I know it's easy to criticize the "kids these days", but do statistics back up the common assumption that Gen Y has more consumer debt than Gen X or the Baby Boomers? I know I once saw a statistic (can't find the source right now, unfortunately) that showed Gen Xers, on average, saved the most for retirement while the Boomers saved the least.
With respect to rampant consumerism, are we all forgetting the 80s that quickly? This guy was a quintessential Baby Boomer:
