How to escape the withered claw of OK Boomer

Nice little poke from Jason Murphy today at News:

Because the point of the boomer wars is not to focus on people in poverty, it’s to focus on people who have many millions and are getting more.

The boomers I don’t mind niggling a little are the ones who point to the two million dollar home they bought for $50,000 and say “we earned this!”.

The ones who strolled out of school into a labour market with 2 per cent unemployment and found jobs with no degree.

The ones who like to chirp about how they endured 17 per cent interest rates without ever mentioning that, in 1974, average weekly ordinary time earnings rose 28 per cent in one year alone (and then rose 20 per cent the next year, and 13 per cent the year after).

The ones who feel, when they structure their financial affairs in order to maximise the tax breaks available through superannuation and home ownership, that these are the product of a universe where all is suitable, appropriate, just and correct.

The ones, in short, on the right hand side of this graph.

OK Boomer and their great champion. Peter Costello, writ large.

Labor tried to wind back some of this largesse at the last election and the rest is history…

Eventually subsequent generations will be able to prise this withered claw from its death clench around national welfare but it might take them dropping off the perch first:

Unless somebody starts the Australian Youth Party that has tried and failed to inspire for a decade.

David Llewellyn-Smith

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

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Comments

  1. The thing about the whole “OK Boomer” meme is that because lots of people are really stupid they appear to think it’s a generic insult of some kind, rather than realising that it’s supposed to be used in response to some old fart saying something typically old-fartish.

    For example, I posted a generic (and typical for me) rant on another forum about how useless the ALP is in protecting the people of the country from the depredations of The Forty Thieves the LNP, and got an “OK Boomer” in response. There was no indication of my age in the comment, I just said the ALP are useless cnuts who are harming the country and preventing the formation of a proper political opposition while leading quite comfortable lives. How someone could consider that to be a dimwitted hopeless old person sentiment is beyond me. In fact, as HnH points out here, replacing those worthless dogs the ALP with a forceful youth oriented party is exactly what young people should be doing if they want to have a future.

    I dunno…it was…dispiriting…to be insulted in an such a blitheringly incorrect manner.

    • I mean, you could deploy it both ways
      #okboomer
      OK, Boomer (roll eyes)

      Onto the Youth Party, i mean yes, it’s about teh youfs, but really it’s a matter of fairness
      We need a Fairness Party
      Not equality, fairness.

      And no, not the Sustainably Fair Party or Judaean Peoples Fair Front or whatever

    • It has become generic for a younger generation. , One of my nephews so bad (now aged 30 and earning more money than either myself and wife ever did at our peak) that he has just about written himself out of our wills. His father in particular, full on Gen X 52 yo pig, living in a paid off house worth 3x what ours is, (‘worked hard for its current price’, bought 25 yeas ago) constantly blaming boomers for every ill that becomes Aus society, still earns far more than my wife and I were combined and still doing so at an age where we had both lost our careers, loves his investment properties too.

  2. The generation wars have started. This is just the beginning. Wait till the boomers tell the next generation that they sold the house and spent all their retirement money.

        • A knee / hip replacement, dentist bills, annual trip to Europe, vet bills for the aging dog. There won’t be much left.

          • I am one of those poor dears. Our kids and grandkids are being screwed over and our LNP government couldn’t care – anything for the boomer vote. The economy is being screwed with the obsessions on importing more migrants and pushing up house prices to the exclusion of investment in real income generating / profitable industries.

            Not just digging up and giving away our kids’ heritage.

      • Six of one and half a dozen of the other.
        From what I’m starting to see among my parent’s friends (a very small sample) is that the house is being sold to fund life in the retirement home. The parents would have been better off blowing it all on their kids, grandchildren, themselves or their charity of choice before letting the aged care sector get near it.

  3. If we do start executing boomers, and I recommend we do, I bags pulling the guillotine rope on Gerry Harvey and Bronwyn Bishop.

    • Jumping jack flash

      Don’t know…. unless there’s a YouTube video of how to make a working guillotine, or there was a COTS unit on Amazon or eBay, I seriously doubt the most recent couple of Australian generations could work out how to make one on their own…

    • I’m missing something here: the Boomer generation falling off their perches is going to help how exactly? The next generation will want exactly the same benefits – they’re hardly going to vote them away.

  4. A youth party. Geez. Can you imagine the noobs that would join that. They would be demanding fully open borders and an end to the entire resources industry cutting our ties with USA etc. The reason the boomers get what they want is because the youth of today though we’ll educated are fools who frankly have been supported by boomer parents and grandparents and have never known genuine hardship. What we need is a party of the middle age disaffected who never got to enjoy the gains if the boomers and resent the hell out of them for it. The same struggling group would oppose imigration and tax payer welfare to the corporate cronies of government. We need a revolution run by angry middle age people who have and are suffering.

    • Even StevenMEMBER

      Agreed. I can’t say I’m suffering financially, but suffering idiots in politics and open-border morons has to be up there in terms of pain.

    • middle age disaffected who never got to enjoy the gains if the boomers and resent the hell out of them for it. The same struggling group would oppose imigration and tax payer welfare to the corporate cronies of government. We need a revolution run by angry middle age people who have and are suffering.

      Hey! I resemble that comment!

    • DisplayNameMEMBER

      Agree. My fellow millennials think that a social welfare state and open borders are compatible. No connection is made between low wages, low productivity and popn. “Its teh robots, stupid…” The naivety and complacency is breathtaking. We’re fcvked

    • I take issue with the assertion “well educated”. What is the value of an education if you know fvck all at the end of it? These days the kids learn by rote and are taught what to think and what causes are worthy – ya know, all the identity groups and social justice garbage.

      The most valuable education is leaving the hallowed halls of Govt propaganda and getting a job in the real world. Rub shoulders with real people living real lives. Then you start to learn. (This doesn’t include vacuous twerps like Instagram influencers and the like).

  5. Jumping jack flash

    Ok boomer is fun.

    But I’m sure the ADHD will take over and this fad will be over in a few weeks, like all the rest of them.

    • He said as his lawyers prepared the documents for yet another shell company based in the British Virgin Islands through which company revenue would pass untouched and untaxed by any Western government.

    • It’s a fair point and it’s why the current situation is unsustainable – the very value of his companies rests on the health of the middle classes. Once middle class has been eviscerated there’ll be no one to buy his company’s products.

  6. Hopefully they will live long enough to know that it was all for naught. That the Chinese own the country that they were once so proud of. Bunch of locusts.