Baby Boomers: It's All Your Fault

re: Baby Boomers: It's All Your Fault

MichaelX — Tue, 09 Jun 2009 19:46:23 GMT

Not all boomers became sucessfull, and lived "high on the hog". The majority being struggling blue-collar, and below, workers. It was'nt always the smartest ones getting great jobs with high pay, but un-ethical ones, swindlers, and shysters who prey on others. Yeah, boomers brought out the worst in people. So, only the "priviledged" are to blame. Not the rest of us.

re: Baby Boomers: It's All Your Fault

Version — Tue, 09 Jun 2009 20:04:31 GMT

Everything else is our fault, why not this as well!!!!!

re: Baby Boomers: It's All Your Fault

ironmtn6 — Tue, 09 Jun 2009 20:10:42 GMT

A greedy Wall Street and stupid congress are to "blame".

re: Baby Boomers: It's All Your Fault

terri1130 — Tue, 09 Jun 2009 20:23:37 GMT

I think the size, habits, purchasing power of the children of baby boomers in the US, who are now coming in to their prime spending years, should be evaluated before drawing comparison's to Japan 20 years ago. If I am not wrong, Japan's population growth was very low during that time frame whereas it was more robust in the US. The extent to which our (I'm a boomer too.) children can support the ecomony in the US will be the difference that prevents our economy from taking a path similar to Japan's.

re: Baby Boomers: It's All Your Fault

mopepom — Tue, 09 Jun 2009 20:34:12 GMT

This is a credible analysis, although there are many other factors that the "boomers" - so take the analysis with a pinch of salt.

Looking to next few years, the "baby boom" generation will drive important changes in the marketplace.

Expect increased demand for effective generic pharmaceutical products; lower red meat consumption; increased sales of "natural" foods and additives (anti-oxidants, green tea, honey, etc); and possibly increased participation at church (both social and spiritual).

Collectively, the boomers, will seek to do business at home in the USA and to view the probable economic advances by China, India and Brazil with deep suspicion.

As a group, they represent the best possible base for resurgent conservative values and political renewal, but they will expect honesty, frugality and commitment from their politicians.

What they want they shall have!

re: Baby Boomers: It's All Your Fault

sanityprevail — Tue, 09 Jun 2009 20:43:09 GMT

boo hoo hoo, Baby Boomers can't be to blame, not them, waaaaaah!!! It's no wonder we live in a society today that has the highest number of whiners and "not me" selfish people in history. The Boomers started this grand tradition. Now all the poor suckers who foolishly left too much of their money in the market are all "victims." Just remember that 99.9% of the bank or investment executives now under investigation or indictment are from YOUR generation, too! If you are over 55 and lost more than a third of your money, then it is YOUR fault, and you deserve to have to work until you're 100...IF you can get a job anywhere!

re: Baby Boomers: It's All Your Fault

Still Free in the USA — Tue, 09 Jun 2009 20:43:41 GMT

YEAH, YEAH, BLAH BLAH, THE COMING ECONOMIC STORM BECAUSE OF THE AGIING BOOMERS AND THEY HAD LESS KIDS. Upside down pyramid blah blah The blame game again. If you want to talk 40 years of blame; talk WELFARE; YUP, WELFARE. The people having kids are creating anchor babies to a system that fosters dependence; dont tell baby boomers they did this so you can play victim. Hell no, they worked, contributed and are getting ripped off as Medicaid gets increased and Medicare is being cut but that raging lunatic in the Whitehouse. INSANE! MAKE MORE PEOPLE WORK INSTEAD OF SUCK OFF MY TAX DOLLAR AND YOU MIGHT FIND THE PYRAMID SHIFTS

re: Baby Boomers: It's All Your Fault

Still Free in the USA — Tue, 09 Jun 2009 20:44:55 GMT

Newsweek: try reporting like Fox; oh wait; they are the enemy; OK try reporting like Yahoo. THe TRUTH. Do the FREAKING math! Do the numbers.

re: Baby Boomers: It's All Your Fault

ad.gustavus — Tue, 09 Jun 2009 20:46:09 GMT

Maybe it is time to consider euthanasia? We could start with the ones who chatter about Woodstock, then move on to any that were/are involved in politics. Time to thin this herd. They'be been bringing this country down since they got old enough to vote.

re: Baby Boomers: It's All Your Fault

joedog — Tue, 09 Jun 2009 20:49:00 GMT

So, what is your point?

re: Baby Boomers: It's All Your Fault

Fridge — Tue, 09 Jun 2009 21:07:59 GMT

What about people in their 80's and 90's? They are all sitting at home, expecting in-home care, shooting up extra insulin to counter the three pieces of pie they ate for lunch, ordering $10,000 scooters off the TV on the medicaid bill, wating to schedule their next triple-bypass, their kidney transplant, their liver transplant, moving their oxygen masks aside so they can suck on one more cigarette, all this to stay alive for one more year, pissing in their LazyBoys in front of the TV. Who is paying for all that?

re: Baby Boomers: It's All Your Fault

jbro — Tue, 09 Jun 2009 21:18:33 GMT

Thank you, Fridge. All the "at no cost to me" medical aid---scooters, insulin and other diabetic suppliesk, and even depends---is going to the greatest generation, not baby boomers!

re: Baby Boomers: It's All Your Fault

Projectionist — Tue, 09 Jun 2009 21:23:27 GMT

Boomers have contribute to many of the most sought after medical, technical and social advancements in the world. There wouldn't be life after 70 without their drive and motivation. I fear the offspring of today will take the world down a path where everyone will expect to be treated with privledge rather than respect. A world full of homosexuality and relapsed moral responsibility where the blame is passed on and responsibility ignored rather than facing the callenge because everyone thinks the world owes them a living. At least the boomers are fixing what they messed up before they go.

re: Baby Boomers: It's All Your Fault

johnnysays — Tue, 09 Jun 2009 21:29:03 GMT

Well, since Senator Dodd is a baby boomer I guess we boomers do need to take the hit - after all, we elected the clown. Greed is the root, and whether it's a house flipper or a real estate agent pushing through a mortgage (and how the hell are those guys avoiding the blame game?), there are many fingers to point. Personally, I'm done with the pointing. We need to 1. Reduce taxes, 2. Incentify business growth (they create sustainable jobs), and 3. reduce gov't spending. The horror of what's happening now is the terrible deficit we are placing on our children. I'm venting, but it hurt to cut 1/3 of my staff this year. I'd hire every one of them back tomorrow if I could - the stimulus package is not helping.

re: Baby Boomers: It's All Your Fault

WestSlopeSlob — Tue, 09 Jun 2009 21:29:06 GMT

It's all my fault? I don't have any debt, with the exception of a mortgage. I've been working and saving year after year since I was 27. Jeeze, you play by the rules and what do you get? Screwed. And blamed.

re: Baby Boomers: It's All Your Fault

jpmack — Tue, 09 Jun 2009 21:31:40 GMT

The "greatest generation" of Americans was followed by the "worst generation" of Americans. These worthless bunch of slogs disobeyed their parents throughout the '50s, got stoned throughout the '60's and '70s, were horrible parents to their children during the '80s and '90s, voted for Bush Jr. twice in the '00s, and had 80%+ of their portfolios in stocks when it should have been 20% before the crash. They did finally come to their senses and voted for Obama in '08. Too little, too late, though. We need them now to die off to not eat up all of Social Security..

re: Baby Boomers: It's All Your Fault

Gary4now — Tue, 09 Jun 2009 21:33:12 GMT

Blaming the baby boom generation is blaming the victims. The baby boom has never had any real power. The baby boomer's only area of power and main contribution to the economy has been high tech. Economic sectors that are having serious problems are primarily in heavy manufacturing and have remained in control of the labor unions and the generations that preceded the Boomer's. Boomer's have not collected significant amounts of social security benefits, but have paid in their entire lives. Boomer's could solve these problems - how? By killing ourselves so we will never collect on Social Security? We are to blame if we don't kill ourselves? Baby boomers are to blame because our parents fornicated so much after the war. It was the baby boomer sperm and eggs that forced the "Great Generations" to spawn the evil boomer generation. That's the ticket! That is why it is the boomer's fault!

re: Baby Boomers: It's All Your Fault

roy_tyrell — Tue, 09 Jun 2009 21:37:18 GMT

Boomer aren't going to catch much sympathy... nor should they

re: Baby Boomers: It's All Your Fault

arkay — Tue, 09 Jun 2009 21:38:36 GMT

I have a question. What's a pension?

re: Baby Boomers: It's All Your Fault

Tommy_1 — Tue, 09 Jun 2009 21:42:08 GMT

I'm a boomer. I've worked full time for the past 40 years. I have no debt, just a mortgage that has 4.5 years left to pay. I pay for my own medical insurance, I raised my children who are now fully functional adults with jobs and homes of their own. My husband and I provided care to both our parents until they died without using nursing homes, in-home care or charging Medicare.

