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Doomers

By Dave Cantey 2013 11-9-13

Baby Boomers are the most spoiled, the most profligate, the most selfish, the most spendthrift, the most imprudent generation to have ever inhabited the earth. There I said it. (I am a Baby Boomer, and I know of what I write.) Boomers are wrecking the economy, not just of this country, but also the economies of Europe and Japan, the entire developed world. Throughout their adult lives, Baby Boomers have recklessly created and extended the greatest worldwide debt bubble in the history of mankind. Beginning 31 years ago, the debt bubble has grown to some $150 trillion worldwide; the US portion alone is $65 trillion. Who holds this debt? Who made this debt? Answer: Baby Boomers. Dont believe me? Then, who runs the government? Boomers. Who runs the big corporations? Boomers. Who runs the Universities? Boomers. Who runs state and local governments? Boomers. Who runs small business? Boomers. Who runs Wall Street? Boomers. Who runs the big banks? Boomers. Who runs the Fed? Boomers. Who ran up all this debt? Boomers. And, who holds the vast majority of this debt? Boomers. I rest my case. Each generation has its turn at the wheel, and Boomers have made a complete and total mess of their turn. The Greatest Generation won WW II, and subsequently repaid all the war debt through the ultra-high income tax rates of the 1950s and 60s. What have Boomers given us other than needless war after needless war, a dotcom bubble, a housing bubble, and now an enormous debt bubble? There have been many positive contributions along the way, to be sure, but Boomers are so irresponsible that, as an entire generation, they have not even made provision for their own retirements. Now on the eve of retirement, the vast majority of Boomers are the most broke generation in history. They (we) should be called Doomers for the way we have doomed the future.

China Rising There is one country that loves Boomers. That country is China. All the profligate spending by Boomers (worldwide) on cheap Chinese goods has bootstrapped that country during the 21st century into a world power, as can be seen in the chart above. When your grandchildren ask what happened to Americas greatness, tell them that the Doomers spent it on China.