August 7, 2018
Boomers are filing for bankruptcy at a record pace because they chose to buy all sorts of dumb shit that they couldn’t afford. We should not feel the least bit sorry for them.
The baby boomer generation is going to go down in history as the most selfish and irresponsible generation of all time. This is not hyperbole either, this is just a stone cold fact. Despite growing up in an era of tremendous prosperity, they collectively chose to squander all that they were given in favor of sex, music, drugs and material pleasures.
And on top of destroying Western civilization, boomers are filing for bankruptcy at a record pace as they enter their final years.
Older Americans have a higher presence in the U.S. bankruptcy system than ever before, according to a new report.
The rate at which Americans ages 65 and older are filing for bankruptcy has increased two-fold since 2013, the study by the Consumer Bankruptcy Project found.
Meanwhile, there has been a nearly 500% increase in the number of older Americans in the bankruptcy system, the study – first reported by The New York Times – showed. While more than 12% of filers are now seniors, just 2.1% were in 1991.
The average senior files for bankruptcy more than $17,390 in the red.
It’s honestly hard for me to comprehend just how insane all this is. These people grew up in an era when people could obtain a blue collar job out of high school and immediately earn enough money to buy a modest home and raise a family. College if you adjust for inflation was much more affordable back in the 1960s and 1970s compared to what it is today. Yet despite all of those advantages, a large number of them are filing for bankruptcy as seniors and will leave their children with nothing.
So just what in the hell did these people do with their money? Apparently spending it on expensive automobiles, vacation home mortgages, pleasure trips and a myriad of worthless shit was more important than saving something tangible that they could pass down to their children. That’s really the only explanation as to why so many of them are in this situation.
I’m a young member of Generation X. I entered the workforce in the early 2000s after the 1990s dotcom bubble burst. There were certainly far fewer opportunities when I entered the workforce versus when the boomers started looking for work. Yet despite that, I was able to find a way through hard work to payoff my own home while still in my 30s and establish a decent amount of savings for myself. I’ve even had the chance to enjoy myself from time to time, but never to excess. And perhaps most importantly, I avoided racking up credit card debt.
This is why I don’t feel the least bit sorry for these people. They’re responsible for their own misery because they chose materialism over substance.
There’s a scene from the 1999 movie “Fight Club” where Tyler Durden talks about the perils of consumerism and buying shit that you don’t need.
I’ve always believed in living a minimalist lifestyle. In fact, I would have no problem living out of a tent or a trailer if needed. Just so long as I have access to food, shelter, a few changes of clothes and some type of mobile Internet connection, there really isn’t a whole lot else I would require. This type of life philosophy was obviously foreign to most boomers as this story so obviously proves.
The boomer generation will serve as a stark example of what not to do for future generations. Almost everything they collectively decided to do was wrong and we are all dealing with the consequences of their decisions today. This is what their unfortunate and sorry legacy will be and it is up to all of us to fix it.