So, I’ve been thinking…the generation that created the great wealth of the 40s-60s wasn’t the boomer generation, though they get the credit, it was the generation that lived through the depression and the war, possibly both world wars. They put into place a system that taxed the wealthy and made it possible for one income to support a family decently with two week vacations and rights favoring the worker and the middle class.
Boomers grew up in this prosperity and didn’t necessarily pay attention to what it took to build that wealth, they just thought it always was there, so they wanted more. They changed the tax structure, they destroyed several systems that were integral to the prosperity of the middle class…and yet, the media wants to blame the current generation, those generations who were born while this gutting was taking place, rather than the generation that did the gutting.
I think, if this country manages to survive the ridiculously prolonged depression, the current generation may be able to turn it around, as their grandparents and great grandparents did back in the 40s, but can we really wait another 10-15 years for this generation to take charge?
(Please note: This commentary is based on US history. I don’t know enough about global economic history to be able to offer an intelligent opinion on that.)