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    It’s All Their Fault
    It’s All Their Fault
    It’s All Their Fault
    Ebook52 pages42 minutes

    It’s All Their Fault

    By Neil Boorman

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    About this ebook

    A call to arms, a chance for those born in the 70s and 80s to respond to the chaos. We can not stop the debt bomb but we can remove the Boomer politicians from office. There will be a general election in May. This is our opportunity to kick them out of power.

    This is a terrible time to be young. Graduates are joining the dole queue as soon as they leave university, while their parents retire on cosy nest eggs. First time buyers are struggling to pay off mortgages on shoe boxes as their folks buy second homes abroad. Young families are struggling to provide the basics as their grandparents embark on another cruise.

    Every baby in the UK is born owing £22,500, a share of the £1.4 trillion credit crunch bail out. The average student graduates £20,000 in debt. The prospect of paying off that debt and saving for a deposit for a one bedroom flat is remote, and it is all the fault of our parents. Anyone under the age of 35 is living in the shadow of the Baby Boomer Generation who grew up in an era of rapidly growing prosperity, drew wages from jobs for life, got their education for free, and bought multiple cars and TVs that they didn't need.

    The enormous financial debt we've been handed comes from both their megalomania of overspending and their reckless economic and political decision-making. And it is going to get worse. There are roughly 900 days left until the Boomer time bomb goes off and they reach retirement, cease to pay taxes and start drawing pensions.

    We have one chance to create change, and this is it.

    LanguageEnglish
    PublisherHarperCollins UK
    Release dateApr 6, 2010
    ISBN9780007364862
    It’s All Their Fault
    Author

    Neil Boorman

    Neil Boorman is a writer and campaigner living in London. He is best known for his book 'Bonfire Of The Brands', in which he destroyed the branded contents of his life. The book has been translated into 12 languages. A former columnist at The Guardian, Neil has since written and produced campaigns on behalf of Amnesty International, Adbusters, Fairtrade Foundation, World AIDS Day and International Women's Day.

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      Book preview

      It’s All Their Fault - Neil Boorman

      In 650 days’ time, our parents, the Baby Boomers, will start to retire. They’ll stop feeding money into the system with taxes, and start sucking it out with benefits. Why is it such a big problem? Because there are so many of them and we don’t have the money to pay for them. Right now, in Britain, there are four working people to support every pensioner. By the time all the Boomers retire it’ll be two to one. We are going to become slaves to our parents, working longer hours, paying more taxes and getting further into debt, just to pay for their retirement. This is just a bit unfair, when you consider that Baby Boomers are the richest generation that ever lived.

      DO YOUR PARENTS LOVE YOU? OF COURSE THEY DO. BUT IT HASN’T STOPPED THEM ROBBING YOU BLIND

      They might have given you the best start in life that they could. But they stopped short of providing for your future, or the future of your own children. They knew this problem was around the corner, and they had plenty of time and money to sort it out. But they chose not to. In fact, they chose to spend more money and use up greater resources than they had, knowing full well that the problem would be left for us – their own children – to sort out.

      It’s not just pensions. Look at all the material wealth that your parents have accumulated – the houses, the cars, the holidays, the savings. Did you expect to have the same things as them when you were growing up? Unless you’re a hedge fund manager in the City, you can kiss those dreams goodbye. It’s us who’ll be paying off their billions of pounds’ worth of Credit Crunch debt. And what about the environment? We’ve been left with the bill for clearing that up too.

      GENERATION DEBT

      Every new generation is defined by the icons and events of its time. For Generation X, it was supposed to be Grunge; MTV and the Internet for Generations Y and Z. All that went the way of Woolworths on the day the Boomers took control. Forget about iPlayer or YouTube, the symbol for generations born after 1964 is the credit card, because each and every one of us is sitting on a mountain of debt, built up and handed down to us by our folks.

      You don’t need to read this book to know how tough it is to live a normal life these days. You are living with the reality every day. Everything is expensive and in short supply. Nothing comes easy. And it’s going to get worse. This manifesto will tell you what you can do about it.

      Every baby in the UK is now born owing £22,500

      – his or her share of the £1.4 trillion Credit Crunch bailout. Added to which the average student graduates owing more than £20,000. Add all this together, and you’re left with a generation owing more than £40,000 before they’ve earned their first pay packet. That’s if you can get a job; there are 2.5 million people unemployed in the UK. One million of them are under 25 http://bit.ly/under25.

      Pay packets, when you do finally find work, don’t stretch beyond the absolute basics. First-time buyers need to earn an above-average salary to afford an ex-council flat, and you need a partner earning a full-time wage just to cover the food and heating. It’s getting to the point where having children is a luxury.

      Student debt is sold to us as an investment for

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