Monday, October 20, 2014

Blaming the Boomers


Readers of this post have no doubt seen articles admonishing millennials for their perceived apocalyptic effect on the workforce, society, family and everywhere in between. The seemingly endless list of complaints about millennials begins with lazy and pampered, and ends with “selfies.” The accusations, guilt and fear-mongering are unfounded and – even worse – are mostly blame-shifting. Frankly, I am tired of it. What makes the millennial-bashing even more unbearable is the generation that is slinging the mud: the baby boomers.
Baby boomers came of age in an era of unprecedented prosperity. They were raised by parents who had survived poverty, war and the true sacrifice of a generation burdened with great moral struggles. As a whole, they experienced economic and physical security. Baby boomers received, by today’s standards, inexpensive and widely available education, preparing them for a thriving and open job market. Success at the beginning created a strong foundation for financial and personal success on a level the world had never known.
This led to America’s greatest asset: the middle class. So what did they do with all their good fortune? From the time the baby boomers took over, the United States has experienced an economic environment plagued with unfounded asset and real-estate bubbles and collapses. The bubbles were caused by blind greed on the part of investors, and a blind eye on the part of regulators. The baby boomers forced the financial and banking system out of relative security to high-risk systems.
The perfect example of this was the 2008 collapse of the toxic housing debt market. In government, baby boomers ballooned the defense budget beyond the point of reason. They then raided government programs to pay for their mistakes. Regarding the environment, baby boomers left the United States reliant on coal (cough, cough) while eroding the advanced nuclear energy infrastructure built by their parents. We can thank baby boomer leadership for a nation that has no sound policy on foreign affairs, the environment, energy, social welfare, human rights, terrorism, technology development, education, debt, etc. The point being, baby boomer leadership has provided America with a government that is the most partisan and self-serving the union has ever seen, and remains entirely reactive to the world around it.

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