Boomer Wealth and Power The Rise of a New Elite Class

The baby boomer generation is not only the largest generation in American history, but it is also the wealthiest. Baby boomers are now reaching retirement ages and are becoming what some are calling the new elite class, with new wealth and power to potentially shape our society for decades to come. This article will explore the implications of this rise of the baby boomers and if in fact the boomers do indeed constitute a new elite class.

Boomer Wealth

The sheer size of the baby boomer generation, about 74 million in America alone, has given it clout in financial markets and industries. With such a large group of people also come generous pensions, government entitlements, and other sources of wealth, allowing baby boomers to amass a great deal of economic power. This generational wealth has created many opportunities for boomers and will likely have a lasting impact on the economy as they retire and put their money to work.

Boomer Political Clout

Boomers not only have the financial power, but they also have the political power in many ways. Boomers make up a key voting bloc and have already had their votes counted in numerous elections, with even more leverage as they transition into retirement. This also has a direct impact on political policies that affect their generation, such as social security, health care, and other issues relevant to an aging population. Boomers’ voters can also influence legislation on other important issues such as education, taxation, and the environment.

Boomers and Technology

Boomers are also utilizing technology in many ways, allowing them to stay connected to their families and business contacts as they age. Boomers have also positioned themselves to enjoy the many benefits that technology has to offer, such as e-commerce, investment opportunities, and online entertainment. As a result, many boomers are adopting new technologies at a rapid rate, giving them leverage and influence in new industries and markets.

Youth Anxiety

Many young people feel anxious about the boomer’s rise to power, and there is some concern that the growing wealth and clout of the boomer generation will limit opportunities for younger generations. Boomers also dominate certain industries such as law, finance, and medicine. This could lead to a situation where younger generations are locked out of certain professions and industries because of the institutional advantages enjoyed by the boomers.

The baby boomer generation is clearly a force to be reckoned with. Boomers have managed to accumulate a vast amount of wealth and political power, which they are now putting to use in many areas of the economy. As this generation continues to age, their clout and influence will only grow, leading to an ever-increasing elite class of boomers. While there is some anxiety among younger generations regarding this trend, it is important to remember that many boomers themselves have paved the way for future generations through their hard work and dedication, and it is likely that all generations can find common ground as we move forward together.