In a post of mine at WNYC’s Its a Free Country, I talked a bit about how the selfishness of the Baby Boomer generation has directly led to a situation where the generation that is growing up now will face problems that the Baby Boomers’ choices caused:
They propped up parties that differ widely in political priorities, but who share an undying love of spending money they don’t have, to pay for things they promise they can deliver to their constituents without having to pay for them in higher taxes or substantial cuts in spending.
When you talk about these things to the types of young, politically active types I have the pleasure of meeting all the time, you see in them a sort of frustrated disbelief. I’m not removed from their situation by all that much, and I share in this disappointment.
Their parents and grandparents love them, and want them to succeed, but have supported politicians who have ensured that they will see a job market that is more difficult, while at the same time having to pay taxes that are higher than they’ve ever been in this country.
How is the next generation going to be able to adapt to a world that will be changing even faster than it is now, when merely paying the interest on the debt will take up a quarter of the federal budget? How are they to save and join the ranks of homeowners and investors, with far fewer of them having to pay for Social Security and Medicare benefits to people who live much longer?
We’re all going to have to deal with this in the next several years, but really it’s those who are growing up now who will bear the brunt of it… the ones whose grandparents are among the baby boomers. They’re the ones who are going to have to pay for the things the baby boomers decided they’d give themselves, while also choosing to pass that bill onto their grandchildren.