Gen X Reserve Banker: we’re “screwed” by Baby Boomers and Gen Y
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Here’s the cry of a Reserve Banker, or rather, a Gen X Reserve Banker feeling hemmed in by the fading phalanx of Baby Boomers and the advancing hordes of GenYers. The scene: an economic policy seminar on Getting To Grips with the Economy at the Whitlam Institute at Parramatta, in Sydney’s west on Thursday night with professor John Quiggin and Professor Steve Keen. The theme: lessons from the crunch and slump, with the main paper from Professor John Quiggin and with responses from Professor Steve Keen and Guy Debelle, the RBA’s assistant Governor, Financial Markets. The previous day Dr Debelle was in Melbourne at a session on housing. Tomorrow his boss, RBA Governor, Glenn Stevens speaks in Sydney. It’s a regular yearly booker for the Governor. It will come as the bank finalises updated forecasts for its latest Statement on Monetary Policy due out on August 7 and his appearance before the House of Representatives Standing Committee on Economics. But from the papers and audio of Thursday night, here was a rarity in current Australia; a civil discussion on economic policy, without the ideologues having a look in. Around half way through his summary, Debelle gave us the Gen X lament: he said he was “in the generation being screwed” by the baby boomers and Gen Y wouldn’t be much better off in coming years. (Around 12.45 on the audio). Some of the earlier sessions are on YouTube. Debelle made his comments in his response to the question of the role of government in the economy which he said reflected ideas and “to some extent reflects the preference of the median voter.” Debelle said that there are more Boomers and GenYers than Xers and that GenXers had spent most of their working life so far paying down the debt of the Baby Boomers. Debelle predicted that GenYers would start cutting GenXers pensions in future years to pay down debt. “Now I can sit here all my life, I will never be the median voter. I am in that generation which is unfortunately screwed by people sitting at this table who are throughout their lives the median voter.” “So the Baby Boomers are the median voter for pretty much all of their life … but I’m unfortunately a member of Generation X who throughout the first part of my working life, we paid down the public debt in the country,” Dr Debelle explained. “By the time I get to the end of my working life, I will be paying off the pensions of the Baby Boomers. “By the time I get to the pension (assuming I’ll ever be allowed to retire) Generation Y, actually there are more of them than me, will be coming along and reducing my pension,” Dr Debelle said. It’s a plaintive cry from the wilderness of the “lost generation” (many of whom are Crikey readers). So do we boomers care? And what do you Xers think? |
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12 Comments
Are we screwed or what?
Ha, before we even knew we were X’ers, we knew the boomers were screwing us. Somehow, having it confirmed by an Assistant Governor of the Reserve Bank doesn’t make it any more palatable.
What’s to be done? Tell the Boomers to buy their own nursing homes?
The comming inflation will take money from investment lazy (either now or through their lives) boomers and put it back out there For those that come behind to scoop up. Do not be too worried.
Perhaps we’re paying down the boomer debt but we are also benefitting from the gains made by the boomer generation, equal pay, the end of the white australia policy, voting for Indigineous Australia, now maternity leave is finally coming. In my mother’s generation (she’s now 63), it was normal for young women to be pulled out of school at the end of Year 10 and start a typing course and become a secretary (so there were options but very limited). This is no longer the case. I think as GenX we can rightly complain about debt (especially the HECS/HELP burden and unaffordability of housing) but we must also acknowledge that there are some really great things about being an adult in the 21st Century as opposed to the 20th Century (like being single at 30 at not labelled a Spinster for example).
The first time I saw the term “Generation X” in print, it was in a rolling stone article sometime in the early 90’s. I remember being astounded that I was part of a generation (call me naive).
Back then gen X was all angst driven brooding tie dye wearing types, it was generally understood generation X was different, in some way..but nobody quite knew how.
We had festivals, then more festivals…then the big day outs, the home bakes and we all died our hair green and wore petticoats on the outside and generally thought we where pretty ‘alternative’ and tried our best not to listen to commercial radio.
We all smoked lots of dope, and took lots of drugs but it was no good, the revolution was over long ago and we somehow knew this.
Now we are all somewhere in middle age, and are starting to feel “hemmed in” we realize we are not young anymore and its time to do something “responsible” like our baby boomer parents.
We have run out of uni courses to do out of …youth….run out of freedom.
That’s why we feel hemmed in.
It’s not the boomers..or the y’ers they got their own issues.
Argh, how depressing. Just heard Tony Abbott on 7.30 Report. Wants the pension age raised to 70. Apparently we’re dreaming to think we can study ‘til we’re 25, then retire at 55 or 60 then “live off the taxpayer”. I wouldn’t call existing on the Australian Commonwealth pension “living”. Tone (he who will retire on a verrrrrry nice Parliamentary pension, don’t forget) wants us to work until age 70. Great. Can’t wait. I’m not even 40 and this guy wants me to start getting angry about my non-retirement.
Hmm, Tim, I can confidently say that I don’t fit your description at all.
Thats ok, Jenny… I just had to get that out. : )
Yep, boomers took all the natural resources with their Old Testament ignorance.
They’ve betrayed youth and the future with their affluence and overpopulation and white bread arrogance, and neurotic religious opposition to contraception.
They are senile and frail from their smoking and boozing sucking up the health dollars.
They control all the power jobs regardless of merit because they have experience and the queue and mates network.
They promoted the military industrial complex to preserve their privilege against all comers.
They are land and real estate hogs. They refuse to pay their tax.
They sledge and undermine the X-er meritocracy with acidic condescension and innuendo and boring prejudice.
Philip Nitschke is too good for them.
… other than that I like them.
Hope you’re not shooting the messenger, Jenny Morris. Tony Abbott was just spelling out what the demographics say - and they will brook no argument.
Tim…I don’t know whether to be shocked and appalled or flattered and impressed. I’m ashamed to say it but you’ve just summed up my life as a ‘Gen-Xer’. I never realised I was such a stereotype…I feel like I need to make a statement. I might go put Nirvana on repeat and spray my brains all over a TV playing Beavis and Butthead now. No suicide note though…that’s so 1991. Instead I’ll scatter my $20,000 HECS bill, years of self-esteem issues and a healthy dose of existential angst all around me…that’ll show em.
N.B. If you are feeling suicidal after realising you are part of this generation, call Lifeline on 11 13 14 (just to keep the ethics board happy).
Tim, you got me right down to the tie-dye T-shirt. Possible solution for Gen-Xs is to make sure their boomer parents don’t spend all the inheritance, and also make sure you’re not written out of the will…