As we delve into an analysis of socio-economic shifts and historical events, it’s crucial to remember that it’s not about blaming but understanding. The narrative has often been skewed against millennials, painting them as the generation that’s ruining everything, from housing to the job market.
But what if we told you that baby boomers, not millennials, had a more profound impact on America—and not always in the most beneficial ways? Here are 15 ways in which the baby boomers, through no fault of their own but as products of their time, have unintentionally left a challenging legacy for the following generations.
Increased National Debt
Baby Boomers oversaw a dramatic expansion in national debt. According to the U.S. Treasury, the national debt increased from $909 billion in 1980 to $5.6 trillion in 2000, a whopping 515% increase.
As former U.S. Comptroller General David Walker stated, “The fiscal irresponsibility of the Baby Boomer generation has set a dangerous precedent.
Social Security Crisis
The large number of Baby Boomers retiring has strained Social Security. The Social Security Board of Trustees reports that, by 2034, it will only be able to pay 79% of promised benefits.
Income Inequality
The Economic Policy Institute reports that income inequality had risen sharply since the late 1970s, when Baby Boomers held political power.
Housing Market Crash
Many argue that the deregulation policies and reckless lending practices endorsed by Boomer politicians and executives led directly to the 2008 financial crisis.
Environmental Degradation
Boomers witnessed significant environmental degradation without taking sufficient action. According to NASA, global temperatures have risen approximately 0.8 degrees Celsius since 1975.
Lowered Educational Standards
Despite being the most well-educated generation at that time, Boomers did not continue to prioritize education for subsequent generations. The Program for International Student Assessment ranks American 15-year-olds 31st in math literacy among 79 countries.
Healthcare Inefficiency
Health Affairs reports that U.S. healthcare costs rose dramatically under the Boomers’ watch without corresponding improvements in healthcare quality.
Stagnant Wages
Pew Research reports that, adjusted for inflation, today’s average hourly wage has about the same purchasing power as it did 40 years ago.
Decreased Social Mobility
The Equality of Opportunity Project found that children born in the 1980s have just a 50% chance of making more money than their parents, down from 90% for children born in the 1940s.
Increased Partisan Politics
The polarization of U.S. politics has increased during the Baby Boomers’ tenure in power, leading to less cooperation and more gridlock.
Rise in Corporate Power
The Boomers oversaw a shift towards neoliberal policies that have increased corporate influence in politics.
The Decline in Manufacturing Jobs
According to the Bureau of Labor Statistics, the Boomers lost 5 million manufacturing jobs from 2000 to 2014.
Lack of Adequate Retirement Savings
The Insured Retirement Institute reports that 45% of Baby Boomers have no retirement savings, increasing future burdens on public welfare systems.
War on Drugs
The war on drugs, primarily initiated and sustained by Boomer leadership, has had questionable results and devastating social consequences, particularly for minority communities.
Failure to Plan for Aging Population
The Boomers failed to adequately plan for their old age, putting a strain on resources for younger generations. Census Bureau forecasts one in five Americans will be 65 or older by 2030.
20 Baby Boomer Baby Names That Have Gone Out of Style
In the wake of the roaring 20s, a new generation emerged: the Baby Boomers. Their parents were jazzed up about the future and got creative with their names. Some of these monikers have weathered the test of time; others, not so much. Let’s stroll down memory lane and explore 20 Baby Boomer names that are now as out of style as bell-bottom jeans.
20 Baby Boomer Baby Names That Have Gone Out of Style
The Ultimate Buying Guide to the Best Luggage Sets (2024)
When choosing the best luggage set to buy, you need to consider many factors. For example, what type of traveler are you? How often do you travel? What is your budget? Do you need a hardshell or softshell suitcase?
The Ultimate Buying Guide to the Best Luggage Sets (2024)
My Boomer Dad Got Fired From His Workplace for Doing Nothing; Here’s Why I Think He Deserved It and 10 Lessons for Baby Boomers & Millennials
Just the other day, my dear old dad – a card-carrying member of the baby boomer generation – got the boot from his job. If you asked, he’d tell you he was let go for doing nothing wrong. But as much as I hate to say it, I think he had it coming. Before you brand me the worst son in America, hear me out.
10 Biggest Lies Baby Boomer Parents Told Us
Baby boomers have always been the source of wisdom and guidance for those of us who came after them. But what if we told you that some things we took as gospel were half-truths? What if we told you that some of the things that our boomer parents told us didn’t hold up to scrutiny? Well, prepare to have your worldview shaken because it’s time to debunk the ten lies that baby boomer parents fed us.
10 Biggest Lies Baby Boomer Parents Told Us
This Mother’s Disastrous Move at the Family Table Leaves Cheesecake Enthusiast Fuming: Is She Wrong for Causing a Scene?
This is the predicament of a talented 19-year-old pastry chef whose creations are consistently “improved” by her well-meaning but misguided mother. Let’s dive into the clash of culinary styles between the perfection-seeking pastry chef and her meddling mother.
