It is a generational wealth transfer. But when boomers die, they're generally leaving that wealth to millenials, aren't they? Except that the boomers also have a lot of debt.
That would depend very much on how the wealth is consumed I would guess. If it is used to finance vacations to Mexico and throw away imported consumer goods, that wealth will be lost. If it was used to build nice cities and finance great art, it would be preserved.
