THE WALL STREET JOURNAL'S "Real Time Economics" blog has published a rather alarming post about how the Baby Boomers have once again failed to change the world for the better. Not only that, they've failed to even provide for themselves.
The Journal tells us the Baby Boomers -- collectively, of course -- have thrown out the life-cycle theory of consumption, which holds that people save a lot when they are in middle age. Instead of saving 30 pc of their money like their forebears, today's middle-aged folks are saving just 20 pc of their income at best and as little as 10 pc at worst. This, the newspaper writes, has left them woefully unprepared for retirement -- and only one-third of the Baby Boomers are adequately prepared for their old age.
This is alarming because I think we all know who will have to pay for all this -- and it ain't the kids who spent their youth playing the tambourine and singing along with the Cowsills.Posted by Benjamin Kepple at June 5, 2008 07:48 PM | TrackBack