Beset by big college loans, inheriting two wars, and facing an uncertain future of work, a majority of millennials say baby boomers have made things worse for them — and a lot of boomers agree, according to a new Axios/SurveyMonkey poll.
If it persists, the generational divide could turn into political rivalry as the generations compete for limited tax dollars — millennials seeking government help as automation takes hold, and boomers insisting on promised levels of Social Security and Medicare.
This ties in nicely with the upcoming pension crisis and healthcare-related issues as well.
- Consider Obamacare. It was purposely designed to make millennials overpay for healthcare. Millennials subsidize boomers who are better off financially.
- When I went to the university of Illinois, tuition was $250 a semester. One realistically could have worked summer and part-time jobs to pay for an education. Now kids are graduating from college with mountains of debt and no way to pay it back.
- Social security is projected to be bankrupt by the time millennials can collect. Benefits must drop.
- A pension crisis looms. The boomer solution has been to kick the can down the road, always raising taxes. Those tax hikes go nearly 100% to pension funding. What do millennials get out of it? Nothing!
- Millennials are likely to be the first US generation in history that is no better off than their parents, if not worse.
Within a decade Millennials will be running the country and they may not exactly be sympathetic to the pension plight of boomers.
Reader Tengen commented: As a Gen X'er I'm not terribly fond of any current American generation, including my own. We all played a part in this acrimonious society we see today and nobody made much effort to stop it. Seems unlikely history will be kind to any of us, at least on a generational level.
I replied: Absolutely - Anger should be directed at the Fed, at Bush, at Obama, at Congress, and at warmongers.
There is plenty of blame to go around, but boomers are in charge of Congress, the Fed etc, and have been for years.
Most likely, anger will be misdirected, but boomers will be the target.
Mike "Mish" Shedlock