It’s All Their Fault
Neil Boorman
A call to arms, a chance for those born in the 70s and 80s to respond to the chaos. We can not stop the debt bomb but we can remove the Boomer politicians from office. There will be a general election in May. This is our opportunity to kick them out of power.This is a terrible time to be young. Graduates are joining the dole queue as soon as they leave university, while their parents retire on cosy nest eggs. First time buyers are struggling to pay off mortgages on shoe boxes as their folks buy second homes abroad. Young families are struggling to provide the basics as their grandparents embark on another cruise.Every baby in the UK is born owing £22,500, a share of the £1.4 trillion credit crunch bail out. The average student graduates £20,000 in debt. The prospect of paying off that debt and saving for a deposit for a one bedroom flat is remote, and it is all the fault of our parents. Anyone under the age of 35 is living in the shadow of the Baby Boomer Generation who grew up in an era of rapidly growing prosperity, drew wages from jobs for life, got their education for free, and bought multiple cars and TVs that they didn't need.The enormous financial debt we've been handed comes from both their megalomania of overspending and their reckless economic and political decision-making. And it is going to get worse. There are roughly 900 days left until the Boomer time bomb goes off and they reach retirement, cease to pay taxes and start drawing pensions.We have one chance to create change, and this is it.
It’s All Their Fault A Manifesto
by
Neil Boorman
650 DAYS. THAT’S ROUGHLY HOW LONG WE’VE GOT UNTIL A TIME BOMB GOES OFF IN THIS COUNTRY. IT WON’T BE THE END OF THE WORLD, BUT IT’LL DEFINITELY AFFECT US FOR THE REST OF OUR LIVES. IT’S NO GREAT CONSPIRACY. THE PEOPLE WHO RUN THE COUNTRY – POLITICIANS, CIVIL SERVANTS, BANKERS – HAVE KNOWN IT FOR YEARS, BUT THEY’VE DONE NEXT TO NOTHING ABOUT IT…
www.itsalltheirfault.com (http://itsalltheirfault.com/)
Table of Contents
Cover Page (#ub9b324e9-60a6-5704-b5ff-d0a62c051e2b)
Title Page (#u36d2d636-461f-560c-906c-e1e239c6b46e)
In 650 days (#u10491b7d-7d8c-5615-8212-df5092c5dccb)
Copyright (#litres_trial_promo)
In 650 days (#ulink_eb9ddd2e-9525-52d8-b334-9a2e97e3c7a2)’ time, our parents, the Baby Boomers (#litres_trial_promo), will start to retire. They’ll stop feeding money into the system with taxes, and start sucking it out with benefits. Why is it such a big problem? Because there are so many of them and we don’t have the money to pay for them. Right now, in Britain, there are four working people to support every pensioner. By the time all the Boomers retire it’ll be two to one. We are going to become slaves to our parents, working longer hours, paying more taxes and getting further into debt, just to pay for their retirement. This is just a bit unfair, when you consider that Baby Boomers (#litres_trial_promo) are the richest generation that ever lived.
DO YOUR PARENTS LOVE YOU? OF COURSE THEY DO. BUT IT HASN’T STOPPED THEM ROBBING YOU BLIND
They might have given you the best start in life that they could. But they stopped short of providing for your future, or the future of your own children. They knew this problem was around the corner, and they had plenty of time and money to sort it out. But they chose not to. In fact, they chose to spend more money and use up greater resources than they had, knowing full well that the problem would be left for us – their own children – to sort out.
It’s not just pensions. Look at all the material wealth that your parents have accumulated – the houses, the cars, the holidays, the savings. Did you expect to have the same things as them when you were growing up? Unless you’re a hedge fund manager in the City, you can kiss those dreams goodbye. It’s us who’ll be paying off their billions of pounds’ worth of Credit Crunch debt. And what about the environment? We’ve been left with the bill for clearing that up too.
GENERATION DEBT
Every new generation is defined by the icons and events of its time. For Generation X, it was supposed to be Grunge; MTV and the Internet for Generations Y and Z. All that went the way of Woolworths on the day the Boomers took control. Forget about iPlayer or YouTube, the symbol for generations born after 1964 is the credit card, because each and every one of us is sitting on a mountain of debt, built up and handed down to us by our folks.
You don’t need to read this book to know how tough it is to live a normal life these days. You are living with the reality every day. Everything is expensive and in short supply. Nothing comes easy. And it’s going to get worse. This manifesto will tell you what you can do about it.
Every baby in the UK is now born owing £22,500
– his or her share of the £1.4 trillion Credit Crunch bailout. Added to which the average student graduates owing more than £20,000. Add all this together, and you’re left with a generation owing more than £40,000 before they’ve earned their first pay packet. That’s if you can get a job; there are 2.5 million people unemployed in the UK. One million of them are under 25 http://bit.ly/under25 (http://news.bbc.co.uk/2/hi/business/8438789.stm).
Pay packets, when you do finally find work, don’t stretch beyond the absolute basics. First-time buyers need to earn an above-average salary to afford an ex-council flat, and you need a partner earning a full-time wage just to cover the food and heating. It’s getting to the point where having children is a luxury.
Student debt is sold to us as an investment for our future, but that BA (Hons) certificate isn’t worth the paper it’s printed on. The more companies streamline and outsource their manpower, the less chance we have of winning well-paid, long-term contracts. Forget about jobs for life, university graduates are settling for part-time shop work or volunteering abroad.
These days, it’s not unusual for 30-year-old professionals to go begging cap in hand to the Bank of Mum and Dad for bailouts, http://bit.ly/bankofmumanddad (http://www.independent.co.uk/life-style/house-and-home/property/the-bank-of-mum-and-dad-1658766.html). And branches of the Hotel of Mum and Dad are springing up all the time – providing beds for a generation that studies hard for grades and toils diligently at work but still can’t afford to make their own way.
And where are the proprietors of Mum and Dad Plc, now that the Credit Crunch has killed the party? They’re safely tucked away in gated communities, or on permanent vacation in their places in the sun www.aplaceinthesun.com, leaving us to fight over the expensive dregs. If we have one certainty in the future, it’s that we’ll be working long past retirement age – which incidentally is being raised – to pay off the debts.
Heaven help the kids who are being born into this mess.
Go to http://bit.ly/debtoverseas (http://www.guardian.co.uk/world/2008/may/11/spain.france) to see how the exact same problem is kicking off overseas.
It was a different story when our parents were growing up. In fact, their lives sound like fairytales compared to ours. They fully expected to live a better life than their own folks. They drew decent wages from long-term jobs and received generous benefits from the welfare state. For them education was free and houses (not flats) were cheap and readily available. When prices boomed in the Eighties, they paid off their mortgages overnight. Suddenly flush with new money, rather than saving it sensibly, even working-class families were out buying new cars and colour TVs and taking holidays abroad. Mothers returned to work not just to cover the bills, but to improve the living standards of the family (#litres_trial_promo).
BLAME YOUR PARENTS
Those halcyon days are well and truly gone. We’ve been lumbered with so much debt and the cost of life’s basics has shot up so high that we’re guaranteed never to live as easily again. And it hasn’t happened by accident. The awful truth is that, as our parents have climbed the ladder of social mobility, they have kicked the rungs from beneath them and prevented us from following them.
But don’t take my word for it, just ask yourself this: who brought an end to the free education that they enjoyed when they were young? Who voted for low taxes while drawing easy handouts from the state? Who bought cheap houses, sold them for a fortune and priced out first-time buyers? Who awarded themselves record salaries and shipped the rest of the work overseas? Who cashed in on the market boom, then expected the taxpayer to bail them out when it went bust? You know who.
The enormous financial debt we’ve been handed is from their overspending. Everything about today’s self-obsessed modern culture (record rates of divorce, suicide and drug addiction) comes from their megalomania. And the environmental crisis, dangerously close to the point of no return, is a hangover from their overconsumption. None of this is news to our parents though. The alarm bells have been ringing for decades, but they’re world leaders at burying their heads in the sand.
