The impending retirement of America’s 78m-strong “baby boomer” generation has caused consternation among policymakers for years. Now the “silver tsunami” may be on hold. “Older workers are actually coming into the labour force – many are
finding jobs,” says Richard Johnson, a senior fellow at the Urban Institute. “It is being driven by economic insecurity . . . they have become so desperate that they are returning to work.”
These geezers didn't save because they have been living for today since the 1960s. Now my crowd has to make do with less. I work for myself now, so I no longer have to face the prospect of waiting twenty years for a promotion out of an entry-level position. The majority of my generational cohorts will not be so fortunate. A lot of people younger than me are going to waste time and money pursuing MBAs that they will never use in management positions that won't be available. We will also be paying for the Boomers' Social Security and Medicare via the hidden tax of inflation (thanks to the Fed's quantitative easing).
I probably shouldn't tar an entire generation with such a broad brush. There are undoubtedly many Boomers who did save responsibly for their futures, just as there are many in my generation who have no savings. I've worked with some of those X'ers who won't save, and I'm not proud of them. Savers of all ages will be taxed and diluted to support people who don't value their own futures.
Thanks for nothing, deadbeats of all generations. You will never be the Greatest Generation.
