How the baby boomers stole the millennials’ economic future | LIVE STREAM


Millennials complain that the job market has never fully worked for them, that they are crushed by student debt, and that paying for their parents’ old-age entitlement benefits will bankrupt them. But are these complaints justified? Joseph C. Sternberg weighs in this debate in his new book on millennials in the post-2008 economy — and finds that baby boomers have mortgaged their children’s future to pay for their own economic comforts.

Please join AEI for a discussion with Mr. Sternberg and an expert panel on his new book, “The Theft of a Decade: How the Baby Boomers Stole the Millennials’ Economic Future” (Public Affairs, 2019).

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  1. Give me a freaking break. Like they had any real control over what the government did then or now. From the groundbreaking 2014 Princeton study:

    Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens


    A great deal of empirical research speaks to the policy influence of one or another set of actors, but until recently it has not been possible to test these contrasting theoretical predictions against each other within a single statistical model. We report on an effort to do so, using a unique data set that includes measures of the key variables for 1,779 policy issues.

    Multivariate analysis indicates that economic elites and organized groups representing business interests have substantial independent impacts on U.S. government policy, while average citizens and mass-based interest groups have little or no independent influence. The results provide substantial support for theories of Economic-Elite Domination and for theories of Biased Pluralism, but not for theories of Majoritarian Electoral Democracy or Majoritarian Pluralism.

    In the United States, our findings indicate, the majority does not rule—at least not in the causal sense of actually determining policy outcomes. When a majority of citizens disagrees with economic elites or with organized interests, they generally lose. Moreover, because of the strong status quo bias built into the U.S. political system, even when fairly large majorities of Americans favor policy change, they generally do not get it.

    …the preferences of economic elites (as measured by our proxy, the preferences of “affluent” citizens) have far more independent impact upon policy change than the preferences of average citizens do. To be sure, this does not mean that ordinary citizens always lose out; they fairly often get the policies they favor, but only because those policies happen also to be preferred by the economically-elite citizens who wield the actual influence.

  2. I as an outside observer can only comment on the obvious attempt to set generational qualms against each other, in the manner workers were made to have qualms with capitalists… peasants with their feudal lords and so on.

    They are truly experts at creating dissent…even the founder of Shi'ism within Islam was a fellow named (((Abdullah ibn Saba))) look it up.

  3. Interesting talk, one this I found kind of off base was that squatting comment. Sternberg said that Boomers were squatting in homes that were far too big for them, taking up too much space and making it harder for Millenials to get a home. This may be true from a very cold statistical point of view, but you can't forget that that building may have been their home for 30, 40, 50+ years. It is not just a house, it is a home. That has a value beyond the square footage. It may get passed onto family or it may not, but approaching this issue with the mindset that they should just move on is unproductive. The house will be reused after they pass away or move to a retirement residence. That's how you calculate for that. If they decide to leave early, that's their choice.

    All of this is coming from a Millenial for perspective. I'm just pointing out a flaw I've noticed in the arguments. There is very little consideration of the actual human element. It's largely mathematical.