Greedy? Selfish? Mummy and Daddy? It can’t possibly be true? Here is what well-respected thinkers from across the political spectrum have to say:
‘TWENTYSOMETHINGS WILL BE LUMBERED WITH HIGHER LEVELS OF TAXATION IN THE FUTURE TO PAY FOR THE LONGER AND BETTER RETIREMENTS OF THE AGEING BABY-BOOMER GENERATION…
THAT’S NOT FAIR,’
SAYS RYAN SHORTHOUSE OF THE GUARDIAN.
‘With their children departed and the mortgage paid off, their spending power is greater than that of any other age group,’ says Melanie Phillips in the Daily Mail. ‘They use it to pump up their lips and suck out their thighs, go trekking in Peru, and work out in the gym, eat organic food and irrigate their colons to cheat death and anticipate several more decades of looking after Me.’
‘They won’t be around to see the results,’ says George Monbiot in The Guardian, ‘…they were brought up in a period of technological optimism; they feel entitled, having worked all their lives, to fly or cruise to wherever they wish.’
‘For too long the world has been run by…a generation that was simply born lucky,’ says Sarah Vine in The Times (who is married to 43-year-old Shadow Secretary of State for Children, Schools and Families, Michael Gove). ‘Now the party’s over, they’re not rolling up their sleeves either. Oh no, they’re outta here, baby…It’s left to us to clear up.’
‘The boomers have poisoned the wells and ploughed salt into the fields,’ warns Bryan Appleyard in The Sunday Times. ‘In the midst of their success and greed, the boomers forgot…that society is a contract with three interested parties: the dead, the living and the unborn. Their children are paying the price of their amnesia. For the moment, they seem resigned, but, soon enough, they’ll want their world back.’
THAT TIME IS NOW
Every generation has to struggle for something that it believes in – democracy, equal rights – but ours is nothing to do with race or class. It’s going to be a fight between a debt-ridden minority of young adults and a glut of needy pensioners, who squandered the money they should have saved to support themselves and who will be supported by the working young.
Luckily, they have presented us with one big opportunity to make a change before the time bomb goes off.
CALL TO ACTION
There isn’t much that we can do to fix the car crashes that our parents made in the past; it’s a patch-up job at best. But we can prevent them from making any more in the future. The government has called a general election for 6 May this year. This is our one big opportunity to kick the Baby Boomers out of power before the future gets any worse.
The plan is very simple:
VOTE FOR CANDIDATES UNDER THE AGE OF 46 OR 65 AND OVER.
To find out who’s standing in your local area, how old they are and what they stand for, visit www.itsalltheirfault.com.
We’ve never been very good at turning up to the election box. After all, what’s the point of voting for people who lie as a matter of routine and break almost every election pledge that they make? And thanks to the expenses scandal, we know that they’ve been fiddling money out of the system for years. You’d be forgiven for thinking that politicians are all in it for themselves, and you’d be right; after all 70 per cent of MPs currently sitting in Parliament are Boomers. But that’s okay; we won’t be voting for them in any case.
There are plenty of alternatives standing in the general election. The following non-Boomer candidates could be a taste of things to come, if we get our act together and vote:
X SAFE AS HOUSES
Sarah Teather, 35, MP For Brent East
http://bit.ly/SarahTeather (http://www.brentlibdems.org.uk/)
The youngest front-bencher in Parliament, Sarah was named one of the saints of the MPs’ expenses scandal. She was eligible to claim tens of thousands of pounds in expenses, but chose not to. As the Shadow Housing Minister, she wants to bring the housing market back down to earth. ‘For many, the dream of owning your own home is as far away as ever…Across the country 800,000 properties lie empty…Why can’t some of these empty state-owned homes be offered cheaply to first-time buyers who are willing to put in the work to bring them up to scratch (http://www.libdems.org.uk/news_detail.aspx?title=Speech:_Sarah_Teather_delivers_Conference_speech_on_housing&pPK=f16bfae0-d906-48ed-b307-625c215c2aab)?’
