Why baby boomers borrow instead of saving
Monday, May 30th, 2005Imagine hearing every day throughout your childhood that a nuclear attack might incinerate you at any moment. Imagine schoolteachers holding drop drills and handing out maps showing the best routes to nearby fallout shelters. Imagine politicians from all major parties assuming that Russian Communists would attack us at any moment (and Soviet leader Nikita Khrushchev screaming, “We will bury you!” on TV). We all expected to die in a nuclear war. And even if we survived, we didn’t expect our society and economic system — or bank accounts — to make it through the holocaust.

