This fucking boomer.
Soaring inflation is putting markets on edge and triggering fears of a recession. The latest consumer price index data this week revealed a searing 9.1% increase year over year in June, prompting Treasury Secretary Janet Yellen to say that inflation in the U.S. is “unacceptably high.”
But one investor is arguing that there’s another major factor to blame: millennials.
“See, what everyone is not including in the conversation is what really causes inflation, which is too many people with too much money chasing too few goods,” Bill Smead, chief investment officer at Smead Capital Management, told CNBC’s “Squawk Box Europe” on Thursday.
Smead explained that in the U.S. there are an estimated 92 million millennials, primarily in the 27- to 42-year-old age bracket. “The last time we saw what we call ‘wolverine inflation’ — which is inflation that is hard for policymakers to stop — was when 75 million baby boomers had replaced 44 million silent generation people in the 1970s.”
“So we have in the United States a whole lot of people, (aged) 27 to 42, who postponed homebuying, car buying, for about seven years later than most generations,” he said.
“But in the past two years they’ve all entered the party together, and this is just the beginning of a 10-to-12-year time period where there’s about 50% more people that are wanting these things than there were in the prior group.”
Here is the video.
Yeah, I’m a millennial.
I graduated just in time for the 2008 financial crisis.
I finished grad school in time for the 2012 housing crisis.
I was the first generation to graduate with crushing college debt.
Debt, by the way we were told to take on. We were told that if we didn’t go to college we’d have no future. So it’s no exactly like it was an option for us. The option was college and debt or flipping burgers at minimum wage forever.
So it sucks that we had to wait until our 30s to buy houses and cars that boomers and the silent generation could buy in their 20s.
So glad now that the generation that the boomers kicked the shit out of economically and pulled up the ladder behind them is causing inflation because we’re finally able to buy adult shit. Not that the fucking boomer bankers and senators and their silent generation president pumped trillions of empty money into the economy.
Nope, blame the millennials.
I’m surprised this fucker didn’t blame inflation on avocado toast.
I know not all boomers are to blame but this shit stain is an investment broker so he’s been part of the problem.
I swear one of my campaign platforms will be to commit war crimes against boomer bankers. I’ll get 100% of the millennial vote.