A Second Coming of Age

American Demographics, June 1, 2004 by Jim (American writer) Taylor

Byline: DR. JIM TAYLOR

Bob and his pals stand around the pool admiring the emergent power of Bob's willy, as an amused Mrs. Bob fairly swoons with enthusiasm, and not a little pride. Woody wars are upon the land. Viagra led the parade as Bob Dole brought erectile dysfunction from our bedrooms into our living rooms and kitchens. Since the launch of Pfizer's Viagra, we have had prime-time introductions to Glaxo's Livitra and Lilly's Cialis. A cavalcade of unappealing Boomer men assault us as they seek to rediscover the sexual prowess of their 20s while their sensitive significant others offer nodding encouragement.

I recall some years ago the launch of Alberto-Culver's FDS (as in: Feminine Deodorant Spray). This product's design complemented growing public acceptance of "unsightly blood stains in your daily wash" with admonishments about the social risks of vaginal odor. As an adolescent, I tried not to let commercials for the product shape my sexual attitudes, but I do recall, with some amusement, my sisters' discomfort. FDS introduced us to the commercial possibilities of evolving social trends - in the FDS case the rise and exploitation of feminism in the workplace. Whether or not the product ultimately succeeded, it broke new ground by paying homage to the growing power of women.

It should be no surprise then, that the "zipper effect[*]" should welcome us to "the age of the aging Boomer consumer." Because Boomers have clung to their youth so long; because no one in marketing wanted to disillusion them about their denial over aging and because it is politically useful to curry their favor, the emergence of Boomers into the autumn of their lives has been long in coming, but short on wide recognition of the dramatic consequences that a generation of aging, self-centered, self-serving and long-lasting "idiosyncrats" will have on our social landscape.

The present election is surely about Boomer politics (and religion, but I will get to that elsewhere). Iraq, the war on terror[[dagger]], the anti-entitlement movement, like Viagra, and its cousins (and, not-coincidentally, Vaginagra [superscript][TM] [?] is on its way), are harbingers of an emerging conflict between the interests of the young and the old. The numbers should chill the spines of social planners and futurologists everywhere.

While headlines continue to suggest a shared vision of a technocratic, networked, youthful connected future of spiritually profound, justice-based, caring, diverse and peace-loving global tribalists, a big problem is creeping up: Greed, class and a fault line across generations. There are 75 million Americans over the age of 50 according to Census 2000. Of these, 20 million are Boomers. And, there are 55 million Boomers between 41 and 50. In any case, 75 million Boomers made it past their halcyon, rock-charged, drugged, Vietnam, crazy '80s youth and young adulthood, and have begun to arrive at the sunset of their lives. (There are those who wish the National Traffic Safety Council, Ralph Nader and seatbelts had never been invented.)

These Boomers vote as a bloc. They understand the principle of self-interest. They are similarly distributed throughout the globally developed economies. They are ready for battle. Instead of condoms in their mess kits, they have Viagra.

Consider trends in longevity in the Greatest Generation, the last of whom are now into their 60s. They are also lasting a long time, just not as long as the Boomers will. There are now 34 million Americans over 65 and 1.5 million Americans over the age of 90. Roughly 300,000 of these are over the age of 100. This is more people over 90 or 100 than in all of American history put together. And these people are already flexing their class muscles. Just try to amend any provision within Social Security, health care for the aging or attempt a school, fire or police bond initiative. You will discover that protection of the interests of older people is job No. 1 in American electoral and budgetary politics.

Consider, for a moment, that when emerging senior Boomers were junior Boomers the "72-and-out rule" was in place. This idea, borne in times of Biblical prophecy, held that everyone would die by age 72, with rare exceptions granted for the purposes of a wise and caring God. Social Security based itself on the actuarial validity of this principle.

At the same time, asset taxation schemes that might have disproportionately taxed aging, less vigorous asset pools have never been contemplated. Inheritable assets were supposed to change hands every two generations. But, this transitive asset exchange process is unlikely to happen in any foreseeable term.

Those 75 million over-50s hold roughly 90 percent of America's $44 trillion in liquid assets. If autumnal Boomers follow true to form, they'll grow more conservative in their investment practices, they'll aggressively assert their entitlement rights and they'll be more defensive in expressing their social obligations to the generations that will (one can only hope) succeed them. Furthermore, if Boomers hold true to form, they are likely to spend the vast percentage of those assets on travel, leisure and their pursuit of an eternal woody. The kids will get thanked in the wills.