The Coltons Point Times: September 2017

Wednesday, September 27, 2017

CPT Twit - Baby Boomers - Hellions and Heroes, Thinkers and Doers, Villains and Saviors, Just Us...

Baby Boomers - Snippets of our Golden Age

APRIL 3, 2018

Millennials approach Baby Boomers as America’s largest generation in the electorate

BY RICHARD FRY

Millennials, who are projected to surpass Baby Boomers next year as the United States’ largest living adult generation, are also approaching the Boomers in their share of the American electorate.

As of November 2016, an estimated 62 million Millennials (adults ages 20 to 35 in 2016) were voting-age U.S. citizens, surpassing the 57 million Generation X members (ages 36 to 51) in the nation’s electorate and moving closer in number to the 70 million Baby Boomers (ages 52 to 70), according to a new Pew Research Center analysis of U.S. Census Bureau data. Millennials comprised 27% of the voting-eligible population in 2016, while Boomers made up 31%.

In 2016, Generation X and members of the Silent and Greatest generations (ages 71 and older) comprised 25% and 13% of the electorate, respectively. In addition, the oldest members of the post-Millennial generation (those born after 1996) began to make their presence known for the first time – 7 million of these 18- and 19-year-olds were eligible to vote in 2016 (comprising just 3% of the electorate).

The Baby Boomer voting-eligible population peaked in size at 73 million in 2004. Since the Boomer electorate is declining in size and the Millennial electorate will continue to grow, mainly through immigration and naturalization, it is only a matter of time before Millennials are the largest generation in the electorate.

While the growth in the number of Millennials who are eligible to vote underscores the potential electoral clout of today’s young adults, Millennials remain far from the largest generational bloc of actual voters. It is one thing to be eligible to vote and another thing to actually cast a ballot.

Measuring voter turnout is not an exact science. The Census Bureau’s November voting supplements are a standard data source for illuminating the demographics of voting. Census estimates of voter turnout are based on respondent self-reports of whether they voted in the recent election.

Based on these estimates, Millennials have punched below their electoral weight in recent presidential elections. (For a host of reasons, young adults are less likely to votethan their older counterparts.)

Given the historical context of relatively low voter turnout among young adults, Millennials seemed ascendant in the 2008 election when 50% of eligible Millennials voted. By comparison, 61% of the Generation X electorate reported voting that year, as did even higher percentages of Boomer and Silent Generation eligible voters. In 2008 Millennials comprised 18% of the electorate, but as a result of their relatively low turnout (compared with older generations) they made up only 14% of Americans who said they voted.

Millennial turnout was less impressive in 2012, when 46% of eligible Millennials said they had voted. Since the oldest Millennials were age 31 in 2012 (as opposed to 27 in 2008), the expectation might have been that turnout would have edged higher. After all, an older, more mature, more “settled” age group presumably should turn out at higher rates. This underscores that young adult turnout depends on factors besides demographics: the candidates, the success of voter mobilization efforts, satisfaction with the economy and the direction of the country.

Turnout among Millennials was higher in 2016 – 51%. But again, that’s significantly lower than the 61% of the electorate who voted. In order for their voting clout to match their share of the electorate, roughly 61% of Millennials would have to have turned out to vote in 2016.

While it may be a slam-dunk that Millennials will soon be the largest generation in the electorate, it will likely be a much longer time before they are the largest bloc of voters.

The Millennial generation continues to grow as young immigrants expand its ranks. Boomers – whose generation was defined by the boom in U.S. births following World War II – are older and their numbers shrinking as the number of deaths among them exceeds the number of older immigrants arriving in the country.

Now this is what Pew did not tell you.

America's first Baby Boomer Presidents

America's first Baby Boomer Pot Smoking Presidents

Other Boomer Highlights

Deloitte Insight Research

Baby Boomers, a frequent punching bag among social critics for their excesses, will not head into the sunset quietly (see “The generations defined” by the Pew Research Center). In 2029, the year when the last Boomer will have turned 65, the US Census Bureau projects that there will still be over 61 million Boomers—about 17.2 percent of the projected US population.

They will continue to wield immense influence over every aspect of American society for at least another two decades. As their needs and circumstances evolve, Boomers may yet again challenge conventional wisdom and redefine their role in the American economy. Financial firms would do well to take notice.

Okay, so if the Baby Boomers possess over 50% of the wealth in this nation today, and by 2030 when the last of the Boomers has just turned 65 they will continue to wield immense influence over every aspect of American society, as a little over 17% of Americans will be Baby Boomers yet they will still control over 45% of all American wealth, then why are the Boomers being largely ignored in media advertising.

They may be ignored on Main Street but they will still control the purse strings of our nation long into the future. So most of those people in a position to influence our future, Baby Boomers, who suffered through what I believe was one of the most divisive, toughest, and unstable ages in our history and survived, will be here to guide us.