An Era’s Change
As we move into 2023 we ought to recognize that this is more than the change of a year. It’s part of an ongoing change in an era.
We’ve emerged from a long period, post-World War II, wherein that generation (“Boomers”) is aging and retiring or changing direction. Moreover, the “western” values of doing well, getting promoted, raising an intact family, empty nest, and so one has been greatly de-emphasized. The traditional transference of values generationally has been via the family dinner table, schools, and religion. All three are vanishing or held in far lower esteem today.
About 40 percent of children born in the US over the past year were born out of wedlock, and about 35 percent of all marriages end in divorce by the 20th anniversary. Amidst rising crime there are calls to “defund the police.” Around the world, tyrants are threatening with nuclear arms—in China, Russia, North Korea, Iran.
Finally, a record-breaking transfer or wealth is occurring as the Reagan-era IRA legislation requires that those Boomers begin withdrawing funds which will go to children or philanthropies. This is the largest trans-generational transfer of wealth in history.
So, don’t expect just another new year.
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