If you consider the US economy in terms of these four charts: Balance of Payments, prodigious Consumption, massive Consumer Debt, and the collapse of Manufacturing Jobs you get a picture, and it's not a pretty one.
From the time they started reaching their late 20's, the Baby Boomers behavior and actions (and lack thereof) have created a legacy, all right.
They managed to take what their parents t(he "Greatest Generation") gave them, and handily earn the sobriquet "Crappiest Generation" by pissing it all away with alacrity!
Some "legacy" eh?
Friday 16 March 2012
Boomer's Legacy?....................from Rico
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There is an old saying that wealth is lost in the third generation. It so happens that we are three generations out of WWII...Rico, you and others who love to point fingers not unlike Obama's class warriors should take into consideration certain facts. Each generation faces its unique challenges. There were those Americans challenged by the great depression, WWII, Korea, Vietnam, and our current depression...It is up to each, to make its own way. Pointing fingers and blaming those that came before you is a loser's perspective. In point of fact, it is human nature to try and make your children's lives easier than your own. Possibly, the parents of the boomer generation as well as succeeding generations tried too hard to ease the sting of life for their children. So, we end up with persons ill equipped to deal with the harshness of life. And so, we fall victim to the maxim, where wealth escapes the third generation. There are other factors too. The fact that the United States was the only unscathed world power following WWII. America thrived in the post war years because of this fact. Now, we live in a world where billions in China, India, and Europe compete quite effectively where once only American industry stood. It is a much different world now, and presents a unique challenge to post-war generations. There are still other aspects such as social changes brought about by mass media...The de-stigmatization of divorce and the ensuing age of one parent homes. We could go on and on and yet to blame a group of Americans for not passing the torch to a succeeding generation is to ignore so many other aspects of our history as to be meaningless. It is a loser's perspective...
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