Are Baby Boomers the Key to Economic Recovery?

We baby boomers are probably to blame for the economic crisis. There are too many of us and we represent the biggest consuming group ever. We borrowed to our hearts content and now cry, “uh-oh”. Because we will live way too long, we will be responsible for breaking Social Security and Medicare. But here’s the good news, we can save America from economic disaster.

The seventy-six million people born between 1946-1964 are the baby boomers. Pollster John Zogby posed this question last summer to 4,000 Americans: “What will be the historic legacy of baby boomers? Forty-two percent said boomers had “ushered in an era of consumerism and self-indulgence.” That’s why they are also called the “me generation”. The boomers are the healthiest and wealthiest generation ever.

The first boomers will turn 65 next year. Forget all the debt that will be left to our kids, their taxes will have to go way up to pay for all the Social Security and Medicare boomers will need. There is no hope that the politicians can figure this one out and come up with a workable solution.

Boomers are not only draining national resources but are sucking the life out of the job market. The unemployment rate for kids of the boomers is 40%. The situation will worsen as boomers delay retirement to pay their debts and prepare for costs of aging.

So what is the answer? Short of euthanasia, is there anything the boomers can do to help the economy? I believe there is. Not only are boomers the biggest generation, they are the most educated and skilled. It is time to use our mental skills and get creative.

Our mindset needs to move from jobs, jobs, jobs to create, create, create. Stop looking for government handouts, stay away from the job fairs, delete the resume, and use your education and experience to start small businesses by the millions. The goal is no longer to be rich and retired but to be resourceful and rewarding to the next generation.

There has never been a time like this, when a person can start a new business on a dime. Technology is cheap and online start-ups can turn into global enterprises overnight. Recent economic history has shown the rise of the service industry. I’ve seen everything from dog poop cleanup services to auto repair services that come to your door.

Unions, Wall Street, and government can only think in terms of big companies. But it is the small businesses that will save America and create jobs. There are stats galore about baby boomers. I would like to add a couple to the list. Beginning in 2010, how many businesses did they start and how many people did they hire?

We will have to create alone. Unions will not support us for obvious reasons. Wall Street will not notice us and we will not have the money to buy political clout.

Creating jobs is a legacy to die for.


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