Why Boomer kids should bleed their parents dry

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Via Domainfax’s always repulsive Nicole Pedersen-McKinnon:

Nearly nine out of 10 parents of stay-at-home adults are similarly happy to help.

Which is lucky because almost three out four of their children are there because they can’t afford to leave, and parents from across the country tell me low youth pay rates along with inconsistent hours are big factors.

…Lewis puts it well: “It’s just a little bit expensive to be a young person now … let’s talk about casualisation and exploitation and wage theft and house prices – I mean it’s just a perfect storm.”

…For…all stay-at-home adults, I have a vital message: Your parents are compromising their own lifestyle – now, later or both – to fund your life.

“Repay” them by seizing the once-in-a-lifetime chance to set yourself up … for life.

They aren’t compromising a damn thing. The retirement plan of their generation is not separate to the war on youth that it is based upon. It is the same thing.

If you build a ponzi-economy that imports cheap foreign labour to support house prices and over-consumption then its kids are going to stay at home.

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One good inter-generational war deserves another.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.