Also their is nothing easier than being a Boomer, Even a Moron was turned into a Millionaire.
For two decades plus when Boomers were buying homes the interest rates were above 10% and employment got to double digits too. There was the oil shock, the crash in 87 and the Recession in the 90;s which lasted a long time and many businesses went bust. The generations that followed enjoyed lower rates so they spent on everything they could lay their hands on, overseas holidays, eating out, take-aways, coffees, massive gas guzzling 4WD's, the best of everything for their homes including massive shed for the boys toys and pot belly stove, a huge outdoor entertainment area with a bar-b-que the size of an outdoor kitchen, a two car garage to house two financed cars, landscaped gardens... the party caused by recent generations wild spending due to interest rates at rock bottom prices is over.
It'll take a couple of years year for the cumulative effect of interest rate rises to flow though the economy as savings are depleted and forced house sales continue. Inflation will continue to be high because no business is going to drop their prices, no tradies are going to drop their prices, supermarkets, insurance companies... again no!
