The key parameter that has changed all over the world is there are more net benefit recipients than net payers in (i.e. far more old people relative to young people).
By far, the largest wealth transfer that happens is young to old, via defined benefit pensions (such as social security), healthcare, and asset price increases (via decreases in purchasing power of the currency).
In a democracy, most voters will vote for these policies, because most voters are or will soon be beneficiaries of these policies. I am betting that Millenials, once they are in their 50s, will continue voting for the same policies that Boomers have for the past 20 years, since they will have the same incentives.
By far, the largest wealth transfer that happens is young to old, via defined benefit pensions (such as social security), healthcare, and asset price increases (via decreases in purchasing power of the currency).
In a democracy, most voters will vote for these policies, because most voters are or will soon be beneficiaries of these policies. I am betting that Millenials, once they are in their 50s, will continue voting for the same policies that Boomers have for the past 20 years, since they will have the same incentives.