Two generations ago, 90% of Americans could expect to earn more than their parents. Today, that number is under 50%.
Why?
In 2008, during the Great Recession, Boomer politicians brought in massive bailouts for their friends and fellows in their generation. Instead of going bankrupt, many banks and companies were instead given money taken from future generations. This allowed the Boomer party and good life to continue. If those companies had gone bankrupt as they should have due to their incompetent owners and managers, then a fresh young generation of entrepreneurs could have risen to build much better companies.
During the Covid crisis, we are seeing the same pattern repeat. Boomer politicians from both parties want to bailout their friends companies and their buddies pension funds. They do this by stealing from future generations.
Boomers are now the oldest and richest generation in American history, not because they work harder, but because they don’t care about their children or grandchildren. They have selfishly taken as much as they can for themselves and kept it even when they should have lost it in bankruptcy.
Future generations of Americans will not have better lives because Boomers have saddled them with enormous debts to pay for their continued high life.