Quotulatiousness

April 3, 2015

QotD: The long decline of Rolling Stone

Filed under: Media,Quotations — Tags: , , , , — Nicholas @ 01:00

The gap between Americans raised before World War II and after was huge in a way that’s difficult to recall for those of us who came of age after the ’60s. Greatest Generation parents who might have grown up without on-demand indoor plumbing and survived the Depression and fighting in Europe, the Pacific, North Africa, and Korea came from a different planet than the one on which they raised their kids. To their credit, they bequeathed to the baby boomers a world that was still full of major problems but one that was much richer and full of opportunities. And to their credit, the boomers (of which I’m a very late example, having been born in 1963) readily went about using new opportunities and freedoms (expressive, sexual, educational, economic) to build the world they wanted to live in.

In the late ’60s and a good chunk of the ’70s, youth-oriented pop music was central to that project. Whatever you might think of the Beatles’ music, their very existence — and their constant self-recreations — made everything seem possible. They were far from alone as pop music maguses, too.

Simply by talking with major pop figures, Rolling Stone could be a vital and compelling magazine because it served as something like a boomer conversation pit. Over time, however, music stopped playing the same sort of vital role in generational conversations — don’t get me wrong, it’s still a part of it all. But as the mainstream in every area of life splintered and recombined into a million different subspecies, no single form of cultural expression matters so much to so many people anymore.

That’s a good thing for the culture and the country (and the planet, really), but Rolling Stone has been looking for a replacement core identity for decades now. The magazine that once published New Journalism masterpieces about David Cassidy and stardom, Patty Hearst’s rescuers, and “Charlie Simpson’s Apocalypse” had trouble figuring out how to deal with a world in which pop and movie stars were less interesting than ever (and more disciplined in terms of talking with the press) and in which men and women of good faith might actually disagree over complicated aesthetic and ideological matters. There has been a lot of good writing and reporting over the years, but there’s no question, I think, that the magazine is chasing trends and insights rather than creating them.

[…]

In a world in which pop culture — especially youth-oriented pop culture — allows a thousand flowers to bloom in a way that was unimaginable even 40 years ago, Rolling Stone can no longer get by simply by talking with Patti Smith or John Lennon or Bob Dylan for 25,000 words at a time. It might have reinvented itself as a clubhouse where people who love music or movies or whatever could get together to argue over politics, economics, and policy. That could indeed be interesting, especially in a world where large chunks of young Americans are going right, left, and especially libertarian. Just as there is no longer one dominant mode of music, there is no longer one dominant mode of politics.

But the people at the helm of Rolling Stone cannot seemingly even acknowledge that anyone who might disagree with them on, say, the effects of minimum wage laws on the poor, is worth a second thought. All they can do, out of a sense of liberal guilt, is publish radical calls to arm that they must know are ridiculous. Sadly, a magazine that was once required reading for anyone who wanted to know what the younger generation cared about is now a pedantic, insecure, and ultimately ineffective tool of Democratic Party groupthink.

Nick Gillespie, Rolling Stone‘s Sad ‘5 Economic Reforms Millennials Should Be Fighting For'”, Hit and Run, 2014-01-04

March 14, 2015

The parenting style of the Greatest Generation

Filed under: Humour,USA — Tags: , , , — Nicholas @ 10:54

In the Wall Street Journal, Dave Barry considers the incongruous fact that his parent’s generation clearly had more fun than his did:

They didn’t go to prenatal classes, so they didn’t find out all the things that can go wrong when a person has a baby, so they didn’t spend months worrying about those things. They just had their babies, and usually it worked out, the way it has for millions of years. They didn’t have car seats, so they didn’t worry that the car seat they just paid $249 for might lack some feature that the car seat their friends just paid $312 for does have. They didn’t read 37 parenting handbooks written by experts, each listing hundreds, if not thousands, of things they should worry about.

