The plight of the young is not simply that they pay more. It is that what they pay becomes somebody else’s income. High rents, student debt, expensive housing, insecure work, and weak pensions are mechanisms of transfer. Since the Thatcher-Reagan turn, Britain has moved from a post-war social contract towards a market order in which housing became wealth, security became private, and the young were left to buy their way into a world their elders acquired much more cheaply.