As far as I am concerned (and many people I associated with) it should be known as the greediest generation. Generation and the World War II generation, is the Western demographic cohort following the Lost Generation and preceding the Silent Generation.The generation is generally defined as people born from 1901 to 1927. Next to jazz, blues, gospel music, and folk music; swing jazz became immensely popular with members of this generation. By my estimates, the annual cost of health care, per person, by age, remains reasonably steady (with some noticeable blips, as for men at around age 40) until around age 55, at which point health care costs start going up almost exponentially. MsFitz01 posted on 11/12/10 12:34 PM EST: "A Greedy Generation? 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. . As a career politician, you have been on the public dole for FIFTY YEARS 2. Indeed, China may be doing so already. Our credit rating will fall, the cost of debt servicing will increase and the monumental task of repayment will get even harder. Here's a response in a letter from . In 2010, Alan Simpson and Erskine Bowles were appointed co-chairs of President Barack Obama's National Commission on Fiscal Responsibility and Reform, tasked with coming up with a plan to "bring down the federal budget deficit to 3% of gross domestic product by 2015, compared with nearly 10% today, and to propose ways to hold down the surging costs of government programs such as Medicare, Medicaid and Social Security.". 1. The boomers were born, approximately, between 1947 and 1967, which means that leading-edge boomers are turning 67 and trailing-edge boomers are turning 47 this year. Its the same with any system in America. Here's a response in a letter from PATTY NYE from Illinois . How much money have you earned from the American taxpayers during your pathetic 50-year political career? The potential revenue from these additional tax raisings are swamped by the growing budget deficit. 24 . I urge you to read Kotlikoffs full column, but here's a taste: Herb Stein, once the chairman of President Nixon's Council of Economic Advisors, had a saying: `Things that can't go on will stop. What he should have said was, `Things that can't 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. This article is more than 10 years old. We did it, and we did it deliberately, not caring what the long-term costs would be, or who would bear those costs. Both health care systems will crash and burn. While anyone with an ounce of common sense could have guessed that there was something sketchy about China's generous offer, it . You promise them big pensions and retirement benefits at some distant, later date. [36] Surviving members of the German World War II generation would go on to experience the Fall of the Berlin Wall and the creation of the European Union. by 6917sctygrp 0 September 14, 2019. "People I've known, relatives (saying), "'You son of a bitch. A person earning $80,000 who cannot afford a home pays taxes to support an aged pensioner in a $3 million family home . How much do you pay for YOUR government provided health insurance? The generation is generally defined as people born from 1901 to 1927. It was a case of the many supporting the few. The only way out is to reduce spending. 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. NOW, you and your shill commission is proposing to move the goalposts YET AGAIN 5. If that happens, we boomers will see our retirements vaporize, together with our kids' livelihoods. Returning veterans found their country occupied and received little support or respect. Thats very difficult for people to accept. The boom is over and the government is now forced to borrow to cover the ever growing shortfall. 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. We need to do the sameindeed much morebecause we are in far worse shape than any of those countries. Spread the love. When we boomers fully retire, our kids will need to pay each of us, on average, $50,000 in todays dollars to cover our retirement benefits. Over 76 million babies were born between 1946 and 1964. Our children will come to hate us as they mature. Federal government has been borrowing money to cover Social Security benefits. Most of these 'children of the Great Depression' fared unusually well in their adult years". In practice, though, all of this money has been spent by Congress, and the SSA has been left with worthless IOUs. The brilliant Harvard professor, Niall Ferguson, describes the traditional intergenerational compact as our most important social contract and one that is being broken in Western economies. Elder followed 167 individuals born in California between 1920 and 1921 and "traced the impact of Depression and wartime experiences from the early years to middle age. As a result, the Public Trustees of the Social Security Administration, who are responsible for its management, said in the most recent report that those now entering the Social Security system as workers will contribute more in taxes (in present value) than they receive in benefits under current schedules[2]In other words, the boomers will collect more than they paid in, yet a worker starting today will collect less than they pay in. [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]. "Salaries of Members of Congress: A List of Payable Rates and Effective Dates." He didnt, however, say that senior citizens were the greediest generation ever (at least in the email). [35] By the end of the war, 5 million Germans were dead, including civilians. The good news is that the American people seem to realize this. "We had the greatest generation I think this is the greediest generation," he said. stamped U.S. Treasury Bond. August, 2010.". 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. Unlike the Western allies and the Soviet Union, Germany did not honor its veterans, as the association with Nazism continues in contemporary Germany today. Why? Were sorry, this feature is currently unavailable. And because the boomers vote, and younger generations havent yet started to band together for self-protection, its likely that the boomers will get their way which means unaffordable health care could bankrupt Canadas governments. This Montana Senior Nailed It! 