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Mahbubani on Europe’s Strategic Disease
Kishore Mahbubani is a Singaporean diplomat who has served for ten years as as ambassador to the United Nations. His talks about global policies and their development are always of interest.
His most recent one under the question “What will geopolitics look like in the next ten years?” is no exception (video).
The most important part starts at 22:54 min. Here I am mostly interested in what Mahbubani has to say about Europe (edited machine transcript):
I want to emphasize that the in current situation the key word you got to understand is complexity. [The world] is extremely complex because there are a lot of moving parts all the time. So for a start clearly and at the at the highest strategic level as you know in the cold war was bipolar the cold war ended and it became unipolar. And now we have what you have a strange combination of both a bipolar and multipolar world.
[…]
But there are also other powers [besides the U.S., China and India] that are clearly changing the situation.
Again, clearly Russia matters, right? And the biggest strategic mistake that the Europeans made in dealing with Russia is that they only look at the size of its economy and didn’t look at the overall national strength and their military capability.
So the Ukraine war could have been avoided if the Europeans had just shown some degree of respect for Russia’s own long-term strategic interests. And the tragedy of the Europeans trying to punish the rest of the world for buying Russian oil is that they could have avoided this war with Russia if they had shown some strategic common sense in dealing with Russia.
He later blames the mistake on the serious lack of abilities of the current crop of European leaders:
So all that is what I mean with complexity. It is not a simple black and white chessboard, you know, it’s extremely complex and you got to watch all the moving parts.
The people who can get the big picture are the ones who will succeed and thrive and those who don’t, like the Europeans, sadly .. .
The Europeans live in a delusionary world, and I mean that quite seriously because they, you know if you just look at the photograph of the European leaders sitting on sofas in front of the school teacher Donald Trump at his desk lecturing these European leaders. They look like school children. I mean the optics itself captured what had happened.
And for a respected prime minister of the Netherlands Mark Rutte, whom I met, who is a very thoughtful intelligent guy by the way, for him to call Trump daddy? I mean it shows you that something has gone wrong.
So this actually I must tell you: In my last conversation with Kissinger he told me candidly that the quality of mind of these Europeans has gone down so much they don’t understand how much the world has changed. So this is an example of where – if you understand the world you can navigate through it, but if you don’t understand the world, like the Europeans, they seem to be in trouble.
Mahbubani diagnosis of Europe’s disease is in my view correct. But what might be the best therapy to correct this situation?
Posted by: canuk | Oct 13 2025 14:33 utc | 12
Yes, the West’s decline is all the Bay Boomers fault;
Blanket denunciation. No evidence. You got nothing.
Posted by: john brewster | Oct 13 2025 14:42 utc | 15
I have lots; Boomer read below what you have done:
“Baby Boomers were born to parents who grew up during the turbulent years of world history. Those parents had to sacrifice and deprive themselves from the basics, be it good education, cheap or free health care or a healthy work environment and living. As such, they wanted their children (the Boomers) to have it all – all that they themselves missed or gave up. And baby boomers took advantage of everything they could.
They were lucky in another way, too. The western world was stable (the European Union just won the Noble prize because of this) and these countries did not experience any catastrophic war as the 1st or 2nd World Wars. Most of them did not have to serve in the army and they did not learn the discipline this entails. There were plenty of jobs to go around. There was easy credit and the proliferation of banks competing for their attention and business helped them buy large houses, big cars and have a comfortable living. The sharp rise in house prices and the stock and bond markets benefited them, too. They had it all.
But they became very complacent. They felt they were “entitled to their entitlements.” They wanted less work, longer vacations and a good life. And they wanted it all now. Boomers did not want to wait for future consumption. Instead, they loaded up on debt. Debt per capita in the western world skyrocketed over the last 10 years alone, up 142% in Portugal, 94% in Spain, 63% in Germany, 223% in UK, 90% in France 105% in Greece, 33% in Italy, 47% in Canada, 37% in Japan, 269% in Ireland and 151% in the US according to Bloomberg BusinessWeek.
But now, Boomers’ luck may be running out and a reckoning may be nigh. It will not be in the form a military confrontation as it was with past generations. Rather, it will be an economic and political confrontation which may require similar sacrifices to those made by their parents and grandparents.
