The War That Wasn’t

For the past two decades or so, some experts have warned that generational warfare will explode as the Boomers, Xers, and Millennials fight over a limited pool of resources. But we don't see it that way.

The generational warfare scenario goes something like this: As the Boomers begin to retire, they simultaneously stop generating economic output and continue consuming resources — largely in the form of "transfer payments" from Xers and Millennials. With only three workers to support each retiree, Social Security taxes must eithe.....