October 5, 2012
Who Destroyed the Economy? The Case Against the Baby Boomers

The facts as I see them are clear and damning: Baby boomers took the economic equivalent of a king salmon from their parents and, before they passed it on, gobbled up everything but the bones.
Ultimately, members of my father’s generation—generally defined as those born between 1946 and 1964—are reaping more than they sowed. They graduated smack into one of the strongest economic expansions in American history. They needed less education to snag a decent-salaried job than their children do, and a college education cost them a small fraction of what it did for their children or will for their grandkids. One income was sufficient to get a family ahead economically. Marginal federal income-tax rates have fallen steadily, with rare exception, since boomers entered the labor force; government retirement benefits have proliferated. At nearly every point in their lives, these Americans chose to slough the costs of those tax cuts and spending hikes onto future generations.

Read more. [Image: Rob Finch Visuals]

Who Destroyed the Economy? The Case Against the Baby Boomers

The facts as I see them are clear and damning: Baby boomers took the economic equivalent of a king salmon from their parents and, before they passed it on, gobbled up everything but the bones.

Ultimately, members of my father’s generation—generally defined as those born between 1946 and 1964—are reaping more than they sowed. They graduated smack into one of the strongest economic expansions in American history. They needed less education to snag a decent-salaried job than their children do, and a college education cost them a small fraction of what it did for their children or will for their grandkids. One income was sufficient to get a family ahead economically. Marginal federal income-tax rates have fallen steadily, with rare exception, since boomers entered the labor force; government retirement benefits have proliferated. At nearly every point in their lives, these Americans chose to slough the costs of those tax cuts and spending hikes onto future generations.

Read more. [Image: Rob Finch Visuals]

  1. blackfemnerdity reblogged this from blacknerdity
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  5. thelostscientist reblogged this from theatlantic and added:
    *edit* Just have some thoughts on this…we can’t entirely blame our parents for using a system that was built for them...
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  16. lidicenahomi reblogged this from theatlantic and added:
    So true…
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  18. thebusinesspursuit reblogged this from kiplinger
  19. randomness-from-thisoldguy reblogged this from theatlantic and added:
    [It’s official … this old guy is a baby boomer … so just blame me]
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