The “List of Generations Chart” leaves so much out.
The Baby Boomers section could list “Graduated high school in a growing economy with cheap university costs and cheap housing”, while Generation Y would list “Graduated high school in an economic mess, hyper-inflated university costs and expensive housing.”
The Baby Boomers section could list “The country piled up massive debt to keep them happy”, while for Generation Y it would list "Not only did they not get the Baby Boomers’ spending, but they have to pay off the debts piled up to keep the Baby Boomers happy.
It’s not all bad for Gen Y though. The low interest rates for most of the last decade have been essentially a tax on the Baby Boomers. Low rates stimulate the economy helping the younger generation entering the work force, but it means that older folks’ savings and investment funds have been collecting almost no interest.
The older generation of retirees wanting to downsize into smaller houses and apartments depend on university graduates with university graduate incomes to buy their houses. But with Gen Y’ers graduating with debt for life AND poor prospects of “university graduate incomes”, they won’t be able to afford those houses.
