It’s All Their Fault. Neil Boorman

      In 650 days’ time, our parents, the Baby Boomers, 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 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.

      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. 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 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.

      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