refer to American soldiers in World War II. In comparison, the official debt held by the public is only $9 trillion. "I really believe that there are more patriots in America than selfish, selfish people," he said. No one knows, but they easily run into the trillions of dollars. Fortunately, in 1996 the Chief Actuary of Canada reported that the Plan could not be sustained as it was. The look on his face was horrible. Here's a response in a letter from . [28][29] However, some also praise the traits and actions of this generation and cite their sacrifices as a lesson for current generations. 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. Instead, the finger prints of the so-called `greatest generation' are all over it. So how large is the U.S. fiscal gap? The city of Toronto had, in the 1960s, a rapid transit system that regularly won awards for being the best in North America. Laurence J. Kotlikoff is a professor of economics at Boston University, author of Jimmy Stewart Is Dead, and president of Economic Security Planning, Inc. A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. 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. Van Fleet", "Americans Name the 10 Most Significant Historic Events of Their Lifetimes", "The G.I. Patricia Bealer says: September 16, 2018 at 11:00 pm. Op-Ed: Placating 'The Greediest Generation' The Social Security Administration will not make cost-of-living adjustments for seniors this year. MsFitz01 posted on 11/12/10 12:34 PM EST: "A Greedy Generation? [19][20] They came out of the hardships of the Great Depression "with an ability to know how to survive and make do and solve problems.[21], This generation faced turmoil in the form of the Vietnam War, civil rights movement, Watergate scandal, and a generational culture clash. Countries such as Sweden have rolled back company and personal taxes to encourage investment and jobs in an economy that was going backwards. Our children will come to hate us as they mature. 38.8% were volunteers, 61.2% were draftees, the average length of their service was 33 months, and total approximate casualties were 671,278 (killed and wounded). How much do you pay for YOUR government provided health insurance? But this isn't the first time the "greediest generation" rumor has . It was the `greatest generation', provoked by Democrat politicians and operating through lobbying groups such as AARP that have frustrated every effort to reform the situation. Thats a formula for disaster. The Social Security System in the United States is a ticking time bomb, underfunded, and overly generous. Instead, were most likely going to enact relatively modest tax hikes (some have already been made) and slowly trim Social Security and health care benefits. Recently, just like Lucy & Charlie Brown, you and your ilk pulled the proverbial football away from millions of American seniors nearing retirement and moved the goalposts for full retirement from age 65 to age 67. 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. But President Obama has proposed $250 for every . "[2] The term was further popularized by the title of a 1998 book by American journalist Tom Brokaw. Otherwise, we boomers may earn a place in history as the worst generation. He spoke to Congress, saying, "The men of the Eighth Army are a magnificent lot, and I have always said the greatest generation of Americans we have ever produced. 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. My parents went through The Depression and World War II. On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. The solution is not to force the elderly to get by on cat food again. Rumors about Patty Nyes letter to Dick Durbin is a new variation on an old (and partially true) rumor. There is a good chance that members of Generation Q will spend their entire adult lives digging out from the deficits that we the "Greediest Generation," epitomized by George W. Bush are leaving them. What do you do if the people you hire want more money, but you dont want to pay them? Excuse me but my parents did not save for retirement so my husband and I have carried the burden. Join the debate: http://on.fb.me/1FMzUUDJudge Rinder sadly has to dismiss a woman's case despite being the victim.Broadcast on 12/01/18Email your name and a . "Just vicious. 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. Enjoy it while it lasts my friends. 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. So please, do not visit the sins of the father upon their children. From an e-mail. When that happens, count on boomers to strenuously object at the ballot box. 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. Brudnick, Ida A. But as one commentator remarked centuries ago, we get the government we deserve. The average Australian feels they are treading water or going backwards. Over 16 million Americans served in World War II, the majority being members of this generation. Baby Boomers: The Greediest Generation. The Social Security mess was created by the Greatest Generation and the Boomers were left holding the empty bag.. Thats not likely to happen. 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. The men and women of this generation continue to be honored in the U.K., particularly on V-E Day. [4], The term "G.I. Getting overall spending under control inevitably means spending less on Medicare and Social Security. Credit:Louie Douvis. My generation is the Greediest Generation. [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]. ! All this will be far too little to keep the official debt from finally starting to record the nations fiscal insolvency. The generation is generally defined as people born from 1901 to 1927. by 6917sctygrp 0 September 14, 2019. We talk on our cellphones in public places, annoying the people around us. Click for proposal. And while almost all the elderly now have health insurance under Medicare, about 29 percent of children had no health insurance at all at some point in the last 12 months. Following the war, the Allies began the denazification and demilitarization of a post-war Germany. Alan Simpson, Senator from Wyoming , Co-Chair of Obama's deficit. In 1980, a typical American CEOs pay was 42 times that of an average blue-collar workers pay. Our . 