Saw this gem of an article. https://www.cnbc.com/2022/07/15/millennials-are-to-blame-for-sky-high-inflation-strategist-says.html.
It quotes some investor who argues that millennials are to blame for inflation because they are suddenly buying homes, cars, etc. It states that millennials now make up 43% of homebuyers, which means that 57% of home buyers are in other generations, primarily boomer and Gen X. The article glosses over the fact that while some millennials have been fortunate to finally purchase homes in the past few years, most of these were first-time homebuyers and are well into their 30's or 40's, not in their 20's like boomers were when most of them purchased their first homes. It also glosses over the fact that many millennials have had to pull back spending amid inflation and rising interest rates, while boomers have not as much. The article fails to mention entirely the fact that millennials own less than 5% of America's wealth, while boomers owned 53% and Gen X has 25%. The article also fails to account for the massive number of sick and obese/overweight boomers who are retiring and who need nursing homes and medical services. Don't they think that causes inflation too?
Who's really causing the inflation here?