First, indirectly. Baby Boomers have stolen the future of their own kids who cannot get the good jobs, the cheap education, the large inexpensive house, the perks that their parents have enjoyed. The children of the Baby Boomers will have to pay the price for their parents’ luck. They will have to live with less. They will have to pay higher taxes and enjoy much less government spending, benefits and services. And they will not accept this easily, as the “Occupy Wall Street” movements around the world showed.
Second, directly. Given current the state of monetary and political leadership, it has become inevitable that the only way to get the economy started will involve further government spending and massive amounts of debt and/or printing huge amounts of money (mostly the latter). Hard work, perseverance, risk-taking and sacrifice may not be part of the equation. Baby Boomers will not go for it.
When Boomers get anxious, uncomfortable and unhappy, monetary authorities around the world bend over backwards to accommodate them. Moreover, politicians cannot antagonize them or deprive them of their entitlements because those
Boomers represent a big voting bloc.
In 2010, the Fed threw just about everything at the faltering economy with the hope that it will appease the markets, which are controlled by Boomers. It launched QE3 (after QE1 and QE2) which involved buying $40 billion a month of bonds for as long as it takes in order to “improve substantially” the economy. And there is “much more (quantitative) easing to come” according to Michael Gregory, senior economist at BMO Capital Markets.
The markets, driven by Boomers, around the world are hooked on low interest rates. This has created bubbles in the bond market, real estate and all sectors of the economy that depend on leverage and feed on low interest rates. When rates increase, markets tumble. Monetary authorities respond to the markets’ anxiety by forcing interest rates lower. The bubbles keep growing.
I don’t expect this to end well. Had monetary and fiscal leaders accepted higher interest rates and a recession in previous years, and allowed the economy to reset, we may have been in better shape now. And the longer the pain and sacrifice are delayed, the sharper the economic and financial fallout. Perhaps the high and rising again gold prices are a reflection of this fear.”
George Athanassakos is Professor of Finance, Ben Graham Chair in Value Investing and Director, Ben Graham Centre for Value Investing, Richard Ivey School of Business.
https://www.google.com/search?q=how+Baby+Boomers+have+destroyed+the+West&oq=how+Baby+Boomers+have+destroyed+the+West&aqs=chrome..69i57.11681j0j7&sourceid=chrome&ie=UTF-8#fpstate=ive&vld=cid:8357f77e,vid:oaxV1P3beSs,st:0
Posted by: canuk | Oct 13 2025 14:52 utc | 20
Posted by: john brewster | Oct 13 2025 14:42 utc | 15
I will go on until you surrender the obvious point:
READY, FIRE, AIM: How I Helped Ruin America Without Really Trying
Posted on May 30, 2024 by Louis Cannon
‘Cause I love to live so pleasantly,Live this life of luxury,Lazing on a sunny afternoon…
— ‘Sunny Afternoon’ by The Kinks, 1966
If only I had been born just one year later — in 1965 — maybe I could plead “not guilty”.
But as it stands, the best I can hope for is a plea bargain.
According to Wikipedia, the Baby Boomer generation includes people born between 1946 and 1964. Which makes me part of the generation that ruined America.
In our own defense, we could claim that the people responsible for America’s decline and fall were born before 1946. Joe Biden, for example (b. 1942). Rupert Murdoch (b. 1931). Mitch McConnell (b. 1942). Nancy Pelosi (b. 1940).
But no. These people are safely part of the Silent Generation, born between 1928 and 1945. Silently undermining our way of life.
So it’s my generation, the Baby Boomers, who get stuck with the blame.
We weren’t silent enough, I guess. We burst out of our respective mothers’ wombs with a “BOOM”, with one goal in mind: to acquire as many possessions as possible, while paying out as little as possible.
And what a fine job we did. American Baby Boomers make up 20% of the nation’s population, but own 52% of its net wealth, worth $76 trillion. Most of us are now collecting corporate pensions plus Social Security — both precariously funded by struggling Gen X and Millennials who are working underpaid jobs and paying outrageous rents. They’re driving us around in Ubermobiles, stocking our shelves, changing our sheets, delivering our packages… while we sit in the shade, sipping lemonade. (Or else, as in my case, a cold beer.)
The poster child for our generation? Donald J. Trump (b. 1946). He arrived as one of the very first Boomers, just barely over the 1946 wire, to lead the way.
Of course, back in the 1960s and 1970s, we were the radicals who thought we could change the world. And we did. But not in the way we imagined.
