Attention Baby Boomers - Enough Already

Mississauga, Canada (PressExposure) April 06, 2009 -- That seems to be the message from Generation X in what appears to be another bubble waiting to burst from the fallout of the housing and stock market crash: the war between generations.

A series of interviews conducted by with members from both the baby boomer generation and Generation X seems to have tapped into the growing angst as both fear the fallout of the recent bear market.

“Every time we pick up the paper there’s yet another story about how bad things are for baby boomers,” says Paul M (who didn’t want to disclose his name). “They’ve had it good for their entire life – living under the shadow of the ‘Me Generation’ hasn’t been easy.”

Recently, MSNBC ran a report on the baby boomer generation who find themselves only a few short years away from retirement and sadly find themselves a few dollars short of their goals. Even 1 gentleman feared that he would have to ask people if they wanted paper or plastic as he bagged their groceries for them. It’s a fear shared by many from the Aquarius generation.

"Some baby boomers have become materialistic and greedy, but I've spent my whole life trying to help others in any way I can” says Corrine D who was taken aback when told of some of the comments from Generation X. “I've seen many older workers tossed aside when they weren't young any longer, and I've seen younger people treat older ones like they were worthless. The generation blame can work both ways I'm afraid."

Many who identified themselves as Gen X’ers felt little in the way of pity for their parents.

“Its a little tough to feel sorry for a demographic that has for the last 60 years had it very easy. For many of us, graduating from university meant having to ask ‘do you want fries with that’ as our first job. If we were able to find a job, it’s because a baby boomer finally retired early after being with the same company for the last 30 years. Working for the same company for 30 years is something that we’ll never see”, said one Gen X’er who preferred to remain nameless.

Much of the angst of the post baby boomer generation stems from reason such as having to pay for a $10 trillion national debt which helped finance much of the social safety net that baby boomers have enjoyed, but is in question for future generations. Many also felt that it was the baby boomers who, due to their sheer numbers, helped drive up the cost of homeownership, while fears grow about property values dropping as baby boomers begin to cash in their homes for something smaller.

Many Gen X’ers also started investing just after university and have sat through a tech bubble and now a bear market – to the point where they have seen 0% increase in their portfolios as the Dow Jones recently hit new 12 year lows. Baby Boomers have seen a drop in their portfolios however many still have a relatively large nest egg, whereas Gen X is starting over, again.

Unlike Generation X, baby boomers don't have time on their side. Many baby boomers are within a few years of retirement and face the choice of either adding risk to the portfolios in the way of penny stocks or by looking outside of the stock market for ways of making money.

Where the real warfare is going to take place is on the employment front. Many baby boomers, facing shortfalls in their retirement nest eggs, are looking at the very real likelihood of having to work into their 70’s – a time when many thought they would be playing golf every day. Employers will have to choose between paying handsomely for an experienced workforce, or paying less for youthful enthusiasm.

The battle will heat up quickly as many companies continue to cut payrolls and offer less money to successful candidates. With fewer jobs available, the latest chapter in the war between generations promises to be one for the generations.

Contact: Christopher Smith 3208 Apricot Street Mississauga, ON L5N 8A8 Ph no: 905-785-2057



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Press Release Submitted On: March 30, 2009 at 10:39 pm
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