• by Matt Thornhill , September 12, 2011

Those self-centered, greedy Boomers got us into this Great Recession. Their spend now, save never attitude has bankrupted not only them, but everyone else. Soon, they will sell their McMansions in order to downsize to single-floor living, depressing the housing market for years. Next, they will bankrupt Social Security and Medicare. And recently, the Federal Reserve Bank of San Francisco reported in its Economic Letter that Boomers will likely cause a prolonged slump in stock prices through 2021 (yep, that's not a typo).

The esteemed New York Times writer, Thomas Friedman, went on NPR last week and laid full blame for America's decline on Boomers. According to Friedman, "We shifted from the Greatest Generation that operated on 'sustainable values' -- saving and investing -- and handed power over to the Baby Boomer generation who really lived by 'situational values' -- borrow and consume." Friedman (who is a Boomer) goes on to say "Baby Boomers have a lot to answer for. They have not followed in the path of their parents in terms of making the hard decisions, making the long-term investments."

What a load of ... well, you know.

Seriously, was it really only the Boomer generation who didn't make hard decisions? The end of the Cold War saw the rise of a new American society and psyche based on seemingly endless opportunities. Friedman claims that's when we "put our feet up." But is the "we" only one generation? How about members of the Silent Generation, or Gen Xers, or even the young Millennials?

If you buy the blame side of the equation, then you better get ready to give the lion's share of the credit to Boomers for being the generation that is pulling America back to "sustainable values." That's right, more than any other generation today, Boomers are waging an economic revolution that will slowly but steadily shift societal views of economic success from what's happening on Wall Street back to what's happening on our streets.

Signs of this change are already showing up in the personal finances of Boomers and how they are consuming goods and services.

For example, Boomers are now hoarding their nuts rather than displaying them for all to see. How? The old-fashioned way, by prioritizing their needs over their wants and living on a budget.

That's what the monthly Consumer Intentions & Actions survey from BIGresearch shows. Once the Great Recession began, the majority of Boomers immediately began agreeing with the statement: "Over the last six months, I have focused more on what I NEED rather than what I WANT," and at a higher rate than do younger generations. More Boomers also agree they are "more budget conscious now" than do the younger generations.

We know it's easy to blame Boomers for, well, everything. But maybe it's the Boomer generation's ultimate legacy to shape a new ethos for our society -- responsible consumerism.

It seems the message of Depression-Era parents has finally taken root in the Boomer brain: save money and live within your means. Boomers account for only one in four Americans, but they are responsible for over two-thirds of consumer spending. If they consume in a more responsible manner, so too will others.

Marketing organizations should take note. This "new normal" puts emphasis not on keeping up with the Joneses, but on ignoring them. Consumers are worrying about their own financial situation. They know they have to be responsible. If not, then they'll only have themselves to blame.

But not Boomers.