If people lived to be 1000 years old, then you would have 33 different generations at once. At the very least, those 33 different generations will tend to cluster together socially, to the exclusion of another. They will have come of age with the same events. You already hear people in their 30's talking about how they don't understand what teenagers are doing (Snapchat, etc.). Imagine if there were 32 other generations to comprehend: you would have to be an expert in history to even relate to people.
People already say that baby boomers have hogged wealth at the expense of their children and younger generations. I haven't investigated those claims in detail but it seems plausible. You would probably see different generations fighting for policy that favors them. I mean it would be hard to imagine this NOT happening.