It would never have occurred to members of my parents’ generation to try to teach a 2-year-old to read; they figured that was what school was for. And they didn’t obsess for years over which school their kids should attend, because pretty much everybody’s kids went to the local schools, which pretty much everybody considered to be good enough. They didn’t worry that their children would get bored, so they didn’t schedule endless after-school activities and drive their kids to the activities and stand around with other parents watching their kids engage in the activities. Instead they sent their kids out to play. They didn’t worry about how or where they played as long as they got home for dinner, which was very likely to involve gluten.

I’m not saying my parents’ generation didn’t give a crap. I’m saying they gave a crap mainly about big things, like providing food and shelter, and avoiding nuclear war. They’d made it through some rough times, and now, heading into middle age, building careers and raising families, they figured they had it pretty good. Not perfect, but pretty good. So at the end of the workweek, they allowed themselves to cut loose — to celebrate their lives, their friendships, their success. They sent the kids off to bed, and they partied. They drank, laughed, danced, sang, maybe stole a piece of an IBM sign. They had fun, grown-up fun, and they didn’t feel guilty about it.

Whereas we modern parents, living in the era of Death by Handshake, rarely pause to celebrate the way our parents did because we’re too busy parenting. We never stop parenting. We are all over our kids’ lives — making sure they get whatever they want, removing obstacles from their path, solving their problems and — above all — worrying about what else will go wrong, so we can fix it for them. We’re in permanent trick-or-treat mode, always hovering 8 feet away from our children, always ready to pounce on the apple.

Yes, we’ve gotten really, really good at parenting. This is fortunate, because for some inexplicable reason a lot of our kids seem to have trouble getting a foothold in adult life, which is why so many of them are still living with us at age 37.

They’re lucky they have us around.

H/T to Lenore Skenazy for the link.

March 11, 2015

Something that cannot go on forever, will not go on forever

Filed under: Economics,Government — Tags: , , , , , — Nicholas @ 03:00

At Ace of Spades H.Q., Monty brings the weekly DOOM post:

Boomers fret that their kids are ruining their retirements. Millennials, meanwhile, fret that their parents and grandparents are ruining their futures. That’s the reality of the welfare state, babies: it pits those who fund the government cheese against those who receive it. The welfare state was always a game of musical chairs, and it may be Millennials who are left standing when the music stops. Or they may wise up and just refuse to play the game any more.

I often catch heat for bashing on Boomers in this space, but mostly I’m trying to point out that the problem will require everybody to accept some unsavory truths. Boomers being mad at the young ‘uns, the young ‘uns being mad at the Boomers: they’re both getting mad at the wrong people. The problem is with the federal government, and at some point everybody is going to have to accept that the promises made by this corrupt bunch of assholes cannot be kept, and it’s morally wrong to burden future generations to pay for these lies.

For older people, the problem is one of sunk costs: we have to accept that much of the money we “paid in” to the welfare state was summarily squandered. There is no giant pile of money sitting in a vault somewhere. There is only an ocean of debt. For younger people, it’s a matter of accepting that a 65-year-old retiree can’t simply turn on a dime and reverse a lifetime’s worth of decision-making. Decisions driven by rules and incentives prevailing at the time the decisions were made. (In retirement planning as in investing more generally, uncertainty is the worst enemy.)

The perverse actions of the federal government over the past sixty or seventy years have put retirees fundamentally at odds with younger workers — the incentives are completely inverted depending on which group you happen to be in. It is this aspect of the welfare state that I loathe the most: the fracturing of familial and generational bonds, the mortgaging of the lives and labor of children (and generations yet unborn) who are being given no say in the matter. One of the absolute bedrock principles of liberty — political, social, cultural — is consent, and our children did not consent to have these burdens placed upon them.

Ultimately, a new compact between old and young is going to have to be forged. Young people need to understand that retirees, as a rule, didn’t choose to be put in the spot they’re in. Retirees need to understand that it’s morally wrong to expect young people to forgo their own financial futures to finance the retirements of their elders. There needs to be an understanding among all adults, young and old, that “fair” is no longer in the cards. We have been cheated, all of us, and the money is long gone. The best we can do now is mitigate the consequences of the fraud perpetrated on us. But the first step in that mitigation process is accepting that the status quo is unsustainable … and ethically reprehensible.

