July 17, 2011
Okay, I stole the line from Thomas Friedman, but if there is truth to baby boomers behaving badly it is that we treat people like Thomas Friedman as serious intellects who have real insights to give us about politics and society. In fact, Friedman is someone who has made a splendid career for himself opining on issues of which he knows nothing. In addition to being a New York Times columnist, he is the author of numerous best-sellers and a frequent guest on the Sunday morning talk shows.
The problem for which baby boomers share blame is that we allow people like Friedman to distract us from real concerns. For example, Friedman gives us a lecture today about living within in our means. In fact, the reason that so many people find themselves in bad financial shape today is that people like Friedman crowded out voices who saw real economic problems like the stock bubble, the housing bubble and the over-valued dollar.
The consumption of the 90s and 00s would have been entirely sustainable if the stock bubble and the housing bubble did not burst. And the country would not be borrowing from China or anyone else if the dollar fell to a level that was consistent with balanced trade. But the people who were warning of the collapse of the bubbles and who understand international trade did not have the same megaphone as Thomas Friedman.
Of course the baby boomers didn’t give Friedman his columns, nor did they promote his books, but many did get suckered. If they continue to take Friedman and his ilk seriously, then they will have badly failed future generations.
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