In the free-to-read portion of last week’s weekend post from The Line, Jen Gerson channels the anger and frustration of the Millennial sans-culottes (or should that be the sans-maisons?) who are being systematically locked out of the housing market in Canada to protect the paper investments of the Boomer generation:
“Green suburbs” by Pierre Metivier is licensed under CC BY-NC 2.0
It’s come to the attention of several of the editors at The Line that some of you Boomers are mad at us. Or, more specifically, you’re mad at co-founder Jen Gerson who popped up a particularly scathing screed about the housing market earlier this week.
To wit:
Our Boomer got his and that’s what matters. We have an entire government apparatus set up to protect that guy. The guy with the money and the guy who votes. The rich-on-paper people are happy, and as long as everybody gets a seat somewhere on this pyramid, then everybody else should be happy too.
We will admit that Gerson didn’t intend this column to come across as an anti-Boomer harangue. She intended it as an anti-government-housing-policy-that-favours-boomers-over-young-people rant, but we can understand why some of our more mature readers took umbrage. We would say we were sorry but … we’re mostly not. A few points:
Firstly, when we talk about macroeconomics and intergenerational equity issues, we are emphatically not talking about individuals. Nobody born between the years 1946 and 1964 is personally, individually morally culpable for the state of the housing market, or the economy, or climate change or any other tragedy of the commons.
[Otherwise, we’d be adopting the tactics of the CRT movement and talking about “Boomer Fragility” and other similar kafkatraps where denial is proof of guilt.]
If you bought a $40,000 house in the ’80s, you couldn’t possibly have known that that purchase would eventually lead to a six-figure real estate portfolio by 2020: you took a risk on the economy as it existed at the time, even struggling through a rough patch of high interest rates, and that risk paid off. No Millennial would have done any differently had we been in your position.
But, let’s be honest, if you are a Canadian Boomer, you were probably born in a country that hadn’t been bombed to the ground just before an historic economic boom so grand that it allowed unprecedented investment in your health, education, development and well being.
That doesn’t mean you didn’t also work hard, and suffer setbacks, as all humans must do over the course of a lifetime. Some of you made bad decisions, and some of you were unlucky, certainly. The bell curve tolls for us all. But you did get to play the game of life during a particularly fortuitous period of history. That period is now ending and the currents of history aren’t going to be as kind to your kids as they were to you (although let’s not kid ourselves. Canadian Millennials and Zers don’t have it so bad in the greater scheme of things, either.) Recognizing this — let’s call it Boomer privilege — doesn’t cost you anything. It doesn’t hurt you. It’s not a personal attack.
What we do find fascinating is the Boomers among our readership who take discussions about intergenerational equity and demographic advantage very, very personally. Forgive us for playing pop psychologist, but it almost feels like some of you park so much of your worth as human beings into your ability to earn wealth that to have someone point out that this wealth accumulation was helped by macroeconomic factors over which you had no control — luck, essentially — seems to be read as an attack on your sense of self, purpose, and identity. (Is this why so many of you struggle to retire? Is there a frisson of guilty conscience at play?)
That is … your issue. Being lucky isn’t an indictment of your character. We assume all of our Line subscribers are genuinely good people who knit little paw mittens for orphaned cats, okay? Otherwise, why else would you be here?
