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Thursday, March 01, 2007

In the UK: boomers fleecing the next generation

Expensive pensions, no hope of getting on the housing ladder, and tens of thousands of pounds of debt just to go to university. Have the under-35s been mugged by the baby-boom generation that went before them?

Many of you reading this will be thieves. And a good proportion of you will be victims. There is no mugging involved, but a new form of wealth exchange, which economic observers are calling generational robbery: the financial phenomenon whereby one generation - the baby boomers - enjoyed a whole range of economic benefits that are now unattainable to those growing up behind them.

"The Great Generational Robbery"
New Statesman (UK)

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