I've made no secret of my belief that the Baby Boomers built their success on the backs of their children. I've ranted in other threads about how they created massive jobs programs building large scale infrastructure projects using borrowed money. In doing so, they churned up the frothiest and longest-sustained runup in the stock market in its history. And they did it under far more relaxed environmental regulations.
That's a nice little speech Kombat, except that your facts are all screwed up. I don't know enough of Canadian history to use that as an example, so I'll confine my comments to US history.
As seen in the graph of US debt to GDP in another thread, Federal debt exploded during World War II to over 120 percent of GDP, and then began a decline that bottomed out at 32 percent of GDP in 1974. Federal debt almost doubled in the 1980s, reaching 60 percent of GDP in 1990 and peaking at 66 percent of GDP in 1996, before declining to 56 percent in 2001. Federal debt started increasing again in the 2000s, reaching 70 percent of GDP in 2008. Then it exploded in the aftermath of the Crash of 2008, reaching 102 percent of GDP in 2011.
Federal debt has breached 100 percent of GDP twice since 1900: during World War II and in the aftermath of the Crash of 2008.
So with the exception of the Reagan/Bush 1, Bush 2 and Obama years, Federal debt had been declining since WW2. Looks a lot like the Boomers were responsible for a sizable amount of debt reduction.
And what did we get for that? Oh, just stuff like the Interstate Highway System, the Internet, the end of polio, the space program (which paved the way for other stuff like satellite communications), small stuff like that. The list goes on and on. So basically the life you lead is built on the backs of what Boomers labored for. Not to mention that these things, aside from making modern life possible, created huge amounts of wealth and prosperity.
As for the stock market, there have always been booms and busts, from the tulip craze in Holland, the Great Depression, the crashes in the early 70s and the problems we have today. Seriously, you think this boom and bust cycle is new and unique to Boomers?
Now, Generation X and successive generations are left to clean up the mess. Many of those infrastructure projects are aging and crumbling, and need to be replaced. But they haven't even been paid for yet. So we (the Boomers' children) must not only pay for the old, crumbling system, but we must somehow pay for the replacement, too. And we must do it without creating too much CO2. And we must save for our own retirement, in the boundaries of a decade of stagnant financial markets and collapsing home values.
So build your own infrastructure and let the old stuff crumble. OR DO WITHOUT IT. Again, you use stuff another generation built, and now you resent having to pay for it's maintenance. Okaaay....
As for the environmental stuff, we know a lot more than we did then. Again, why pick on the Boomers? If you buy into the idea that global warming is caused by man, I think you need to go back to at least the start of the Industrial Revolution. Or maybe even the advent of slash and burn agriculture. The point is, things are what they are today. What do we do about it, besides whine?
As a Gen-X'er, I resent having to pay for both the new system, and the old system, while watching my parents "move the goal line" for retirement by doing things like raising the eligibility age for Social Security from 65 to 67. Being expected to pay far more for energy that doesn't fit someone's definition of being "green" enough just feels like rubbing salt in our wounds.
As I said above, try living without what the Boomers created. Join the Amish if you resent what they've done. My point is that you've profited handsomely in many ways from the Boomers' achievements. And yes, you're also suffering for it. Cry me a river.
Besides, plenty of Boomers are getting their just rewards. Some of them will never be able to retire. The years of living beyond their means has caught up with them. Their home values and portfolios have imploded. You have years left to recover and they don't. So what's your point?