for our services (also with reduction in reimbursement), as well as more need for coordination of care. Because reimbursement is going the opposite direction, I think we will see an increase in employment in healthcare but lower salaries. And burnout. Oh god, the burnout.

    Other areas of the economy: not so much. Boomers have a reputation of wanting a lot for a little. I don’t think that bodes well for spending overall, although they will probably be the last group with actual pensions rather than 401k or similar accounts.
     
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  13. fflowley

    fflowley Don't just do something, stand there! Donor

    I live in rural upstate NY.
    We currently have significant delays in arranging home nursing care for people in need because the nursing agencies can not hire adequate staff.
     
    • Like Like x 2
  14. rogue49

    rogue49 Tech Kung Fu Artist Staff Member Donor

    Location:
    Baltimore/DC
    So basically...
    An increase in demand
    A shortage in staffing

    Sounds like low unemployment and increasing wages to me.

    Problem is...yes, they’ll hire
    But it will take them a long time to increase wages to what it should be.

    Employers tend to short staff but increase the bottom line
    They’re in that mindset from years of having the advantage

    It took WWII to stabilize and increase the income for all (including establishing benefits...)
    Before manufacturing lowballed everyone
    Which was one of the reasons for the Great Depression

    Baby Boomers experiences the advantages
    But forgot them in the long run

    The Millennials aren’t having it

    Sooner or later the government is going to have to ignore the xenophobes and let in the foreign labor again
    They do things that Americans just don’t want
    Or they do it for lower wages

    But for now...
    Very low unemployment
    Higher wages

    I’m not complaining
    I’m not planning on retiring
    Just delegate more...leverage my experience
    Less work, continue income
    Just more money for me

    Not my problem, it’s the company’s problem now.
    What comes around, goes around...karma
     
  15. rogue49

    rogue49 Tech Kung Fu Artist Staff Member Donor

    Location:
    Baltimore/DC
    • Like Like x 1
  16. Chris Noyb

    Chris Noyb Get in, buckle up, hang on, & don't criticize.

    Location:
    Large City, TX
    I see boomers cutting expenses and spending less when they reach 'fixed income.' The number of boomers "getting by" will outnumber those fortunate enough to be in a good financial position.

    JMO. No stats. No links.
     
    • Like Like x 3
  17. ralphie250

    ralphie250 Fully Erect Donor

    its done that in a lot of industries, mine as well
     
    • Agree Agree x 2
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  18. Chris Noyb

    Chris Noyb Get in, buckle up, hang on, & don't criticize.

    Location:
    Large City, TX
    People, in first world countries, are living longer. The rising need for healthcare services makes sense.

    People on fixed incomes tend to use their Paid For whatevers until repair costs outweigh the cost of replacing the whatever. Automobiles, being a major purchase for many, are a good example.

    Speaking from my perspective, it's cheaper to keep a car properly maintained, and pay for the occasional odd repair, than it is to pay a car note.

     
    • Like Like x 1
  19. rogue49

    rogue49 Tech Kung Fu Artist Staff Member Donor

    Location:
    Baltimore/DC
    Actually, people everywhere are living longer
    If there’s no war

    Since everything is becoming global
    Especially with the advent of the internet
    Any services will also go international
    So there’s a need for increasing staff
    Computers and machines can’t do everything...yet
    And even they break, shutoff, or aren’t flexible enough
    So you need people, lots of people
    So for the time being...there will be an increase in employment and wages

    I’m sure they’ll be a lull as machinery, computers and code take on repetition
    But then you’ll expand to space
    Much less, IF we discover other habitable places
    Or other beings

    Hey, trade is trade, if you’re open minded enough
     
  20. ralphie250

    ralphie250 Fully Erect Donor

    More and more people are keeping their cars

    Sent from my VS996 using Tapatalk
     
    • Agree Agree x 1