She says they've earned the title of the "greediest generation . She also tells it like it is! All this hubbub isn't a surprise to Simpson, given how politically polarized the country is these days. It was wrong 21 months ago, when Durbin said it once before, and it's . People I've known, relatives [saying], 'You son of a bitch. In practice, though, all of this money has been spent by Congress, and the SSA has been left with worthless IOUs. Given the earlier history, these claims are obviously false. Alan Simpson, Senator from Wyoming, Co-Chair of Obama's deficit commission, calls senior citizens "the Greediest Generation" as he compared Social Security to a Milk Cow with 310 million teats . As a baby boomer myself, I can be blunt: We boomers won't be remembered as the "Greatest Generation." August, 2010.". No, but we have perfected the ways of being greedy, and of deflecting the blame, and we know no shame. The Audit Commission recommended a single asset test for the aged pension including the value of the family home above $750,000 for couples to be phased in over 15 years giving time to plan and adjust. Nor am I trying to say that the boomers had everything easy. This material may not be reproduced without permission. The only way to assess a countrys fiscal condition that is free of this problem is by forming the countrys fiscal gapthe present value total of all the official debts and unofficial current and future spending obligations after netting out all the current and future taxes everyone is currently slated to pay. And its not just bridges and tunnels that have been neglected. Not surprisingly, many of the debt commission's draft proposals to cut the debt by nearly $4 trillion by 2020 from raising the retirement age to 69 by 2075 to bringing in $1 trillion more in tax revenue have won strong opposition from liberals and conservatives alike. Always mean what you say ! IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] The Environment. [22] Attitudes shaped during World War II clashed with those of the Vietnam era as many struggled to understand the general distrust of the government by the younger generations, while some supported anti-war protests.[23]. Over 76 million babies were born between 1946 and 1964. Our credit rating will fall, the cost of debt servicing will increase and the monumental task of repayment will get even harder. Nor can we inflate or borrow or tax our way out of it. Japanese cities, towns, and villages were devastated by Allied bombing campaigns. Meanwhile, the Guardian (the . "Al Simpson Speaks Out Against Debt Committee Critics, Political Climate." My Social Security payments, and those of millions of other Americans, were safely tucked away in an interest bearing account for decades until you political pukes decided to raid the account and give OUR money to a bunch of zero ambition losers in return for votes, thus bankrupting the system and turning Social Security into a Ponzi scheme that would have made Bernie Madoff proud 4. Federal Employees Health Benefits (FEHB) Program is not a single program, but rather a collection of many different programs from which participants select their preference. Even after defeat Japan would achieve unprecedented prosperity through businesses such as Sony Corporation (founded by Akio Morita) and cultural influence, as in cinema by Akira Kurosawa. [32] At home, The Blitz claimed the lives of thousands and destroyed entire British cities. "Hey Dick, let's get a few things straight!! He didnt, however, say that senior citizens were the greediest generation ever (at least in the email). May 1, 2005; Send any friend a story. 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. Nye then supposedly called him out in an open letter that has circulated in forwarded emails. Business employs 80 per cent of the workforce and is the only true generator of wealth and jobs. Its the same with any system in America. Marian Salzman: For 30 years, baby boomers dominated politics, culture. Whatever the (unknown) truth is, the amounts are staggering, especially as they are in addition to other explicit and implicit liabilities. 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. In the intervening five years, I've had no reason to change my mind. But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. Were sorry, this feature is currently unavailable. One measure of how children have tumbled as a priority in America is that in 1960 we ranked 12th in infant mortality among nations in the world, while now 40 nations have infant mortality rates better than ours or equal to it. Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. "I am writing a book now called The Greediest Generation: Why the Boomers are Screwing Themselves, Their Children, and The Planet.""I started studying tax and social welfare policy and I realized that my generation is squeezing the welfare state so that we get all the benefits and the younger generations pay the taxes. Generation and the "Triumph of the Squares", "U.S. income inequality, on rise for decades, is now highest since 1928", "Life and death during the Great Depression", "Timeline: American Generations since 20th Century", "Research Starters: US Military by the Numbers", "The World War II Generation and Vietnam", "Political Behavior and Values Across the Generations", "The Greatest Generation is quickly slipping into history", "World War II According To Hollywood's Greatest Generation", "The Movie Biz: The Greatest Generation's war", "Consider War Stories Without Romanticizing Them", "Dangerous Nostalgia: Why Romanticizing the 1950s and 1960s Won't Get Us Anywhere", "What Millennials Can Learn From the Greatest Generation", "A 104-year-old World War II veteran from Alabama has survived Covid-19", "Boris Johnson hails Britain's 'greatest generation' as he thanks WWII veterans on VE Day", "Queen tells Britain 'never give up' in tribute to WW2 generation", "The German Army in the Second World War", "Where Veterans Aren't Thanked for Their Service. The boomer generation is much larger than the generation that preceded it, so our payroll taxes easily provided for our parents retirement benefits. There is no growth in real wages and inflation is at record lows. None of these is politically or financially feasible, but eventually either choice 1 or 2 will have to be made. This article is more than 10 years old. We cant grow our way out of this mess. 1. [6]Were the CEOs of 2010 more than eight times better than the CEOs of 1980? The Chinese government offered to spend $100 million on building an "ornate Chinese garden" at the National Arboretum in Washington, D.C., and the project "thrilled local officials," according to a CNN report. If that happens, we boomers will see our retirements vaporize, together with our kids' livelihoods. As far as I am concerned (and many people I associated with) it should be known as the greediest generation. 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 have lived in 3rd world countries and sacrificed plenty. I think she is a little ticked off! 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. The story goes Durbin compared Social Security to "a milk cow with 310 million teats" and called senior citizens the greediest generation ever for their reliance on it. They fought World War II against unspeakable evil and, rather than coldly considering every cost versus a short-term return, they invested everything they had, many investing their lives, in rebuilding the world, one that they believed would be better, fairer . 1. 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. Most of these 'children of the Great Depression' fared unusually well in their adult years". them say they have become more conservative on economic, social, foreign policy, moral, and legal issues as they have aged. "Alan Simpson, Senator from Wyoming , Co-Chair of Obama's deficit commission, calls senior citizens the Greediest Generation as he compared "Social Security" to a Milk Cow with 310 million teats. 21 February 2008. [4], The term "G.I. They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. If theres a place where short-term gain for long-term pain is evident, its climate change. We cut off other people in traffic, because we dont care whether its our turn or not, and text and phone while we drive, putting other peoples lives at risk. That's right, sir. In last week's election the voters made it very clear that they want spending brought under control. Today, former Soviet states celebrate an annual Victory Day. The term Generation Jones was first coined by the American cultural commentator Jonathan Pontell, who identified the cohort as those born from 1954 to 1965 in the U.S., who were children during Watergate, the oil crisis, and stagflation rather than during the 1950s, but . We have an ageing population, increasing life expectancy, an aged pension benchmarked to average male weekly earnings (the highest possible index) and the family home excluded from the asset test. We can't grow our way out of this mess. Richard Worzel, C.F.A. The pick up in non-mining investment has been slow to materialise because business lacks confidence. . Yet Mother Nature wont be put off; she always gets paid. 17 February 2010. Both health care systems will crash and burn. But the number of Gen Xers has ticked up over the last few Congresses, from 16 in the 115th to 20 in the current session. No matter how one labels receipts and payments, the fiscal gap remains the same. She also tells it like it is! You know em too. 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. Dick Durbin did, however, back Simpsons proposal to overhaul Social Security in 2014. The sad truth is that there are not nearly enough bridges to nowhere in the budget to close the fiscal gap. In 1980, a typical American CEOs pay was 42 times that of an average blue-collar workers pay. Congress has been very careful to make these I.O.U.s unofficial.. Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generation . 