Most Western countries are built on the assumption of endless growth.
The Baby Boomers were the largest generation at the time, and enjoyed the post-war boom years. They built a lot of policy on the assumption that the next generation would be an even larger cohort, and would be even richer than they were. Both assumptions turned out to be false, not least because of many disastrous policies that boomers introduced.
Governments have been extremely reluctant to admit those mistakes, because it's bad news with no easy solution. It needs redistribution of wealth and the breaking of promises made to boomers and older Gen X about pensions. It needs massive cuts in property prices, which is where a lot of boomer wealth is.
Many governments have been trying to fix it with immigration. Healthy, young immigrants, education paid for by someone else, making up the numbers. But now immigration is very unpopular too.