The standard of living that the Baby Boomer generation enjoys may be the highest that the United States will see for the foreseeable future: My generation will be the first in a while whose quality of life will be less than that of the prior one.
John Farmer gets it (although I disagree with his recommendation to cut social programs -- slash unnecessary defense spending instead). Why do so few others?
The reasons are numerous, yet easy to realize:
- Crushing debt from the skyrocketing cost of higher education combined with increased student loans and credit cards;
- Wages that do not keep pace with inflation and the rising cost of living;
- A federal government on the verge of bankruptcy once the Baby Boomers start to retire;
- $406 billion spent (so far) on a useless and mistaken war in Iraq;
- An education system that is not preparing students for the challenges that globalization will bring;
- An faulty economic boom financed by people going into debt -- like credit cards and home equity loans -- in order to buy stuff; and
- Americans want social programs and low taxes. We can't have both. Pick one.
I could go on, but freelance journalist and Village Voice columnist Anya Kamenetz presents a sobering analysis in her book, "Generation Debt." I highly recommend it.
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