The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future

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A Wall Street Journal columnist delivers a brilliant narrative of the mugging of the millennial generation-- how the Baby Boomers have stolen the millennials' future in order to ensure themselves a comfortable present

The Theft of a Decade is a contrarian, revelatory analysis of how one generation pulled the rug out from under another, and the myriad consequences that has set in store for all of us. The millennial generation was the unfortunate victim of several generations of economic theories that made life harder for them than it was for their grandparents.
Then came the crash of 2008, and the Boomer generation's reaction to it was brutal: politicians and policy makers made deliberate decisions that favored the interests of the Boomer generation over their heirs, the most egregious being over the use of monetary policy, fiscal policy and regulation. For the first time in recent history, policy makers gave up on investing for the future and instead mortgaged that future to pay for the ugly economic sins of the present.
This book describes a new economic crisis, a sinister tectonic shift that is stealing a generation's future.
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About the author

Joseph C. Sternberg is editorial-page editor and European political-economy columnist for the Wall Street Journal's European edition. He joined the Journal in 2006 as an editorial writer in Hong Kong, where he also edited the Business Asia column. Born in 1982, he lives in London.
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Additional Information

Publisher
PublicAffairs
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Published on
May 14, 2019
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Pages
288
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ISBN
9781541742383
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Features
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Language
English
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Genres
Business & Economics / Economic Conditions
Political Science / Public Policy / Economic Policy
Social Science / Demography
Social Science / Social Classes & Economic Disparity
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Content Protection
This content is DRM protected.
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Available on Android devices
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Eligible for Family Library

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It’s not an exaggeration to say that middle-class Americans are an endangered species and that the American Dream of a secure, comfortable standard of living has become as outdated as an Edsel with an eight-track player.  That the United States of America is in danger of becoming a third world nation.
 
The evidence is all around us:
 
Our industrial base is vanishing, taking with it the kind of jobs that have formed the backbone of our economy for more than a century; our education system is in shambles, making it harder for tomorrow’s workforce to acquire the information and training it needs to land good twenty-first century jobs; our infrastructure—our roads, our bridges, our sewage and water, our transportation and electrical systems—is crumbling; our economic system has been reduced to recurring episodes of Corporations Gone Wild; our political system is broken, in thrall to a small financial elite using the power of the checkbook to control both parties.
 
And America’s middle class, the driver of so much of our economic success and political stability, is rapidly disappearing, forcing us to confront the fear that we are slipping as a nation – that our children and grandchildren will enjoy fewer opportunities and face a lower standard of living than we did.
 
It’s the dark flipside of the American Dream – an American Nightmare of our own making.
 
Arianna Huffington, who, with the must-read Huffington Post, has her finger on the pulse of America, unflinchingly tracks the gradual demise of America as an industrial, political, and economic leader.  In the vein of her fiery bestseller Pigs at the Trough, Third World America points fingers, names names, and details who’s killing the American Dream.
 
Finally, calling on the can-do attitude that is part of America’s DNA, Huffington shows precisely what we need to do to stop our freefall and keep America from turning into a third world nation.
 
Third World America is a must-read for anyone disturbed by our country’s steady descent from 20th century superpower to backwater banana republic.

New York Times bestselling author of The Dollar Meltdown.

In his New York Times bestseller The Dollar Meltdown, Charles Goyette showed how increasing government debt is destroying the dollar and the wealth of the American people. But the problem goes much deeper: the country is heading for financial ruin because our leaders are ideologically bankrupt. The time has come for a dramatic solution.

We need look no further than the Obama White House to find the culprits of America’s crippled prospects for recovery. They’ve forced the adoption of bailouts and unnecessary spending programs that do little but destroy wealth and drown the government in more debt and ever increasing red tape while engaging in undeclared wars at the expense of the people and their prosperity.

But this isn’t just a Democratic problem. The Bush administration was no better, with its unending and bankrupting elective war and the largest bailout in our nation’s history. It’s time for a solution that goes beyond politics as usual from the same old Red or Blue.

Goyette explains how the growth of federal power and its costly warfare and welfare spending are bankrupting America and strangling our prosperity.  The incredible $1.2 trillion a year we spend on state security is leading us straight down the road to ruinous debt. Transfer payments and social spending are equally unsustainable financial time bombs. The time has come to release the stranglehold of excessive government spending and ineffective over-regulation and let the free economy function as it was originally intended.

Career politicians continue to pointlessly argue without enacting real and effective change. No wonder a feeling of disenfranchisement is growing. Their destructive agenda needs to be exposed and stopped before it does us any more harm. Goyette reveals:

How increasing government debt and inflationary manipulations will bring down the dollar, which is already in decline. How the longstanding practice of crony capitalism—the strong ties between bankers, corporate executives, and their buddies and former colleagues in high government posts—strangles our economy. Why we need to reign in overseas spending and end American interventionism, before we meet the same fate as The Roman Empire, Napoleon’s France, the Soviet Union, and every other empire in history. Why freedom works and why the state doesn’t. Left to flourish on their own, spontaneous, self-organizing systems can and will restore our prosperity.

 

Red and Blue and Broke All Over couldn’t be timelier. In the face of the American government’s reckless spending, invasive social programs, unnecessary warmongering, and ill-advised, ineffective financial manipulation, it’s time to face the facts: we can’t continue along the same destructive path if we’re serious about turning our country around

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