https://spectatorworld.com/topic/how-the-boomers-robbed-the-young-of-all-hope/
Young people do not degenerate; this occurs only after grown men have already become corrupt.” — Montesquieu, The Spirit of Laws, 1748.
The great test of a generation is whether it leaves better prospects for its descendants. Yet by virtually every indication, the baby boomers, and even the Gen Xers, are leaving a heritage of economic carnage — as well as a growing social and cultural dissipation that could shape our future and the fate of democratic self-rule, and not for the better. This legacy comes not from outside forces, but the investment bankers, tech oligarchs and their partners in the clerisy who have weakened their national economies and undermined the chances of upward mobility for most young people.
About 90 percent of those born in 1940 grew up to earn higher incomes than their parents, according to researchers at Harvard’s Opportunity Insights project. The same is true for only half of those born in the 1980s. In contrast to baby boomers’ massive rise into the property-owning middle class, millennials inherit a world in which the middle ranks are struggling almost everywhere, notes the OECD. According to a recent study by the Federal Reserve Bank of St. Louis, American millennials are in danger of becoming a “lost generation” in terms of wealth accumulation.
It is no surprise that recent college graduates report the highest levels of anxiety in the country; suicides, particularly among young girls, have soared to record levels according to the Centers for Disease Control. By one measurement, one in five teenage girls suffered “a major depressive episode” in the years before the coronavirus pandemic, and two in three college students reported problems with loneliness. This pattern appears in virtually every advanced country. In 2017 the Pew Research Center found that poll respondents in France, Britain, Spain, Italy and Germany are even more pessimistic about the next generation than those in the United States. Concern for the next generation’s prospects is also widespread in such important developing countries as India, South Africa and Nigeria. The Japanese are even more discouraged: three-quarters of those polled there believe that things will be worse for the next generation.