Date: 2015-11-10 02:36 am (UTC)
From: [identity profile] elenbarathi.livejournal.com
No, Baby Boomers are not what's wrong with America's economy. What's wrong with America's economy is income inequality (https://www.google.com/search?q=Income+inequality), as pretty-much everybody realizes except morons like the author of that article. His father was so right to give him a lump of coal for Xmas; I hope he gets the same again this year.
"The 1970s, however, brought a screeching halt to the expansion of the American middle class. The Arab oil embargo in 1973 marked the end of cheap oil and the beginning of the middle-class decline. The Iranian Revolution in 1979, with more resultant oil instability, combined with the rise of Ronald Reagan’s conservative revolution at home, accelerated the long and painful contraction of the middle class. Cuts in corporate taxes, stagnant worker wage growth, the right-wing war on unions, and corporate outsourcing of work overseas greased the wheels of the middle-class decline and the upper-class elevation. Cuts in taxes on the wealthy, under the guise of trickle-down economics, have resulted in lower government revenue and cuts to all kinds of services. All of which has led to today, an era of national and international inequality unparalleled since the days of the Roaring ’20s."
~35 soul-crushing facts about American income inequality (http://www.salon.com/2015/07/15/35_soul_crushing_facts_about_american_income_inequality_partner/)
In 1973, the eldest of the Baby Boomers were younger than the eldest of the Millennials are now.

Edited Date: 2015-11-10 02:55 am (UTC)

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