[Boomer One]

When will they give credit to time in this country? Are we to assume that first generation immigrants are expected to have the same assets as those who have worked under capitalism for generations? And what about cultural norms or savers versus spenders? I grew up in post WWII America where just about everyone saved and tried to make a better future for their children. Now the reverse seems true as today’s “adults” seem to think it’s all about spending on themselves and that someone else will take care of their children or even them in old age.

[p. henry]

Responsible behavior results in the accretion of wealth. My family arrived here in 1919 in the person of my paternal grandfather and in 1948 in the person of my mother, in each case without any tangible assets. The net worth of each successive generation has at least doubled when compared to the previous generation. I expect that my children will continue that trend.

[MSF BU]

In his book The Coming Generational Storm Lawrence Kotlikoff http://www.kotlikoff.net/ makes the same point. Older people who have "I am spending my kid's inheritance" bumper stickers on their cars are doing something that a generation ago was unthinkable.