Part of the reason why the Business Cycle moves in great lengths of 51.6 years is also generational. Attitudes change with time. When the Puritans fled to America after really being chased out of England as fanatics not much different that the Muslims we label terrorists today, they brought to America prejudice, bias, and the so-called work ethic depicted in Communistic paintings that use to hang in the art galleries in Berlin before the Wall came crashing down.
The Supreme Court is hearing gay marriage rights. Under Equal Protection of the Law, if everyone is not treated equal then the majority has the right to oppress the minority for any reason. Polls of youth under 30 show their attitude is as long as it does not affect them, who should care. The same attitude is emerging that their parents were told to buy a home and that would be your retirement has gone out the window. Rents are cheaper than taxes in most cases and houses do not go up in price affording a savings net of those taxes.
There is always a generational shift in beliefs and attitudes. This to a large extent is marking the demise of newspapers, TV news, governments, and the whole idea of taxation. The youth have turned away from Marxism and show that taxing the rich at higher rates is just not “fair” and everyone should be treated equal.
Obama and crew may be preaching to the choir, but the choir is getting old. This is also the source of the rise of a third party.