As a generation, we’re now retiring with more disposable income than any previous generation. But we’re not sharing our wealth. We’re trying to preserve it, or even increase it. The issue for the American economy in the 2020s and 2030s will not be why Boomers are spending so much… it’s why we’re spending so little. We’ve turned into a generation of Scrooges.
Apparently, we’re trying to die rich.
I read somewhere that Boomers, on average, bought their first home at age 25. The average age for buying a first home is now around 36. Either the world has changed, or Gen X and the Millennials are not trying very hard. But Boomers are getting the blame. We could downsize into smaller homes, but instead we’re staying in our mostly-empty four-bedroom houses and, to top it off, buying vacation homes. Real estate is a great investment, in the middle of a housing crisis.
Just to be clear, I don’t live in a four-bedroom house, and I don’t own a vacation home. And I won’t have a corporate pension, if I ever retire. Maybe some Social Security, if I’m lucky. But I do plan to live to be 100, requiring several million dollars in medical treatments along the way that my children and grandchildren will pay for.
Because I deserve it?
Here’s Briana Nicholas, a 28-year-old Millennial accountant with $200,000 in student debt from her college education.
“It’s a little bit morbid to have to wait for your relatives to die to have some kind of financial success.”
Louis Cannon
Underrated writer Louis Cannon grew up in the vast American West, although his ex-wife, given the slightest opportunity, will deny that he ever grew up at all. You can read more stories on his Substack account.
Posted in Humor/Fiction
Posted by: canuk | Oct 13 2025 15:01 utc | 24
Posted by: john brewster | Oct 13 2025 14:42 utc | 15
Time for you to hoist the Intellectual White Flag (IWF, TM)
Introduction
“For the past several decades, the nation has been run by people who present, personally and physically, the full sociopathic pathology: deceit, selfishness, imprudence, remorselessness, hostility, the worst. These people are the Baby Boomers, that vast and strange generation born between 1940 and 1964, and the society they created does not work very well — collapsing bridges, fresh deficits, poisoned waters, collapsing ice sheets, financial catastrophes, underfunded pension systems, a faltering Social Security program, a seven million person corrections system, and a corrupt political system.”
“The generation squandered its enormous inheritance, abused its power, and subsidized its binges with loans collaterized by its children.”
“Not all Baby Boomers are sociopaths, but an unusually large number have behaved antisocially, skewing outcomes in ways deeply unfavorable to the nation, especially its younger citizens.”
“In 1946, the U.S. was the richest, most dynamic nation the world had ever seen. There were setbacks like Martin Luther King Jr. and John F. Kennedy’s assassinations, but America just kept leaping forward until it didn’t.”
“This is odd because every challenge after 1946 is minor compared to what came before; all should have been easily surmounted.”
“America suffers from its present predicament because a large group of small-minded people chose the leaders and actions that led to it.”
“A picture emerges of bad behavior and unchecked self-interest, occurring at the individual level and recapitulated, via the voting booth, by the state.”
“One of the few major studies of mental health issues in the 1980s found significantly higher levels of sociopathy in Boomer-age populations relative to other groups.”
“For purely selfish reasons, the Boomers unraveled the social fabric woven by previous generations.”
“Boomers were content, often enthusiastic, to vote for people who looked like them and showered them with improvident goodies, whose failures were often overlooked and forgiven because they looked familiar.”
“If the nation had been unblighted by Boomer sociopathy, how well could we have been doing? Shockingly well, as it turns out.”
The View From 1946
“Americans were optimistic at the beginning and end of Reagan’s terms, but by 2002, a majority of Americans no longer believed their kids would live better lives than their parents.”
“The 1939 World Fair promised an America of convenient suburbs linked by interstate highways ending at plush homes. By 1964, it had all come true. The 1964 Fair promises of flying cars, undersea colonies, mass prosperity, and cities on the moon were therefore believable.”
“America is substantially richer in the 21st century than the 20th, but average (not median) income has increased. Boomers adjusted tax and fiscal policies to favor the accumulations of wealth during their lives, at the expense of the future.”
“Living standards seem good, but that’s only because people tread water by borrowing — both families and the government. Eventually it will become impossible to sustain living standards by borrowing, but Boomers will be dead and the problem will belong to someone else.”
