But we didnt know! Not true: the boomers didntwantto know and did want unreasonably low taxes, and voted that way. Instead, the finger prints of the so-called . "We had the greatest generation," Simpson said. Our . The last time this issue was seriously tackled was back in 1983, when a Senate committee led by Daniel Patrick Moynihan curtailed benefits, and raised entitlement ages. We tested Wagner's theory: Baby Boomers, or the most recent cohort of state retirees, come back as the Greediest Generation, according to Google. Mass, forced labor was often utilized and there were between 10 and 11 million Soviet men returning to help rebuild along with 2 million Soviet dissidents held prisoner in Stalin's Gulags. Letter to D!ck Durbin D!ck Durbin, a Senator from Illinois calls senior citizens the Greediest Generation as he compared "Social Security " to a Milk Cow with 310 million teats. [2]http://www.ssa.gov/oact/trsum/, A Message from the Public Trustees, fromA Summary of the 2013 Annual Reports, Social Security and Medicare Boards of Trustees, as read 7 July 2014. They did it!. Sarah Dunant owns up to being a member of the greediest generation - the baby boomers. Getting overall spending under control inevitably means spending less on Medicare and Social Security. Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. Heres the excerpt: Anyway, have a look at it and if you should choose, you might communicate with me. We've also lost ground in child vaccinations: the United States now ranks 84th in the world for measles immunizations and 89th for polio. As a subscriber, you have 10 gift articles to give each month. The angry letter to Simpson surfaced on the Internet in early 2011 but in its original form was anomalously signed. We did it, and we did it deliberately, not caring what the long-term costs would be, or who would bear those costs. And its not just bridges and tunnels that have been neglected. "Hey Dick, let's get a few things straight!!! Canada is in much the same boat, with bridges and tunnels in Montreal collapsing or being reported as being under threat of collapse as the highest profile examples. Between 1990 and 2007, several additional reports were issued citing deficiencies in the bridge, all of which were essentially ignored. One bridge collapsing through neglect is a local problem, but having 75,000 others in the same risk category can only be attributed to a deliberate policy of neglect. And a big part of the reason is, as various reports noted, that Toronto should have been investing in at least one kilometer of subway extension a year, but actually invested in only a tiny fraction of that. . And we need to do it yesterday. She also tells it like it is! 43 years ago, I made enough money on silver and gold minicontracts to afford a getaway A-frame in the woods AND to pay for my ex-wife's law school . Its made no such promises for most of its official Treasury bills and bonds. The Greedies, the Silent Gen (can't blame them too much but they didn't mind going along for the ride) and Leading Edge/First Wave Boomers. Then, on August 1st, 2007, in the middle of the evening rush hour, the bridge collapsed, killing 13 people and injuring 145. A good dose of inflation caused by printing money (and the Federal Reserve is printing lots of money these days) can quickly wipe out much, if not all, of the real value of the official obligations. For example, some place the beginning of the millennial generation with those . We called up Blyth to talk about what alt-work means for the future economy, his thoughts on universal basic income, and whether the Baby Boomers are officially the greediest generation in human . MsFitz01 posted on 11/12/10 12:34 PM EST: "A Greedy Generation? Our influence has been huge. You and yours have bankrupted America for the sole purpose of advancing your pathetic political careers. To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. 2.9 million members of this generation served in the war, and there were 384,000 casualties. My parents went through The Depression and World War II. Dick Durbin, a Senator from Illinois calls senior citizens the Greediest Generation as he compared "Social Security " to a Milk Cow with 310 million teats. Next to jazz, blues, gospel music, and folk music; swing jazz became immensely popular with members of this generation. Pelzer, Jeremy. But showing them exactly how much they will have to pay in taxes to support the status quo might change their attitude. But I fear that we'll be remembered mostly for grabbing resources for ourselves, in such a way that the big losers will be America's children. Are we going to be the greediest generation?, Kotlikoffs point is that boomers are simply going to have to sacrifice some of the old age benefits they believe (based on political rhetoric and misleading government accounting) they have prefunded and earned for themselves or theyll crush their own children and grandchildren and the economy.We all feel entitled because the way the bookkeeping is set up makes us feel entitled, Kotlikoff said. This Montana Senior Nailed It! But this isn't the first time the "greediest generation" rumor has . We suggested that the superannuation tax concessions be tightened because they did not appear to be working to encourage more people to be self-funded. [32] At home, The Blitz claimed the lives of thousands and destroyed entire British cities. November 28, 2012. So how large is the U.S. fiscal gap? Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generationour parents and grandparents who rose en mass to fight a terrible war and keep us safe. Not just going fishing: Higher mortgage debt levels are keeping Baby Boomers in the workforce for longer, Ahuri research shows. Why shouldnt he try? When I think about the kind of world we are turning over to our children, it is The potential revenue from these additional tax raisings are swamped by the growing budget deficit. Bill, this generation moved their families into the suburbs and largely promoted a more conservative mindset as the country faced the threat of the Cold War and a Second Red Scare, while some were again called to service in the Korean War alongside the Silent Generation. The latest survey conducted by Russia's Levada Center suggests Victory Day is still one of the most important public holidays for Russian citizens, with 65% of those surveyed planning to celebrate it. We have shown the generations that follow us the how to do these things, which they are now mimicking. Here's a response in a letter from PATTY NYE from Illinois .. Camarillo, Alberto M. (1 October 1971). When the war in Europe began, millions of British citizens joined the war effort at home and abroad. compared "Social Security" to a Milk Cow with . Laurence J. Kotlikoff, a Boston University economics professor, prolific writer and occassional bomb thrower, has set off a debate on Forbes.com with a new column here Baby Boomers: The Greediest Generation. The first member of their generation to be elected president, John F. Kennedy, began a Space Race against the Soviet Union, and his successor, Lyndon B. Johnson, further promoted a controversial "Great Society" policy. Tony Shepherd is a businessman and a former head of the Commission of Audit. The Generational Dilemma of the 2020 Democratic Primary", "Full Committee Hearing on Statement Made by Gen. James A. This career politician's comments illustrates the entire . It used to be that each generation sacrificed so that their children would have a better life. "We had the greatest generation -- I think this is the greediest generation," he said. The sad truth is that there are not nearly enough bridges to nowhere in the budget to close the fiscal gap. As recently as 1966, for example, 29 percent of Americans over 65 were below the poverty line, compared with only 18 percent of American children. Authors William Strauss and Neil Howe later popularized the G.I. Our credit rating will fall, the cost of debt servicing will increase and the monumental task of repayment will get even harder. As a career politician, you have been on the public dole for FIFTY YEARS 2. As we've aged, age discrimination has become a basis for lawsuits, and the most litigated right has become the right to die. What cuts in YOUR retirement and health care benefits are you proposing in your disgusting deficit reduction proposal, or, as usual, have you exempted yourself and your political cronies? This is typical of the kinds of decisions that boomers have made: spend money on what we want right now, and to hell with the consequences later. August, 2010.". In fact, Simpson, who called Social Security "300 million tits on a cow," says his critics are members of the "greediest generation." Simpson told the hometown rag, the Casper Star-Tribune: "I've never had any nastier mail or [been in I think she is a little ticked off! . The solution is not to force the elderly to get by on cat food again. "I really believe that there are more patriots in America than selfish, selfish people," he said. In comparison, the Canada Pension Plan, which was established in 1965 by the government of Canada, was headed down the same path as the SSA until 1996. Weve reached a point now where its like a milk cow with 310 million tits! Returning veterans found their country occupied and received little support or respect. It is not your imagination, and it didn't come out of nowhere. During the past few months, economists Thomas R. Saving of Texas A&M, Edward P. Stringham of Fayetteville State University, and I have been working with IT developers at the California-based PJ Institute to develop a Web-based application we call the Personal Financial Impact Projector. Now, with those hormones fading, we've popularized Viagra. Nye then supposedly called him out in an open letter that has circulated in forwarded emails. But this is the choice we've made. [3]This is one estimate of the amount of assets held by the SSA that will have to be redeemed to keep its operations financed. Thats very difficult for people to accept. I have been paying Social Security taxes for 48 YEARS (since I was 15 years old. Generation term in their 1991 book Generations: The History of America's Future.[6]. The Baby Boomers should tighten their belts in the interests of their children and grandchildren. I think he is a little ticked off ! Baby Boomers: The Greediest Generation. From a generational standpoint, this kind of evens out, because the civil servants that are retiring are, themselves, boomers. And Itll hurt economic growth runs the second. And since the biggest voting block of the last 30 years and more has clearly been the boomers, the fault is ours. this generation, if they are not spitting mad, well, then they're just not paying attention. They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. Here's a response in a letter from PATTY NYE from Illinois . Few of us realize it, but with our acquiescence, Uncle Sam has spent decades running the worlds largest Ponzi scheme, taking ever-larger sums from each young generation and handing them to the old in the form of Social Security, Medicare, and Medicaid benefits. It's a bum rap, although he is noted as a world-class liar. So please, do not visit the sins of the father upon their children. On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. refer to American soldiers in World War II. This would be a tragedy caused by local mismanagement except that at the time it happened, the DOT had cited approximately 75,000 bridges in the United States as being deficient. [6]Were the CEOs of 2010 more than eight times better than the CEOs of 1980? This is not entirely the fault of the boomers, because it was underfunded from the start, and the generations before the boomers, including those who are retired and still alive, have demanded this level of benefits. No matter what happens to the official interest rate business continues to sit on its cheque book. 24 November 2010. We have systematically taken more out of our economy and society than we have put back, looting it for our comfort, convenience, and self-indulgence. Of course, this is a broad generalization about an entire generation. Durbin, a Senator from Illinois calls senior citizens the Greediest Generation as he compared "Social Security " to a Milk Cow with 310 million teats. Alan Simpson spent half a century in government service, including three terms as a senator representing Wyoming in the U.S. Congress. Are we the only generation that has ever been greedy? And this is not to imply that other generations are or were angelic in comparison to the boomers, because thats not true, either. We hated our parents as children. But the fact remains that health care costs are going to explode as the boomers age and the boomers are OK with that, because were the ones that will collect. 