It’s no surprise the impact that the Baby Boomer generation had in the US. They became an early political force that, not even Vietnam could slow down. They sent a lot of people into political offices and made a lot of legal changes that suited their age groups quite effectively. For example, I was impressed with how they were able to lower the drinking age to 18 across the Nation in the early 1970s. The drinking age rose back up state by state over time as the Baby Boomers got older and more responsible. But for a time they were young, wild and free and the law changes seriously catered to them.
As Boomers age, they now have to think about retirement. They don’t care about a long-term to live in. So, why not disrupt the housing market for a little gain? The statistics show that most Baby Boomers choose group homes or Senior Living areas as their preferred places to live. There are a lot of 55 and older residential areas which are specifically catered for Baby Boomers in their retirement.
Most of the Housing Market Crisis affected people who assumed that house prices were always going to go up. But they aren’t quite aware of how large the Baby Boomer population is. The Boomers had other plans and many of them who sold their homes before the crash come out with huge advantages. The timing of it all has been impeccable.
All you need to do is follow the lifecycle of the Baby Boomer to understand how much of an impact they had on the economy. It went from increased educational demands when they were younger, the legalizing younger drinking ages. Then as they got more settled down, they wanted more entertainment in their homes, with cable TV and a change in the laws to suit their child rearing, for those who had kids.
The Baby Boomers were mature adults through the 1980s and into the 1990s. The laws changed to suit their perspectives closer than any other age group.The demands for Healthcare weren’t as strong then as much as generating more profits and income in their peak years was. This age gap has created a very wide wage gap sequentially, through the late 1900s.
I think the Baby Boomers more keen concerns for healthcare as they approach retirement age is what strongly supported the Obamacare intitiative. They needed to get more younger people on board to serve their larger aging population. There isn’t as much banking on the future with the decline in future generation numbers.