Baby-boomers have lived through one of the longest periods of prosperity the WORLD has ever seen, with U.S. GDP growing by 550% over the past 31 years.
The reason for this prosperity is primarily due to an unprecedented drop in interest rates over the same period, from 15% to 2.2% today, see chart attached. And what did the Baby-boomers do with this gift? They spent every last penny and much much more, leaving their kids with a mountain of debt.40 years of peace thanks to nuclear weapons also gave cover to thier gluttony. Our kids must now live with the consequences of our selfish ways, but worse, as rates reverse trend, it will cripple their opportunity for anything near the living standard that we have enjoyed.
We spent their future. We are a Debt Man Walking.
P.S. Note to baby boomers children, don't you dare touch my retirement and health care benefits............. Just how selfish are we?
