It has been said that the Y generation is the most selfish generation there ever was. The “Selfie” generation. Yet, this is one generation that is growing up to face one of the most burdensome public debt in history.
A few years ago, after she watched some sad sob story on some Canadian Bs Channel, my mother (boomer born in the 50’s) complained to me that old people were left alone and that none of their many children ever came to see them in their old people’s home. Now I do love my mom very much (she can still drain the life out of you with her first world problems), but yet my first thought was “Well… maybe they deserved it. Maybe they screwed up their children so bad that those children don’t care about them anymore.”
I kind of had the same thought yesterday when I watched this clip from Molyneux.
He makes references about Y generations kids still living in their parent’s basement, and that the reason they are stuck in their parents’s basement is because their parents had the good life while shoveling public debt down to their kids. Now their kids are stuck with the bill and can’t afford a basement by themselves anymore.
It led me to go back to my days working in finance and check how was the dear Regime des Rentes du Quebec going. (Quebec Social Security fund if you’d prefer).
Sad to see. I’m pretty sure it’s the same for all Social Security types of regimes around the Western World. Those Social Security schemes are going dry as we speak.
Denouncing this as a Ponzi Scheme is no news to any of the people hanging around here. I am well aware that you won’t need any new fainting couches.
But, knowing all we know about the snowflake generation, do the boomers still think that the Y generation, their kids, that always bring the tab to them, won’t bring the tab to them once the funds run off? Do you really think the Y are going to pay for it? The X might, but if the Y won’t, no one else will. What will you do then, at 80?
Now it’s the thing that makes me wonder the most about all the public debt accumulation. The boomers seem to think the younger generations will subsidize their lifestyle forever. I’m just a late X, early Y, and I have agreed in my life to play the card I was dealt with, but I can tell you one thing, I don’t think the Y will.