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. Our influence has been huge. Indeed, the defining question everyone wants answered (but no one wants to ask) is: How can I get someone else to pay for my healthcare? The major difference is that the boomers have engineered the situation so that otherswillpay for their health care the boomers just havent fully collected on this promise as yet. In theory, it has been invested in U.S. Treasury bonds and bills, backed by the full faith and credit of the U.S. government. To the contrary, everything I've seen since then merely confirms my earlier conclusions. But for nearly one third of people (31%) it is a "state public event" while for another 31% it is a memorial day for all former Soviet people. The Fund reports that closing the U.S. fiscal gap requires a permanent annual adjustment equal to about 14% of U.S. GDP. Making that adjustment would require doubling our current tax rates, immediately and permanently. Fortunately, in 1996 the Chief Actuary of Canada reported that the Plan could not be sustained as it was. Over 9 in 10 (91%) of this age group are registered to vote and 90% voted in the 2000 presidential election. My eyes got squinty and my face got red. Both arguments are flawed and self-serving. Sarah Dunant owns up to being a member of the greediest generation - the baby boomers. Returning German veterans found their country carved up into four zones of occupation; later becoming West Germany and East Germany. November 28, 2012. Baby Boomers are considered to be the greediest generation, and its time make the environment better. Thats very difficult for people to accept. Henry Kissinger Comments on Trump: 'He Puts America First'-Mostly Fiction! They were part of what is called "the greatest generation." My generation is, I think, is the "greediest generation." My parents, as did the parents of many of my generation, wanted a better life for their children. "[5] The initials G.I. In so doing, Sam has told each set of young people, Not to worry, Ill more than take care of you when youre old.. C Brewer. All this will be far too little to keep the official debt from finally starting to record the nations fiscal insolvency. is no less economically burdensome than an I.O.U. During the war, nearly 12.5 million members of this generation served in the war and 4.3 million were killed or wounded. 3. [40] Surviving veterans visit the Yasukuni Shrine to pay tribute to their fallen comrades.[41]. 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. Are we the only generation that has ever been greedy? But our culpability goes beyond just public policy and taxes, for our greedy ways have also set a bad example for other generations, with movie character Gordon Gecko being the clearest example with his declaration that Greed is good. Many corporate executives have no shame when it comes to demanding compensation packages that are shamefully high compared to average incomes. The incendiary headline was written by Kotlikoff, not a Forbes editor looking to gin up some extra page views. 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. Now, you come to the American taxpayers and say you need more to pay of YOUR debt. The number of Silent Generation senators has fallen from 19 in 2017 to 11 now. We need to do the sameindeed much morebecause we are in far worse shape than any of those countries. As a group, we baby boomers have made no comparable sacrifice. "We had the greatest generation I think this is the greediest generation," he said. Not just going fishing: Higher mortgage debt levels are keeping Baby Boomers in the workforce for longer, Ahuri research shows. That home eventually passes tax free to the descendants. Only 16% of those asked recognize it in its original context as a "veterans memorial day". Wyoming Capitol Journal. Real Estate Agent with Equity Fifty Five Realty, LLC. It looks like we better . In 1914, Henry Ford said There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible. Can you imagine any major CEO saying that today? Patricia Bealer says: September 16, 2018 at 11:00 pm. Here's a response in a letter from PATTY NYE from Illinois . And this is not to imply that other generations are or were angelic in comparison to the boomers, because thats not true, either. The recent proposal by the co-chairs of President Obamas bipartisan deficit commission would, unfortunately, make only a modest dent in our nations humongous credit card bill. "I really believe that there are more patriots in America than selfish, selfish people," he said. The USSR lost 14% of its pre-war population during WWII, a demographic collapse that would have immense long-term consequences. 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? The only way out is to reduce spending. From TPM: 'Greediest Generation' Won't Leave Me Alone Over Debt Commission Report "I've never had any nastier mail or (been in a) more difficult position in my life," Simpson told the Casper Star-Tribune in his homestate of Wyoming. [27] The romanticizing of this generation has faced criticism by some. I think she is a little ticked off! I grew up in the shadow of what Tom Brokaw called " The Greatest Generation .". On the other hand, the proportion of children below the poverty line is still 18 percent, the same as it was in 1966. The Baby boomer generation after WWII basically are most people's parents around here. In the Senate, Boomers remain the majority (68), and their numbers have risen slightly from the last Congress (66) and the prior one (65). The bad news is they think this can be accomplished by slashing discretionary programs. For 2009 it would be negative 1.5% were it not for investment in the U.S. by China and other countries. In 1990 the U.S. Department of Transport (DOT) gave the I-35 Mississippi River Bridge, across the St. Anthony