“Sociopathy is characterized by self-interested actions unburdened by conscience and unresponsive to consequence, mostly arising from non-genetic, contextual cases leading to egocentricism, lack of concern for others, risk-taking, and deceitful roles. These behaviors manifest in subtle ways — like depredations of tax policy and technical revisions to the bankruptcy code.”
“The Boomers were happy from the start and this conditioned them to believe effortless, affluent contentment was their due, and they behaved accordingly.”
“The Boomers’ first decades saw rapid and near-continuous gains in prosperity, education, health, technology, and civil justice, the products of revolutionary choices by earlier generations, underwritten by their saving and sacrifice.”
“After World War II, most other countries had to work hard to overcome tragedies of epic proportions, and they built functional and caring societies which were better than what came before. The Boomers, having seen tragedy as ‘over there,’ took a different course.”
“Very nice three-bedroom homes were available to buy at 2–5 times the average annual family income.”
“The GI Bill and National Defense Education Act of 1958 increased college enrollment from 9% to 33% between 1940 and 1970 for college age populations.”
“When Social Security was created, life expectancy was 65; it was designed for the catastrophe of extreme age rather than the nearly universal assistance to cushion years and decades of retirement.”
“Older generations at the time highly taxed themselves — the highest marginal rate in 1946 was 44%. By the 1960s, World War II debt had been reduced to a manageable size. Things were still in relatively good shape post-Vietnam.”
“The Boomers emerged as radicalized adults, rejecting so many of the policies that had given them so much, replacing a successful model with an antisocial failure.”
“For most of human history, infant mortality was so high (20% died before age five in the 1800s) that parents saw no reason to invest substantial material or economic resources until it was clear a child would live. Should a child survive, parents would produce a miniature grown-up, conformed to adult notions of virtue and industry, ready for near-immediate employment.”
“64% of American moms read Benjamin Spock’s child care book released in 1946 that said parents should rely on their own instincts and accommodate children’s needs whenever possible. It meant to help parents understand what their children’s drives were, something that previously hadn’t mattered. Spock believed that all children grew up well so long as parents provided a good example.”
“Before 1946, almost no American homes had TVs; by 1960, 90% did — a much faster adoption than the internet. TV now consumes 50% of Americans’ free time. The Boomers were not only the first TV generation, but the only one whose relationship with the box was unmediated by expert concerns and parental reservation that later swirled around TV.”
“Unlike media that came before, TV is at once ironic, emotionally rich, information poor, highly habituating, and demands a certain sense of suspension of disbelief. TV’s essential characteristics make it the perfect breeding ground for sociopaths, facilitating deceit and validating a worldview only loosely tethered to reality. People spend twice as many hours watching TV as they do socializing. TV sets the tone for all communication and what makes good TV is things like shouting matches at debates.”
“Under the 1949 FCC Fairness Doctrine, networks were obliged to present controversial issues in a fair and balanced way. But it was never enforced since broadcasters complied with the spirit of the rule and it was formally abolished in 1987 — Fox News and MSNBC started in the 1990s.”
“In an isolated Canadian town without TV, kids scored higher on reading comprehension and creativity than two nearby towns with TV; they become more aggressive and scores declined after TV arrived.”
Vietnam
“In blood and money, Vietnam was modest for America — death rates 1/7th that of World War II. Losses were closer to those experienced in the Korean War. Only five years saw elevated troop levels. The likelihood of fatality was significantly lower than it had been for prior conflicts.”
“During the 1960s, youth (Boomers) were the most supportive of the Vietnam War and aggressive strategies. They were the group least likely to view the engagement as an error. Less educated and affluent groups skewed more against the war, not least because they had the highest chance of being drafted.”
“The reason there are so many old photos of college protesters is because deferments allowed so many Boomers to be in college to protest rather than Vietnam to fight.”
“Deferments for college allowed most middle class young men who wanted to to avoid going to Vietnam. Each student protected by deferment had to be replaced by someone else — and that someone tended to be poorer and less educated. The bottom 1/3 of the country provided 4/5 of the manpower.”
“College in the ’60s wasn’t entirely free and it required students to forego years of full income while they studied. Students who deferred had at least some means and richer students were better prepared for college.”
“Conscientious objection was an easy way to avoid the war. But for sociopaths, conscientious objection was among the least desirable options because it required sincerity, effort, and a form of alternative service, usually low-paid and incommodious.”
“A criminal record was a ‘moral disqualification’ from the draft so less privileged men committed crimes instead [of going to college].”
