To summarize this article, it was about the baby boomers wanting a better life for their children but even though they have always stated that it hasn’t always been the case. This is because the baby boomers inherited little public debt and they’ll all be retiring all at once, it makes federal and provincial debt both raise to occupying 30% of GDP. And in the future debt and global climate will be the future generation’s problems to solve. Baby boomers consume more than what they can afford and at a pace where the Earth cannot produce resources fast enough to restock those needs.
Connections:
The main connection from the article and text is public debt. The point being from the article of the burden baby boomers are going to leave behind on future generations. This is because when the government borrows money it’ll take quite awhile for it to be paid off and it leads to the debt being left for the baby boomers children to pay off. Although, if spending would benefit future generations then it would be fair for them to help pay for the expenses but if it doesn’t help them then why should they take on the responsibility for other people’s debt?
Reflection:
If you ask me what I think about this situation then I’d say that if baby boomers really do want the best for their children then they’d better start consuming more smartly. They need to keep how much they consume at a level where it’s possible for the Earth to restock its natural resources. Although it isn’t their intention, if this doesn’t happen now by then there’ll be more things for their children to pay for and deal with. But not only do baby boomers need to change consumer habits, so do the government because their priority of spending on pensions will drain out their assets and gain more debt; which will then again lead to future generations to struggle with paying it off and not having any benefits that they will at least gain from all of the spending going on now.
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