Generation X, the unlucky cohort of Americans who became young adults during the boom years of the 1990s only to suffer a midlife bust, is facing bleak retirement prospects, according to a study.
The Pew Charitable Trusts said the typical Gen X couple, born between 1966 and 1975, only has enough savings to replace half of its pre-retirement earnings. Married Americans born during the first part of the baby boom, from 1946 to 1955, can expect to retire with about 82 percent of their income. The younger boomers, born between 1956 and 1964, can expect to quit work and make about 59 percent of pre-retirement earnings.
That’s because they blew the damn money.
These are the same people who have incessantly demanded more and more government, more and more control over other people, more and more servicesand at the same time think an iPhone is more important than their retirement savings.
They’re the ones driving new cars every 2 years and pissing away money chasing after the Joneses. They have no sense of reality, especially when it comes to personal responsibility over their lives and bodies. They are the “young people” who pressed for “freedom” — from responsibility.
They’re the ones who flooded the market (and still do!) screaming for cheaper and more debt to buy houses, cars, cellphones and other alleged “badges” of prosperity. They made up the majority of house-flippers, condo resale junkies and the schemers selling the nation on this crap. They made up the majority of the Wall Street junkies pushing the credit heroin through the streets too.
In short many of them were the “I’m gonna get mine and fuck you” generation. Yeah, many of the boomers were responsible for this too; in many ways they’re even more responsible. The sense of entitlement has gotten worse, not better, as you move forward in generational terms.
There are exceptions, of course. I’ve met plenty of people who have had their own personal “Come to Jesus” moment on these matters — who understand that economic surplus is first and foremost personal, and that the premise that someone else (including the collective “someone else” found in government) owes you something makes you their slave, as once you stick your hand out they get to dictate terms.
There’s a certain wry smile that crawls across my face when I run into someone learning that lesson the hard way. But there’s a sadness that goes with it, because the fact of the matter is that until a critical mass of people return to being able to think things through logically and put the effort in to do so the net position of our nation and her people is destined to deteriorate rather than advance.
Ronald Reagan famously said that it was “morning again in America“; unfortunately what he allowed and what we got was a false dawn. Rather than be the stern father who says “Yes, son, it’s morning, and this means you have 12 hours of daylight to bust your ass so after you buy your room for the night and food for your belly there is something left to save and thus invest in a future venture” he allowed Congress to fail to follow through on the bargain he struck and contract the size of government to fit the reduced tax revenues that were passed.
He could have done so but that would have been hard; simply refusing to sign any bills until the promise was kept would have been enough, but it also would have been politically nasty.
It’s easy to be loved when you’re handing out “free money.”
The problem is that you’re living an open and notorious fraud because there is no such thing as free money.
That fraud continues and has been amplified today.