After a three-decade party, with some folks getting to party a lot more than others, there is suddenly no way to avoid the reality other than drifting into closed-eyed fantasy. The generations I have identified as Generation Greed, the richest in American history, are leaving the generations to follow are much worse off in many ways. And, in many cases, those at the back end of Generation Greed are facing old age much worse off then they themselves had been, forced by their prior excess consumption, debts and prior lack of savings to downsize a material lifestyle that for many of them had been the whole project of their lives. As I most recently noted in detail in my previous post.
The consequence of this realization has not been an increase in empathy or an attempt to change the worst aspects of a collective legacy while there is still time. There is still no willingness to make any personal sacrifices in the present for the collective future. The fact that the non-greedy minority of Generation Greed hasn’t stepped up to face the facts and battle for their own offspring is one final disappointment. The desperate desire of some of its rich to insulate their own children from the consequences of a diminished society — by repealing the estate tax — is the only effective example of concern by today’s seniors with what they will leave behind. Rather, the media they dominate remains filled with demands for scapegoats and rationalizations, and one more round of “what about my needs!” Needs that are somehow supposed to be met by latter born generations that are poorer, and yet are having large economic burdens shifted to them that will diminish their entire future.
But if one uses the right search terms, one can find some examples over the past year of younger generations beginning to resent the country they have inherited, albeit not enough to get off the couch and do something about it.