“As it became harder to satisfy recruiting demands because of the large number of students protected by deferment, the military simply admitted unqualified candidates, who suffered two times the average death rate. Substandard recruits were 41% black.”
“Once shoved into uniform, Boomers’ behavior deteriorated further — indiscipline, drug abuse, insubordination, desertion, and war crimes. Soldiers routinely refused orders.”
“There were at least 551 fragging incidents where officers were assassinated by fragmentation grenades whose explosions made them difficult to trace — causing at least 86 deaths and 700 injuries. Nothing like this had happened before and nothing like it has happened since.”
“Soldiers routinely showed up for duty armed and intoxicated.”
“Desertion ran rampant, tripling once Boomer draftees arrived in quantity.”
“Boomers exhibited passivity after the war — there was no social movement for reconciliation and rebuilding in Vietnam, illuminating their true motivations during the protest era. As the threat of the draft abated, so did the Boomers’ furious energy.”
“When the government finally accepted 500,000 Vietnamese refugees fleeing reprisals, it did so over public objections. Jerry Brown and Joe Biden protested resettlement and demanded any bill allowing it gave priority to Americans (mostly Boomers) seeking jobs.”
“Vietnam had one final lesson for Boomers: they could get away with their misdeeds. Jimmy Carter in 1976 issued a general pardon for draft dodgers.”
Empire of Self
“The defining trait of all previous societies had been that they were social — a body of people more or less unified by common goals and values. But sociopaths are antisocial by nature, and their lack of empathy and foresight consigns them to view society only as a restraint on individual freedom of action or a conduit for unearned treats, rather than a font of general betterment.”
“The ‘Summer of Love’ stood against the middle class morally on drugs and sex and stood for very little else. But Boomers dressed up indulgence as a moral crusade. Young Boomers had notably higher rates of drinking and illegal drug use than preceding and following generations. Boomers have now pushed the rate of elder drug use substantially higher.”
“Until 2010, most Americans did not agree that ‘premarital sex wasn’t wrong at all.’ Boomers had lower ages at which they lose their virginity than prior and following generations. Even as condoms and the pill became more accessible, levels of unwanted pregnancies increased during the period of Boomer fertility and have fallen since.”
Divorce
“Until the 1960s, a divorce petitioner had to demonstrate ‘fault,’ with the bar set at abandonment, adultery, cruelty, or permanent insanity. A spouse opposing divorce could contest fault by showing the other side was equally guilty — which had the perverse effect of forcing couples who were mutually adulterous, cruel, and theoretically completely insane, to stay together.”
“Spouses could and did collude to work the system with one alleging cruelty and the other admitting to it, a strategy that required perjury. The whole system was unworkable and in 1969, California pioneered ‘no fault divorce’ based on irreconcilable differences.”
“Easier divorce was a social good — but the frequency with which Boomer resorted to divorce proved alarming and generationally unusual. It suggested unwillingness to extend the effort necessary to make relationships work and a fundamental incompatibility between an antisocial Boomer culture and the state of matrimony, which is, after all, a society of two.”
“Boomers divorced much more frequently than their parents and their children. There was a widespread belief at the time that children from broken homes were destined to experience permanent damage. Many Boomer divorces were therefore examples of self-interest trumping empathy.”
Saving
“Boomers’ inability to save represented a radical break from earlier generations and ultimately required them to plunder the accounts of other generations. The savings rate dropped from 13% in 1970 to 6% in 2008.”
“Failures in impulse control also manifested in gluttony, causing the Boomers to eat too much and too poorly. Junk food had existed for a long time in America and abroad. What did not exist was a generation of consumers so susceptible to the joys of instant gratification. The pleasures were personal; the costs borne by the state and healthier taxpayers.”
“Surveys, songs, and books showed the use of ‘we’ declining since 1960 and ‘I’ increasing 42% since 1960, indicating a rising degree of self-focus.”
“Boomers often refused to pay taxes, like a temporary 10% tax during Vietnam.”
“The use of electronics at the dinner table, as it turns out, is more a Boomer than a Millennial habit.”
Science & Reality
“Empirical science could not be less helpful to the short-sighted gluttony of sociopathy, which happened to undermine the deceit of which sociopaths are so fond. Vastly better are feelings — guaranteed to align with the needs and desires of the moment because they supply them in the first place. They’re perfectly individual and exempt from debate and the inverse of requirements that reasoning be public or verifiable.”
