Baby-boomers have lived through one of the longest periods of prosperity in U.S. history, GDP grew by 550% over the past 31 years.
The reason for this prosperity is primarily due to an unprecedented drop in interest rates over the same period, from 15% to 2.2% today, see chart attached.
And what did the Baby-boomers do with this gift? They spent every last penny and then much much more, leaving their kids with a mountain of debt.
Our kids must now live with the consequences of our selfish ways, but worse, as rates reverse trend, it will cripple their opportunity for anything near the living standard that we have enjoyed.
We spent their future.
We are a Debt Man Walking.
P.S. Note to my children, don't you dare touch my retirement and health care benefits............. Just how selfish are we?