Intergenerational Economics

Not only were boomers the beneficiaries of a post-WW2 economic boom for the US (while Europe recovered from years of self-destruction) but they also reaped the lion’s share of America’s brief fling with socialism lite. They enjoyed well funded government services & shiny new infrastructure bankrolled by high taxes while they were launching their careers.

Then, once they had established themselves & were ready to build up solid nest eggs, they ripped down all those socialist support structures just as Europe finally became competitive again & an oil price shock kicked the US economy to the curb. Gen X was left out in the cold to wither.

But now that millennials are replacing boomers as the dominant demographic, they find themselves casting yearning eyes toward those socialist lite support systems that once set boomer up for success. Boomers want none of this now that they’ve made their money & are getting ready to start spending it. Well, maybe they’d be OK with a higher income tax but they won’t lie down & let millennials inflict a wealth tax on them.