“Therefore, it should come as no surprise that the story of the past 40 years has been a substitution of science, of fact, for feelings. That doing so deviated from the greatest expansion of knowledge and welfare ever seen mattered nothing to the Boomer personality.”
“It’s not that there isn’t science today — it just receives less deference. If climate change commanded reduced consumption, it would be denied. If basic accounting held radical and permanent tax cuts entailed a corresponding reduction in services Boomers enjoyed, Boomers would create a parallel reality furnished with a more convenient set of books. Boomers’ success in undermining reality and science has been tremendous.”
“The Founding Fathers put copyright protection in Article I of the Constitution to foster science progress. Benjamin Franklin and Thomas Jefferson believed so deeply in the diffusion of knowledge that they refused to take any exclusive rights in their own inventions. The greatest politicians of the age toiled on experiments. Foreigners observed that this scientific inclination was only to be expected because the practical and the rational were (then) the natural frame of the American mind.”
“The original and almost exclusive focus of American universities was the production of young men for religious and legal life.”
“The Morrill Act of 1862 provided 17 million federal acres of land (larger than the area of West Virginia) for land-grant universities like Texas A&M and UC Berkeley. The South’s opposition to them because it didn’t fit with their conservative, religious plantation mentality (and in part because some funds were required to be used for facilities for black students) is a reason why there are so few elite institutions in the South. In the North, skyscrapers rose and train stations were modeled on Greek architecture.”
“Lectures on scientific topics, demonstrations of new inventions, and even public dissertations were must-see events [in the early 20th century].”
“Science and technology peaked post-World War II because science had brought victory and America returned the favor with lavish federal funding.”
“The last World Fair was in 1984, by which time the Fairs had lost enthusiasm and even a focus on science.”
“As a percent of GDP, government-funded research and development has declined to 1/3 of its 1960s highs. The alarming decline in basic science seems to be translating to slower innovation overall. Public research and development is ¼ to ½ of the optimal level. Private company funding has gone up, but private companies do not usually engage in basic science, on which most innovations ultimately rely.”
“In the 1950s, 83% of the population said the world was better off because of science; only 70% agreed with that by the 1970s.”
“STEM degrees as a percent have held constant, but only because of foreign students, who are recruited because they pay more and then are often forced to return to their home country after. Difficult things like STEM subjects do not sit well with people for whom instant gratification and impulse control present problems (sociopaths).”
“Boomers developed the idea of constructivism, which held that science was dependent on an investigator’s belief and circumstances (i.e. climate science is dismissible because it’s done by biased tree huggers).”
“In a complex world, deference to experts should be rising, not falling.”
“From 1958 to 1964, 73% of Americans said they trusted the government to do what’s right almost/most of the time. By 1979, only ¼ did and faith in government never really recovered.”
“In the sociopathic marketplace, politics has became just another service, and quality is measured by doing what a plurality of voters want in the moment, rather than what’s best for everyone in the long run. The highest compliment now payable is that a politician is ‘one of us’ (i.e. no more knowledgeable or trained).”
“Evangelical churches gained converts from traditional churches in the ’60s and ’70s and began becoming political and earned tax-free status in the ’70s. Many evangelical churches became less vehicles for Christian ministry than PACs organized by political ideology.”
Neoliberalism
“Neoliberalism, a key feature of Boomer sociopathy, is maximum present consumption regardless of future costs.”
“Liberalism says that the state needs not do anything but protect life, liberty, and private property against violent attacks — views Paul Ryan and Rand Paul have.”
“Neoliberalism depends upon key and problematic assumptions: that individuals are rational, prudent, and informed, and that they therefore can be relied upon to meet their own needs.”
“Nixon grew government to the point where almost no aspect of American life remained untouched — establishing the Environmental Protection Agency, the Occupational Safety and Health Administration (OSHA), and supporting the Equal Rights Amendment and a guaranteed minimum income for all. But heavy government spending on the war and social problems created inflationary pressures whose consequences would be the defining economic expense of the young Boomers.”
“Before 1971, the dollar was pegged to gold at $35/ounce, but the U.S. was running low on gold and the system destabilizing; so Nixon took the U.S. off the gold standard, which meant the government could print just as much money as it wanted. The value of the dollar fell and inflation rose quickly. Oil was denominated in dollars, so a weakening dollar meant lower income for oil-producing nations, which repriced to gold terms. The liberated oil dollars were sent back to a limited number of financial institutions providing them with capital that would be deployed in the investment banking economy that has prevailed since the ‘80s.”
