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Thursday, January 27, 2011

What a pile of unadulterated nonsense

To be honest when I first wrote this blog I didn’t use the word ‘nonsense’ I use a much nastier word.

I have moaned on a lot about the trend in Boomer-Bashing that has taken root in the chattering classes in the UK and the US.

I have just read a report, published all ages that gets my gold star for being the worst example of this genre that I have encountered for sometime. The following gives you a taste for the content it contains.

Aka the baby boomers, aged 50-70 with some younger. Characterized as having had it good for their whole lives, the baby boomers have seen good health and education as well as financial prosperity. Much of this has been based on rising house prices over the last 30 years, borrowing against their assets and then spending it all. The worldwide recession has led many to question where this ‘wealth’ has gone and whether it can be realized again. For many others, it has always been a case of wishful thinking.
Clearly the authors of this document are not the brightest sparks you are likely to encounter. Not surprisingly the report is a fact free zone that makes no attempt to justify this and other preposterous statements.

I am not going to go through all of the arguments again why it is insane to try and generalize the prosperity of a generation. A couple of minutes spent researching the subject shows how wrong the conclusion is and how the truth is that probably the majority of boomers are entering retirement totally unprepared financially.

I had a look to see who the founders of the outfit. I wasn't surprised to find they are a couple of ex-public sector employees who clearly think all boomers have been paid the high salaries and totally unaffordable pensions that they have been awarded. Dick Stroud

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