Millennials Think Boomers Destroyed the US Economy — 3 Reasons Why They’re Right (and Wrong)

Dawn Allcot   Fri, June 23, 2023

In the latest battle between the generations, younger Americans are allegedly blaming baby boomers for a faltering U.S. economy — including concerns surrounding high interest rates, unaffordable housing, and even Social Security going bankrupt. A recession could also be incoming, and blame is not in short supply.

But is it fair to blame the baby boomer generation for today’s fiscal situation? Let’s look at three ways boomers may have played a hand in America’s current financial state — and why it really isn’t their fault, after all.

The Social Security Trust Fund is on Target To Run Out of Money by 2035

The Social Security Old Age and Survivors benefit was introduced in 1935, six years prior to the post-war “Baby Boom” for which boomers are named. At the time, benefits were very low. By 1950, however, changes to the program introduced cost of living allowances to incrementally increase benefits in line with inflation.

It wasn’t until 1977 that Social Security began facing a funding shortfall. It’s worth noting that this is long before Boomers began collecting Social Security. Granted, once the 78.3 million Americans born between 1946 and 1964 started collecting Social Security, it accelerated the funding shortfall.

But you might say it wasn’t any given boomer’s fault they were born when they were, and that the burden is on the U.S. government to find a solution. Considering the average age of U.S. Congress members in 2022 was 58.4 and the average age of senators 64.3, you could argue, on the other hand, that politicians belonging to this age demographic are to blame for failing to manage the current Social Security crisis.

Boomers Didn’t Teach Their Kids About Money Management

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