http://online.wsj.com/article/SB124537646251430161.html#mod=todays_us_weekend_journal
This Boomer Isn't Going to Apologize
By STEPHEN MOORE
Last weekend I attended my niece's high-school graduation from an upscale
prep school in Washington, D.C. These are supposed to be events filled with
joy, optimism and anticipation of great achievements. But nearly all the
kids who stepped to the podium dutifully moaned about how terrified they are
of America's future -- yes, even though Barack Obama, whom they all worship
and adore, has brought "change they can believe in." A federal judge gave
the commencement address and proceeded to denounce the sorry state of the
nation that will be handed off to them. The enemy, he said, is the
collective narcissism of their parents' generation -- my generation. The
judge said that we baby boomers have bequeathed to the "echo boomers,"
"millennials," or whatever they are to be called, a legacy of "greed, global
warming, and growing income inequality."
And everyone of all age groups seemed to nod in agreement. One affluent
40-something woman with lots of jewelry told me she can barely look her
teenagers in the eyes, so overcome is she with shame over the miseries we
have bestowed upon our children.
...
Well, I'm not. I have two teenagers and an 8-year-old, and I can say
firsthand that if boomer parents have anything for which to be sorry it's
for rearing a generation of pampered kids who've been chauffeured around to
soccer leagues since they were 6. This is a generation that has come to
regard rising affluence as a basic human right, because that is all it has
ever known -- until now. Today's high-school and college students think of
iPods, designer cellphones and $599 lap tops as entitlements. They think
their future should be as mapped out as unambiguously as the GPS system in
their cars.
...
My parents' generation lived in fear of getting polio; many boomers lived in
fear of getting sent to the Vietnam War; this generation's notion of
hardship is TiVo breaking down.
How bad can the legacy of the baby boomers really be? Let's see: We're the
generation that spawned Microsoft, Intel, Apple, Google, ATMs and Gatorade.
We defeated the evils of communism and delivered the world from the brink of
global thermonuclear war. Now youngsters are telling pollsters that they
think socialism may be better than capitalism after all. Do they expect us
to apologize for winning the Cold War next?
College students gripe about the price of tuition, and it does cost way too
much. But who do these 22-year-old scholars think has been footing the bill
for their courses in transgender studies and Che Guevara? The echo boomers
complain, rightly, that we have left them holding the federal government's
$8 trillion national IOU. But try to cut government aid to colleges or raise
tuitions and they act as if they have been forced to actually work for a
living.
Yes, the members of this generation will inherit a lot of debts, but a much
bigger storehouse of wealth will be theirs in the coming years. When I
graduated from college in 1982, the net worth of America -- all our nation's
assets minus all our liabilities -- was $16 trillion, according to the
Federal Reserve. Today, even after the meltdown in housing and stocks, the
net worth of the country is $45 trillion -- a doubling after inflation. The
boomers' children and their children will inherit more wealth and assets
than any other in the history of the planet -- that is, unless Mr. Obama
taxes it all away. So how about a little gratitude from these trust-fund
babies for our multitrillion-dollar going-away gifts?
My generation is accused of being environmental criminals -- of having
polluted the water and air and ruined the climate. But no generation in
history has done more to clean the environment than mine. Since 1970
pollutants in the air and water have fallen sharply. Since 1960, Chicago,
Houston, Los Angeles and Pittsburgh have cut in half the number of days with
unsafe levels of smog. The number of Americans who get sick or die from
contaminants in our drinking water has plunged for 50 years straight.
Whenever kids ask me why we didn't do more to combat global warming, I
explain that when I was young the "scientific consensus" warned of global
cooling. Today's teenagers drive around in cars more than any previous
generation. My kids have never once handed back the car keys because of some
moral problem with their carbon footprint -- and I think they are fairly
typical.
The most absurd complaint of all is that the health-care system has been
ruined by our generation. Oh, really? Thanks to massive medical progress in
the past 30 years, the chances of dying from heart disease and many types of
cancer have been cut in half. We found effective treatments for AIDS within
a decade. Life expectancy has risen and infant mortality fallen. That
doesn't sound so "selfish" to me.
Yes, we are in a deep economic crisis today -- but it's no worse than what
we boomers faced in the late 1970s after years of hyperinflation, sky-high
tax rates and runaway government spending.
...
Mr. Moore is senior economics writer for The Wall Street Journal's editorial
page.