I am not a drain on society. I am independent and healthy. Yes, I'll need a hip in the next couple of years but I consume no public resources otherwise. I have saved for my retirement and lost 90% of those dollars in the economic downturn. I have paid into social security all my working career and I am counting on something when I finally do retire.

re: Baby Boomers: It's All Your Fault

dgongor2 — Tue, 09 Jun 2009 21:45:22 GMT

I guess the writer had to put out some product. This is another one of those corporate snow jobs by obsucring the obvious. It's the Coproratist system in this country that is itself at Fault. It is institutional greed that is built into our Capitalist/Imperialist system. Nevermind the wars we've started to supply the arms mechants of this country with profits. It's demographics...nobody to blame EXCEPT THE PEOPLE who try and get by with all the chips stacked against them. Of course, the Media would never accept the scarlet letter...LIKE NEWSWEEK...who are nothing more than a shill for the corporations that sold us mountains of Crap. They are owned by the same group of rich fat cats that brainwash us into getting less and less and less, while their Corporate Masters take more and more.

re: Baby Boomers: It's All Your Fault

Megrh — Tue, 09 Jun 2009 21:55:42 GMT

This is the problem with our society. We point fingers and blame all others but ourselves. This is all of our faults. We need to increase our domestic spending, encourage and stimulate the economy WITHOUT government spending, governmental spending has gone too far, we are ALL to blame, it is not one group, type of working class, or generation. The statement of "baby boomers: it's ALL your fault" is a statement that can never be proved. Our economy has begun to crumble due to years and years of bad decisions made by several political leaders and decision makers.

re: Baby Boomers: It's All Your Fault

freeloader — Tue, 09 Jun 2009 22:18:53 GMT

We boomers are the foundation of this credit corrupt nation. We follow Suze Orman's financial advice. We don't carry credit card debt. Credit card companies want us as value customers. We paid off our mortgages. We kept up on tax law, and jumped at the IRA, then the Roth IRA, and then the Roth IRA Conversion. Our Roth IRA Conversions can sit accumulating and growing on 85% investments in oil, minerals and the emerging markets. When Social Security is drying up, we will draw on those funds and save this nation's a__, spending and spending and spending like there is no tomorrow. So, don't be so sure about calling us Baby Boomers. We are more accurately the Roth IRA Conversionists because we saw all of this coming and did something about it. By the way, my dad lived until 92 and his dad lived until 102, so guess what? I'm going to bust the actuary tables!

re: Baby Boomers: It's All Your Fault

kenfromillinois — Tue, 09 Jun 2009 22:31:54 GMT

The problem is the Democrat Party that pushes socialism. Socialism only works with a even distribution of economic players. It works in communist countries. It works in poor countries. It doesn't work in countries where people are free to make their own decisions. Once there is an imbalance of economic players averaging falls apart. Most people have an above average number of feet! The economic policies have to follow the distribution of people. The economic policy has to conform to the behavior of people. If you screw that up you screw up the economy. Bush asked for SS reform and the Democrats didn't understand why. So now the boomers are screwed. The next election just might knock the Dems out of the country for good.

re: Baby Boomers: It's All Your Fault

sacleven — Tue, 09 Jun 2009 22:52:14 GMT

kenfromillinois, what a bias statement. Why are you not writing this article and telling the country how wrong the democrats are? What a load of bull, there is many variables for the problems at hand for economy the way it is. Baby-boomers could play a huge hand in it, and it goes far away from Democrats being in office. JACKASS.

re: Baby Boomers: It's All Your Fault

cocco7 — Tue, 09 Jun 2009 22:53:15 GMT

It's a load of bull that the baby boomers fiscally responsible. The US debt has more than quadrupled under their watch as government leaders, they've saddled the future generations with burdens they can never hope to repay, and all without regard for the long term future. The "greatest" generation before them was much more fiscally responsible coming out of the depression era, kept very liquid in terms of personal finance, and understood borrowing today meant paying someone back tomorrow. The baby boomers are now reaping the long put off expense of their constant credit borrowing and debt spending.

re: Baby Boomers: It's All Your Fault

cocco7 — Tue, 09 Jun 2009 22:56:11 GMT

Someone convince me the baby boomer generation was fiscally responsible, and then explain to me how the nations debt has more than quadrupled (inflation adjusted) under their watch. Guess what, those guys making the decisions about that spending, they were baby boomers.

re: Baby Boomers: It's All Your Fault

kjhistory1517 — Tue, 09 Jun 2009 22:59:26 GMT

I'm not some fanatical Pro-Lifer. And you'll never find me bad-mouthing anyone who has an abortion. But since 1973 we have eliminated over 65 million potential tax payers into the system. And continues at a rate of over 1 million each year. Makes sense that programs such as Medicare and Social Security would be suffering from a lack of funding. Couple that with our insatiable desire for more, out of control consumerism and a generation of individuals with a sense of entitlement and no work ethic. Who've also raised their kids the same way. uh.. DUH. The current economic crisis makes sense considering. The love of money is the root of all evil.

re: Baby Boomers: It's All Your Fault

Lois Carmen Denominator — Tue, 09 Jun 2009 23:13:22 GMT

It's all Buffalo Bob's, Miss Frances', Howdy Doody's, Captain Kangaroo's and Bullwinkle's fault. It's Beaver Cleaver's, Eddie Haskell's, Harriett Nelson's, the Hardy Boys', the Beatles', Bozo's, Olive Oyl's, Pinky Lee's, the Men's from UNCLE, and Flipper's fault. Don't forget the Russians and the homosexuals! It's everyone's fault but your own. You are blameless and perfect.

re: Baby Boomers: It's All Your Fault

freeloader — Tue, 09 Jun 2009 23:34:25 GMT

Posted By: cocco7 (June 9, 2009 at 6:56 PM)

I didn't say Roth IRA Conversionists were politicians. They probably aren't smart enough to be one of us. You want to be one of us? Make sacrifices, live in smaller, economical homes, live healthy lives with alternative medicine, keep active, use little to no credit, save and invest. When you retire, don't spend your investment account, except what you need to pay off your mortgage. You can do this. I did it in the last ten years of employment.

re: Baby Boomers: It's All Your Fault

Tacitus Volt — Tue, 09 Jun 2009 23:34:36 GMT

The chart, and the calculations, fail to take into account that the biggest increases in american taxpayers in the past 30 years have come from immigration. You will have noticed that the american population continues to increase rapidly. Although native born growth is slower right now, foreign born american taxpayers will continue to supply tax payments in the ever expanding (in the long term) american job market.

re: Baby Boomers: It's All Your Fault

Retiree60 — Tue, 09 Jun 2009 23:42:41 GMT

I don't know this author but since his biography starts in 2006 and his experience appears to be working for socialist leaning organizations, I wouldn't put too much weight on his opinions. He probably also comes from that second spoiled generation that actually believes this crap because they're entitled to everything. I worked my butt off for 40 years, never owned more than 1 home, put my wife and son through college, did what the government told me to do for my retirement and at the moment, I'm blaming the Democratic party for losing half my savings over the past year. The only way they could get their message to resonate with people was to create an economic crisis, which they did starting with Chuck Schumer and IndyMac. They understood so little of real economics that they had no concept of the damage they were doing just to win an election. I pray there is another election before it's too late to stop the madness that is in Washington now.

re: Baby Boomers: It's All Your Fault

torqueflite — Tue, 09 Jun 2009 23:58:53 GMT

According to the 30-and-40-something media, boomers are to blame for everything from jock itch to the mortgage meltdown--but mainly, it's boomers who are hogging all the jobs so they should quit working, and they are hogging all of Social Security and Medicare, so they shouldn't retire. Boomers would serve everyone best simply by being dead.

re: Baby Boomers: It's All Your Fault

freeloader — Wed, 10 Jun 2009 00:07:03 GMT

Posted By: Tacitus Volt (June 9, 2009 at 7:34 PM)

Thank you for mentioning that the immigrants pay taxes. They have been an important factor contributing federal and state tax dollars through payroll deductions even though they may not be able to get an official Social Security number. In other words, they have been paying payroll taxes and they will not get the benefits. Immigrants are not to blame in this subject. So, in this respect, I guess you could say immigrants are helping to save this nation's a__.

re: Baby Boomers: It's All Your Fault

sanityprevail — Wed, 10 Jun 2009 00:15:23 GMT

freeloader - explain to me how somebody who doesn't carry a balance, and hence doesn't incur any fees on their account, is somebody that a bank wants as a "value customer" ??? You're exactly the kind of person who they're going to either start dumping entirely or socking it to you with no-balance fees. Look for either your cancellation letter or that you're going to start paying an annual fee and/or begin paying interest the moment the charge hits (i.e., no grace period until the statement arrives).

