baby boomers crying all the way to bank, page-8

The baby boomers have enjoyed a brief period in history of largely no wars, massive increase in producttivity and economic growth, generous taxation treatment and ridden the crest of the biggest asset boom in history.

They will also ride down the other side and be crushed particularly hard, and will have no time left to recover any of the losses.

Gen X still has time, and has the work ethic to succeed.

Gen Y will also be OK, but will have to suffer a massive tax burden as the years progress.