Self-centered boomers destroyed the economy — and now millennials and Gen Z are paying the price
An icon in the shape of a person's head and shoulders. It often indicates a user profile.Parents: Is there anything we can't blame on them? They bear the responsibility for our neuroses, the less flattering aspects of our appearance, and, now, the worst inflationary crisis since the 1970s.
The story of our inflation headache is one of scarcity: not enough people, homes, or ships. But while the arguments about post-COVID price chaos have focused overwhelmingly on short-term, pandemic-created triggers — such as closed factories and government rescue spending — inflation is also a story of larger tectonic shifts within the population.
Boomers, who were for a long time the largest generation in global history, are entering their twilight years. And as they ride off into the sunset, they're leaving behind an economy that isn't really built to accommodate the demands of the 21st century. Boomers have spent the past few decades shaping the world in such a way that has made the current crunch more painful and sets up future generations for continued deprivation.
The boomers' economy is brittle, stingy, and built on undersupply. While inflation may be cooling a bit, future prosperity for millennials, Gen Zers, and beyond depends on reversing this economywide bottleneck created by boomers.Among the more intensely discussed economic disruptions of the pandemic has been the widespread lack of workers.
Three years on, even after the programs that shouldered the blame for there being"no workers available" faded away, the labor shortage remains. The labor-force participation rate — the percentage of adults in the US who are either employed or actively seeking work — remains well below pre-pandemic levels. And researchers have determined the core source of this labor shortage: a wave of retirements in the generation complaining that young people lack a work ethic.
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