The baby boom generation, of which your blogger is a member, shows no signs of amending its profligate ways. A study last month by TD Economics (disclosure: I worked there about 30 years ago) revealed that while younger Canadians were reining in their debts in response to dire warnings from policymakers and others, the older generation was continuing to get further into hock. Although the average level of debt among seniors is lower than for the population as a whole, the entirely predictable is starting to happen: bankruptcies among seniors are on the rise, according to official data.
What a wonderful generation we are! For years, we've been demanding generous social programmes that we have no intention of paying for, leading governments to pile up debts that future generations will have to pay back. And now it seems that increasing numbers of us are stiffing our creditors, rather than making any effort to live within our means.
Years ago, I remember hearing, I think from the Chief of one of Canada's First Nations, something to the effect that "the role of government is to represent the future to the present". Fat chance of that while the baby boomers are in charge.
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