When I wake up in the morning, I frequently remind myself to be grateful for the luck of having been born in 1942, and being able to ride the crest of a number of fortunate external circumstances that made my generation vastly better off than those who followed. I was in high school in the late 50s when Sputnik happened, fueling a huge increase in federal research funding that, powered my laboratory research career how our vision works. Both my parents and myself were clients of state governments or universities that offered generous retirement plans and pensions, and and the ability to set aside tax deferred money to invest for later years.
This has lead to the situation succinctly described in the following TED video done by Scott Galloway, who teaches at NYU, transcript of talk is here. (It was sent to me by my 49 year old son, an senior E-commerce digital solutions architect, whose expectations about the future are vastly more modest than mine were when I was his age.) One of the most striking graphics in the video shows how the increase in household wealth of those 70 and older has increased by 11% since 1989, while it has decreased by 5% for those under 40.
