Gen Xer’s are Potential Socialists

February/13/2019 16:52PM
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Where do the Democrats hope to gain political advantage by moving to the left?

Trump is driving the economy taking away the dependency the Democrats rely on for votes.

But, maybe that’s not good enough. This from Market Watch:

While millennials garner much of the negative press around financial issues — they live with their parents because they can’t get jobs! They spend all their money on avocado toast! — Gen Xers may be the ones who are really in trouble.

Here are four big ways Gen X may be financially worse off than other generations.

They’ve got the most credit card debt of anyone — yet still spend more than anyone on non-essentials Members of Gen X have higher levels of credit card debt — which tends to carry a higher interest rate than most other debt — than other generations. Indeed, credit card debt levels peak between the ages of 45-54 at $9,096, with the second highest levels of debt being or those who are 35-44 at $8,235. Meanwhile, the under 35 set has just $5,808. “Millennials and individuals over 74 years old held the least credit card debt. These two groups are also among the least likely to have a credit card, which can serve as a potential explanation behind the trend we are seeing here,” ValuePenguin explains of their data.

Despite their sky high credit card debt, Gen X spends big on non-essentials, according to data released Wednesday from finance site Indeed, “Gen Xers (ages 38-53) spend $3,473 annually on restaurant food, prepared beverages and lottery tickets, the most of any generation,” the report reveals. Meanwhile, millennials spend just $2,758. “For the average American, a few thousand dollars may not sound like a lot to spend each year on dining out and other financial vices,” said Amanda Dixon, a Bankrate analyst. “However, if a Gen Xer was to invest that $3,473 a year for 10 years at an 8% return, they would end up with just over $50,000 that could go toward their retirement savings or their child’s college fund.”

They’re woefully under-saved for retirement “While Generation X continues to struggle with saving and spending, millennials – although not without their own unique financial challenges – seem better positioned for retirement than their closest predecessors. Median retirement savings for Gen X is only $35,000, the same median amount as millennials, despite Gen Xers being much closer to retirement,” according to a study of 3,000 Americans released in 2017 by Allianz Life.

Having just $35,000 in retirement savings — especially when you’re a Gen Xer ages 37- 51 — is not even close to enough. Fidelity recommends that by age 40 you have three times your salary saved for retirement. Gen Xers may be so under-saved thanks to the competing financial demands of children — the Census Bureau estimates that will set parents back roughly $245,000 through age 18 — and caring for aging parents.

Their overall debt load is the highest of any generation Not only is their credit card debt high, the total amount of debt they have is. Those in the 35-44 age group have “the highest debt levels of any age bracket,” SmartAsset notes, citing Federal Reserve data. Their average debt, at least among households with debt. is $152,400, compared to only about $82,000 for the under 35 set.

They’re more likely than other generations to say they can’t meet their financial goals All of this debt and the lack of savings may explain why fewer than 1 in 3 members of Gen X says they think they can reach their long-term financial goals, according to a survey released in 2017 by FICO. Meanwhile, 45% of millennials and 36% of boomers say they will.

As this generation gets closer to retirement age the ugly realization will hit them. They can’t retire. They are loaded with debt. They have no pension except for Social Security. They have few investments and little savings. They have student loads and may have taken on loans for kids.

This all adds up to a generation dependent on the government for mere survival. This is the epitome of a Democrat. They may have been life-long Republicans but spent like democrats and managed their finances like a government.

This does not bode well for the Republican Party.

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