The most ossified countries are the ones with the most expensive real-estate (places like urban italy, japan) where the birth rate collapses because the young cant afford to raise/support urban families. The US is now entereing that phase. The older generations are grandfathered (excuse the pun) into cheaper asset bases (10x incrrease in housing pricing in 40 years, etc) so even if they are not making $$ income they are controlling the much of the critial assets. Gen Yxz etx are just increaing their asset values (through externalities) by being young and hip and beautiful and in the neighborhood. That kind of think.
On the other hand, the income streams of the younger generatonis look much more like annuity than perpetuity. Iven if you make nice earning for a couple of years, housing/college debt is predicated on 30-50 years of consistent earnings. The consistency of any person X earnings today is pretty unlikely to persist. Even a successful person can be made obsolete in a 5 yrs timespan (say--company is sold, market changes, etc). This is thus leading to entirely odd outcomes as there is a mis-match of earnings/liabilities for personal balance sheets for teh yound. ie, moving jobs/et vs massive debt it takes to run housefold/pay for future kids school, etc.
Its also an equity problem for texes. one or two good years get taxed and two or three lean years later, you lost a bit chunk of earnings to takes. if you had smooth earnings, you would pay lower taxs, etc. whereas the older generation is sitting on tax-free capital gain on housing, so low income/low taxed, yet they are conrolling massive asset value.
This system is what killed japan culturally. zero percent interest rates will do that to you. so the future looks bright if you think the lottery style outcome is a good one to play, but on average it is losing bet except for those selling tickets.
On the other hand, the income streams of the younger generatonis look much more like annuity than perpetuity. Iven if you make nice earning for a couple of years, housing/college debt is predicated on 30-50 years of consistent earnings. The consistency of any person X earnings today is pretty unlikely to persist. Even a successful person can be made obsolete in a 5 yrs timespan (say--company is sold, market changes, etc). This is thus leading to entirely odd outcomes as there is a mis-match of earnings/liabilities for personal balance sheets for teh yound. ie, moving jobs/et vs massive debt it takes to run housefold/pay for future kids school, etc.
Its also an equity problem for texes. one or two good years get taxed and two or three lean years later, you lost a bit chunk of earnings to takes. if you had smooth earnings, you would pay lower taxs, etc. whereas the older generation is sitting on tax-free capital gain on housing, so low income/low taxed, yet they are conrolling massive asset value.
This system is what killed japan culturally. zero percent interest rates will do that to you. so the future looks bright if you think the lottery style outcome is a good one to play, but on average it is losing bet except for those selling tickets.