January 11, 2015

Is more immigration the answer? It depends on how you frame the question

Filed under: Business,Cancon,Politics,Technology — Tags: , , , , — Nicholas @ 04:00

Jay Currie looks at one of the traditional way of looking at the benefits of immigration — as providing society with workers who will “do the jobs Canadians/Americans won’t do” and wonders if that’s actually true in today’s increasingly technological world:

The elite refrain seems to be that if we want to maintain our welfare system, pensions, healthcare and the like we have simply no choice but to import drafts of tax serfs to make up our declining numbers. Is that true?

Here are a few ideas to extend the independence of the Boomers and reduce the need for immigrants at any cost.

  • Postpone retirement to 70 or even 75: the boomers parents are extending life expectancy rapidly. 90 is the new 70. Greater activity, a keener sense of healthy life style choices and, as Doug Coupland put it, “Vitamin D and baby aspirin and (mum’s) going to live forever.” Boomers are nuts to be thinking of retirement at 60 unless they really are too sick to work. So don’t. Pushing back the retirement and pension ages saves a lot of pension money and reduces the need to bring in more people.
  • Have more children. Not something the boomers can do but our kids can and should. But to do this we need a lot of very family friendly policy. Income splitting is a cute idea but hardly a huge incentive to family formation. Big tax deductions for kids number three, four and five could help a bit. But those are governmental changes.
  • […]

  • Where possible transfer wealth early. There are a lot of older boomers whose parents have died and left good big whacks of dough. And those same boomers are coming to the end of their mortgages. Here is a hint: offer your kids some money. And not, ideally, as a loan. An outright gift is more useful. Don’t tie it to real estate either. There is going to be a massive correction in Canadian real estate but even if there wasn’t tying a gift to what is usually a debt and endless expense is a poor idea.
  • […]

  • Build houses and condos which can adapt to the changing needs and means of families. Everything from in-law suites to legally easy house splitting needs to be done to drive down the price of housing in Canada. Yes there is a correction coming but that does not change the fact there are many cities where housing is unaffordable. Build rental housing for families. Build up market rental housing. Encourage density. Make it possible to rent with a 1/5 of your average income rather than 1/2.

  • Use technology in place of people. A lot of the jobs “Canadians just will not do” should not be done at all by anyone. From self cleaning toilets – already done in Japan – to robotic floor cleaners and fast food “servers” there are lots of jobs which can and will be done by robots. Pushing that sort of technology will reduce the need for more immigrants.
  • […]

If you actually look at those numbers seriously and, instead of 10% use 5%, you’ll see that 900,000 low skill jobs are going to get eaten by robots and IT over the next decade. 90,000 a year. Now, look at the naturalized Canadian number for 2014 again 260,000. If half our new citizens are entering the labour force that is 130,000 new workers per year in an economy which will be shedding 90,000 jobs per year. Does that make any sense at all?

September 30, 2014

QotD: The Millennial Generation or “Generation Wuss”?

Filed under: Media,Quotations — Tags: , , , — Nicholas @ 00:01

I have been living with someone from the Millennial generation for the last four years (he’s now 27) and sometimes I’m charmed and sometimes I’m exasperated by how him and his friends — as well as the Millennials I’ve met and interacted with both in person and in social media — deal with the world, and I’ve tweeted about my amusement and frustration under the banner “Generation Wuss” for a few years now. My huge generalities touch on their over-sensitivity, their insistence that they are right despite the overwhelming proof that suggests they are not, their lack of placing things within context, the overreacting, the passive-aggressive positivity, and, of course, all of this exacerbated by the meds they’ve been fed since childhood by over-protective “helicopter” parents mapping their every move. These are late-end Baby Boomers and Generation X parents who were now rebelling against their own rebelliousness because of the love they felt that they never got from their selfish narcissistic Boomer parents and who end up smothering their kids, inducing a kind of inadequate preparation in how to deal with the hardships of life and the real way the world works: people won’t like you, that person may not love you back, kids are really cruel, work sucks, it’s hard to be good at something, life is made up of failure and disappointment, you’re not talented, people suffer, people grow old, people die. And Generation Wuss responds by collapsing into sentimentality and creating victim narratives rather than acknowledging the realities of the world and grappling with them and processing them and then moving on, better prepared to navigate an often hostile or indifferent world that doesn’t care if you exist.

