My grandparents' generation has justifiably been called "the greatest generation" for the immense sacrifices they made during World War II so that their children and grandchildren--and those of Europeans--could live in a free world. Men left good-paying jobs, enlisted in the military or were drafted. Kids collected scrap metal and wore unfashionable clothing. Women worked long hours in aircraft factories.
A column by New York Times' Thomas Friedman unwittingly reveals the striking contrast in the way the beneficiaries of these sacrifices (us) have addressed the greatest economic disaster since the Great Depression. "Never has one generation spent so much of its children’s wealth in such a short period of time with so little to show for it," Friedman writes.
In order to ensure a modicum of stability in our retirement and savings, in order to ensure that our way of life and consumption habits can be adequately satisfied in the present, this generation has passed on trillions of dollars of additional debt to our children and grandchildren.
"Since the last debate, John McCain and Barack Obama have unveiled broad ideas about how to restore the nation’s financial health. But they continue to suggest that this will be largely pain-free," Friedman writes. "McCain says giving everyone a tax cut will save the day; Obama tells us only the rich will have to pay to help us out of this hole. Neither is true. We are all going to have to pay ... "
A column by New York Times' Thomas Friedman unwittingly reveals the striking contrast in the way the beneficiaries of these sacrifices (us) have addressed the greatest economic disaster since the Great Depression. "Never has one generation spent so much of its children’s wealth in such a short period of time with so little to show for it," Friedman writes.
In order to ensure a modicum of stability in our retirement and savings, in order to ensure that our way of life and consumption habits can be adequately satisfied in the present, this generation has passed on trillions of dollars of additional debt to our children and grandchildren.
"Since the last debate, John McCain and Barack Obama have unveiled broad ideas about how to restore the nation’s financial health. But they continue to suggest that this will be largely pain-free," Friedman writes. "McCain says giving everyone a tax cut will save the day; Obama tells us only the rich will have to pay to help us out of this hole. Neither is true. We are all going to have to pay ... "
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