I heard it again yesterday. One more mom telling her daughter that the daughter’s generation would be the first to fare worse than its parents. I hear that a lot these days and I keep wondering, how do they know?
First, I’m not sure how well my generation is going to end up. I know a lot of people overburdened with debt, unable to retire, worried about their health care and stuck with SUVs that burn more gas than the Hindenburg. Oh, yeah, they’re also not sure if they can count on their pensions or savings or Social Security to actually be there through their “golden” years.
And these are the people predicting a declining standard of living for their children? Pardon me for being a realist, but there are a few major flaws in their worldview:
- It might turn out that our own, overleveraged and overindulged generation is the one that won’t have as great a life as our parents.
- We have absolutely no way of knowing what’s ahead.
- The next generation is going to learn from our mistakes, including the flawed logic of living beyond our means.
Hey, parents, leave the kids alone.