Brett Easton Ellis, “Generation Wuss”, Vanity Fair, 2014-09-26.

September 22, 2014

QotD: Dumbing down the universities

Filed under: Cancon,Politics,Quotations — Tags: , , , — Nicholas @ 00:01

Years ago, when I was at university, I asked one of the older professors of history what he thought about the changes in the student body over his career. This gentleman, a word entirely applicable to him, said that when he started teaching in the early 1960s he would flunk between a quarter and a third of his first year classes. Faster forward to the early 2000s and he rarely flunked a student. I jokingly asked him if that was because young people are smarter now than they were forty years earlier. He found my little joke rather too funny.

He confided in me that in the late 1960s the president of the university did the rounds. He explained that he was receiving pressure from the provincial government. Too many students were going off to university and then failing to graduate. The logical inference would have been that the high schools had either failed to prepare these students, or that the students were not academically capable or inclined. Political logic, however, is not like ordinary logic. It works by different rules. A government minister couldn’t admit that many public high schools just weren’t good enough, or that little Johnny was a bit daft. That would have contravened the egalitarian ethos of the age. So if the high schools couldn’t be fixed, they’d fix the universities instead.

Now by fix they didn’t mean improve. Nope. They meant dumb down. Now this was at one of the most prestigious universities in the land. You can well imagine that dumbing down at such a place was bad enough, dumbing down at less academically selective schools would be the equivalent of destroying virtually all academic rigour. This dumbing down also had the added advantage of filling in all those empty spaces left when the Baby Boomers graduated.

Richard Anderson, “The Shadow of Truth”, The Gods of the Copybook Headings, 2014-03-28

August 27, 2014

Reason.tv – P.J. O’Rourke on Millennials and Baby Boomers

Filed under: History,Liberty,Media,USA — Tags: , , , , , — Nicholas @ 08:12

Published on 26 Aug 2014

“Just this whole process of going through the baby boom’s history, I began to realize what a nicer society — kinder, more decent society — that we live in today than the society when I was a kid,” says P.J. O’Rourke, best-selling author of Holidays in Hell, Parliament of Whores, and many other titles.

O’Rourke sat down with Reason‘s Nick Gillespie at Freedom Fest 2014 in Las Vegas to discuss his new book, The Baby Boom: How it Got That Way and It Wasn’t My Fault and I’ll Never Do it Again. As the father of three kids born between 1997 and 2004, he also lays down some thoughts about millennials, noting that they live in a much nicer, more tolerant world than the one in which he grew up. “I don’t think my 10-year old boy has ever been in a fist fight,” says O’Rourke, who was born in 1947. “I mean there might be a little scuffling but I don’t think he’s has ever had that kind of violent confrontation that was simply part of the package when I was a kid.”

He also feels that the internet “fragments information” in a way that destroys the sweep of history, at least at first. “You end up with mosaic information,” he says. “Now, I think over time the kids put these mosaics together but I don’t think the internet itself lends itself to the sweep of history.”

The interview also includes a tour of O’Rourke’s long and varied career in journalism, from his humble beginnings writing for an underground alt-weekly to his time as editor of National Lampoon and his incredible work as a foreign correspondent for Rolling Stone to his current position as columnist at the Daily Beast.

A prominent libertarian, O’Rourke also discusses the difficulties in selling a political philosophy devoted to taking power away from politicians.