“Unions’ seniority rules preserved old workers’ jobs at the expense of the young, and this made the unemployment crisis among Boomers especially acute. The ’70s were the last decade in which the working class experienced meaningful wage growth. Nevertheless, for a generation habituated to fast growth and high employment, the last decade came as a shock.”
“Each succeeding election, the Boomer electorate pushed politics further down the neoliberal path.”
“Early deregulation under Jimmy Carter was generally good, especially when accompanied by vigorous enforcement of other standards — like deregulating the price of a plane ticket.”
“Carter’s last effort to cajole the American people into their former probity was in his 1961 Malaise Speech, which said that too many tend to worship self-indulgence and consumption, and grasping for themselves some advantage over others, and didn’t promise an easy solution to the nation’s problems. The very people exhibiting the sociopathy he described were the ones least receptive to his prescriptions.”
“Reagan’s new theory was that tax cuts would pay for themselves — the government would return dollars to the people, the people would use them more productively than the government, and the economy would grow so much that even at a lower tax rate, it would provide as much or more in total taxes paid. But this required a suspension of belief and magical thinking as the economy would have to double — not possible.”
Politics Of Self
“The events of the past few decades have been the generally democratic expansion of a uniquely influential generation and its self-serving policies.”
“The critical factor in gaining an 18 year old voting age wasn’t logic or prudence but generational strength — the generation’s political identity was based not on gender, income, or race but age. The logic of ‘old enough to draft, old enough to vote’ was flawed because modern nations shouldn’t be in the business of drafting teenagers and the draft rate was much lower in Vietnam vs. World War II.”
“Because it was an amendment to the Voting Rights Act, it justified later amendments like stopping policing of states that had historically discriminated against minorities in the voting booth. It was the fastest constitutional amendment ever passed, showing Boomers they were uniquely powerful and especially deserving.”
“Democrats’ divisions and disorganization was an opportunity Republicans seized and white Boomers drifted rightward and stayed there because their platform included the disposite issues for many voters, best taxes, guns, cultural matters: Social Security. The sociopath’s personality guaranteed that this sort of pander-pick-and-choose politics would succeed because the free exercise of self was the only issue that mattered.”
“The drinking age was lowered in 30 states, as low as 18 in some, during the ’70s, but traffic fatalities rose so national law mandated it be 21 in every state…but after the youngest Boomers were over 21.”
“Clinton cut welfare and Bush II provisioned prescription drug benefits for seniors — inexplicable in conventional political terms but both benefited the Boomers, who had the political muscle to realize their preferences. The Boomers have continually trended to the right over time — which explains why Obama was less liberal than Nixon.”
Taxes
“The Social Security Trust Fund is expected to be exhausted between 2030 and 2037 — the average Boomer will die in 2032, not a coincidence. The only thing that mattered was that Social Security holds together long enough to pay off the majority of the Boomer generation.”
“Boomers have consistently manipulated taxes to serve generational ends through 1) a lowering of tax rates 2) adjusting specific tax policies to favor the interests of Boomers as they moved through their financial lifecycle, lowering income taxes during periods where Boomers labored, reducing capital gains taxes as they became shareholders, and even briefly abolishing estate taxes when Boomers expected to inherit. Taxes were allowed to rise only when they benefited Boomers (like Social Security and Medicare). The system we have is the system the sociopaths wanted.”
“Taxes oscillate between moments of great passion (Tax Day and Election Day) and near-lethal boredom (every other day of the year) so politicians can always whip the electorate into a lather, winning a mandate for change, but rely on rely on dullness and complexity to obscure the true consequences of tax adjustments.”
“The income tax was illegal until the 16th amendment in 1913. Income taxes started low, but rose to 70–91% after World War II. Taxes today are too low to keep the government fully functioning or make essential investments for growth, at least without major revisions to entitlement programs of which Boomers are and will continue to be the chief beneficiaries.”
“The history of Boomer tax policy is not so much tax reduction as tax reallocation.”
“By the 1970s, there were 33 tax brackets that weren’t tied to inflation, so payers were driven into higher brackets even though their wages didn’t increase. These were problems that required redress but the tax revolt went far beyond its original justifications.”
