Boomer rollercoaster

“In 2002 the oldest baby boomers (born in 1946) were 56 and the youngest (born in 1964) were 38. Now, consider this: Consumers between 35 and 44 spend about 20 percent more than average consumers and those between 45 and 54 spend about 30 percent more. In 2001 these two age groups represented about 40 percent of U.S. households — and half of spending.”…

“In 1946, just after World War II, consumer debt amounted to 22 percent of household after-tax income, reports the Federal Reserve. (That is, for every $10,000 of income, there was $2,200 of debt.) Now debt is almost 110 percent of income.”

Robert J. Samuelson in the Washington Post.