What makes someone rich, Boomer? It’s a question that has been on my mind. Here in the United States a stimulus package was just passed. The government says you are rich if you make $80,000 as a single person or $160,000 as a married couple. If your income is above that amount, you receive $0 in stimulus money. Thus making it appear that you are in fact rich.
Does $80,000 really make me rich? I argue that it doesn’t. Boomers say “Go to college! It’s the only way to get a good job. Buy a home! It’s better than renting your whole life.” Let’s review my personal student loan debt thanks to high interest and tuition rates set by Boomers.
In 2009 I graduated with $32,000 in student loan debt. I was the first person in my family to go to college. I went to the local community college for the first two years, paid cash, and worked two to three jobs to make that happen. I lived on my own without any financial support from my Boomer parents. Then I transferred to a private college. It was the closest college to my jobs and apartment and I received some scholarships. I still racked up $32,000 in debt. At least my degree is fairly basic and typically in need. Thanks B.S. of Accounting!
Then in 2011 I went for a masters. Boomer Bosses claimed that it would help my career. Did it really help? Not really. Every job says MBA preferred not required. That means that the companies are getting a MBA graduate at a discount because preferred not required translates into “we don’t have to pay you for that MBA.” My MBA cost me $20,000.
The math here is quite simple. I had a total of $52,000 in student loan debt that I have been paying for 11 years. I have consolidated and refinanced several times over the last 11 years. My student loan balance is now at $44,925. I paid off $7,075 in 11 years! My principal has only decreased $643 per year! This is proof that student loans are killing millennials. Thanks Boomer! My monthly payments have always been between $350-$400 per month.
I blame the Boomer generation for setting high interest rates on student loans. Because there is no way that Millennials could have gone to school and became Bank CEOs all at the same time in order to destroy our own finances by setting such high interest rates.
Boomers keep complaining that millennials are killing napkins, wasting money on avocado toast, not getting married, not buying homes, and killed even more things. One article stated that we millennials killed:
• Casual dining
• Department stores
• Luxury goods
• Cable TV
• American cheese
• Canned tuna
• Pet food
Boomers, you’re killing our finances!
The average age of an elected official to the United States House is 57.6 and United States Senate is 62.9. Well thanks Boomers (57-75 years old in 2021)! Base salary for these elected officials is $174,000. Bravo Boomers! Boomers are rich, millennials are not.
I argue that the Boomer generation is the source of today’s problems. Boomers have set high student loan interest rates since the average age for a CEO is 58. Boomers also set high tuition rates since the average age of college presidents is 62 years old.
Did millennials create the 2008 recession by deregulating the financial industry? No! We could not have voted for the elected officials that did deregulate the financial industry years prior! So no Boomer, we didn’t cause the 2008 recession because the deregulation occurred years before 2008. Again Boomers were the CEOs of these companies when they deregulated and collapsed.
Did millennials set student loan interest rates? No Boomer.
Did millennials ever say that $80,000 a year made them rich? No Boomer.
Then why are millennials the generation that gets continually dumped on Boomer??? Why? And “because I said so” is not a response.
Does making $80,000 make you rich? Would love to hear your thoughts!