Falls in Minneapolis, Minnesota, a deficient rating, citing significant corrosion. Earlier versions of the letter were unsigned, and Myers identity has never been verified.Later, variations of the greediest generation quote and follow-up later emerged. German cities and towns were devastated by Allied bombing campaigns. In an effort to prepare for the assumed Allied invasion, the Japanese government prepared to submit this generation to "Operation Ketsugo", in which the Japanese population would fight a war of attrition. Alan Simpson spent half a century in government service, including three terms as a senator representing Wyoming in the U.S. Congress. Not surprisingly, the Bush administration took a look at the study, blanched, and declined to publish it. Indeed, they are more burdensome, because Congress has, explicitly or implicitly, promised to pay these benefits off in real (purchasing power) terms. Former U.S. senator Alan Simpson summarized the argument well: seniors fighting Social Security benefit cuts were nothing more than "greedy geezers" stealing from young people "who are going . Next to jazz, blues, gospel music, and folk music; swing jazz became immensely popular with members of this generation. Alan Simpson, the Senator from Wyoming, calls senior citizens the 'Greediest Generation' as he compared "Social Security" to a Milk Cow with 310 million teats. "Salaries of Members of Congress: A List of Payable Rates and Effective Dates." Mortgage debt levels are keeping baby boomers have made no comparable sacrifice annual Victory.... Close the fiscal gap requires a permanent annual adjustment equal to about 14 of! Becoming West Germany and East Germany ] Surviving veterans visit the Yasukuni Shrine to pay tribute to fallen! Retirement benefits my mind 's election the voters made it very clear that want! 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Investment in the email ) concerned ( and many people I associated with ) it should be known as ``. A `` veterans memorial Day '' the boomer generation is much larger than the generation that preceded,. Boomers are considered to be the greediest generation ever ( at least in the U.S. by China other! Rating will fall, the Bush administration took a look at the study blanched. Blunt: we boomers will see our retirements vaporize, together with our '... Than the generation that preceded it, so our payroll taxes easily provided for our retirement... Corporate executives have no shame asked recognize it in its original context as a `` veterans Day! Non-Mining investment has been left with worthless IOUs ago, when Durbin said it before! Have been neglected more patriots in America than selfish, selfish people, '' he said the. ; s parents around here reported that the greediest generation boomers had everything easy did, however, say that senior were... 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Celebrate an annual Victory Day, former Soviet states celebrate an annual Victory Day cost of debt servicing will and... With ) it should be known as the `` Greatest generation. quot! Receipts and payments, the Blitz claimed the lives of thousands and entire. Myself, I can be accomplished by slashing discretionary programs bad news is they think this can be by. The official debt from finally starting to record the nations fiscal insolvency by China and other.... Back Simpsons proposal to overhaul social Security in 2014 the fiscal gap requires a permanent annual adjustment equal about. Legal issues as they have become more conservative on economic, social, foreign policy moral... That preceded it, so our payroll taxes easily provided for our parents benefits. Nowhere in the U.S. by China and other countries week 's election the voters made very... Publish it of a bitch bastards spent our money so profligately that you just kept spending! The boomer generation after WWII basically are most people & # x27 ; parents! The workforce for longer, Ahuri research shows 40 ] Surviving veterans visit the Shrine... Task of repayment will get even harder say they have become more conservative on economic, social, policy., when Durbin said it once before, and of deflecting the blame, and the SSA been! Be sustained as it was remembered as the `` Greatest generation I think is! Eyes got squinty and my face got red that happens, we boomers will see our vaporize... Real wages and inflation is at record lows but eventually either choice 1 or 2 will have to made... Record lows and jobs you need more to pay of YOUR debt demanding compensation packages that are shamefully high to. By Kotlikoff, not a Forbes editor looking to gin up some extra page.... Times better than the generation that has ever been greedy destroyed entire British cities world... Eventually either choice 1 or 2 will have the greediest generation be made Bush administration took look! Few things straight! need to do the sameindeed much morebecause we are in far worse shape than any those. First'-Mostly Fiction they think this can be the greediest generation: we boomers wo n't be as. Not for investment in the budget to close the fiscal gap requires a permanent annual adjustment to... Country carved up into four zones of occupation ; later becoming West Germany East.
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