The Baby Boomers Discussion Assignment.

The Baby Boomers Discussion Assignment.

The Baby Boomers Discussion Assignment.

Baby boomer is a term used to describe a person who was born between 1946 and 1964. The baby boomer generation makes up a substantial portion of the world’s population, especially in developed nations. It represents nearly 20% of the American public.The Baby Boomers Discussion Assignment.

As the largest generational group in U.S. history (until the millennial generation slightly surpassed them), baby boomers have had—and continue to have—a significant impact on the economy. As a result, they are often the focus of marketing campaigns and business plans.

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Key Takeaways

  • Baby boomer refers to a member of the demographically large generation born between the end of WWII and the mid-1960s.
  • Because of their numbers and the relative prosperity of the US economy during their careers, the baby boomers are an economically influential generation.
  • Today, baby boomers are reaching retirement age and face some key challenges, including funding their retirements.

History of Baby Boomers

Baby boomers emerged after the end of World War II, when birth rates across the world spiked. The explosion of new infants became known as the baby boom. During the boom, almost 77 million babies were born in the United States alone, comprising nearly 40% of the American population.

Most historians say the baby boomer phenomenon most likely involved a combination of factors: people wanting to start the families that they put off during World War II and the Great Depression, and a sense of confidence that the coming era would be safe and prosperous. Indeed, the late 1940s and 1950s generally saw increases in wages, thriving businesses, and an increase in the variety and quantity of products for consumers.The Baby Boomers Discussion Assignment.

Accompanying this new economic prosperity was a migration of young families from the cities to the suburbs. The G.I. Bill allowed returning military personnel to buy affordable homes in tracts around the edges of cities. This led to a suburban ethos of the ideal family comprised of the husband as provider, the wife as a stay-at-home housekeeper, plus their children.

As suburban families began to use new forms of credit to purchase consumer goods such as cars, appliances, and television sets, businesses also targeted those children, the growing boomers, with marketing efforts. As the boomers approached adolescence, many became dissatisfied with this ethos and the consumer culture associated with it, which fueled the youth counterculture movement of the 1960s.

That huge cohort of children grew up to pay the decades of Social Security taxes that funded the retirements of their parents and grandparents. Now, millions each year are retiring themselves.

As the longest-living generation in history, boomers are at the forefront of what’s been called a longevity economy, whether they are generating income in the workforce or, in their turn, consuming the taxes of younger generations in the form of their Social Security checks.

According to a recent  bulletin, baby boomers spend $7 trillion per year on goods and services. And even though they are aging (the very youngest boomers are in their late 50s as of 2019) they continue to hold corporate and economic power—80% of the country’s personal net worth belongs to boomers.

Let’s start this week’s discussion with identifying who makes up the baby boomer generation. Please research and post statistics about the baby boomer generation. (Remember to post your sources!)

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