Clearly the smartest generation, too...NOT! Just some more Boomer narcissism!

re: Baby Boomers: It's All Your Fault

freeloader — Wed, 10 Jun 2009 00:37:55 GMT

Posted By: torqueflite (June 9, 2009 at 7:58 PM)

But if we did that, who would be left to share their wisdom and tell you flighties how to save your a__. Roth IRA Conversionists are national heroes. That's right. The tax law was passed so George Bush could get a windfall of tax dollars from us. That's right. Roth IRA Conversionists pay a chunk of federal taxes up front with their IRA, or other retirement plan conversion. In exchange, we don't pay federal taxes on distributions from the balance of the Roth IRA. So, with that in mind, I did retire early. I like that. National Heroes by injecting upfront federal tax dollars into the U.S. Treasury. I'm also an incountry Vietnam war veteran. What have you done for your country?

Posted By: sanityprevail (June 9, 2009 at 8:15 PM)

No carry balance credit card holders contribute in credit card company averaging of accounts, and man do they want me active to balance out your sanity.

re: Baby Boomers: It's All Your Fault

coraltown — Wed, 10 Jun 2009 00:43:31 GMT

I was born in 1952, have been working since I was 15, never got a dime from the US government for my efforts, and will be leaving the country when I retire within the next 2 years. There is no possible way I could afford to securely live in this country after I retire, even though my wife and I have saved a lot and done everything right (no debt). Who do I have to thank for that = the US government... they have completely pulled the rug out from under the working class. Luckily I will have a viable alternative, to move to and live comfortably. Unfortunately most of my generation will not and I do wish them luck. They will need it.

re: Baby Boomers: It's All Your Fault

MomWiz — Wed, 10 Jun 2009 00:49:31 GMT

It's always been a mystery to me how constant growth can be expected! The earth is a huge self-sustaining terrarium with a balance that limits overgrowth in any one area to the detriment of everything else. Eventually all things plateu and life goes on. Why do we need bigger, better, more all the time? Just as "Pride goeth before a fall", greed practiced by the masses obviously leads to no good. Blaming it all on the most obviously large segment of society isn't going to solve the problem.

re: Baby Boomers: It's All Your Fault

marmar99 — Wed, 10 Jun 2009 00:56:37 GMT

There are alot of ugly hearted comments on this post. If the boomers are sooooooo terrible - Who taught them? (the greatest generation?).

We are all people! it is so gratifying to look at someone else to blame, but we have all been alive the last several years. As for completly excusing the Republicans -- Please -- who are you kidding?

Some of the comments seem so very jaded that it doesn't seem the writer has any capacity for understanding - they just want to vent and blame. Well I do not accept your explanations or your lack of sincerity. Sincerity would involve trying to figure out a way to make the situation better and/or trying to work together to bring positive change.

If we (boomers) are just a group of lazy good for nothing bellyachers -- where did we learn it? Must have been the sterling example set by our honorable teachers.

I personally feel that corporate greed has alot to do with our dilemma - I heard about a business school that makes their students take an oath to work for the 'greater good of humanity' upon graduation. I hope this becomes more prevalent - it is never right to take advantage of someone else - no matter what!

re: Baby Boomers: It's All Your Fault

MrCredik — Wed, 10 Jun 2009 01:27:34 GMT

A little more careful analysis of the chart shows some some inaccuracies, that when corrected lead to very different conclusions.

1. The two largest age cohorts ( the bulge) are 35 - 39, and 40 -44, Not baby boomers. So that statement is inaccurate, and by extension all conclusions based on the statement that the boomers are the bulge in the python.

2. These two very large groups will enter their peak earning, spending, and investing years beginning in 4 more years. That will increase demand for housing, investments etc, not decrease it.

3. The next biggest age cohorts are the so called "Echo" children of the boom. They are in their household formation period, driving demand for homes and furnishings.

4. Boomers can't retire in their early 60' as their parents did. They have no pensions, only decimated 401k. So they will not be liquidating assets any time soon to drive down prices. This is an example of the deficiencies of Dent's "age wave theory". It only looks at one age cohort, and does not account for the impacts of succeeding age cohorts relative size.

5. Comparing median ages of Japan and US ignores large differences in the age pyramids at the times being compared.

6. Japan's lost decade and decimated values was driven by foolish lending, but sustained by a failure of the banks and government to take their losses and recapitalize. Something the US is doing in very short order.

So, why do editors allow such obviously inaccurate statements and not include analysis that leads to other conclusions. What impact does that sort of journalistic shallowness have on the viability of print?

re: Baby Boomers: It's All Your Fault

wagonwheeldc — Wed, 10 Jun 2009 01:33:23 GMT

First and probably last response to any blog. I have known for years that the baby boomers were going to bankrupt this country both finacialy and moraly. The baby boomers were the great freedom generation that burned bras in the 60 and 70 and then got in power and made it were a man can't go down the street without gettng a ticket for not wearing a seatbelt. Granted it is a good ideal but should be choice not a way to make goverment revenue. Everybody goes to colleg now and I graduated in 2000 and learned yoga, 9 names for a penis, and how Jessie Jackson is a great man. The Dr. like so many of the baby boomer christian hyprocrites claimed to be a man of god and yet supported abortion. Not my issue don't care either way just know when someone is full of themselves. I am glad the BB are losing their 401K and hope they live a long long time and that their society that they left are resposible for taking care of them. BB took te price of housing because they wanted 2 or more houses (McCain needs14) quick paint job and increase the price another 20 grand. Person might be able t get a nice house at a decent price in a few years( PAY IT OFF) I won't say all that I want or could but quick response to the Vietnam Veteran You lost because men started to hide behind women and no great society can maintain their greatness if they become cowards and nataual law will always win over social enginerging laws eventualy.

re: Baby Boomers: It's All Your Fault

mcleodmn — Wed, 10 Jun 2009 01:50:11 GMT

Oh, I get it. Boomers is a code word for Republican. Yes, they destroyed the economy.

re: Baby Boomers: It's All Your Fault

ccsuny — Wed, 10 Jun 2009 02:03:07 GMT

Mr. Credik, the chart is from the year 2000, not 2009, so that throws off most of your arguments.

re: Baby Boomers: It's All Your Fault

proudboomer1 — Wed, 10 Jun 2009 02:10:30 GMT

Whoa...easy on us boomers. Yeah, we may have done drugs, started the so called "free sex" and we even get accused of breaking from the establishment but let's really take a look at what we did. We were raised with the fear of God in us...talk back to parents, are you kidding me?!!! No WAY! But look at Gen Y and the following generation that is in college and in high school. There is lack of responsibility, discipline, respect for others..there is arrogance the "I deserve everything for nothing" attitude, self-centeredness, living of their parents (oh, yeah and that's our children the Gen X generation) or grandparents (raising kids that are beaten up or killed by Gen Y). We as boomers have at least lived up to our responsibilities of home, family and community. How many of you out there can say that about yourselves or at least say you've owned 2 homes in your life or put kids thru college? So before you down the Boomers, take a hard look at yourselves and see how much tecfhnological stuff you have compared to Boomers or how your cars are all fancied up with rims and listen to how you idiots cuss in public with no concern to others. You don't catch Boomers doing that. So now, yeah, some do have retirement packages and 401Ks...how many of you can honestly say you have been working since you were 17 or 18....NOT MANY SO BACK OFF AND GET A JOB AND QUIT YOUR GRIPING AND DO SOMETHING ABOUT ALL THIS!!!!

re: Baby Boomers: It's All Your Fault

TScabbard — Wed, 10 Jun 2009 02:43:43 GMT

Whoa there Sparky. The true impact of the Boomers will be one of the biggest redistributions of wealth the nation has ever seen. The wealth doesn't just disappear, it shifts. As I spend my way through retirement, those who are still working providing goods and services will benefit. That means that Gen X, Y, and Z will begin their wealth accumulation and ultimate redistribution. I agree the earlier post, you young-en's should go-long on denture cream and drug companies.

re: Baby Boomers: It's All Your Fault

coraltown — Wed, 10 Jun 2009 02:48:31 GMT

Keep in mind that the VAST MAJORITY of the national debt was accrued under pre-boomer presidents, and then doubled under George W Bush who generally represented the ideas/ideals of of the pre-boomer generation and republicans. Same goes for the the deregulation of the financial industry.

re: Baby Boomers: It's All Your Fault

sanityprevail — Wed, 10 Jun 2009 02:55:16 GMT

I have no credit card debt either, but you missed the point. Get back to me in six months, after the new credit card legislation has fully taken hold of the industry. You'll find out just how much your banks love you soon!

re: Baby Boomers: It's All Your Fault

purrmonsta — Wed, 10 Jun 2009 03:15:30 GMT

Yeah, easy on the boomers! Let's see, both my husband and I started working for cash before we were even in junior high (he had a paper route, I babysat). Funny, I don't see any kids working in stores now, or many doing paper routes either. I started putting into Social Security when I was 15 by working one weeknight and at least one weekend night while in High School to pay for my clothes and anything extra I wanted (including school fees). I also worked all summer from age 15 on. We had no such thing as allowance.

