Thanks Dean. Yes, it seems to me like we are falsely caricaturized like this to make the preceding generations feel better about themselves, their propensity toward over-indulgence and lack of foresight.

More worrying to me, however, is the fact that when the baby-boomers die off, they will leave trillions in wealth, by way of inheritance, to their children – most of whom will have done little to earn or deserve it.

This will further entrench the already staggering wealth inequality and possibly even see us re-entering the age of aristocracy and inherited wealth.

Soon, the only way to get rich will to be born rich and rest of us will be left fighting for scraps.

For further info on this check out the French economist Thomas Piketty's seminal work Capital in the Twenty-First Century.