Parents play a huge role in the development of a generation. I don't blame all boomers as my parents were boomers. They instilled in me a strong work ethic which has served me well. However, I saw lots of my peers being spoiled rotten and being handed everything on a silver platter. Now may of these spoiled children are moving back home since they can't achieve instant career success and buy a 3,000 sf home in a trendy area.
I made peanuts for my first 7 years out of college. My wife and I lived in cracker-box apartments for a time, and then finally purchased a very modest home. However, I gained great experience, and have reached a point in my career when I can now afford some of the things my parents have. It took me over 10 years, but that's made it all the more satisfying.
What?
What you did was "delay gratification" and well, that just isn't going to work now.
Today, I can take a pill to be happy. I can sue someone to be rich. I can eat what I want and have surgery to clean up the mess. I can sleep with who ever I want. I can wear my pants around my knees and complain about being judged. I don't need to work. After 12 years of school I can't speak English or balance a check book. I don't want to be responsible. Did I mention I have to take a pill to be happy?
The Boomer generation was divided, as the stats above show. Even if the majority is like their parents and many even like their grandparents, too many of them consume more than they produce.