“If libertarianism were easy to explain and if it weren’t so easy to exaggerate the effects of libertarianism — people walking around with ‘Legalize Heroin!’ buttons and so on — I think it would’ve been done already,” says O’Rourke. “But the problem is, of course, is that libertarianism isn’t political. It’s anti-political, really. It wants to take things out of the political arena.”

August 12, 2014

The very different American and British baby booms

Filed under: Britain,History,Media,USA — Tags: , , , — Nicholas @ 00:02

In sp!ked, Jennie Bristow reviews P.J. O’Rourke’s latest book, The Baby Boom: How It Got That Way (And It Wasn’t My Fault) (And I’ll Never Do It Again).

For the British ‘Baby Boom’ was very different to its American sibling, in both respects of the word. Demographically, Britain – like many other Western countries immediately after the Second World War – experienced a spike in the birthrate, but this dropped back quickly until the mid-1950s, when there was a less dramatic, but more sustained, bulge over the next 10 years.

[…]

Size isn’t everything, however, and the other aspect of the Baby Boom label is the period of prosperity and growth that followed the war in the US. O’Rourke’s introduction to the UK edition of The Baby Boom points out another fact that tends to be ignored in the slating of the British Baby Boomers – that ‘postwar experience in America was very different from postwar experience in a place where war, in fact, occurred. That is, we had the “post-” and you had the war.’

[…]

Throughout the book, O’Rourke’s fond accounts of growing up during the Fifties, which are generally amusing and often stylistically annoying, hammer home the space, freedom, affluence and indulgence enjoyed by the American Baby Boomers as children. In Britain, accounts of the so-called ‘Golden Age’ of the Fifties tend to extend to children playing by the river and neighbours leaving their front doors unlocked, glossing over the more drab reality that kids did not have anything to play with inside, and that most homes were not worth burgling.

Given the divergence in experience between the British and American Baby Boomers, one might wonder how the American debate, about the problems of the Boomers’ size, wealth and health (which, many grumble, means they will live ‘too long’, robbing younger generations of their fair share of pensions and healthcare resources), became plonked on to Little Britain with scant regard for the differences.

The answer lies partly in what the US Boomers did share with their counterparts in the UK, and in parts of Europe, too. This was the experience of growing up in the tumultuous Sixties, when youth appeared to be in the vanguard of a cultural revolution that swept aside established norms and values, rejecting the authority of tradition and, above all, of adults.

Swiftly demolishing another great myth about the Sixties, O’Rourke points out that, in reality, ‘the Baby Boom was the tailgate party, not the team on the field’: ‘There was a lot of “talkin’ ‘bout my generation” (Pete Townshend, born 1945), but it wasn’t my generation that was causing “What’s Going On” (Marvin Gaye, born 1939) during the “Youthquake” (a coinage from Punch, edited by people born when mastodons roamed the earth).’

February 3, 2014

QotD: Plight of youth – unpaid internships and helotry

Filed under: Politics,Quotations,USA — Tags: , , , , — Nicholas @ 10:57

It is popular now to talk of race, class, and gender oppression. But left out of this focus on supposed victim groups is the one truly targeted cohort — the young. Despite the Obama-era hype, we are not suffering new outbreaks of racism. Wendy Davis is not the poster girl for a resurgent misogyny. There is no epidemic of homophobia. Instead, if this administration’s policies are any guide, we are witnessing a pandemic of ephebiphobia — an utter disregard for young people.

The war against those under 30 — and the unborn — is multifaceted. No one believes that the present payroll deductions leveled on working youth will result in the same levels of support upon their retirements that is now extended to the retiring baby-boom generation. Instead, the probable solutions of raising the retirement age, cutting back the rate of payouts, hiking taxes on benefits, and raising payroll rates are discussed in an environment of après moi le déluge — to come into effect after the boomers are well pensioned off.

