It’s really the white middle-class boomers who exemplify all the awful characteristics and behaviors that have defined this generation.
They became a majority of the electorate in the early ’80s, and they fully consolidated their power in Washington by January 1995. And they’ve basically been in charge ever since. The damage done to the social fabric is pretty self-evident. Just look around and notice what’s been done. On the economic front, the damage is equally obvious, and it trickles down. The boomers inherited a rich, dynamic country and have gradually bankrupted it. They habitually cut their own taxes and borrow money without any concern for future burdens. They’ve spent virtually all our money and assets on themselves and in the process have left a financial disaster for their children.
We used to have the finest infrastructure in the world. The American Society of Civil Engineers thinks there’s something like a $4 Trillion defect in infrastructure in deferred maintenance. It’s crumbling, and the boomers have allowed it to crumble. Our public education system has steadily degraded as well, forcing middle-class students to bury themselves in debt in order to get a college education.
Then of course there’s the issue of climate change, which they’ve done almost nothing to solve. But even if we want to be market-oriented about this, we can think of the climate as an asset, which has degraded over time thanks to the inaction and cowardice of the boomer generation. Now they didn’t start burning fossil fuels, but by the 1990s the science was undeniable. And what did they do? Nothing.
The problem is that dealing with these problems has simply been irrelevant to the largest political class in the country — the boomers. There’s nothing conspiratorial about that. Politicians respond to the most important part of the electorate, and that’s been the boomers for decades. And it just so happens that the boomers are not socially inclined and have a ton of maladaptive personality characteristics.
Starting with Reagan, we saw this national ethos which was basically the inverse of JFK’s “Ask not what your country can do for you, but what you can do for your country.” This gets flipped on its head in a massive push for privatized gain and socialized risk for big banks and financial institutions. This has really been the dominant boomer economic theory, and it’s poisoned what’s left of our public institutions. I think there were a number of unusual influences, some of which won't be repeated, and some of which may have mutated over the years. I think the major factor is that the boomers grew up in a time of uninterrupted prosperity. And so they simply took it for granted. They assumed the economy would just grow three percent a year forever and that wages would go up every year and that there would always be a good job for everyone who wanted it.
This was a fantasy and the result of a spoiled generation assuming things would be easy and that no sacrifices would have to be made in order to preserve prosperity for future generations. This is a generation that is dominated by feelings, not by facts.
The irony is that boomers criticize millennials for being snowflakes, for being too driven by feelings. But the boomers are the first big feelings generation. They’re highly motivated by feelings and not persuaded by facts. And you can see this in their policies.
Take this whole fantasy about trickle-down economics. Maybe it was worth a shot, but it doesn’t work. We know it doesn’t work. The evidence is overwhelming. The experiment is over. And yet they’re still clinging to this dogma, and indeed the latest tax bill is the latest example of that.
Time after time, when facts collided with feelings, the boomers chose feelings.
On an abstract level, I think the worst thing they’ve done is destroy a sense of social solidarity, a sense of commitment to fellow citizens. That ethos is gone and it’s been replaced by a cult of individualism. It’s hard to overstate how damaging this is.
On a concrete level, their policies of under-investment and debt accumulation have made it very hard to deal with our most serious challenges going forward. Because we failed to confront things like infrastructure decay and climate change early on, they’ve only grown into bigger and more expensive problems. When something breaks, it’s a lot more expensive to fix than it would have been to just maintain it all along.
We’re going to have to make difficult choices between, say, saving Social Security and Medicare and saving arctic ice sheets. We'll have fewer and fewer resources to deal with these issues. And I actually think that over the next 100 years, absent some major technological innovation like de-carbonization, which is speculative at this point, these actions will actually just kill people.
Millennials have to run for office because people have to be excited about the person they’re voting for. We need people in office with a different outlook, who see the world differently. Boomers don’t care about how the country will look in 30 or 40 years, but millennials do, and so those are the people we need in power.
After 2024 or so, it will get really hard to do anything meaningful. In fact, I think the choices might become so difficult that even fairly good people will get wrapped up in short-term self-interest.
So if we unseat the boomers from Congress, from state legislatures, and certainly from the presidency over the next three to seven years, then I think we can undo the damage. But that will require a much higher tax rate and a degree of social solidarity that the country hasn’t seen in over 50 years.
That will not be easy, and there’s no way around the fact that millennials will have to sacrifice in ways the boomers refused to sacrifice, but that’s where we are — and these are the choices we face.