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.
Payback
Within a decade Millennials will be running the country and they may not exactly be sympathetic to the pension plight of boomers.
For discussion of the pension crisis and possible millennial payback options, please consider Global Pension Gap Expected to Hit $400 Trillion: US Leads the Way.
Reader Replies
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.
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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.
This article has been republished with permission from Mish Talk.