43 years later and they are still underwater. [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. Simpson doesn't apparently understand the program that it has been his life's . No one asked me blame those corrupt politicians! (You can read all the comments here.). The angry letter to Simpson surfaced on the Internet in early 2011 but in its original form was anomalously signed. As of 2019, approximately 389,000 of the 16 million Americans who served in World War II remain alive. Hence, the real fiscal problem facing the country is 20 times larger than the one weve been publicly acknowledging. Dick Durbin did, however, back Simpsons proposal to overhaul Social Security in 2014. You know em too. 24 . "Al Simpson Speaks Out Against Debt Committee Critics, Political Climate." I cannot vouch for its accuracy. 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 . this generation, if they are not spitting mad, well, then they're just not paying attention. If theres a place where short-term gain for long-term pain is evident, its climate change. These people are largely conservative on economic (59%) and social (49%) issues, and about one-third of Critiques about generations often begin by noting the lack of agreement around birth years. This week the secretaries of the Treasury and the Department of Finance have spoken on expenditure restraint in unusually blunt terms. Indeed, they are more burdensome, because Congress has, explicitly or implicitly, promised to pay these benefits off in real (purchasing power) terms. 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. The World War II generation of the Soviet Union was further decimated by the war. But we boomers need to resist the narcissistic impulse to ladle out more resources for ourselves. And yes, Ive made some plenty smart cracks about people on Social Security who milk it to the last degree. Pew Research Center defines this cohort as being born from 1901 to 1927. She also tells it like it is! "Hey Dick, let's get a few things straight!!! Retirement in America is no longer feared as a time of destitution, but anticipated as a time of comfort and leisure. For 2009 it would be negative 1.5% were it not for investment in the U.S. by China and other countries. Well, Captain Bullshit, I have a few questions for YOU 1. The Latest Insight On Navigating The Next Market Crash, You Can Now Build Your Own ETF, Heres How, The Future Of Real Estate: Fintech 50 2019, How To Pick The Health Savings Account That Is Right For You, New Documentary To Show How Far People Go For Financial Independence, Aging Parents Helping Adult Children Financially: Unhealthy Results, Adjusting To Retirement: 4 Ways Women Professionals Can Get Over The Hump. Of course, this is a broad generalization about an entire generation. And have seen a lot of consensus leaning towards the "baby boomers are the greediest generation in history" mentality and noticing that the majority of baby boomer generation can afford homes that cost half-a-million-plus homes, retirement, and other seemingly basic luxuries that most of the "middle class" see as unobtainable due to the middle . In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. Alan Simpson, Wyoming Republican Senator who became co-chair of President Obama's deficit commission, called senior citizens the "Greediest Generation" as he compared Social Security to a Milk Cow with 310 million teats. 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 The study found that the government faces a present value "fiscal gap" -- the excess of expected payments over expected revenues -- of $51 trillion. "Hey Dick, let's get a few things straight!! The annual costs of this largesse will total close to $4 trillion! But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. 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. Posted Jun 3, 2013 by Martin Armstrong. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] He didnt, however, say that senior citizens were the greediest generation ever (at least in the email). "We had the greatest generation," Simpson said. Bottom line: we are, once again, postponing meaningful action in hopes that someone else will foot the bill. Here's a response in a letter from PATTY NYE from Illinois . As the lady asked, please share this with every senior citizen you know. Look upon our works and wail. I think she is a little ticked off! NOW, you and your shill commission is proposing to move the goalposts YET AGAIN 5. As a group, we baby boomers have made no comparable sacrifice. We boomers should be the first to use this tool. In July, Baby Boomers should vote for posterity and not for themselves. Many have argued that this is not the case, but look at what happens if the SSA decides to cash in these so-called assets. But we didnt know! Not true: the boomers didntwantto know and did want unreasonably low taxes, and voted that way. The good news is that the American people seem to realize this. Durbin and the Filibuster 'Myth'. That's right, sir. [8] The first half of the generation, born between 1901 and 1914, are sometimes referred to as the Interbellum Generation. RGDS! 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. If, instead, that money had been invested in outside securities that could be sold to help fund Social Security, the SSA would now be in a much better financial position. 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 . I write from D.C. about tax and retirement policy and planning. Why? Our top domestic priorities should be to ensure that all children get health care and to get our fiscal house in order. Today, former Soviet states celebrate an annual Victory Day. 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. Anyone can read what you share. The Greatest Generation paved a golden road for the Greediest Generation. In the west, the Marshall Plan resulted in the "Wirtschaftswunder", an economic boom that caused 185% growth between 1950 and 1963. 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. 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 . 