Boomers find fiscal responsibility

As we mentioned a few weeks ago, boomers are finally getting fiscally responsible — just in time to screw everyone else. Cutbacks in spending by the largest age demographic in history will have a negative effect on the economic rebound. Gallup has put some numbers to the news, and this is how they stack up against other generations:

“Baby boomers’ self-reported average daily spending of $64 in 2009 is down sharply from an average of $98 in 2008. But baby boomers — the largest generational group of Americans — are not alone in pulling back on their consumption, as all generations show significant declines from last year. Generation X has reported the greatest spending on average in both years, and is averaging $71 per day so far in 2009, down from $110 in 2008. With baby boomers constituting the largest bloc of U.S. consumers, their spending habits have a proportionately greater effect on the economy, given that consumer spending accounts for about two-thirds of the total gross domestic product.