Many of us boomers worked our way through college with no help from our parents, who had all those other kids to take care of after all, so they couldn't help with the tuition. We were the ones who actually used PENS and PAPER in school, graduated college by using our brains rather than googling for answers, and THEN had to learn how to use a computer on our own dime and our own time in order to get jobs. We drove stick-shift Pintos on back roads with no lighting, invented the microwave oven, cell phone, personal computer, VCR, video games, DVD, Tivo, Blackberry, PDA, rock and roll, cable TV, movies-on-demand, and HDTV. What? We didn't have cell phones when we were in school? No grasshoppers, we didn't. And we cooked on hot plates in college dorms. Google that.

Many of us boomers have put in our share to Social Security for 30 - 40 years, and if our parents hadn't lived so long due to the medical advances WE implemented, we might actually be able to retire ourselves one day. Nevermind the fact that most boomers put their OWN children through school so THEY wouldn't have to work their way through (always trying to improve on the previous generation), so we really don't have the money to retire like our parents did (with their pensions and their Social Security which was paid for mainly by us Boomers). No, some genius financier did away with pensions in 1978 when they invented the 401K to make sure their financial service jobs would be more lucrative (ooooh, all those yummy feeeeeees) and their corporate CEO buddies could make millions more in salaries and then contribute more to the RNC. And then some of us Boomers had to put aside career advancement to take care of those older parents, doubt any Gen Xers will bother with that. That would harsh their mellow, force them away from their video games.

So go ahead and blame it on the boomers, but remember that you children of boomers have had it a lot easier than we did. Maybe it's time you paid your dues. We'll continue to pay till we keel over from exhaustion. Don't worry, you won't have to pay for us.

re: Baby Boomers: It's All Your Fault

turkeyfish — Wed, 10 Jun 2009 03:16:37 GMT

Yet another distraction from a critical assessment of the magnitude of the damage done by the rise and fall of republicanism. Yawn. I guess when you are pressed to make a deadline, all arguments seem to make sense.

re: Baby Boomers: It's All Your Fault

ElectionMaven — Wed, 10 Jun 2009 04:12:05 GMT

It is important to distinguish between the post-WWII demographic boom in births vs. the cultural generations born during that era. Generations are a function of the common formative experiences of its members, not the fertility rates of its parents.

The 1946-1964 demographic birth boom is very relevant to issues like Social Securirty. But it also relevant to understand the differences between the two generations born then. Many experts now believe it breaks down more or less like this:

DEMOGRAPHIC boom in babies: 1946-1964

Baby Boom GENERATION: 1942-1953

Generation Jones: 1954-1965

Generation X: 1966-1978

Jonathan Alter wrote a column in Newsweek about Obama identity as a Generation Joneser around a year ago. Since then, GenJones has goten a lot of media attention (Washington Post, NBC, Time magazine, ABC, etc.)...the Associated Press' annual Trend Report chose the Rise of Generation Jones as the #1 trend of 2009.

I thought this op-ed about GenJones in USA TODAY told it well:

http://www.usatoday.com/printedition/news/20090127/column27_st.art.htm

And this page is a good overview of recent stuff about GenJones:

http://generationjones.com/2009latest.html

Understanding the generational differences between the Boomer Generation vs. Generation Jones will increasingly matter as the 1946-1964 demographic bulge ages...

re: Baby Boomers: It's All Your Fault

tovef — Wed, 10 Jun 2009 07:57:09 GMT

I am enormously relieved to learn that there is a Generation Jones, to which I apparently belong, having been born in 1959. I sure never experienced any of the blessedness attributed to the Boomers. By the time I got in the work force, there were ten zillion people ten years older than me who had risen to their level of incompetence, and baby, none of them were going to let anyone get a leg up, no way, nohow. I worked my way through college, struggled for years making Boomers older than me rich while they paid me bubkes. It didn't matter how much I excelled, how I proved myself - there was simply nowhere to go with this incredible top heavy situation of millions and millions of people who got there ahead of me and who had no intention of going anywhere, being years from retirement and certainly not about to climb further up the ladder.

It isn't just me. I'm not some loser blaming everything on someone else. Almost everyone in my high school graduating class has experienced the same grief, except for a couple who married money. We were the last generation held to some standard of academic excellence, before the "well, he tried so we'll give him an A" Generation X turned up. We worked in school. There was no such thing as "snow day". Almost all of us were working in some kind of part-time job by the time we were sixteen. Many of my classmates went into the "guaranteed success" disciplines, like law and medicine - to find that their fields were already clogged with people ten years older. We didn't put our hands out and expect to be handed the CEOship of a company - but we sure didn't like it when it became clear that it was going to be well nigh impossible to see a promotion in most companies, not for years and years, despite work quality and excellence - because there were just too many people there already.

I ended up building my own business, painfully, as all solo business enterprises tend to start out. It was hard, and often disheartening, but in time, it made good. It was thriving, and for once, I was free of the pressure of all those people a rung or two up the ladder who saw to it that I made them look good while giving me none of the credit.

What happened? Seems a Baby Boomer President and his Republican cohorts wrecked the economy with the typical self-centered attitudes common to both groups. Between the self-indulgence and self-promotion of the Boomers and the protection of and courting of the very wealthy of the Republicans, the economy is in a hell of a mess. And honey, small businesses like my hard-won enterprise, are struggling, gasping and dying.

It sure was a long hard road. I'm about to be fifty. I really thought that once I got free of a workplace and was my own boss, I would finally be free of the heavy pot lid of Boomers that always kept the Joneses from rising to the top.

I was wrong. Thanks, guys. Soon I guess you'll start retiring and wipe out Social Security just in time for my sixty-fifth birthday.

re: Baby Boomers: It's All Your Fault

freeloader — Wed, 10 Jun 2009 10:17:13 GMT

In response to: Posted By: sanityprevail (June 9, 2009 at 10:55 PM)

I didn't miss your point. It's irrelevant. It's the high interest on credit cards Suze Ormann says get out of. Industry fees will kill bad credit users because they will be paying bad interest on their carry fees. All I have had to do is drop all but one credit card to lower fee cost for the advantages of having a credit card. Suze Ormann says, "Pay off your credit card monthly." That wisdom still holds and should be a goal for Generations Jones and X. Love yourselves, man.

re: Baby Boomers: It's All Your Fault

Acadia Durham — Wed, 10 Jun 2009 10:30:50 GMT

The very good news is that our country is looking out for us. Why, just yesterday, I was left lighthearted and almost giddy after a trip to my neighborhood grocery store. There, I discovered a variety of Entirely Useless Products for sale that provide ordinary people like you and me the opportunity to stimulate our national economy, which will inevitably help Republicans and Democrats alike fix this black hole of national debt. Who knew that the answer could be found in a Micro-Yam (a shrink-wrapped sweet potato, for those of you not in the know). Check out "Four ways to stimulate the economy" at http://acadiadurham.blogspot.com.

re: Baby Boomers: It's All Your Fault

freeloader — Wed, 10 Jun 2009 10:36:50 GMT

To follow up on: Posted By: TScabbard (June 9, 2009 at 10:43 PM)

Yes, I agree, and one of the redistributions of wealth to Generations Jones, X, etc., will be associated with the Roth IRA Conversionists. You see, when those Generations find that they have been the beneficiary of a Roth IRA distribution, they will have an opportunity to enrich their lives. How? By using the wisdom to roll their inheritance from a Roth IRA into a Roth IRA of their own. Now, it is my guess that instead they will not roll it over but rather spend it. That will be a future true test for Gen Jones, X, etc. I can see it now. Generations Jones, X, etc. will now run to their hard working, frugal parents to ask if they have a Roth IRA with designated beneficiaries. Why will they do this? To see what will be available for their own retirement planning, if their parents don't spend it all. Great incentive to keep their parents out of nursing homes, wouldn't you say?

re: Baby Boomers: It's All Your Fault

ceocomp — Wed, 10 Jun 2009 11:53:06 GMT

You have a wrong target here. If the boomers are to "blame" because there numbers are too many what is the handling. Euthanasia??? Part of the population control agenda of Rockefeller, Kissinger and other Nazis of the New World Order is to create wars, put us all into huge debt so we are controlled, kill us off with destructive drugs and wipe out our children and future with drugs and miseducation. All the while having their stooges in the media put out misdirectors and confetti like this Newsweek article. The boomers were the greatest producers in history in that they created the highest standard of living in history. Unfortunately they attracted parasites like Rockefeller. A parasite can only live if there is a healthy host. Now that the boomers are dropping out of the production scene in droves that is the end of the economy. So went every great civilization. Parasites were rewarded and producers penalized with heavy taxes. And so goes this civilization.

re: Baby Boomers: It's All Your Fault

DinkyDow — Wed, 10 Jun 2009 12:16:49 GMT

The "Baby boomer generation" is the worst in American history. We've brought you fraud, corporate greed, the melt down in the financial market. We’re morally corrupt. If ever there was a “Me” generation it’s us baby boomers. The legacy we’ve left our children and our children’s children is reprehensible. We followed the greatest generation with the worst.

re: Baby Boomers: It's All Your Fault

MrRex — Wed, 10 Jun 2009 12:48:10 GMT

I guess the problem I have with this article is that it blames ,but assumes no responsibility for proposing a solution. The author leaves that up to the rest of us. Euthanasia? Detention camps for 60+ year olds? How about mandatory suicide? Hit squads for seniors? Just what is your solution?

This is old, old news. Boomers have been blamed for everything wrong with this country since they were children.

What we need is to re think our spending priorities. Less on war and mass destruction, more on the needs of all our citizenry; health care, a sound retirement system, a strong economic base, a modern infratructure. These things help the quality of life far in excess of new aircraft carriers or fighter planes.

Write your Congrress person.

re: Baby Boomers: It's All Your Fault

tbourlon — Wed, 10 Jun 2009 13:07:47 GMT

The problem isn't boomers. The problem is the debt mentality. Yes, our economy will have to change, and it will be painful for awhile, but we'll get through this and come back. If you'll look at the chart above, you'll see that there's a "mini-boom" a few years from now. And don't forget about the immigrants, the fastest growing population (legal or not). When they are working, saving and investing, things will be different. Hopefully they will learn from our mistakes.

re: Baby Boomers: It's All Your Fault

jdief — Wed, 10 Jun 2009 13:18:51 GMT

This gets me crazy: "The Baby Boom lasted from 1946 to 1964, and some 78 million American children were born during that time." Lazy journalists practically cut and past this line from other articles and none of them (with one exception, below) ever ask, "according to whom?" A "generation" does not last 18 years. The demographics within this supposed group are completely different from start to finish. Think about it: 63 year olds do not share the same social, historic or economic profile as 45 year olds. Here is a link to a great WSJ piece on this topic. I wish journalists would get more discipline and stop "grouping" people (Gen X, Gen Y) for the convenience of bogus "trends". http://208.144.115.170/columnists/movingon/20040709-movingon.html

re: Baby Boomers: It's All Your Fault

jdief — Wed, 10 Jun 2009 13:24:01 GMT

BTW, those "Boomers" who praise how they were raised and the values their parents instilled in them while "these kids today" are all screwed up, why didn't you pass those values on to your kids? You did a crappy job raising them and now all you do is get nostalgic. Did your parents TEACH you anything or did you just take take take?

re: Baby Boomers: It's All Your Fault

Robin Steele — Wed, 10 Jun 2009 13:24:35 GMT

This article is ludicrous dribble. The economic problems we face are due to energy and health care costs, the lawsuit industry and the illegal concentration of retail, which has virtually eliminated manufacturing in this country.

re: Baby Boomers: It's All Your Fault

jschmidt — Wed, 10 Jun 2009 13:40:21 GMT

Maybe you need to blame the 40+ years of Democrat controlled Congress that consistently refused to reign in entitlements such as Social Security and misused the funds for Medicare as well. They relied on tax and spend policies so they could keep the electorate happy and never worried about the future, becuase perhaps they wouldn't be in office to worry about it. Also lets not condemn the boomers of which I am a member. They created the space program, the computer age and modern advances in science, medicine that allowed many people to live longer and more productive lives. Greed and avarice run in every generation and I'm sure even in WWII there were people who tried to profit from war. if anything is wrong with the boomers, it is they didn't learn or teach their children the value of a dollar and how to save.

re: Baby Boomers: It's All Your Fault

Still Free in the USA — Wed, 10 Jun 2009 13:51:37 GMT

MOST boomers are not just paying for people pissing in their Lazy boys that you feel should be euthanized. They are paying for fat ass, lazy, spawn spewing IDIOTS that are nothing but sperm recepticles for BIGGER idiots to smoke, drink, rob banks, and generally make me SICK. 2 rules, obey the law and support yourself. WTF happened to the days of "relief" when it was a shame to not support yourself and all you got was peanut butter and government cheese so you made yourself go to the FREE library and learn and then get a JOB. Now they get a Quest card and buy better groceries than I and I work two jobs. Why? so I can send my kid to college and he works two jobs too. GET YOUR FAT LAZY ASSES OFF OF WELFARE

re: Baby Boomers: It's All Your Fault

jschmidt — Wed, 10 Jun 2009 13:57:59 GMT

Still Free- nice post- I have the feeling that you held back some on your true feeling for the sake of not being reported for abuse. But wouldn't it be nice to have a really site that you could really let out all your true feelings. Maybe it is safer we don't. Our entitlement mentaility in this country has not done us any favors.

re: Baby Boomers: It's All Your Fault

skjohn — Wed, 10 Jun 2009 14:07:19 GMT

I'm a baby boomer. I pay my bills. I pay my taxes. I manage my debts and my assets. I'm responsible for my actions and I care and act in ways that are for the overall good. I'm not the only one of course. Is any diverse age group perfect or conversely are they "to blame"? Of course not. Are corporations, Wall Street, and generally politicians (especially US Senators) contributing to the common good? Further analysis shows some obvious answers the mainstream media is not interested in discussing. Are there any journalists remaining that can do their essential job in a democracy or do real investigative analysis and journalism? It doesn't look like there was any attempt at this by the author of this article. Good grief while the consequences of these huge issues are manifesting I guess the best the approach is to point fingers elsewhere and avoid the real issues. It's good for short term corporate artificial profit.

re: Baby Boomers: It's All Your Fault

no apology boomer — Wed, 10 Jun 2009 14:21:12 GMT

i'm not apologizing for anything, i live within my means, i pay my bills, and i enjoy life.

the people responsible for this mess are the greedy investors, who speculated on everything, oil, mortgages, everything, to make a quick buck. and i took my money out of the stock market when bush was elected, whew!

put the blame where it belongs.

re: Baby Boomers: It's All Your Fault

Still Free in the USA — Wed, 10 Jun 2009 14:22:54 GMT

Thank you for the advice jschmidt. The shamefull thing is that yes, I could be reported for abuse; so free speech is gone. While the rap music I hear refers to women in the most disgusting sense I can think of. Ive gone the peace, love, go green, volunteer, blah blah blah route. Im calling it how I see it now. I have no hair on my tongue. Get shot? Get reported for abuse? Call it like it is. Im a minority so maybe I will get a pass. Its called integrity, defined below:

Integrity refers to wholeness as a human being. It means that you have developed into a person whose thoughts, words, and actions are congruent, and therefore do not conflict with each other. In the exercise of your free will, your decisions reveal any degree of disorder in your soul. To the extent that you have brought every aspect of yourself into harmony, you can be trusted to live according to your convictions. Although some contend that these convictions are completely individual and can vary widely from person to person, this would mean that even selfish or cowardly people could be said to have integrity. To the contrary, I believe that well-considered convictions tend toward universal guiding principles that approach ultimate truth, which is both simple and complex simultaneously. For example, "treat another person as you would want to be treated if that were you, taking into account the dignity that person has as an autonomous human being who has a right to determine his or her own course in life." Decisions can be difficult to reach for the concrete, unique, day-to-day circumstances in which we are asked to apply abstract principles. That is why exercising prudent judgment is the ultimate skill in living the good life--doing the right thing, in the right way, at the right time, for the right reason. Immature individuals have not integrated what life teaches, and remain focused on apparent goods instead of the true goods that the phenomenon of existence offers. They live a disordered life, not a life of integrity. This leads to my definition: Integrity--a life in which thoughts, words, and actions are congruent and conform to ethical principles.

re: Baby Boomers: It's All Your Fault

amerika5 — Wed, 10 Jun 2009 14:34:02 GMT

The whole situation is horrible. I am in my mid-20's and about to begin graduate school. I have held a job since the age of 16 and have no credit card debt and have a small savings. I was always told to work hard, get a good education and you will go far. Well I am now in a great deal of undergraduate debt (I graduated with great grades and worked all during school as well as being involved in extracurricular activities), and cannot find a job that enables me to afford my student loans plus rent. So I am risking going back to school. It's really a sad time.

At least the older generations can look forward to Social Security. I have/will pay my entire life and probably won't receive anything. I know I'm complaining, but hard work and saving money just doesn't seem to get you very far in today's world. But, I'm going to just keep trying and hope for the best :)

re: Baby Boomers: It's All Your Fault

Still Free in the USA — Wed, 10 Jun 2009 14:42:30 GMT

amerika5-REVIEW THE DEFINITION OF INTEGRITY. do not give up; take your inegrity on your way in life; hold it dear and close to your heart; take it to your grave like a warrior. Work hard, be frugal, smart, enjoy your life without a lot of "stuff", travel and see other peaceful cultures, contribute to those cultures that need your humanity. You've got it; when you say Im going to keep trying!!!! THAT is it. Hope is devine; You GO kid! Just do it and you will. God Bless

re: Baby Boomers: It's All Your Fault

justamerican30 — Wed, 10 Jun 2009 15:14:05 GMT

Here is the real problem.....Everybody on here is a bunch of whiners. Instead of going out and doing something about the mess, you find every way to blame someone else for the problems that are here. I'm sure all of you at some point have borrowed money for something....buying a car, a mortgage for a house, whatever. What we should be doing is not bailing out anybody that is bankrupt. In the Great Depression the government didn't decide that some things were going to stay afloat and others were going to fail. If you couldn't make it you went under.....it's as simple as that. How many billions have been spent saving an auto industry that isn't going to change it's ways? How many billions have been spent to save banks that are going under? Let some of them go under and see how valuable the customer becomes again. This bull of the government bailing everyone out is outrageous. What we need is someone in the white house who will make the tough decision of letting some of our businesses and banks go under so that new companies can emerge and care about what they are doing again. The world should not revolve around the almighty dollar. I don't live in an extravagant house....I don't drive extravagant vehicles....I am not entitled to anything. I save what I can every month and I pay my expenses on time every month. I live within my means. This is how everyone in the U.S. should live their life. If you want something, work for it. If you want something and don't want to work for it, then no one is going to give it to you. This should become the new golden rule.

re: Baby Boomers: It's All Your Fault

sms29s66 — Wed, 10 Jun 2009 15:47:05 GMT

You know what? I'm a 60 year old boomer who is sick to death of the Greatest Generation and their obsession with themselves. I'm tired of hearing about the Great Depression, We treat it as some golden age to harken back to. We live in a different time with different demands that require fresh thinking.

re: Baby Boomers: It's All Your Fault

Still Free in the USA — Wed, 10 Jun 2009 16:03:25 GMT

Sadly our new Adminstration believes in handouts; the TARP $ paid back? no more governement regulation on CEO salaries; you put your money back in to make them strong? Its gone again kids! Same with the auto industry; who got hurt with the TERMS of the bailout; the little guy; who will get HURT with the universal health care; the LITTLE guy! Its all flying under the radar. Obama's idea of rich with taxing health care benefits. $11,000 folks; YUP, $11,000. Figure out your taxes owed on $11,000 plus upping all co-pays to help the poor. I WILL help the poor; but I refuse to ENABLE THE ABLE

re: Baby Boomers: It's All Your Fault

megand — Wed, 10 Jun 2009 16:06:15 GMT

We're here, and we're going to be here for many years yet. Get used to it.

By the way, if you absolutely have to "blame" someone--and boy, are we a nation of blamers; everything is someone elses fault but our own--blame OUR parents, "the greatest generation." They were the ones who had all those kids.

Mine, by the way, only had two, and they were almost 40 when I (the eldest of two) was born in 1950. Thus, they were 40 years ahead of their time.

So, stop complaining and get over it. We're here and we're not going to dissappear into thin air.

By the way, no one else is ever going to have to support ME. And most boomers will have to keep working--and paying taxes--well after legal retirement age.

re: Baby Boomers: It's All Your Fault

ericbecker — Wed, 10 Jun 2009 16:27:09 GMT

I really don't want give people the wrong ideas but nature will take care of it. Think of the upcoming influenca season!!!

People can look into the history and will discover that nature will take care of this issue. If it will be a war, desease or something else.

re: Baby Boomers: It's All Your Fault

CheneyLicksTaint — Wed, 10 Jun 2009 16:28:22 GMT

Boomers are responsible. They didn't do anything about the energy crisis once they got into positions of power (i.e., President Bill Clinton). I guess they forgot all about sitting in long gas lines during the mid-seventies. Climate change? Nope they didn't take care of that either. They also forgot their own lessons of Vietnam. They allowed us to get bogged down in a quagmire in Iraq. I guess they wanted their children and grandchildren to experience a boondoggle of their own. The idealism of the Baby Boomers from the 60's gave way to voting against their own economic interests during the 80's & 90's. Where your parents landed someone on the moon, you guys only aimed for low earth orbit. Strong work. Your generation will not be missed. You're costing us a fortune in more ways than one.

re: Baby Boomers: It's All Your Fault

znac — Wed, 10 Jun 2009 16:38:34 GMT

I have seen this analysis before. I have also seen an analysis that shows that immigration into the US will make up for the shift of boomers to retirement, and the bear market foretold in this article will fail to materialize. This is a fundamental difference between the US and Japan.

re: Baby Boomers: It's All Your Fault

zinka — Wed, 10 Jun 2009 16:53:48 GMT

My husband and I are both boomers and have worked all of our lives. What most of you seem to forget is that SS was put into the General Fund by Johnson, I think that is right, so that congress could "barrow" the money. If this had not have happened would we be in as bad shape as we are now? Who knows but I bet we would not be because the congress could not touch that money. Go ahead and blame us boomers after all you can't blame yourselves can you. All of our generations are at fault because we don't think out what we do, we keep voting in dumb sh*ts that don't listen to us and than follow them blindly. I was taught if you don't have the money you don't buy it. Common sense right well where is the common sense if sure isn't here is it. We pay our bills, help the kids when they need, never a thank you or a pay back and that is not the way they were raised. So go ahead and blame us boomers we gave the hi tech and tell me what has your generations done with it or what have you given the coming generations. As always just my opinion.

re: Baby Boomers: It's All Your Fault

dorf — Wed, 10 Jun 2009 17:01:48 GMT

If we all buy what we can afford without credit, the economy will naturally contract about 15% - and it should. Credit has kept this place overheated for years. Unemployment will remain higher than it was - about 7.5%. We will have to get used to this.

No need to blame just the boomers. Everyone wasoverspending and placing unrealistic pressure on demand.

Where the boomers may be at fault was their inability to encourage fiscal discipline. As a basically spoiled group, boomers have tended to feel they have worked harder, and the rewards should be greater. They have embraced what their parents told them - that they could do anything and be successful - and thus never considered failure. Boomers were the senior managers that did not restrain their employees, who encouraged meteoric success, did not structure controls to avoid hubris scenarios like Enron, WorldCom, AIG, B. Madoff, Stanford, and credit swaps that caused the entire system to go on tilt, and managed Boards of Directors to ensure they go their way....

I'm a boomer, and witnessed it first hand in board rooms and executive offices. They "shot the messenger" if the news was bad - embraced him if the news was good. They wanted the house, the car, the glamor that would placate them for having given up on their 1960's idealism.....

It is demographics as the article says. But this generation that wanted it all forgot that discipline is what keeps things solid. Maybe that ties with our rejection of the rules in the 1960's, and our desire to relax the inflexibilities we perceived as restricting our parents.

Definitely a topic for another article....

re: Baby Boomers: It's All Your Fault

leogorky — Wed, 10 Jun 2009 17:08:44 GMT

We really had no say about being born, so blame our parents generation if blaming does anyone any good, which, of course, it does notl

re: Baby Boomers: It's All Your Fault

left coast — Wed, 10 Jun 2009 17:11:21 GMT

Greenspan is not a baby boomer.

re: Baby Boomers: It's All Your Fault

pippalee — Wed, 10 Jun 2009 17:28:34 GMT

These articles are getting pretty boring. Every article uses the same reasoning to place blame on a generation. They're boring - does the author have no creativity to write about anything else or is he just jealous that he's not a boomer?

re: Baby Boomers: It's All Your Fault

Barton449 — Wed, 10 Jun 2009 17:50:33 GMT

Obama is fixing this. None of us will be able to retire when he finishes.

re: Baby Boomers: It's All Your Fault

naylor1 — Wed, 10 Jun 2009 17:52:12 GMT

I was born in 1946 and will soon be 63. I am not eligible for full retirement until I am 66. Many will not be able to afford to retire anyhow. Most of us have paid into social security for a very long time. The money was not managed properly or we would have plenty to cover us so I do not see it as our fault. Economy rises and falls within all generations. I think we have some good people in the drivers seat this time around so if we all focus on moving our country forward and stop all of the bickering, this to shall pass.

