During his "My Take," on Tuesday, "Varney & Co." host Stuart Varney discussed why baby boomers, the wealthiest generation, are holding onto tens of trillions while younger generations struggle with inflation and higher interest rates.
STUART VARNEY: If you were born between 1946 and 1964 you are a baby boomer.
Huge increases in the value of homes and stocks have made you the wealthiest generation in history.
BABY BOOMERS ARE BECOMING WEALTHIER, WHILE YOUNGER GENERATIONS LAG BEHIND, FED REPORT FINDS
What are you going to do with the money?
The news here is that, unlike previous retiring generations, you're not spending it.
In the 1990s, people 65 to 74 spent 10% more than they took in, says The Economist.
By 2015, boomers had quit spending and were saving 1% of what they took in.
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This matters because this generation is 20% of the adult population and owns 52% of the wealth.
We're talking tens of trillions here and the boomers are holding on to it. Why?
Because we are living longer and need security in retirement.
We are delaying retirement so we're accumulating more.
Our children and grandchildren are struggling with inflation and high interest rates.
They need the inheritance. They don't want us to fritter it away.
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Watch out, the left has taken notice. The socialists are eager to tap into this vast store of wealth.
No, they're not tapping into it, they want to take it. Wealth inequality is the new rallying cry of jealousy.
They're trying a wealth tax where they just take a chunk of your money every year.
They want higher capital gains taxes to take more off you when you make a profit.
Of course, they want to raise estate taxes, so you can't pass it all on to your struggling children.
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Wealthy boomers are now a target. They could, of course, start spending the money.
If not, you will need an army of estate tax lawyers to keep what you've worked for.
