Well, the creation of the entity that caused that (The Federal Reserve) pre-dates all of the generations alive today. (And for those who enjoy social media style pedantry...the oldest person in the world being just born when it happened != a generation)
One also should note that the standard of luxury most of us (even the poor) live in is MASSIVELY higher than it was in 1966. We expect a lot more creature comforts.
All of this is teetering on the edge of crashing into the abyss right now anyway. VERY few people appreciate the breadth of the coming crash and just how badly it is going to ripple across EVERYONE of EVERY generation. Some people delude themselves into thinking they’re safe. They are not. Are some worse off than others? Yes. But nobody will escape unscathed from what’s coming.
“Yes. But nobody will escape unscathed from what’s coming.“
Yep. So far thru all of the economic ups and downs between 1976 and today I’ve coasted with nary a scratch. I doubt that will continue…I REALLY doubt that that will continue for the reasons to which you have alluded.