A Blessed Generation
Of all the generations that span the history of mankind, it is the Baby Boomers who have experienced the most exciting and economically prosperous times of all. Babies born immediately after the World War ended witnessed the economy of the country shifting gears – from war mode and war mood to business mode and business mood. As the rest of world became busy in repairing its war-worn cities and fractured economies, businesses in United States enjoyed unprecedented boom time, with overfilled order books that ensured prosperity and wealth to its citizenry for decades to come. Those of the Greatest Generation, who fought the World Wars, delivered an economy that was ripe for explosive growth to their children – indeed, it wouldn’t be inappropriate to call Baby Boomers a blessed generation.
Cut to circa 2006, and this generation (actually, a set of two generations: 1946 to 1955, and 1956 to 1964) is now controlling a major chunk of leadership at all levels in society – whether it is political (Arnold Schwarzenegger, George Bush), cultural (Steven Spielberg, Oprah Winfrey), industrial & business (Bill Gates, Mark Cuban) or academic (Carl Wieman, Ben Bernanke) leadership, the Baby Boomers are at the forefront of them all. Those away from the limelight too are doing quite well. The demographic profile of Baby Boomers – prepared by the Mature Market Institute arm of the Metlife Insurance Company, New York – makes interesting reading. According to the report, about 78 million, or roughly 27.7% of the total US population, comprises Baby Boomers, living in 45.8 million households. Their estimated spending power: a whopping $2.1 trillion. 60% of these households comprise married couples with one or more children. The average household income of a Baby Boomer is roughly $75,700, as compared to the overall US average of $60,500. Clearly, it is the Baby Boomers who are in the hot seat at the moment, moving and shaking today’s economy according to their whims and fancies and tastes and comforts.