A recent article suggests that Echo Boomers should oppose Janet Yellen if they want to retire. As a quick note, remember that Echo Boomers supported Obama even though his Obamacare would cost Echo Boomers more money than if Obamacare didn't exist.
Echo Boomers seldom act in their best interest. Likewise, Yellen (and Bernanke) is a disaster for most Americans, especially young Americans. But don't expect any to vote or take action in their own interest.
From the article:
However, by all accounts, the Federal Reserve under her leadership would continue cycles of quantitative easing. Millennials are wise to oppose this policy, because negative interest rates will make it utterly impossible for any of us to ever retire.
This sounds true and great (and it is), yet how many Echo Boomers understand negative interest rates or inflation? Even if they do, how many of them would actually take action? And finally, how many Echo Boomers vote their pocketbook, as - if this was true - they would have voted against Obama?
Even from several financial studies I've conducted, only about 10-15% of Echo Boomers actually know what these things are and would take action on them. The remaining focus more on whether they like the person; and let's face it Yellen and Bernanke are likeable people.
While I may sound harsh on Echo Boomers here, both Baby Boomers and Generation Xers were the same in the past. As a child at the time, I recall these generations voting against Ross Perot, who was far less likeable than Bush and Clinton. Yet Perot would have been a much better president and avoided many of the problems we now face. But neither of these generations liked him. They also seemed to think that when the "system" targeted his daughter, that was a reason to not vote for him rather than see what was happening.
Research means recognizing uncomfortable truths. One uncomfortable truth is that people prefer likeability to their own future success.