The baby-boomer/me generation demands what its “greatest generation” parents got — or, in fact, far more, given its increased rates of longevity. The solution of more taxes and less benefits will fall on young people and the unborn, apparently on the premise that those under 18 do not vote, and those between 18 and 30 either vote less frequently than their grandparents or less knowledgeably about their own self-interest.

[…]

Symbolic of the many gifts bestowed by the baby boomers to the present generation of youth — aside from Botox and liposuction — was the new idea of the “intern”: an unpaid helot position predicated on the notion that the young and poorer might someday win a wage from the older and richer.

How odd that President Obama, in his soon-to-be-infamous “I have a pen and phone” boast to bypass the Congress, claimed that he would act outside the Constitution to enact his agenda and help the “kids.”

In truth, no administration in recent memory has done more to harm young people. Like some strange exotic species of the animal kingdom, we Americans are now eating our own young.

Victor Davis Hanson, “Eating Our Young”, VDH’s Private Papers, 2014-01-28

January 7, 2014

“Boomer Classic” and “Boomer Reboot”

Filed under: History,Media,USA — Tags: , , , — Nicholas @ 09:45

Chronologically speaking, I’m a late Baby Boomer, but I’ve never felt I was a Boomer culturally. In the New York Times, Richard Pérez-Peña helps to explain why this is:

This year the youngest of the baby boomers — the youngest, mind you — turn 50. I hit that milestone a few months back. But we aren’t what people usually have in mind when they talk about boomers. They mean the early boomers, the postwar cohort, most of them now in their 60s — not us later boomers, labeled “Generation Jones” by the writer Jonathan Pontell.

The boom generation really has two distinct halves, which in my mind I call Boomer Classic and Boomer Reboot. (Take this quiz to see where you stand.) The differences between them have to do, not surprisingly, with sex, drugs and rock ‘n’ roll — and economics and war. For a wide-ranging set of attitudes and cultural references, it matters whether you were a child in the 1940s and ‘50s, or in the 1960s and ‘70s. And it probably matters even more whether you reached adulthood before or after the early ‘70s, a time of head-spinning changes with long-term consequences for families, careers and even survival.

[…]

Late boomers like me had none of that — no war, no draft, no defining political cause, and most of our fathers were too young for World War II. I remember, as a teenager, seeing old footage of the riots outside the 1968 Democratic convention in Chicago, and thinking, “People my age don’t feel that strongly about anything.”

People raised in the immediate postwar years had more faith in their government, and an idealistic view of America that curdled in the ‘60s and ‘70s. My childhood memories of the evening news, on the other hand, include the war, protests, Watergate and the dour faces of Johnson and Nixon, not the grins of Truman, Eisenhower and Kennedy.

In this way, I think we late boomers have more in common with the jaded Generation X that followed: we had less idealism to spoil. No, I don’t remember where I was when Kennedy was killed and innocence died (I was an infant), but I sure remember where I was when Nixon resigned and cynicism reigned. Older boomers may have wanted to change the world; most of my peers just wanted to change the channel.

H/T to Kathy Shaidle for the link.

January 5, 2014

In the dictionary, the word “narcissism” is defined as “baby boomer default mental state”

Filed under: History,Media,USA — Tags: , , , , , — Nicholas @ 11:22

Okay, it isn’t really (but if you think it is, you’ve probably fallen for the “gullible isn’t in the dictionary” prank as well). In the Wall Street Journal, Terry Teachout discovers that every defining event of the Baby Boom era always comes back to being about the Baby Boomers themselves:

Most “Monty Python” fans are, of course, baby boomers, who have long been a nostalgic lot and are growing more so as they totter toward old age. Witness their tiresomely obsessive fascination with the popular television series of their youth. Likewise their undimmed passion for the rock music of the 1960s and ’70s, which they still love so much that they’ll buy expensive tickets to see wrinkled old codgers play it onstage.

