Did the older generation just pass on their debts?
| 09:39 UK time, Thursday, 6 May 2010
On Monday we discussed the current financial crisis in Greece. Patrick emailed us after the show with this to say:
You mentioned "the debts being passed on to young people around the world" and ask the question "Have those between 30-70 years old, bequeathed their children and grand-children the cost of their lifestyle?" I think it's a fascinating question, and deserves a full show about it.Most Western countries run a big deficit and have a huge debt, which is being passed on to the next generation. I'm afraid people in their teens and twenties now are going to be a "lost generation", much poorer than their parents and grand-parents and having to work hard and pay a lot of tax to repay the debt and fund the generous pensions of the "golden oldies". Personally, I think it is totally unfair. Parents shouldn't pass a huge debt burden to their children, should they?
Are the older generation at fault in Greece and what about other cases where countries are in economic difficulties? Should American baby-boomers take some blame for what the younger generation is now facing? What about where you live, do you see a generational blame game playing out?
