Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Or, more precisely, why are subsequent generations so poor? This might look mysterious, considering how irresponsible boomers are, compared to their parents.
But it turns out the answer’s simple: It’s because they rode the big, beautiful economy they inherited, then they broke it.
MSN put out an article trying to figure exactly how boomers got so rich.
In short, it comes down to three things—killing economic growth, decades of artificially low interest rates, and soaring prices as cronies abuse the political system to push up the price of everything from college to hospitals.
First up, economic growth.
In the 1950s and ’60s—before President Richard Nixon killed the gold standard…
