Children born between 1976 and the mailbox are three times more likely to suffer from badly malfunctioning ink pens than the generation that came before them. Not only will GenX have a disproportionately high rate of stained handbags, they also have up to 18% more chance of experiencing at least one disappointing Club meal before retirement age.
Can we please stop comparing the economic prospects of Gens X and Y to the Baby Boomers’ fortunes? This is not a linear progression.
Baby boomers experienced one of the greatest increases in ‘life everythings’ the world has ever known. John and Sue were born at the thundering apex of the late industrial revolution. Their greatly enhanced wellbeing galloped in on ten thousand flaming jets of fossil fuel. Of course their lives were going to be better than their parents.
On masse, baby boomers have mostly avoided being blown to bits in war, filleted by heavy machinery or turned inside out by some hideous biological liquifaction. Certainly, when viewed alongside the long and dramatic list of their undoings presented in the media – from mesothelioma and heart disease to adult men in velcro sandals, it’s easy to lose sight of their clear run. However, the fact remains, baby boomers experienced an extraordinary growth in human comfort and material wellbeing.
The grumbling statistician deep within my soul would prefer a more fruitful question – how can we explain the revenge effects of the Boomer’s economic flourishing? Given the cornucopia of food, medicine and elasticated waistbands, shouldn’t the Boomers be a bit better off than they are, stumbling towards their 80s with fistfuls of Lipitor?
I would suggest that Gen X and Y might be economically poorer than their parents and grandparents, but will realise wealth in other ways. For starters, they will recognise the shortcomings of the Boomers’ exceptional wealth and prepare for them. Information is a resource.