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. "Hey Dick, let's get a few things . I think she is a little ticked off! We did it, and we did it deliberately, not caring what the long-term costs would be, or who would bear those costs. The hot issue of the moment is Social Security, and the newest entitlement program is a prescription drug benefit for the elderly. The majority of politicians opposed to action on climate change are baby boomers, and it will be the millennial generation who will bear the cost of this inactivity. Canadas will do so sooner, and more spectacularly. Rather, we'll be scorned as the "Greediest Generation.". He said, First shoot the lawyers. He should have said, First shoot the accountants.. And, of course, we expect to be gone when it comes time for succeeding generations to collect on health care. 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.". . One member of this generation, Hirohito, would become Emperor in 1926, when Japan was already one of the great powers. Friday, November 26, 2010 Alan Simpson, President Obusha's hand-selected Cat Food Commission member doesn't suffer critics. [40] Surviving veterans visit the Yasukuni Shrine to pay tribute to their fallen comrades.[41]. The Baby Boomers should not expect future generations to pay for their current benefits. Are we the only generation that has ever been greedy? Laurence Kotlikoff, an economist and fiscal expert who with Scott Burns wrote the excellent and scary book "The Coming Generational Storm," calls this "fiscal child abuse.". The incendiary headline was written by Kotlikoff, not a Forbes editor looking to gin up some extra page views. . Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. In so doing, Sam has told each set of young people, Not to worry, Ill more than take care of you when youre old.. 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. 3. The bad news is they think this can be accomplished by slashing discretionary programs. To the contrary, everything I've seen since then merely confirms my earlier conclusions. And you can take that to the bank, you miserable son of a bitch. The good news is that the American people seem to realize this. The dislike is apparently mutual. And for what? We need to do the sameindeed much morebecause we are in far worse shape than any of those countries. 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. This is a short review of the . [39] This generation has the unique distinction of being one of the only generations thus far as having been killed by an atomic bomb; as hundreds of thousands lost their lives when the United States dropped the bombs on Hiroshima and Nagasaki. A public pension can be run responsibly. Snopes and the Snopes.com logo are registered service marks of Snopes.com, Former senator Alan Simpson hypocritically referred to modern Americans as "the greediest generation. . The fact that the deficit commission is focused on federal deficits and not the long-term fiscal gap is indicative of how much damage the economic labeling problem is causing. Durbin said Social Security . David Mikkelson founded the site now known as snopes.com back in 1994. And they have no choice; without water a city becomes a ghost town. 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. 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). 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. She also tells it like it is! It gives people a good idea of just how much their taxes could (instead of will) rise unless radical changes in government spending are made. [31], In Britain, this generation came of age, like most of the western world, during a period of economic hardship as a result of the Great Depression. stamped U.S. Treasury Bond. 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. Richard Worzel, C.F.A. I think he is a little ticked off ! 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. Baby Boomers. 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. 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. As a baby boomer myself, I can be blunt: We boomers won't be remembered as the "Greatest Generation." That's why the wording had to be changed. And Itll hurt economic growth runs the second. It was politicians of that same generation who added on Medicare to burden the so-called social security trust fund while profligately plundering that same fund to provide more entitlements to that generation. Illinois senator argued Social Security should not be part of fiscal cliff talks. He also tells it like it is ! And our bad habits dont stop with CEOs. As of 2003, the share of elderly below the poverty line had fallen by two-thirds to 10 percent -- representing a huge national success. Pelzer, Jeremy. Simply warning them that fiscal catastrophe looms may not be enough to bring them around. ", I chatted today with Kotlikoff (a boomer himself) about the reaction. 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. Over 76 million babies were born between 1946 and 1964. 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. Members of this generation are known as "Great Patriotic War" veterans, such as poet Yuri Levitansky who wrote about the horrors of the war and Vasily Zaitsev, a war hero who would later be detained for two years as a victim of the post-war atmosphere of paranoia. The book expresses the belief that this generation is the greatest ever produced by society. In that book he said, "'it is, I believe, the greatest generation any society has ever produced.'. 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. The International Monetary Fund recently computed a similar sized fiscal gap. 21 February 2008. is no less economically burdensome than an I.O.U. The bad news is they think this can be accomplished by slashing discretionary programs. From D.C. about tax and retirement policy and planning I can be accomplished by slashing discretionary programs been acknowledging. Not true: the boomers didntwantto know and did want unreasonably low taxes, more! Ever been Greedy longer feared as a baby boomer myself, I chatted with. Boomers need to resist the narcissistic impulse to ladle out more resources for ourselves talk on our cellphones in places! 250 for every if the people around us will foot the bill only that... Encourage investment and jobs in an economy that was going backwards average blue-collar workers pay had! 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