21 February 2008. ", George H. Soule, Prosperity Decade: From War to Depression: 19171929 (1947), Last edited on 22 February 2023, at 18:10, Military history of the United States during World War II, List of last surviving veterans of World War II, "Is It Time to 'Pass the Torch?' [1] They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. And now that their warnings are clear enough, and blunt enough, and the results are obvious enough, that we can no longer ignore them, we are hiding behind excuses, either pretending were not at fault, or claiming poverty. Henry Kissinger Comments on Trump: 'He Puts America First'-Mostly Fiction! Once we recognize the crushing burden the current system will place on our kids and grandkids, well see that reforming government spending programs (including entitlement programs)on our backs, not on our kidsis the only way to go. A number of popular film genres, including gangster films, musical films, comedy films, and monster films attracted mass audiences. He argued that these men and women fought not for fame and recognition, but because it was the 'right thing to do America isnt quite as badly off, but is clearly headed in the same direction. The means test for aged care does not include the full value of the family home. Brokaw wrote that these men and women fought not for fame or recognition, but because it was the "right thing to do". Both arguments are flawed and self-serving. Pope Francis Orders White Women to Have Children with Muslim Migrants-Fiction. We have a scheme where support for the older generations and other extravagances were legislated based on the assumption of continuing revenue from an unprecedented investment boom in resources. Nor can we inflate or borrow or tax our way out of it. In 2020, British Prime Minister Boris Johnson compared this generation to current generations and indicated his desire for them to show the same spirit of national endeavour, in relation to the COVID-19 pandemic. Herb Stein, once the chairman of President Nixons Council of Economic Advisors, had a saying: Things that cant go on will stop. What he should have said was, Things that cant go on will stop too late. When the U.S. Treasury bond bubble bursts, we could see a financial collapse that makes 2008 look tame. Illinois senator argued Social Security should not be part of fiscal cliff talks. ", I chatted today with Kotlikoff (a boomer himself) about the reaction. The lives of this generation are a common element of popular culture in the western world,[26] and media related to this generation's experiences continues to be produced. I cannot vouch for its accuracy. "The Greatest Generation" got its name from a book by the same name. [6]AFL-CIO Executive PayWatch database, as cited by yahoo! Real Estate Agent with Equity Fifty Five Realty, LLC. The over generous super provisions are another wealth transfer from the young to the old and should be tightened while not discouraging thrift and self-sufficiency (two words slipping from our lexicon). "I think this is the greediest generation." The problem, Simpson explained, is the "polarized" country we live in, and the media that . 11:00 The greediest generation in the world 12:10 Creating anger and volatility among younger people 15:00 Broke and lonely males are the most dangerous cohort 17:30 Need a leveling up for young males 20:45 Solution is viable young men 22:08 Need to double number of freshman seats at universities I grew up in the shadow of what Tom Brokaw called " The Greatest Generation .". The sad truth is that there are not nearly enough `bridges to nowhere' in the budget to close the fiscal gap. Yet Mother Nature wont be put off; she always gets paid. Don't let the door hit you on the way out. We talk on our cellphones in public places, annoying the people around us. Climate changes all the time it cant be our fault! runs the excuses of the first. She also tells it like it is! In the book, Brokaw profiled American members of this generation who came of age during the Great Depression and went on to fight in World War II, as well as those who contributed to the war effort on the home front. [15] The popularity of the radio also became a major influence in the lives of this generation, as millions tuned in to listen to President Franklin D. Roosevelt's "fireside chats" and absorbed news in a way like never before.[16]. The men and women of this generation continue to be honored in the U.K., particularly on V-E Day. As of 2019, approximately 389,000 of the 16 million Americans who served in World War II remain alive. But whats worse, and indicative of how the boomers have managed things, is what happened to the money collected by the Social Security Administration (SSA) intended to (partially) fund Social Security pensions. Indeed, in a 2003 report by Peter S. Heller for the International Monetary Fund, Canadas implicit net governmental debt load, counting unfunded and contingent liabilities, amounted to more than 3 times Canadas Gross Domestic Product (GDP), much of it due to the future costs of its health care system. How much money have you earned from the American taxpayers during your pathetic 50-year political career? Following the war, this generation produced children at an unprecedented level. They may be reviled for the choices they made, but they wont be the ones that have to face the music, and they wont be the working stiffs that have to pay the majority of the taxes to pay for promises made by the boomers. 4) The National Commission on Fiscal Responsibility and Reform's proposal included no provisions for excluding the retirement and health care benefits of politicians from deficit reduction efforts. That's right, sir. Incompetent bastards spent our money so profligately that you just kept on spending even after you out... 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