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In reply to the discussion: "Boomers seem very resistant to understanding that the living standards".... [View all]OilemFirchen
(7,288 posts)But, here... chew on this. My dad, a highly-skilled chemical engineer, was pretty much forced to sell our first family house in 1962 because redlining was causing rapid, dramatic depreciation. He wanted to buy a house in the closest southern suburb, but that city had a covenant that disallowed Jewish families from homeownership.
Instead, he bought a house in the closest northern suburb. We sold that home in 2018 for about $10,000 more than its original price in 1962. Why? Because that township had been redlined when I was in my late teens.
For your example, I'm a Boomer. I was also a skilled professional. I bought my first house in 1983 for $31,500 at 14.9% interest. I was 29 and the CEO of my own business. I was also financially inept, so, after a hostile takeover, I was bankrupt the next year. Imagine that.
None of the private businesses I worked for exist today, leaving me with no pension(s) at all. Thankfully, I was well-paid and so have a nice Social Security income. Wish I could say that for most of my Boomer friends, mostly artisans, some of whom are squatting in friends' homes. Even my stepfather, a first-generation American who was a G.M. line worker his entire adult life, died nearly penniless, with no pension and a lifetime's accumulation of worthless stock.
Sounds like you did well for yourself. Congratulations. Maybe it's you, rather than the rest of us, who could inform the author of the tweet upon which this O.P. is based.