What do the baby boomers among you have to say for yourselves ?
Your parents fought the good war, brought home the riches of the world, gave you a good education, benefits, a strong dollar and a strong economy.
Stand up and defend yourself.
Boomer Bust: How Will the Economy Rebound Without Post-War Babies Financing Their Harleys? - WSJ.com
WASHINGTON -- Baby Boomers have pumped up the global economy with their profligate ways
for nearly two decades. It's been a great party. Now the music's over.
Generalizations about the 79 million people born between 1946 and 1964 are overdone and easy to debunk. Boomers went to Woodstock [Ed: WAFW] , voted for George McGovern and, so the thinking goes, cared deeply about the Rolling Stones. Boomers also helped put [Ed: Carter], Ronald Reagan and fellow Boomer George W. Bush in the White House and turned Nashville into a cultural capital.
But what Baby Boomers of all persuasions have done, without dispute and to an unprecedented degree, is spend money instead of saving it.
When Boomers ran out of cash, they financed their dreams. The U.S. household saving rate plunged to 2% of income in the 2000-2005 period, when Boomers were hitting their earning peak, from 10% during the early 1980s.
"The generational crash is when there are too many older homeowners and not enough buyers," says Dowell Myers, a University of Southern California professor.
"This is like winter coming," adds Harry S. Dent, an author and consultant who says the U.S. is headed for a slump that will last until 2020. It will take that long for the financial wreckage from this boom-bust cycle to be cleared away, he says, and for the 79.4 million strong "Millennial Generation" -- most of whom are still in high school or college -- to enter adulthood and start buying homes, cars and gadgets of their own. "It happens once every 80 years," Mr. Dent says of this sort of demographics-driven economic cycle. "It's going to be difficult."
"The Baby Boomers are going to have to work longer and eat less," Ms. Mitchell says. "And go back to what my mother was doing -- saving string."
[Ed: in summary, the pathetic generation]