Millennials take note
That entry-level job you never got? There's a 'boomer in it because a richer 'boomer decided to fuck him.
Lather, rinse and repeat for every generation moving forward.
If I can extrapolate income and costs from my last fifteen years forward for the next twenty five years, I'll be ok to retire in the traditional sense. Whether I can rely on that is open for debate, but even if I can, what worries me is healthcare. Will I be able to afford my insurance premiums, deductibles and copays in years when health costs typically go up? And if you did get that job, and if your boomer parents fell in the fucked bucket, it's only a matter of time before you're paying their bills.Millennials take note
There's a terrifying report from McKinsey I'm just digging into that hypothesizes a third of the US workforce is going to be displaced by automation by 2030. I've just started reading it - it's like 160 pages long - but I've read enough to know it pairs badly with their studies on longevity. There was an article in the Washington Post, I think, where some lady said her retirement plan was her "401 Kevin." Kevin was the name of her son.And if you did get that job, and if your boomer parents fell in the fucked bucket, it's only a matter of time before you're paying their bills.
Kevin was the name of her son. "While most filial responsibility laws contemplate civil enforcement, some include criminal penalties for adult children or close relatives who fail to provide for family members when challenged to do so. Typically, these laws obligate adult children (or depending on the state, other family members) to pay for their indigent parents’/relatives' food, clothing, shelter and medical needs. Should the children fail to provide adequately, they allow nursing homes and government agencies to bring legal action to recover the cost of caring for the parents. Adult children can even go to jail in some states if they fail to provide filial support."There was an article in the Washington Post, I think, where some lady said her retirement plan was her "401 Kevin."
My group at work consists of six engineers. I'm certain that by 2030 it will be no more than four getting more work done than today. Automation won't replace us all right away, but it will reduce staff. Too much of what we do is repetitive not in specific details but in concepts. After watching two YouTube videos on it I'm half convinced I could replace a whole engineer today after a few days of messing around with TensorFlow (and maybe backend access to our real time grid model (unlikely to be granted)).
Mauldin is fond of pointing at iron roughnecks as the perfect exemplar of what you speak.