X YOUTH PIONEER
Rushanara Ali, 35. Standing in Bethnal Green & Bow
www.rushanaraali.org (http://www.rushanaraali.org/)
Dubbed one of the most powerful Muslim women in the UK, Rushanara Ali is fighting for a seat in Parliament on the youth vote. ‘The boards of…public institutions that control billions of pounds of public money are…dominated by middle-class, middle-aged white men. It is little wonder that many people, especially the young, feel disconnected from those that hold power and make decisions that affect their lives.’ She’s pledged to bring 19- to 25-year-olds into politics. ‘The time is ripe,’ she says, ‘to help them take up positions of power.’
X VOICE OF REASON
Vince Cable, 67, MP for Twickenham
www.vincentcable.org.uk (http://www.vincentcable.org.uk/)
In a parallel universe, Vince Cable is Prime Minister and a new world order is engulfing the idiocracy. He frequently warned that the economy was overdependent on cheap personal debt and an overvalued pound, long before the Credit Crunch kicked off. When the banks collapsed, he pushed for them to be nationalized rather than bailed out. And when the greedy RBS board threatened to walk over their £1.5 billion bonuses, Vince called their bluff and urged them to go. And he emerged as the cleanest senior MP in the expenses scandal.
X FEE SCRAPPER
Greg Mulholland, 39, MP for Leeds North West
www.gregmulholland.org (http://www.gregmulholland.org/)
He campaigns to scrap student tuition fees. He fights against the sell-off and development of green belt land. He lobbies for the reinstatement of NHS dentists. And he’s marched against the war in Iraq. If there’s a reason why he’s not more famous, it’s because he’s too busy doing his job to organize any PR.
X SELF-LOATHING BOOMER
David Willetts, 54, MP for Havant
www.davidwilletts.co.uk (http://www.davidwilletts.co.uk/)
If there’s one single Boomer worth voting for, it’s Willetts who, on the basis of his speeches, could have written this book himself. ‘If our political, economic and cultural leaders do not begin to discharge their obligations to the future, the young people of today will be taxed more, work longer hours for less money, have lower social mobility and live in a degraded environment in order to pay for their parents’ quality of life.’ Amen to that.
This isn’t a fight between Left and Right or Labour versus Conservatives; it’s between Generation Debt and the Baby Boomers AND IT’S A FIGHT WE’VE GOT TO WIN
Consider this book a manifesto and a call to action; a chance for those born in the Seventies and Eighties to respond to the chaos caused by those born in the Forties and Fifties. We are the generation that has to clear up their mess. This manifesto will explain why, and more importantly how.
AGE IS MORE THAN A NUMBER
Is it fair to say that every member of a generation behaves in the exact same way? No. Is it fair to say that a generation of people share certain characteristics? Yes. Each generation has a collective personality, which is shaped by the events of the time. For us, 9/11, the Credit Crunch and global warming defines who we are. For the Baby Boomers it was the post-war boom, which brought an explosion in population, unparalleled economic growth and a sea change in the way children were brought up.
Boomers are easy to identify. As of their birthday in 2010, they’ll be aged between 46 & 64.
BOOMING POPULATION
The demographic model of the UK population looks like the side profile of your average middle-aged man: skinny chest and legs, and a great big sagging belly and arse in the middle. The skinny upper torso is the ‘Silent Generation’, in other words our grandparents, who were born before 1946. The skinny legs at the bottom are Generation Debt, born after 1964. The great big muffin top in the middle is the Baby Boomer generation, a population explosion that followed the Second World War.
The outbreak of peace in 1945 brought a tidal wave of euphoria to our grandparents, millions of whom returned home from the war to start new families. In the early Fifties, the majority of young suburban wives fell pregnant, which resulted in a sharp rise in births during the post-war years – the Baby Boom. By the end of the Boom in 1964, a whopping 11 million babies had been born.
You might think that we could have benefited equally, but with the advent of the Pill, birth control was so cheap, easy and effective that millions of Boomers put off having children until much later. This explains why our generation is so small in comparison.
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