[quote=spdrun]You’re neglecting the effects of immigration and legalization of immigrants. Plenty of younger people clamoring to enter the US.
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You’re neglecting the fact they come here because supposedly they have opportunities here. You’re ignoring the fact that if trends continue the way they are, we will not necessarily be the biggest economy, have the most sophisticated opportunties,etc. I see this all the time in tech, in which people who were originally going to stay here after being on H1-B are actually moving back..
so what’s left, people who come here illegally?
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Oh yeah, and plenty of boomers AS WELL AS Xers used their homes as cash machines, and spent the money like drunken sailors, rather than re-investing it. Purchase price doesn’t matter as much as current debt to asset ratio.[/quote]
Sure, and there are plenty of Generation Y’ers who have loan debt up the yahoo with the ultimate bullshit degrees on the face of the planet that they will never ever be able to pay off…Really spdrun, you can’t generalize this shit…Unless you’re a multi-millionaire (20 million+ today), you’re not immune to a economic demise any more so than anyone else. You’re kidding yourself if you think having a few rentals when the more macro-economy is in the shitter you’re really going to be fine and sail through and simply collecting rent.
I would not be leaping up and down as a generation Y’er. Heck, I’m not leaping up and down as a generation X’er, despite I consider myself to be in much better shape than a lot of generation X’ers. I look at how many baby boomers are going to be retiring, how much medicare/social security/etc they will be entitled to, and look at the taxes we are paying now… Oh boy, it’s sure going to be fun the younger people get here if things don’t change drastically.
But I think the point here is…This isn’t a generation thing. This is an “american people spend more money than they have” thing which doesn’t skip generations.
