Monday, July 16, 2012

Abusing Kids? That's What We Do

Joel Kotkin on how our generation has screwed over the "millennial" generation.
Today’s youth, both here and abroad, have been screwed by their parents’ fiscal profligacy and economic mismanagement. Neil Howe, a leading generational theorist, cites the “greed, shortsightedness, and blind partisanship” of the boomers, of whom he is one, for having “brought the global economy to its knees.”
How has this generation been screwed? Let’s count the ways, starting with the economy. No generation has suffered more from the Great Recession than the young. Median net worth of people under 35, according to the U.S. Census, fell 37 percent between 2005 and 2010; those over 65 took only a 13 percent hit.
The wealth gap today between younger and older Americans now stands as the widest on record. The median net worth of households headed by someone 65 or older is $170,494, 42 percent higher than in 1984, while the median net worth for younger-age households is $3,662, down 68 percent from a quarter century ago, according to an analysis by the Pew Research Center.
And then Obama comes along and requires this same generation to buy health insurance that many don't want or believe they need so that old guys like me won't have to pay as much for what we get. Obamacare is just another transfer payment from young people to old.


Blogger CharlieSix said...

The financial abuse of our kids is beyond doubt. They will clearly be forced to endure increased taxes at the federal, state, and local level. I did the best I could to protect my kids from abuse as they grew up. But today's and tomorrow's econimic situation is not something from which I can protect them. Sadly.

July 16, 2012 at 9:05 PM 
Anonymous Jae Neboet said...

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December 5, 2012 at 10:52 AM 

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