True in theory only. UK has had 100s of generation where they had already made it and had the wealth, but they kept going at it. it is only in the last 2 generations after WW2 that kids in UK just do not want to work anymore.
Nah... now is the reverse. We want our medicare, medicad and social security. Screw the next generation and let them be our slaves. National debt? Not my problem, I am going to retire soon. That about sum up the attitude of some "boomer" generation.
LOL good one, have you looked at the US national debt vs china's lately? china is a team-based dictatorship, not so good for freedom etc.., but is amazingly efficient when it comes to implementing policies. It doesnt have to deal with layers of bullshit nor wasting pork barrel spendings to get stuff done like the democratic system in the US, that combined with a very experienced economic policy team, and they got the ball rolling pretty smoothly. The chinese's implementation of bailout is a clear example of that - 1 single needle shot to the heart, with funding flowing to all parts of the economy and directly to the population, backed by threats of harsh punishment for inappropriate use of the fund, and all implemented within weeks. It worked so good and efficient, now the economy is growing too fast, and they have the opposite problem. Also chinese mentality is different, there is no sacrifice most parents wont do for their kids, part cultural part result of the single child policy. I am talking about upper middle class high income family not eating good food themselves, or go on any vacations, just to save the money to buy their kid a house when they get older. Or renting 5 star hotel rooms next to the school on exam days, so the kid can commute less etc... it's a completely different mentality over there...