the greediest generation

Here's a response in a letter from PATTY NYE from Illinois . Instead, the finger prints of the so-called `greatest generation' are all over it. (You can read all the comments here.). The dislike is apparently mutual. In aged care we recommended including the full value of the family home in the means test. 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. The good news is that the American people seem to realize this. And an open letter by a woman identified as Patty Myers from Montana began to circulate in 2011. 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. "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. "I think this is the greediest generation." Where to begin. 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. 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. When that happens, count on boomers to strenuously object at the ballot box. No matter how one labels receipts and payments, the fiscal gap remains the same. [17] Tom Brokaw and others extol this generation for supporting and fighting World War II. Unlike the Western allies and the Soviet Union, Germany did not honor its veterans, as the association with Nazism continues in contemporary Germany today. Our slogan has gone from "free love" to "free blood pressure medicine.". 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 Baby Boomers should not expect future generations to pay for their current benefits. The average Australian feels they are treading water or going backwards. A lot less. "[5] The initials G.I. The commission's proposal for eliminating the nation's $13.8 trillion debt, which included components such as increasing taxes and gradually raising the retirement age for Social Security to 69 years, prompted an "unprecedented amount of flak" from opponents, to which Simpson responded by referring to modern Americans as the "greediest generation" (although he tempered his remarks by saying he felt America had more "patriots than selfish people"): "I've never had any nastier mail or [been in a] more difficult position in my life," said the 79-year-old Simpson. ". "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. August, 2010.". You can update your choices at any time in your settings. 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. [37], As children, members of this generation came of age during Stalin's rise to power. We have shown the generations that follow us the how to do these things, which they are now mimicking. [28][29] However, some also praise the traits and actions of this generation and cite their sacrifices as a lesson for current generations. [30], During the COVID-19 pandemic, living members of this generation have been impacted by the pandemic, such as Lee Wooten, who was treated in the hospital for coronavirus and recovered just prior to his 104th birthday in 2020. Simpson caught plenty of flack for the comments at the time. 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 . "Bowles, Simpson to Head Debt Commission." Fortunately, in 1996 the Chief Actuary of Canada reported that the Plan could not be sustained as it was. 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. Instead, the finger prints of the so-called . The book says that the Treasury Department commissioned a study by two economists of the United States' long-term liabilities, for inclusion in the 2004 federal budget. The boomer generation is much larger than the generation that preceded it, so our payroll taxes easily provided for our parents retirement benefits. Anyone can read what you share. Credit:Louie Douvis. Until you understand what many have been through, may I suggest you stop referring to us boomers as greedy. As of 2019, approximately 389,000 of the 16 million Americans who served in World War II remain alive. 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. Adolf Hitler then rose to power, and many of this generation joined organizations such as the Hitler Youth. 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. We are, in short, a selfish generation, and our parents the greatest generation would be ashamed of us. ", I chatted today with Kotlikoff (a boomer himself) about the reaction. [8] The first half of the generation, born between 1901 and 1914, are sometimes referred to as the Interbellum Generation. And yes, Ive made some plenty smart cracks about people on Social Security who milk it to the last degree. 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. Here's a response in a letter attributed to PATTY NYE from Illinois. Call when you get honest work! Over 76 million babies were born between 1946 and 1964. The International Monetary Fund recently computed a similar sized fiscal gap. 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 . Heres the excerpt: Anyway, have a look at it and if you should choose, you might communicate with me. [25] Living members of this generation are either in their 90s or are centenarians. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] Senator Dick Durbin, a Democrat from Illinois, for calling seniors the greediest generation for their use of Social Security. Its made no such promises for most of its official Treasury bills and bonds. And for what? Friday, November 26, 2010 Alan Simpson, President Obusha's hand-selected Cat Food Commission member doesn't suffer critics. I think she is a little ticked off! The Baby boomer generation after WWII basically are most people's parents around here. Here's a response in a letter from PATTY MYERS from Montana ..think she is a little ticked . That has not been easy, and it has required real sacrifices from us to do it. And since the biggest voting block of the last 30 years and more has clearly been the boomers, the fault is ours. . And now that the bills are coming due, the boomers are looking for ways to renege on the promises theyve made, as Wisconsin Governor Scott Walker did when he tore up the retirement deals the state had with civil servants, and curtailed civil servant bargaining rights because (it seems to me) civil servant unions were better at negotiating than decades of elected officials. The boom is over and the government is now forced to borrow to cover the ever growing shortfall. ! Canadas will do so sooner, and more spectacularly. 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. Rumors about Patty Nyes letter to Dick Durbin is a new variation on an old (and partially true) rumor. Why? 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. Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. Dick Durbin did, however, back Simpsons proposal to overhaul Social Security in 2014. It also lets them develop their own solutions by changing the budget assumptionse.g., by cutting spending in certain areas. Patricia Bealer says: September 16, 2018 at 11:00 pm. 2) Alan Simpson left Congress at the age of 65. The bad news is they think this can be accomplished by slashing discretionary programs. But a Social Security, Medicare, or Medicaid I.O.U. As the lady asked, please share this with every senior citizen you know. So please, do not visit the sins of the father upon their children. Generation term in their 1991 book Generations: The History of America's Future.