re: Baby Boomers: It's All Your Fault

naylor1 — Wed, 10 Jun 2009 17:57:42 GMT

re: Baby Boomers: It's All Your Fault

adnerb — Wed, 10 Jun 2009 17:57:54 GMT

The babyboomers have been robbed of their 401k plans. Sure they were devalued to a lower price, bet you can bet your sweet bippy that the money that was made earlier went to someone somewhere. If we could only find one good man in our government that was not corrupt. Like it says in our Bible kingdoms rise and then they fall. The Unites States is on its way out. I never thought that I would see this happen to our great country.

re: Baby Boomers: It's All Your Fault

naylor1 — Wed, 10 Jun 2009 17:58:44 GMT

re: Baby Boomers: It's All Your Fault

smokey_joe — Wed, 10 Jun 2009 18:06:07 GMT

This article consists of a huge pile of crude generalizations. Most of the people I know in the boomer generation do not fit the generalizations stated here. Possibly, the troubles we are going through are the result of poorly informed media pundits spreading their half-thought-out or half-something-else ideas and having them accepted by a too-trusting audience of readers. In recent years, we were told that the real estate market was heading up with no slowdown in sight. I didn't accept that premise because "what goes up must come down" and besides, I couldn't afford the overpriced world the pundits had arranged for us all. I chose an alternative path. I didn't put myself in hock up to the eyebrows to live in an overpriced home. I bought what I could afford and reduced my month-to-month credit card debt to zero. That's called "common sense" - something the pundits have in very short supply. The current line of BS they are spreading has no more validity than the previous line of BS. Baby boomers are responsible for the space age, the electronics revolution, the computer revolution, the internet, the green revolution and the spread of ever-greater freedom among nations around the world. Do we deserve a dignified rest after all of that? Just don't ask the pundits that question. They're a bit confused at the moment and don't know how to pick up the effort from the outstanding record of accomplishments of the boomer generation.

re: Baby Boomers: It's All Your Fault

adnerb — Wed, 10 Jun 2009 18:07:24 GMT

Yeah right boomers are to blame. Just wait when all the boomers are gone, your generation today is selling its freedom for Security. You want the government to take care of you so you can stay at home with your kids. Once our freedom is gone...we will not get it back, easily if ever again. So go right ahead and be memerized by your cell phones and computers and text your head off. All the while the freedoms our forefathers fought for are going by the wayside. Inside of blowing smoke about the boomer generation, get up and do something to fight for what is right.

re: Baby Boomers: It's All Your Fault

beancounter828 — Wed, 10 Jun 2009 18:33:44 GMT

Well Barrett Sheridan, from reading the comments, you have effectively ticked off a lot of geezers. I wish most of them would actually "read" the article and realize it is based on THEORY, instead of getting so defensive. This theory is being taught to their grandchildren and children in colleges through-out the world, and I taught it myself as a prediction of what could happen way back in the 90's, (without the sub-prime mortgage fiasco) which I don't believe anyone saw coming until it was too late. This financial decline isn't going away, my young children today will feel the effects of it tomorrow, we need to accpet it, fix it, and quit talking about how long it's going to last, most baby-boomers won't see the day it ends.

re: Baby Boomers: It's All Your Fault

bloggerrich — Wed, 10 Jun 2009 18:41:57 GMT

I'm not sure why most have seemed to miss the point of this article and have become offended as opposed to educated by it.

It is simply showing that there is an "age group" trend that is seemingly contributing to the aforementioned "Exotic derivatives, overcompensated executives, Alan Greenspan, the SEC, reckless borrowers" statement above. The fact is that we may have, if you will, a "Perfect Storm" brewing due to all of this coming together. Remember, none of this has ever happened in this country and all of us are still learning what may contribute to a depression or a long drawn out recession in our modern time. The parallel to the Japanese situation is the closest thing we have to a guidline as they had a similar situation in recent times with a similar type of economy and government. Don't make the mistake of comparing this to the Great Depression of the 20's and 30's. It is more similar to the Japanese situation in the late 80's and early 90's.

The fact is that most of the money is tied up in the baby boomer generation and if they retire, they no longer pay taxes on those big paychecks they receive every week or two. They do move to social security, pensions and medicare. There is nothing wrong on the baby boomers part, but the fact is that it will continue to drag down the economy to some extent over the next 20 or so years.

The pyramid graph is commonly used to look at demographics and it does serve a fairly accurate purpose at determining what the possibilities are in the future. In fact, it is a highly accurate tool when looking at past trends.

Many people I know are retiring in the next 5 years. Some have lost money in the market or are unable to make much in a bank at just over 1%. This means baby boomers will cut spending all while moving in to social security, medicare, etc. which will have to be paid for by the ever shrinking groups that came after them.

A point that wasn't made in this article is that if approximately 80% of all Americans are in debt, than it is likely that around 80% of baby boomers are in debt as well. That is nearly 62 million people that are unable to retire or this could be 62 million people that will need to file for bankruptsy to be relieved of their debt. What this means is that most baby boomers will not be able to retire as early as they would like because of the need of a higher income than social security can provide. Many do not have a pension to look forward to.

Any way you look at it, baby boomers have and will continue to have the greatest effect on our economy as an age-ranged group, for decades to come. It's not your fault...it is just the way it is.

Directing this at all age groups...We need to learn how to use cash and save and spend wisely as it used to be "The American Way". Debt and it's creation are the fault of both borrowers and lenders. These people do know who they are and they are the main reason we are experiencing this recession today.

"Neither a borrower, nor a lender be". What a great line! Unfortunately, neither our goverment nor our people can follow this one.

re: Baby Boomers: It's All Your Fault

smokey_joe — Wed, 10 Jun 2009 18:45:46 GMT

I believe that this article is part of a media campaign to drive a wedge between generations in America and justify the continued looting of the retirement funds of the boomer generation for the profit and convenience of money manipulators and scammers, like Bernie Madoff, so they can live well while everyone else slaves for pennies. Don't listen to the BS. Guard your savings in stable, non-volatile plans. Don't let Social Security be destroyed. It can be preserved for a small percentage of the huge bundles spent on Iraq, Afghanistan and various bailouts of wealthy businessmen so they won't have to worry about living like the rest of us.

re: Baby Boomers: It's All Your Fault

Arrive — Wed, 10 Jun 2009 18:54:24 GMT

I'm a baby boomer, born just behind the self-indulgent brats that brought free love, drugs, and shame in Vietnam to America. The boomers have never cared what their actions did to those just behind them - now we have kids having kids, fatherless families, and the worst educated military ever in our history. The yound people today seem to be willing to work for change, vote for change, and maybe able to change the mess we have made. Smokey_Joe, it not all about you. We did not destroy this country or the world with our antics, neither will the youth of today. Let them have their chance, their time. We did not do so great after all.

re: Baby Boomers: It's All Your Fault

smokey_joe — Wed, 10 Jun 2009 18:54:39 GMT

Beancounter828:

Some of the "geezers" you so easily dismiss have accomplished more in a single year of their lives than you can ever hope to do in your entire bean-counting career. Some have come to the mistaken notion that their over-inflated salaries are some reasonable measure of their importance in the world. Its like saying a gas-gussling SUV is more important and contributes more than a fuel efficient vehicle because it costs more to feed the gas-gussler.

re: Baby Boomers: It's All Your Fault

smokey_joe — Wed, 10 Jun 2009 19:01:08 GMT

The huge debt of this generation comes not from social security, but from the massive, obscene amounts of money spent by the "fiscal conservatives" like Bush and his ilk on their misguided efforts. "They tried to kill my daddy." - George Bush concerning the Iraq war.

re: Baby Boomers: It's All Your Fault

smokey_joe — Wed, 10 Jun 2009 19:06:39 GMT

Arrive:

Your post is full of logical disconnects ansd non-sequitors. Your conclusions do not follow from your random list of factoids.

re: Baby Boomers: It's All Your Fault

Fridge — Wed, 10 Jun 2009 19:10:20 GMT

Social Security is being abused by every generation. Kids who have just turned 18 go to the SS office and claim it because they are too fat to work or they claim to have ADHD or say they are bipolar. Then they retire to their TV sets forever. Middle-aged people fall on the ice one time and claim that their backs have gone out. They go to the SS office and claim disability and they get it. They retire to their TV sets forever. Best thing about all this economic mess is that soon the tit will go dry for all these bums who have been draining the system for years.

re: Baby Boomers: It's All Your Fault

smokey_joe — Wed, 10 Jun 2009 19:23:08 GMT

Fridge:

Anyone applying for disability at this time, including disabled vets and amputees, are experiencing waits of a year before being granted benefits. It seems the government is hoping they die of exposure and starvation before they draw their first benefits.

re: Baby Boomers: It's All Your Fault

bloggerrich — Wed, 10 Jun 2009 19:26:11 GMT

Beancounter...Unfortunately, you are right. Many didn't see it coming. But a handfull of us knew the bubble would bust long before it did. My wife and I bought a house in 1997 near Fort Lauderdale, FL . We paid $75,000 for it. When the refinancing craze started and then the home buying craze, we looked at our options. We watched our house go from an estimated $150,000 when the boom was gearing up to $300,000 in less than 2 years. We looked at the big picture and decided to stay as it was easily affordable and we would not have to triple or quadruple our costs every month, which is what it would have done if we moved in to a home that was a step up from our existing home.

