The way the baby boomers have and still are running this country is a disaster. We need to get them out and start getting things in order. It will not be easy. Until that happens expect more of the same.
Trying to blame all what it is happening to a single generation is a mistake, the economy of the world has been manipulated for a long time since the bankers were conspiring to get rid of the gold standard, this is a process which has taken a long time, but fortunately you do not have to be one of those that lose everything, you can take precautions the most important as stated in the OP is to not have debt, avoid debt as much as you can because your future depends on it and try to get a form of money which is not related to the governments like precious metals or cryptocurrencies.