Dallas Fed President: Baby Boomers Are Selfish
And Generation Y will save us.
Holding his own generation at fault, Dallas Federal Reserve President Richard Fisher told a gathering of Texas Christian University alumni this morning at Northwood Country Club in Dallas that the Baby Boomers are “one of the most selfish generations. We wasted our children’s future.” He said it is disgraceful that the Boomers allowed Medicare and Social Security’s unfunded future obligations to reach their present level — about $104 trillion.
But he has confidence that his children’s generation has learned that it will have to save more, that it will have to find a better balance between consumption and savings, than did the Boomers. The Facebook-addicted, self-absorbed, ’shower-me-with-praise,’ texting-obsessed Millennials? Really? (He may be right.)
As for our current economic state, Fisher reiterated that he is cautiously optimistic, with “stress on the word ‘caution,’” especially considering that “consumption and credit [are] on a slow crawl out of Purgatory.”
Fisher urged the business people in the room to read the Economist’s July article “California v. Texas” and get its pro-Texas points into the hands of every corporate executive and academic in the country. Texas has low taxes, small government, and the banks didn’t over-expand. Fisher says that has a lot to do with why Texas has been less hit by the recession than elsewhere, and why he expects the state to come out of recession sooner, and stronger, than other places.
And let’s downplay some of the Economist’s backhanded compliments:
(flat, ugly countryside makes it easier for Dallas-Fort Worth to expand than mountain-and-sea-locked LA)
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I never understood how the baby boomer generation that brought us the major changes of the 1960’s, and communal approaches to social issues deviated from their original message. How do you jump from that to a legion of Ayn Rand quoting, me-first greedbots?
So us Gen Xers are hosed? Great.
Gen X has the worst of it. There are fewer Gen X compared to baby boomers and Gen Y. When boomers are retiring, Gen X should be at max earning potential and will be people that have to pay benefits to boomers. Gen X will all die young from having to work so much that Gen Y won’t have as many people to support so taxes will go down.
I was present. He also dispelled the notion that rapid inflation/currency debasement is the next stop on this train, contrary to the opinion of talking heads but in-line with thoughts by those paying attention.
He also referenced David Wessel’s excellent book which refers to Fisher as the “jock” of the Fed presidents. Said book here: http://tiny.cc/CRDiP
I always appreciate reading about the growing anti-Boomer sentiment in this country. The next “golden age” in America will occur when this loathsome generation finally, mercifully leaves the workforce.
Individually, there are some great Boomers, but collectively they’ve been a complete disgrace.
Correction. Baby boomers are selfish LOCUSTS.
Wow, didn’t know you had the weighty USA today article to link to…….now that gives credibility. I’m not joining the dogpile on boomers, although they were more worried about being friends to their kids and not parents (oops).
@James, one word: cocaine
Whos the communist holding back my comments?