The United States of America has been through some tumultuous times in the past few decades, and many millennials attribute this to the actions of baby boomers. There are a number of reasons why millennials think that baby boomers have destroyed the U.S economy. In this piece, we will explore ten of these arguments and explore how they have impacted our country’s economic landscape.
Lack of Financial Education
Millennials are now shouldering more student loan burdens than ever before without the benefit of being adequately prepared to manage their finances. Studies show that a lack of financial education is directly correlated with higher levels of debt accumulation, which can lead to economic hardship in the long run
Disregard Retirement Savings
Despite having more average incomes than previous generations, they have failed to save enough for their retirement years. This has left many Millennials with economic instability in their own lives and a lack of funds to secure their futures. As a result, Millennials are now much more cautious with their savings and investing habits to ensure they are better prepared for their future.
Overly Optimistic Investment
Millennials often cite the Baby Boomer generation as having taken too many risks with their investments, leading to a weakened U.S economy.
Reckless Spending Habits
It has been noted that Baby Boomers were more likely to spend frivolously than Millennials. They also had higher levels of credit card debt which left them unable to pay off their mortgages or other debts when the recession hit in 2008.
Ignoring Inflation Risk
According to an article by The Balance, Baby Boomers were active in the housing market when interest rates were low, and they took out loans without considering what would happen when rates increased. This has caused Millennials to bear the burden of higher consumer prices due to inflation and rising costs of living.
Unsustainable Consumption Patterns
They point out that due to their excessive spending habits, excessive debt, and reliance on credit cards, Baby Boomers have caused an economic crisis in the US. This has led to high unemployment rates, rising prices for basic goods and services, and an overall decreased standard of living.
Growing National Debt Levels
According to recent data from the Congressional Budget Office, the national debt is expected to reach $29 trillion by 2029, an amount that is significantly higher than it was when Baby Boomers were younger. Millennials point out that while baby boomers have benefited from Social Security and Medicare, they haven’t done enough to help reduce the growing national debt levels.
Taxation Imbalances
While baby boomers are reaping the benefits from lower rates of taxes, millennials are paying more for their taxes, according to The Guardian. This is because the generational tax gap has widened over the years as older Americans have enjoyed a decline in their effective tax rate while younger Americans have seen an increase in their rates.
Outdated Social Security Programs
Social Security programs designed by the Baby Boomers are outdated and no longer suitable for millennials. These programs were created with a different era in mind, meaning that they do not take into account the current economic realities of the world.
Underestimating Environmental Impact
With their disregard for environmental sustainability, they have put future generations at risk by failing to take into account the long-term impact of their decisions. Issues such as climate change, deforestation, and overfishing are all evidence of this negligence.
Sources
- Debt & Financial Education – National Financial Educators Council
- There’s a widening spending gap between retirees and younger adults – Washington Post
- Boomers are pushing millennials out of the housing market – FORTUNE
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