Yet their governing style has been one of ironic detachment, in which institutions are allowed to run themselves with little accountability. On their watch, “visionary” CEOs have pocketed trillions through debt-financed LBOs, stock buybacks, and various mark-to-market repackagings. With even Democratic leaders like President Bill Clinton agreeing that “the era of big government is over,” few Boomer political leaders have bothered themselves much with managing the big government that remains in operation. Liabilities grow, regulations multiply, programs overlap, and infrastructure crumbles.
