Baby boomers are going to save the economy as they spend down their $75 trillion nest egg while millennials struggle with student debt
The market veteran Ed Yardeni says fears of an imminent recession are overblown because millions of baby boomers will soon retire and begin spending down their massive $75 trillion nest egg.
Yardeni estimated that baby boomers — which includes around 58 million people over 65 — had $20 trillion in stocks, $18 trillion in real estate, $15 trillion in pensions, $8 trillion in noncorporate-business stakes, and $9 trillion in cash. Baby boomers' massive pile of wealth, combined with the $40 trillion and $8 trillion of wealth held by Generation X and millennials, respectively, should help power consumer spending going forward, even amid headwinds of student-loan payments and depleted savings since the pandemic.
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