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. She also tells it like it is! I write from D.C. about tax and retirement policy and planning. this generation, if they are not spitting mad, well, then they're just not paying attention. Now, you come to the American taxpayers and say you need more to pay of YOUR debt. In 1998, former news anchor Tom Brokaw wrote a book calledThe Greatest Generation. When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. "Children can't vote, don't give money and have no power, and neither do their parents. is no less economically burdensome than an I.O.U. by senior futurist Richard Worzel, C.F.A. them say they have become more conservative on economic, social, foreign policy, moral, and legal issues as they have aged. Here's a response in a letter from PATTY MYERS from Montana ..think she is a little ticked . This is the European model, which has been a massive failure. Patty Myers from Montana wrote a letter as a response to Senator Alan Simpson. In last weeks election the voters made it very clear that they want spending brought under control. In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. RGDS! A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. !" 1. I think she is a little ticked off! 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. The monies collected from payroll taxes (called contributions) were handed to the provincial governments in exchange for their worthless IOUs, which could never be successfully cashed because it would have created a financial and political crisis. Baby Boomers. Here's a response in a letter from PATTY NYE from Illinois . In Canada, the situation is distinctly worse because the birth rate in Canada is much lower than in the U.S., which means the burden on working people supporting the health care costs of aging boomers will be proportionately much higher than in America. "I think this is the greediest generation." Where to begin. And since the biggest voting block of the last 30 years and more has clearly been the boomers, the fault is ours. 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. 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. 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. On the other hand, the proportion of children below the poverty line is still 18 percent, the same as it was in 1966. Votes. Yet today Torontos traffic gridlock is rated as being among the worst in the developed world, even worse than that for New York City or Los Angeles. I can hear the angry reply by boomers already: Its not my fault! "[5] The initials G.I. How big are these promises, and how much will they cost? She also tells it like it is! 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. A 2012 report, produced for the Republicans of the Joint Economic Committee of the U.S. Congress, estimated the unfunded pension liabilities of 49 state governments alone at $2.8 trillion dollars. The veins in my temples throbbed. 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 . [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. And we are about to enter old age with a singular goal in mind, namely, extracting as much as possible from our kids and grandkids. No one knows, but they easily run into the trillions of dollars. The World War II generation of the Soviet Union was further decimated by the war. Here's a response in a letter from PATTY NYE from Illinois . [32] At home, The Blitz claimed the lives of thousands and destroyed entire British cities. But as one commentator remarked centuries ago, we get the government we deserve. 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. At what age did you retire from your pathetic political career, and how much are you receiving in annual retirement benefits from the American taxpayers? 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. That's 11 times our official national debt and also greater than our total net worth, meaning that in some sense we're bankrupt. Only 16% of those asked recognize it in its original context as a "veterans memorial day". I grew up in the shadow of what Tom Brokaw called " The Greatest Generation .". "I think this is the greediest generation." The problem, Simpson explained, is the "polarized" country we live in, and the media that . And yes, Ive made some plenty smart cracks about people on Social Security who milk it to the last degree. Even in the mid-1980s, around 70% of Soviet industrial output was directed towards the military, one of the factors in its eventual economic collapse. The dislike is apparently mutual. Instead, the finger prints of the so-called . "Hey Dick, let's get a few things . My generation is the Greediest Generation. We recommended that the benchmark for the aged pension be tied to average weekly earnings again with the adjustment being phased in over 15 years. Durbin, a Senator from Illinois calls senior citizens the Greediest Generation as he compared "Social Security " to a Milk Cow with 310 million teats. [34], Members of the World War II generation in Germany came of age following World War I and the German Revolution of 19181919. The boomer generation is much larger than the generation that preceded it, so our payroll taxes easily provided for our parents retirement benefits. By Paul Walker. We provide a Senior's Health Card, which excludes from its means test any untaxed income from superannuation. He said, First shoot the lawyers. He should have said, First shoot the accountants.. He argued that these men and women fought not for fame and recognition, but because it was the 'right thing to do The aged pension costs us $42 billion a year and is estimated to grow at 6 per cent a year over the next 10 years far higher than any predictions of inflation, GDP growth and real wage growth. 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? But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. By Nicholas D. Kristof. A number of popular film genres, including gangster films, musical films, comedy films, and monster films attracted mass audiences. Your membership is the foundation of our sustainability and resilience. ! Gen X and Y while being left with the bill have not complained, yet. 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