As always with the boomers, this nostalgia contains more than a touch of narcissism. The same narcissism was on display in many of the countless gushy boomer-penned reminiscences occasioned by the 50th anniversary of the Kennedy assassination. An indisputably major historical event, to be sure, but there was also something decidedly creepy about the self-centered tone of those suddenly-my-world-changed pieces, which was deftly skewered by this Onion headline: “Area Man Can Remember Exactly Where He Was, What He Was Doing When He Assassinated John F. Kennedy.” Like everything else in the boomers’ world, Kennedy’s death turned out in the end to have been all about them.

[…]

Not surprisingly, my parents’ generation did everything they could to make life easier for their own children. Was that good for us? I wonder. It certainly didn’t do us any good from a cultural point of view. I’m struck by how few boomers have embraced adult culture in middle age. My impression is that they’d much rather watch sitcoms than read novels, go to the opera or listen to jazz. In large part they’re a cohort of Peter Pans, determined not to grow up any more than they can help. Indeed, not a few of them seem to take a perverse kind of pride in their adolescent enthusiasms. I read the other day that a “Fat Albert and the Cosby Kids” lunch box from 1973 now sells for $1,200 — and that the Smithsonian Institution’s National Museum of American History owns one. I’m not quite sure which of those facts makes me sadder.

If I live long enough, I’ll enjoy finding out how the millennials remember the world of their youth a quarter-century from now. Since they’re having a much harder time earning a living than did their baby-boom parents, I wouldn’t be at all surprised if their attitude ends up being much more like that of the wised-up kids of the Great Depression, especially as regards cultural matters. While I don’t know whether they’ll go in for late Beethoven by the time they reach their 50s, somehow I doubt that watching an ancient episode of “30 Rock” will cause them to recall with fondness the good old bad old days when they were living in crummy studio apartments — or their parents’ basements.

January 1, 2014

Newest apologist for the Baby Boomers – P.J. O’Rourke

Filed under: Humour,USA — Tags: — Nicholas @ 13:01

Kathy Shaidle posted a Twitter update that should cause a few shudders:

The article at the AARP website is clearly written to buff up the self-esteem of Baby Boomers everywhere:

We’re the largest, richest, best-educated generation of Americans, the favored children of a strong, confident and prosperous country. Or, as other generations call us, spoiled brats. Born between 1946 and 1964, the 76 million boomers reaped all the benefits of the postwar period’s extraordinary economic growth.

We were dizzy with our aspirations. We’d be rock stars. We’d be spiritual avatars. We’d be social activists. We’d be billionaires. No, better yet, we’d be all those things at the same time. (Steve Jobs came close.)

Every time opportunity knocked, we let it in, even when it should have been locked out for decency’s sake. And behold the boomers’ remarkable experiments with prosperity — the dot-com bubble, the housing bubble, the enormous financial bubble that’s still got the nation trying to get fiduciary gum out of its hair.

And now the boomers run the world. The youngest members of the generation that decided to be young forever are turning 50. That’s the age of maximum privilege and power. We’re giving everybody orders. The oldest boomers are enrolled in Medicare, collecting Social Security and receiving tax-free Roth IRA disbursements. Plus, American life expectancy has increased by almost 12 years since the baby boom was born, so it doesn’t just seem like we’ll never go away. From President Obama, Rand Paul and Jeff Bezos at one end of our age cohort to Hillary Clinton, Rush Limbaugh and Cher at the other, we cannot be escaped or avoided (or shushed).

But running the world means taking responsibility for it. The boomers have been good at taking things: Mom’s car without permission, drugs, umbrage at the establishment, draft deferments, advantage of the sexual revolution, and credit for the civil rights and women’s liberation movements that rightly belongs to prior generations. The one thing that can be left in plain sight without us putting our sticky mitts on it is responsibility. Ask our therapists. Or the parents we haven’t visited at the extended-care facility.

