I've written and blathered about how the baby-boomer generation was the first real failed generation in the US, but never really had any solid data to back it up (other than the obvious fiscal recklessness). Many cultural conservatives will point to divorce rates and children born out of wedlock, but I tend to stay away from that since it's hard to morally judge and compare, statistically. But this got my attention. It's just a bulleted list, so it's far from comprehensive, but it's still damning as to the state of our economy:
I have no idea if I'm right, or to what degree I might be right, but it seems as if one of the unintended consequences of the Reagan Revolution was the creation of a new, pseudo-gilded age in America. American corporations--eager to please the demands of a hyper-impatient Wall Street--will eke out as much profit per quarter at the expence of investment in the company or employees.
The hero worship afforded corporate leadership accommodates a grossly disproportionate salary to upper management--not just to CEOs. The culture of incurring debt for immediate gratifaction extends from American households all the way up to our federal government--regardless of party. There is more to the soap box prattling, but I'll stop there.
Except to say this. If the test of a generation is to see if it can leave a world better for the next (and I can't think of another way to judge it), I can't see how the baby-boomers have been, on the whole, anything but a failure.
[Hat Tip: Crooks and Liars]
Two-income families today make 75% more in inflation-adjusted dollars, but have less money to spend than one-income families did 30 years ago.
Two-income families today spend: 21% less on clothing, 22% less on food, and 44% less on appliances compared to one-income families a generation ago.
Every 15 seconds an American family files for bankruptcy.
This year, more kids will live through their parents' bankruptcy, than through their parents' divorce.
1.6 million families will file for bankruptcy this year, 9 million more are already in credit counseling.
Home mortgage foreclosures are up more than three-fold over the last generation and car foreclosures have hit record levels.
More than 62% of families say that they worry about making ends meet.
The average family spends 69% more in inflation-adjusted dollars on their home mortgage than their parents spent a generation ago.
The average family spends 61% more on health insurance, than their parents spent a generation ago.
Credit card default rates are at a record high.
I have no idea if I'm right, or to what degree I might be right, but it seems as if one of the unintended consequences of the Reagan Revolution was the creation of a new, pseudo-gilded age in America. American corporations--eager to please the demands of a hyper-impatient Wall Street--will eke out as much profit per quarter at the expence of investment in the company or employees.
The hero worship afforded corporate leadership accommodates a grossly disproportionate salary to upper management--not just to CEOs. The culture of incurring debt for immediate gratifaction extends from American households all the way up to our federal government--regardless of party. There is more to the soap box prattling, but I'll stop there.
Except to say this. If the test of a generation is to see if it can leave a world better for the next (and I can't think of another way to judge it), I can't see how the baby-boomers have been, on the whole, anything but a failure.
[Hat Tip: Crooks and Liars]
