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I agree with parts of this, but strongly disagree with the "for", which implies causality
The boomers accumulated a fair bit of wealth because, largely, they had luck to be born (a) during the early stages of a huge post war expansion, (b) before the progs regulated away growth https://twitter.com/strnglft/status/1290285507427962880
The boomers accumulated a fair bit of wealth because, largely, they had luck to be born (a) during the early stages of a huge post war expansion, (b) before the progs regulated away growth https://twitter.com/strnglft/status/1290285507427962880
2/
Simple narratives with villains and victims are often two simple.
Young Europeans aren't making tons of wealth right now either. Is that because American boomers "stole" it from them?
No.
In fact "not making tons of wealth" is the default of mankind. >>>
Simple narratives with villains and victims are often two simple.
Young Europeans aren't making tons of wealth right now either. Is that because American boomers "stole" it from them?
No.
In fact "not making tons of wealth" is the default of mankind. >>>
3/
You need a lot of things to go right to accumulate wealth.
- you need to have low regulation / low taxes, so that you can do things and reap the rewards
- you need to work hard
- it helps to not have much competition
You need a lot of things to go right to accumulate wealth.
- you need to have low regulation / low taxes, so that you can do things and reap the rewards
- you need to work hard
- it helps to not have much competition
4/
Boomers were born into a world with relatively low regulation, relatively low taxes, and foreign competition decimated by World War II.
Europeans, Japanese, and others worked very hard among the rubble, shipped that money here to buy stuff to rebuild with.
Boomers were born into a world with relatively low regulation, relatively low taxes, and foreign competition decimated by World War II.
Europeans, Japanese, and others worked very hard among the rubble, shipped that money here to buy stuff to rebuild with.
5/
During the time when America was doing great, the boomers came of age, and it was hard NOT to trip over a pile of money and do OK. People with no skills could get union jobs building cars, etc.
During the time when America was doing great, the boomers came of age, and it was hard NOT to trip over a pile of money and do OK. People with no skills could get union jobs building cars, etc.
6/
But now taxes and regulations have grown, foreign competition has grown (this is the normal state - having foreign nations devastated by wars is abnormal!), and academics, gov bureaucrats and other parasites have bogged down the economy.
But now taxes and regulations have grown, foreign competition has grown (this is the normal state - having foreign nations devastated by wars is abnormal!), and academics, gov bureaucrats and other parasites have bogged down the economy.
7/
So, there is an underlying narrative that explains both how boomers did pretty well, and how the kids are not doing so well ... but it's not remotely as simple as "prosperity [ for kids ] was kneecapped for a one-time offer for massive wealth accrual for a single generation"
So, there is an underlying narrative that explains both how boomers did pretty well, and how the kids are not doing so well ... but it's not remotely as simple as "prosperity [ for kids ] was kneecapped for a one-time offer for massive wealth accrual for a single generation"
8/
the causality flows from the underlying history to
- boomers doing well
- zoomers doing less well
the causality does NOT flow from boomers doing well to zoomers doing less well
the causality flows from the underlying history to
- boomers doing well
- zoomers doing less well
the causality does NOT flow from boomers doing well to zoomers doing less well
