Baby Boomers to Blame for the Debt Crisis?
Surprising good piece at CNN about whether the ageing of the baby boom generation is responsible for the debt crisis
‘any good demographer would have told you 20 years ago that we would be hitting the wall around now’ (William Frey, Senior fellow in the Metropolitan Policy Program at the Brookings Institute.)
Im sure in 20 years time the economic history books will be stressing structural issues from demography, peak energy, uneven development and inequality, and capture of elites by the financial sector, over and above ‘stupid’ bankers, and ‘dumb’ politicians. Stupid and dumb forever and always in history.
You cannot get away from that the Baby Booming generation is the main recipients of rentier income from land, from stocks, and from transfer payments from taxpayers. Whilst their children’s generation is the main payers of rent and taxes with limited potential to save,