Looking back, I can't believe how many people over extended themselves. It was insanity at best.

We pay $450 per month for our mortgage. This gave us the ability to put extra towards the principle and pay off both of our cars a year ahead of time, not to mention 2 or 3 trips a year. We will have our house paid off in less than 20 years...we have a 30 year mortgage. I can only hope that Americans learn from this as we cannot let people keep borrowing and lending the way we did in recent times.

Every family should follow the rule that you live off one income and save the other. You don't have 10 kids when you can't afford one! You don't move in to a fancy 3,000 square foot house when you can't afford it! You don't buy an Escalade when you can't afford it! You don't receive welfare when you are working "under the table"! You don't go to the Hard Rock Hotel and Casino when you are collecting government (tax payer) money!

Personally, I don't want my goverment selling out to China because people have an inability to control lending and borrowing. However, our government is comitting the same bad accounting practices as what got us in this mess.

China's auto sales were up 47% in May. What the hell are we doing here?

We need to kick the illegals out of this counrty and make those on welfare do that work. Their not better than picking beans and potatoes if they are on welfare. It's time to bring manufacturing back to the US and make these factories "GREEN"...we will create a new and sustainable industry, more jobs and improve ecology and get people off tax payer money.

re: Baby Boomers: It's All Your Fault

smokey_joe — Wed, 10 Jun 2009 19:30:19 GMT

Well, it seems that I touched a raw nerve among the money manipulating bean counters in this country. I guess some of them got laid off too, like Bernie Madoff, and they're trying to work up a new scam.

re: Baby Boomers: It's All Your Fault

curryjm — Wed, 10 Jun 2009 19:31:31 GMT

"..boomers hit their peak spending and borrowing years in the late 1990s and 2000s, they splurged on second homes, SUVs, and went crazy on credit."

Barrett Sheridan: What, do you make this stuff up? I submit that it was more the younger generations that went crazy on credit. Most boomers I know have their act together; they've got money in the bank and they don't run up debt they can't pay. Don't go blaming the "boomers" for what just went wrong. Most of us have more sense than you give us credit for.

re: Baby Boomers: It's All Your Fault

runningfan55 — Wed, 10 Jun 2009 19:46:52 GMT

The babyboomers aren't the only group of people responsible for current financial crisis in this country. As a full-time college student I have seen the completely irresponsible spending of countless friends and aquantances from age 18 to 25. How can an unemployed student be approved for a credit card that has thousands of dollars worth of spending limits compounded by even higher interest rates? My parents are both babyboomers and the hard work ethic they live by may have been lost to many of us but it is not gone. They worked hard to provide for their families so their children could be "better off" than they were. Now many people are looking at the economic crisis and realizing that their spending was detrimental. Instead of viewing the financial situation as a negative it is instead forcing people to spend responsibly and actually look at what they are doing in the financial aspect of their lives.

Fortunately I have had a job since I was 15 years old and could lifeguard at the local pool and have worked every summer and school break and now work year round while attending school. This has allowed me to not only pay for my entire education, but also is letting me pay for the first year of a masters program in the top ranked program in the nation for my degree...all without any student loans. Although my experience hasn't been that of everyone I have known I have lived a comfortable life while growing up at home with babyboomers who always found a way to live within their means and I truely think that this financial crisis is going to be a turning point for our country and unlike the Japanese we have the ability and resources to make the best out what we experience.

re: Baby Boomers: It's All Your Fault

beancounter828 — Wed, 10 Jun 2009 19:48:54 GMT

Hey Smokey Joe,

Do you have a "Defensive Pattern of behavior?"

Becomes defensive when challenged.

Doesn’t get curious about his part in problems.

Tries to justify, explain, or rationalize his defensiveness.

May blame, be-little or ridicule others to avoid feelings of self-worthlessness.

Sound like anyone you may have seen in the mirror this morning? Don't presume to know how little I may or may not have accomplished, you don't know me.

P.S. If you don't like being called a geezer then don't comment like one!

re: Baby Boomers: It's All Your Fault

beancounter828 — Wed, 10 Jun 2009 20:09:07 GMT

bloggerrich:

Your comment is the most enlightened comment on this feed. However, your comment on selling out to China may be a little late. We owe them along with Japan and India much more than they owe us, and we're very slow in collecting money from countries that owe us money. Britain, just recently paid off their WWII debt. Unfortunately, I don't have a lot of faith in the U.S. Government helping anyone or any company get out of this financial mess, and I wish that telling folks to buy less crap would work, but this is a major money diet we're ALL going to have to go on, families, banks, retailers, businesses (big and small), singles, retirees, teens, EVERYONE, even my dog is eating Dog Chow now instead of Eukanuba.

re: Baby Boomers: It's All Your Fault

Gatorman9 — Fri, 12 Jun 2009 04:44:53 GMT

Those of you attempting to take heat off the baby-boomers by being critical of today's college students and teenagers aren't thinking. How do you think these young people got to be that way? They are the CHILDREN of the boomers. The boomers are even worse than you think - they are a self-perpetuating problem. Much like George W. Bush, its seems that on average everything they touch turns to poop.

re: Baby Boomers: It's All Your Fault

Racje — Mon, 15 Jun 2009 19:48:56 GMT

The baby boomers did not choose to be born in such great numbers. Our parents ("Greatest Generation" and "Silent Generation") made that choice.

All our lives we've experienced unready school systems, oversupplied job markets, and short housing markets. Now, naturally, as we start to retire, we're finding underfunded pensions and social security systems, collapsing house prices and nest eggs, overwhelmed medical systems, and hostility from those who wish we'd never been born.

Lay off. We'll die soon enough.

re: Baby Boomers: It's All Your Fault

mandycat — Wed, 17 Jun 2009 21:28:41 GMT

I vividly remember starting my first job and receiving my first paycheck. What I do not remember was anyone asking me "Do you want to work for 47 years, having ever increasing amounts deducted from your gross pay for Social Security and Medicare only to be scolded in your later years for selfishly expecting a decent return on your huge and involuntary investment? Please check Yes or No."

But then, of course, my memory probably isn't what it used to be.

re: Baby Boomers: It's All Your Fault

carmenincali — Wed, 26 Aug 2009 00:16:38 GMT

It is the Boomers' fault. All of it. Look up "jobless recovery" on Wikipedia. Then look up the trade or current account deficit, the federal deficit...

Boomers outnumber every other group of voters. Who votes in such terrible Congress and Senate members? Boomers are taking advantage of their numbers and voting in their own interests infront of the interests of the country.

Boomers will blame young adults for going to college to make something of themselves in a bearish economy. But the Boomers did nothing to better themselves when the economy was strong. Quite a few boomers don't even know how to use a computer!

But the nonmaterialistic flowerchildren are entitled to ARM financed secondary mortgages for specualtion purposes, equity loans they used to by their SUV's and voting in the crooks ie. Gramm, Leach, Bliley and Clinton who made it all possible. The Boomers voted for inflation. The Boomers voted for generational theft. The boomers voted for a president who will thieve from Gen Y for cap and trade and universal medicine.

The economic illiterate Boomers didn't give Gen Y a chance to stabalize the real estate or the stock markets with a labor market; instead they took it away and preferred the volatile fake subprime market to inflate real estate costs out of reach for Gen Y. The Boomers voted for this and they participated in this.

If you're going to cry about your missing social security, hold your government responsible instead of stealing from your children to compensate for it. Have you ever heard of the 2nd Amendment? boomers' problem is that they value pot over their rights.

This is not a tangent. Boomers are the overgrown puppy whose unaware of how strong their bite is. The sad part is that they're in denial and they refuse to care; especially when our country's long term macroeconomic health has the potential to recover.

If the Boomers don't 'get it' - America is ruined. It's as simple as that.

re: Baby Boomers: It's All Your Fault

Topspin44 — Fri, 04 Sep 2009 00:37:09 GMT

If true conservatism was practiced by boomers then we would not be in this mess,Real conservatism does not condone overuse of credit to get what one wants or needs.It should teach discipline,hard work,values and integrity.But sadly too many people lost their way or were unfortunate.Too many fathers were not the fathers they should have been for their children.Yes, values and morals are important and it starts at home.