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A Note on Generations

Today, Charlie Sykes cites a USA Today article about helicopter parents choosing professions for their children:
As Generation Y enters the job force, parents of new hires are calling employers to negotiate salary and benefits, and some are even showing up at job fairs.
Here's my question:

I would imagine the children of Generation Y will be Generation Z. Once we get past that, do we go all the way back to Generation A? Or do we start doubling up, and make it Generation AA? And if that's the case, won't there eventually be a Generation XXX? Because that sounds like something I would want to be a part of.