Econwatch
CNET/ September 14, 2010, 9:56 AM

Can Baby Boomers Save the American Economy?

In the latest issue of Atlantic Magazine, Michael Kinsley writes about the boomer generation in an article, "The Least We Can Do." He contends that the "self-absorbed, self-indulged, and self-loathing" Baby Boom generation may not have had the opportunity to save the world, as did the "Greatest Generation," but they can "still redeem themselves by saving the American economy from the fiscal mess that they, and their fathers and mothers, are leaving behind." Following is an excerpt from the article. Read the full article at The Atlantic online.

As they prepare to leave the stage, even Boomers themselves concede that things have not exactly gone according to script. Generalizations about generations are often foolish. Who's to say when one generation ends and the next one starts? And people are individuals: any characteristic intended to describe almost 80 million people will be inaccurate in most individual cases.

But the Baby Boom generation is more real than most. It had a clear starting point: 1946, just long enough after the end of World War II and the return home of American soldiers. (Its end point is set as 1964, although that certainly wasn't the last year a World War II veteran fathered a child.) The Boomers' heyday--the 1960s--stands out, even half a century later, as one of our more influential decades, which we romanticize (even if we were too young or too old to enjoy it at the time) and whose long tentacles still entangle us as the 1950s or the 1970s do not.

Most important, many Boomers -- more than the generations before and after -- have self-consciously thought of themselves, and have been thought of by others, as a generation. To be specific, they have thought of themselves as the "younger generation." Boomers claimed a patent on the idea of "Youth," even as people still younger inexplicably materialized--often in the Boomers' own households. Every few years comes an attempt to carve out and name a generation of these post-Boomers: Generation X, Generation Y, the Millennials--but these labels tend not to stick, because they have less reality behind them.

The indictment against the Baby Boom generation is familiar, way oversimplified, and only partly fair. In brief: the Boomers' parents were the "Greatest Generation," a coinage by Tom Brokaw that looks as if it will stick. Toughened by growing up through the Great Depression, the GGs heeded the call and saved the world in 1941-45. Then they returned home to build a prosperous society. They forthrightly addressed the nation's biggest flaw (race relations), and defeated Communism on their way out the door. The GGs' children, the Boomers, were "bred in at least modest comfort," as the Port Huron Statement of 1962, the founding document of Students for a Democratic Society, startlingly concedes. They ducked the challenge of Vietnam--so much smaller than the military challenge their parents so triumphantly met. They made alienation fashionable and turned self-indulgence (sex, drugs, rock and roll, cappuccino makers, real estate, and so on) into a religion. Their initial suspicion of the Pentagon and two presidents, Johnson and Nixon, spread like kudzu into a general cynicism about all established institutions (Congress, churches, the media, you name it). This reflexive and crippling cynicism is now shared across the political spectrum. The Boomers ran up huge public and private debts, whose consequences are just beginning to play out. In the world that Boomers will pass along to their children, America is widely held in contempt, prosperity looks to more and more people like a mirage, and things are generally going to hell.

Nobody actually wants the Boomers dead (or at least nobody has been impolitic enough to say so), but many wouldn't mind if they took early retirement. From the day John F. Kennedy said "The torch has been passed to a new generation" to the day George H. W. Bush headed back to Houston, seven members of the World War II generation occupied the White House, for a total of 32 years. The Boomers had just two presidents, Clinton and Bush the younger, over 16 years, before the citizenry said, "That's enough. Let's move on." Barack Obama, born in 1961, is technically a Boomer, but consciously ran against a version of Boomer values, and got a lot of self-hating Boomer supporters as a result.

Read the full article at TheAtlantic.com

© 2010 CBS Interactive Inc.. All Rights Reserved.
62 Comments Add a Comment
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RunsWithWolves says:
The Greatest Generation had it the greatest! Yes, they suffered through the Depression, but from that point on everything they touched turned to Gold. America was the manufacturing go-to nation for their entire lives. They paid virtually nothing into Social Security but reaped huge benefits which no other generation will reap. Their career path was straight and narrow with stable companies which had very handsome pensions and benefits. Most all have pretty comfortable retirements. Lets face it, most of America's wealth is concentrated in the Greatest Generation.
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dwiseriver says:
How many folks in here have a degree and have not been able to get a job? Of those people, how many have advanced job skills? How many are willing to go to trade school? There are a ton of jobs out there for skilled labor, where you can get overtime, good pay and benifits. This is where the job market is now. Please stop whinning and get a job!
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dwiseriver says:
So who in this forum is poor? If your spending your money on booze, drugs, gambling or some other addiction; it doesn't count. How many are at work, posting on this forum? Those adults who are living with their parents don't count either. It would also be fair to leave out those who are paying fines and bail for thier kids.
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AnonymousIV replies:
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Who is this forum is poor? My venture would be almost everybody, and if you have a good job consider yourself lucky. Thanks to people like Henry Paulson, Robert Rubin, John Thain, Robert Steel, Joshua Bolten and Ed Liddy. Hope their doing alright, don't you America?
dwiseriver replies:
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Anon, your "venture" is not proof. How about you? I do concider that I am lucky, have worked since I was 13 and have enjoyed the benifits that I have earned.
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dwiseriver says:
Do you feel the hate? I don't think this forum represents anything close to how folks really are. I did learn about Fox on this forum and have noticed it not so hatefull there and even some reasonable dialog. Some of these forum are out and out ugly and I don't know why they support these, other than it doesn't cost much to run it.
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AnonymousIV replies:
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CNN? I think, I'm not sure, but I think, CNN supports Goldman Sachs. If you don't like the looks of what they created, by all means go to CNN. We are in near Depression status. And the ugly is coming out, and we need to deal with that as Americans.
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dwiseriver says:
Most likely the Boomers is the Great Society. I still say we spoiled our kids. Some of our kids feel entitled to things they don't earn, hate authority and have disdain for those older than they are.

Get a job.
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AnonymousIV says:
If you need insight as to how America got into the financial shape its in today, read the below article. Its written by Matt Taibbi. The title of the article is: THE GREAT AMERICAN BUBBLE MACHINE ~ From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again- to Matt, you deserve a Pulitzer Price for this article.


http://www.rollingstone.com/politics/news/12697/64796?RS_show_page=1
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AnonymousIV replies:
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I wonder what's it's like being a fat cat living a shell. Hey a new political party the TURTLES. Come on Elephants you claim those TURTLES as your own?
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badmood54 says:
Is not some way of monitoring the voting process? come on your vote is not getting counted!!!
<a href="www.humangrowthhormonemexico.com"> count me </a>
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badmood54 says:
WE put a muslim into the white house named obahma Saddam and we are putting a mosk at ground zero???? Come on they are slapping us in the face and laughing we so lost the war. Get while you can.
http://www.humangrowthhormonemexico.com
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longtree-2009 says:
the boomers are the reason the nation is in deep doo-doo. didn't they protest the draft, refuse to serve? aren't they the reason we have an all volunteer military? aren't boomers responsible to some degree for all the bubbles like dot.com and housing? boomers are the "me" generation, aren't they? how can they save what they worked so hard to destroy? interesting article but c'mon.
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KeithDrippingSprings says:
Michael - you are a sad sick man. I am not responsible for all that crap you seem to think we are. If you were a real journalist you would be conducting an investigation of the members of Congress and exposing the corruption. Then you would find the real culprits. It ain't us.
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ffoulkes-2009 replies:
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...And who voted in these members of Congress over and over...?

And who exactly ARE these members of Congress?

Both answers at least in a LARGE part...Baby boomers.
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