Posted 11/26/2023, 1:10:00 PM
Boomers' Spending Spree Adds Pressure on Younger Generations Facing Inflation's Sting
- Boomers have increased spending while inflation is high, making cost-of-living pressures worse for younger generations
- Interest rate rises disproportionately affect younger people with mortgages, while benefiting retirees with savings
- Inflation impacts are not equal across age groups; real wages and higher mortgage costs hit the young more
- Strong consumer demand is prolonging high inflation, so restrained holiday spending could help avoid further rate rises
- The author pleas for boomers who can afford it to curb non-essential purchases to ease pressures on struggling children/grandkids