Monday, March 8, 2010

Battle of the ages: Boomers vs. the young :: CHICAGO SUN-TIMES :: Personal Finance

Battle of the ages: Boomers vs. the young :: CHICAGO SUN-TIMES :: Personal Finance

Battle of the ages: Boomers vs. the young


March 8, 2010
We've just seen the first pitched battle in the next war -- The War Between the Generations. It will be a war that divides America in a way we haven't seen since the Civil War. Unlike the recent political battles between red states and blue, or the liberals vs. the conservatives, this battle will not be a matter of choice. It will draw its lines of distinction based on age -- and wallets.
I first wrote about this topic exactly six years ago in a column titled "Medicare Drain Heralds Generation Warfare." In it I pointed out the growing conflict between the generations -- the huge number of baby boomers who have been promised benefits in their retirement years -- and the smaller, but equally vocal generation that will be taxed to pay for those promises.
Until now, the focus has been on the federal government, but now the battle has moved to the state, city, and local level. Unlike the federal government, states cannot simply "print" or create the money, or run budget deficits. So they're forced to raise taxes, or make spending cuts -- or both. The pain is starting to be felt.
First skirmish: education
The first pitched battle was staged last week -- at college campuses across the country. The younger generation -- college students, high school students, and some in grade school -- joined to protest the rising cost of college tuition, along with cuts in resources at all levels of public schools.
In Chicago, the public school district is cutting back some spring non-varsity sports and eliminating lacrosse and water polo and facing other funding decisions because of its budget crisis.
Across the nation, from New Jersey to California, after-school activities