In a variety of different areas, the Baby Boom generation created, advanced, or preserved policies that made American institutions less dynamic. In a recent report the American Enterprise Institute looked at issues including housing, work rules, higher education, law enforcement, and public budgeting, and found a consistent pattern: The political ascendancy of the Boomers brought with it tightening control and stricter regulation, making it harder to succeed in America. This lack of dynamism largely hasn’t hurt Boomers, but the mistakes of the past are fast becoming a crisis for younger Americans.
…Boomers didn’t only make rules that nudge young people out of homeownership. They also made new rules restricting young people’s employment. Laws and rules requiring workers to have special licenses, degrees, or certificates to work have proliferated over the past few decades. And while much of this rise came before Boomers were politically active, instead of reversing the trend, they extended it.
...The most glaring example of this growth in regulation and control is also the easiest one to pin on Baby Boomers: the incredible rise in incarceration rates. Even though murder rates are today at the same levels they were in the 1950s, the imprisoned share of the population is higher in America than in any country other than North Korea. We imprison a larger share of the population than authoritarian countries such as Turkmenistan and China.
…Making these payments will require fiscal austerity, through either higher taxes or lower alternative spending. Younger Americans will bear the burdens of the Baby Boomer generation, whether in smaller take-home pay or more potholes and worse schools.
Furthermore, the basic demographic balance sheet is getting worse all the time, increasing the relative burden on young people. Working-age Americans are dying off in alarming numbers.
…The odds of a 32-year-old dying have risen by 24 percent in the past five years, even as death rates among older Americans are about stable. Baby Boomers are living longer even as the workers who pay for their pensions are dying from an epidemic of drug overdose, suicide, car accidents, and violence.
How long before the young realize they’ve had their future stolen from them by the baby boomers? The answer to this question will determine your defined benefit pension, social security and medicare benefits.
...the young will choose monetization to finance the shortfalls and debts the boomers have bequeathed them as the case gains political credibility through the rise of MMT...(MMT refers to "Modern Monetary Theory", essentially money printing and distribution in social programs.)
In 1960, Friedrich Hayek predicted in The Constitution of Liberty “that most of those who will retire at the end of the century will be dependent on the charity of the younger generation. And ultimately not morals but the fact that the young supply the police and the army will decide the issue: concentration camps for the aged unable to maintain themselves are likely to be the fate of an old generation whose income is entirely dependent on coercing the young.” It hasn’t turned out that way at all—a salutary warning that it is much easier to identify generational conflicts of interest than to anticipate correctly the political form they will take.
source: https://global-macro-monitor.com/2019/06/30/the-clash-of-generations-is-here/
…Boomers didn’t only make rules that nudge young people out of homeownership. They also made new rules restricting young people’s employment. Laws and rules requiring workers to have special licenses, degrees, or certificates to work have proliferated over the past few decades. And while much of this rise came before Boomers were politically active, instead of reversing the trend, they extended it.
...The most glaring example of this growth in regulation and control is also the easiest one to pin on Baby Boomers: the incredible rise in incarceration rates. Even though murder rates are today at the same levels they were in the 1950s, the imprisoned share of the population is higher in America than in any country other than North Korea. We imprison a larger share of the population than authoritarian countries such as Turkmenistan and China.
…Making these payments will require fiscal austerity, through either higher taxes or lower alternative spending. Younger Americans will bear the burdens of the Baby Boomer generation, whether in smaller take-home pay or more potholes and worse schools.
Furthermore, the basic demographic balance sheet is getting worse all the time, increasing the relative burden on young people. Working-age Americans are dying off in alarming numbers.
…The odds of a 32-year-old dying have risen by 24 percent in the past five years, even as death rates among older Americans are about stable. Baby Boomers are living longer even as the workers who pay for their pensions are dying from an epidemic of drug overdose, suicide, car accidents, and violence.
How long before the young realize they’ve had their future stolen from them by the baby boomers? The answer to this question will determine your defined benefit pension, social security and medicare benefits.
...the young will choose monetization to finance the shortfalls and debts the boomers have bequeathed them as the case gains political credibility through the rise of MMT...(MMT refers to "Modern Monetary Theory", essentially money printing and distribution in social programs.)
In 1960, Friedrich Hayek predicted in The Constitution of Liberty “that most of those who will retire at the end of the century will be dependent on the charity of the younger generation. And ultimately not morals but the fact that the young supply the police and the army will decide the issue: concentration camps for the aged unable to maintain themselves are likely to be the fate of an old generation whose income is entirely dependent on coercing the young.” It hasn’t turned out that way at all—a salutary warning that it is much easier to identify generational conflicts of interest than to anticipate correctly the political form they will take.
source: https://global-macro-monitor.com/2019/06/30/the-clash-of-generations-is-here/
