Baby boomers are what’s wrong with America’s economy

If anyone deserves to pay more to shore up the federal safety net, either through higher taxes or lower benefits, it’s boomers — the generation that was born into some of the strongest job growth in the history of America, gobbled up the best parts, and left its children and grandchildren with some bones to pick through and a big bill to pay. Politicians shouldn’t be talking about holding that generation harmless. They should be asking how future workers can claw back some of the spoils that the “Me Generation” hoarded for itself.

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When you look at the numbers, the advantages boomers have enjoyed are breathtaking. Start with the economy. Boomers went to work in a job market that their children rightly romanticize. It delivered living-wage work for wide swaths of Americans, even those who didn’t go to college, which by the way cost a fraction of what higher education costs today, even after you adjust for inflation. A single earner could provide for a family. Employees could reasonably expect to advance in their companies and work their way into the middle class. Incomes grew across the board.

Earlier this year, in a paper for the Brookings Institution, economist Robert Shapiro tracked the lifetime earnings paths for Americans who entered the labor market in the 1970s, 1980s, 1990s and early 2000s. He found a sharp generational divide. The typical U.S. household headed by someone who was 25 to 29 years old in 1975 saw its real income increase by 60 percent until it peaked and began to slowly decline before retirement. For a similar household in 1982, lifetime income peaked 70 percent higher than its starting point. Those are both boomer cohorts.

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