“By 1981, all Americans but the poorest 20% paid less taxes and brackets were indexed to inflation in tax reform — trickle down benefits were promised. But the reform also allowed inheritances under $600,000 to be excluded from taxation (the maximum was previously $175,000).”
“Huge deficits followed tax reform so Social Security benefits for high earners were taxed for the first time — but the oldest Boomers were 20 years away from collecting benefits so this didn’t affect them.”
“Congress also raised payroll taxes which Boomers were ok with because they expected to recoup everything they paid and more.”
“In 1986, another tax overhaul reduced the 14 brackets to only two. The highest bracket decreased from a 50% rate to a 28% rate. Capital gains lost preferential treatment which was ok because the median Boomer was in their mid 30s without a large stock portfolio.”
“Reagan increased taxes several times — just in very targeted ways that happened to coincide with the needs of Boomers.”
“In 1986, the mortgage interest was now made deductible up to $1 million in indebtedness — thus the home equity line of credit was born.”
“Bush I’s tax increase was responsible, modest, and fell mostly on the rich. Because he violated his word on not raising taxes, he was voted out of office despite presiding over the very successful and popular Gulf War.”
“Clinton campaigned on tax relief for the middle class but repeated Bush’s mistake and raised taxes — mostly on the rich. From then on, the Boomers’ middle aged tax needs were catered to — a child credit, a rising estate tax exemption from $600,000 to $1 million, gains on sales of homes over $500,000 were exempted from tax, and capital gains taxes were lowered. Roth IRAs — of great use to middle-aged Boomers — were established, as well as educational credits. These all had strong bipartisan support and Clinton signed them.”
“In the early 2000s, all tax rates were slashed by 10%; with Boomers’ retirement fast approaching, it was essential to lower income taxes and cut capital gains taxes. The estate tax was lifted to $3.5 million by 2009 and then abolished altogether in 2010 — with Boomers’ parents having one foot in the grave and another on a banana peel.”
“Many cuts were set to sunset in 2010, by which time the median Boomer would be reaching eligibility for Social Security. Tax cuts might sunset, but it was a sunset Boomers could ride into.”
“But the Democratic Congress extended almost all of Bush’s tax cuts in 2010. They were made permanent by Obama in 2013, only raising taxes on the wealthiest from 35% to 40%. Maximum capital gains rates were restored to 20% but dividend rates — scheduled to return to 40% — remained at a maximum of 20%. Because retirees prefer dividend stocks which are perceived as safer and provide current income, this was a direct giveaway to the rich and old.”
“California limited property tax increases to 1% per year and the tax caps became more unrealistic and more valuable every year — a perk Boomers would never give up, forcing budget shortfalls onto the shoulders of non-homeowners in higher sales taxes and the like.”
“The effective corporate tax rates have fallen — for some large companies to $0. There’s a growing divergence between corporate profits’ share of the economy and the share represented by the taxes on those profits. In 2013, profits are 9% of GDP and the associated taxes are 2%. The beneficiaries were people who owned shares in the companies paying lower taxes.” (1)
1.https://peacejoyaustin.medium.com/top-quotes-a-generation-of-sociopaths-how-the-baby-boomers-ruined-america-435534e55c2c
Posted by: canuk | Oct 13 2025 15:08 utc | 27
There is no ‘Europe’ strategy, there is EU and NATO strategy. It is working out nicely for those leading (whether politicians or those behind the curtain) , increasing centralisation and control, centralised spending, and destruction of nations and their culture (and politics).
The solution is simple enough, deconstruct EU and Euro, populations take responsibility back for own nations.
We have heard how EU cannot continue many times before, but most do not understand how deep its claws have sunk, and how dependent and incapable nations are becoming of conducting own business, of even holding a recognisable or meaningful identity.
There is always an excuse not to take responsibility, most shun responsibility. Politicians are simply corrupt.
It should be considered that eventually EU will openly impose its own priority, and those that resist that will be persecuted. At least, this is its history so far, albeit at a subtler level.
Re. Boomers
I don’t say it is boomers fault, but they aren’t correcting, most are sold in, are not able to think outside their own paradigm.
Feeling ripped off of savings ?
Younger generations have none, many are born into debt and remain so.
The generations should understand and coincide, but instead …
Posted by: Ornot | Oct 13 2025 15:27 utc | 35
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