November 19, 2013

Making Granny pay … full fare

Filed under: Business,Cancon,Economics — Tags: , , , , , — Nicholas @ 17:43

In Maclean’s, a look at the feel-good but economically silly reasons for senior discounts:

The seniors discount has long been justified as a way to recognize the constraints faced by pensioners stuck on fixed incomes, and as a modest token of appreciation for a lifetime spent paying taxes and contributing to society. And for those truly in need, who would quibble? But with half a million Baby Boomers — a group not known for frugality or lack of financial resources — turning 65 every year for the next few decades, the seniors discount is in for much greater scrutiny.

[…]

There was a time when the seniors discount made a lot more sense. In the mid-1970s, nearly 30 per cent of all seniors were considered poor, as defined by Statistics Canada’s low-income cut-off. But today, this has fallen to a mere 5.2 per cent. The impact of this turnaround is hard to overstate. Seniors once faced the highest rates of poverty in Canada; now they enjoy the lowest level of any age group: The poverty rate among seniors is almost half that of working-age Canadians.

Thanks to a solid system of government support programs, the very poorest seniors receive more income in retirement than they did when they were of working age. The near-elimination of seniors’ poverty is widely considered to be Canada’s greatest social policy triumph of the past half-century.

This tremendous improvement in seniors’ financial security has dramatically changed the distribution of income across age categories, as well. In 1976, median income for senior households was 41 per cent of the national average. Today, it’s 67 per cent. Over the same period, median income for families where the oldest member is aged 25-34 has fallen in both absolute and relative terms.

Then there’s the vast wealth generated for the Boomer generation by the housing and stock markets (only some of which was lost during the great recession). The stock of wealth in housing, pensions and financial assets held by the average senior family is nearly double that of working-age households. Accounting for the financial benefits of home ownership and rising house values, Statistics Canada calculates the true net annual income of retired households rises to 87 per cent of a working-age household’s income. In other words, non-working seniors are making almost as much as folks in their prime earning years, but without all the expenses and stressors that go with a job, children at home, or middle age. Not only that, the current crop of seniors enjoys historically high rates of pension coverage. The much-publicized erosion of private-sector pensions will hit younger generations who are currently far from retirement.

February 18, 2013

QotD: The Sportsman’s Guide to DOOM

Filed under: Economics,Government,Quotations,USA — Tags: , , , — Nicholas @ 11:17

His Majesty the King can generate all kinds of euphemisms about how and why we’re running up our nation’s debt: “investing in the future”, “borrowing from ourselves”, “betting on the American worker”. What we’re really doing is stealing from our children and generations yet unborn. It might be different if we were actually building a better world for them to live in, but we’re not: we’re squandering the money like a drunken sailor on a three-day liberty. We’ve pissed all our own money away, and now we’re pissing theirs away too, and on trifles. Vacations, new cars, fancy dinners, retirement living that we didn’t save enough money for. It’s child abuse of the rankest and worst sort. We’re selling our own children and grand-children into debtor’s prison. They’re going to hate us for it, and they have a right to.

We’re spending our children’s money without giving them any say or vote in the process. We are promising their future labor, their future wealth, their future lives, to back up our own foolish debts. We are making their future lives meaner and smaller and more constrained because we could not govern ourselves properly. It makes me angry. It makes me furious. It makes me want to apologize to everyone under the age of twenty or so for what we are doing to them. We would do well to think about this: the young people will not simply obligingly labor forever as beasts of burden, content to pay the debts run up by their foolish elders. Sooner or later they’ll grow wise, and tell the greybeards to go pound sand. There’ll be a reckoning, and the geezers aren’t going to like it one bit.

Monty, “The Sportsman’s Guide to DOOM”, Ace of Spades HQ, 2013-02-18

November 27, 2012

The missing generation

Filed under: Business,Media — Tags: , , — Nicholas @ 09:42

Chris Myrick posted a link to a Wall Street Journal article on differences among the age cohorts regarding shopping habits, pointing out that his (and my) generation didn’t even show up in the graphic:

Hmmm. We can tell the shopping habits of folks from age 18 up to 34, then from 55 upwards. I wonder why the invisible folks aged 35-54 didn’t qualify? Perhaps because their behaviour would ruin the message the article is trying to push?

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