dfk41 irresponsibility of the millenials who despite being told, had no experience of life when interest rates were high and so could not actually imagine the effects of their reckless spending and borrowing habits fuelled by very low interest rates
This is true - and as you said correctly, it was what they know/knew: cheap credit, low interest rates, low unemployment etc.
Equally, they can also complain about what where those people thinking in the past…. Burning fuel like no tomorrow, making advances in medicine, in general standard of living, having a final salary pension and now we are living to an old age which was totally unexpected back when those things were in place. Where will this money come from? (You don’t need to tell me, I know - I’ll be paying for it). Although the generation before me (baby boomers) have it all, a comfortable retirement, property, I most likely will be working until the day I drop dead to pay for those, now, in hindsight, mistakes. But that was not known then. And I tell you something, I feel very sorry for my son’s generation who would potentially not even dream of the things even my generation had for granted.
I’m not navigating a dig at you particularly. I just think it’s unfair to shift the blame and think that generation <insert name here> did all the good work and the subsequent generation did all wrong. After all, the future generation will have to deal with what’s set out for them… with policies and mistakes made by he current one.
I lived my childhood through astronomical interest rates and hyper inflation. I know it too well.
Hindsight is a wonderful thing.