[6]. And its not just bridges and tunnels that have been neglected. It is you and they who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. No one asked me blame those corrupt politicians! 24 . During the war, nearly 12.5 million members of this generation served in the war and 4.3 million were killed or wounded. So let me list the most important ways in which we have behaved as the greediest 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. So while millennials are often portrayed as the greedy ones, there is a case to say baby boomers are the greediest generation ever. 1. None of these is politically or financially feasible, but eventually either choice 1 or 2 will have to be made. The memory of their service provokes guilt as well as pride. 24 November 2010. You may opt-out by. They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. She also tells it like it is! [40] Surviving veterans visit the Yasukuni Shrine to pay tribute to their fallen comrades.[41]. 23 They call Gen Z a Millennial. . This is the European model, which has been a massive failure. I guess that makes us greedy. Climate changes all the time it cant be our fault! runs the excuses of the first. If you have some better suggestions about how to stabilize Social Security instead of just babbling into the vapors, let me know. "The elderly are retired, and it's easier to get them to go to rallies or write their congresspeople," notes Heather Boushey of the Center for Economic and Policy Research in Washington. Why shouldnt he try? 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. 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. Not just going fishing: Higher mortgage debt levels are keeping Baby Boomers in the workforce for longer, Ahuri research shows. That's false. The solution is not to force the elderly to get by on cat food again. Weve reached a point now where its like a milk cow with 310 million tits! 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. How much money have you earned from the American taxpayers during your pathetic 50-year political career? I think she is a little ticked off! [4]Shackford, Scott; $2.8 Trillion in Unfunded State Pension Debts: Congressional Republicans Look to Block Federal Bailout, 27 Sept. 2012, http://reason.com/blog/2012/09/27/28-trillion-in-unfunded-state-pension-de, [5]Healey, Thomas, et al; Underfunded Public Pensions in the United States: The Size of the Problem, the Obstacles to Reform and the Path Forward, Harvard Kennedy School for Business & Government, http://www.hks.harvard.edu/centers/mrcbg/publications/fwp/2012-08. 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 . 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. 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. Bottom line: we are, once again, postponing meaningful action in hopes that someone else will foot the bill. Its more a matter of degree than sustainability. The Greatest Generation, also known as the G.I. The Social Security System in the United States is a ticking time bomb, underfunded, and overly generous. And the day is fast approaching when we will be held responsible for the financial debacle ahead of us. As a career politician, you have been on the public dole for FIFTY YEARS 2. Our rate of domestic investment was also in the 10 to 15% range in the 50s and 60s. [7] Strauss and Howe use the birth years 19011924. [1] They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. 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. 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. American boomers chose not to do that with Social Security. 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. The Generational Dilemma of the 2020 Democratic Primary", "Full Committee Hearing on Statement Made by Gen. James A. This week the secretaries of the Treasury and the Department of Finance have spoken on expenditure restraint in unusually blunt terms. Then, on August 1st, 2007, in the middle of the evening rush hour, the bridge collapsed, killing 13 people and injuring 145. In the west, the Marshall Plan resulted in the "Wirtschaftswunder", an economic boom that caused 185% growth between 1950 and 1963. [27] The romanticizing of this generation has faced criticism by some. There is no growth in real wages and inflation is at record lows. "Hey Dick, let's get a few things . They see a deck stacked against them by the greediest generation in Australian history: self-satisfied with its wealth, loath to pay its taxes, happy to saddle the youngsters with eye-watering . Both health care systems will crash and burn. We treat our pets as furry children, bringing them into public places where they do not belong, including airplanes, or allowing them to run free in parks while failing to clean up after them. The Baby Boomers should tighten their belts in the interests of their children and grandchildren. My parents went through The Depression and World War II. There are many conscientious, generous boomers, just as there were many wretched, greedy louses among Brokaws greatest generation. Don't expect any sympathy, Trumpy. Durbin said Social Security . 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. The city of Toronto had, in the 1960s, a rapid transit system that regularly won awards for being the best in North America. Social Security: Congress' piggy bank. Remarkably, it was then reformed: contributions were raised to a sustainable level, and the monies collected were invested in the open markets by an independent agency, the Canada Pension Plan Investment Board, with the result that the CPP is today one of the worlds best examples of how a government pension scheme should be run. 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. . As we age our health care demands increase significantly. 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 term "Swing Generation" has also been used to describe the cohort due to the popularity of the era's music. No, but we have perfected the ways of being greedy, and of deflecting the blame, and we know no shame. Higher taxes are not the answer as they will threaten the very investment and jobs growth we so desperately need and disadvantage the young. Of course, this is a broad generalization about an entire generation. Meanwhile, most cities in North America have underinvested in water and sewage systems for decades, and are now having to pony up big-time to repair ancient, leaking systems. I have been paying Social Security taxes for 48 YEARS (since I was 15 years old. [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]. As it is, the rate of U.S. domestic investment was only 1.9 percent last year! Here's a response in a letter from PATTY NYE from Illinois . 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 . She says they've earned the title of the "greediest generation . The Greediest Generation is a book about what happened as the largest generation in American history came to power: It shows how "old fashioned" values like saving, underconsuming, and . 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 .
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