Jilted Generation by Ed Howker

Author:Ed Howker
Language: eng
Format: epub
Tags: youth, economics, politics, credit crunch, baby boomers, adulthood
Publisher: Icon Books
Published: 2010-01-15T00:00:00+00:00

Figure 20. National debt as a percentage of GDP, 1900–2011. The solid line represents HM Treasury figures from the Public Finances Databank. The dotted line shows figures from the OECD projected until 2011.

Now compare this to what happened when younger generations came of age. During the mid-1970s something strange happened: national debt wasn’t reduced any further. Although the percentage owed remained the same, the absolute amount increased dramatically as total GDP rose. It’s the equivalent of extending your mortgage after your house price goes up. And between 1970 and 2004 the debt remained at 46 per cent as the nation’s wealth continued to increase. The greatest generation paid down debt and their children cranked it up again. After the mid-1970s, governments almost always seem to be running a deficit, as shown in Figure 21.

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