The baby boom has been described variously as a "shockwave" and as "the pig . The Greatest Generation paved a golden road for the Greediest Generation. In Kotlikoff's view, the chairs of President Obamas deficit commission, hailed and pilloried for proposing radical changes earlier this week, havent gone nearly far enough to attack the long term fiscal imbalance. It also lets them develop their own solutions by changing the budget assumptionse.g., by cutting spending in certain areas. 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. As a group, we baby boomers have made no comparable sacrifice. But remember that American children are almost twice as likely as the elderly to live in poverty, and that you get much more bang for the buck vaccinating a child than paying for open-heart surgery. Friday, November 26, 2010 Alan Simpson, President Obusha's hand-selected Cat Food Commission member doesn't suffer critics. When the war in Europe began, millions of British citizens joined the war effort at home and abroad. 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. by 6917sctygrp 0 September 14, 2019. Baby Boomers are considered to be the greediest generation, and its time make the environment better. 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. Since the old, who have shorter time horizons, have larger propensities to consume than do the young, this transfer has fueled a huge increase in personal consumption, reducing our national saving rate (saving as a share of national income) from 10 to 15% in the 1950s and 60s to a negative 1.5% last year. 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. This article is more than 10 years old. compared "Social Security" to a Milk Cow with . Here's a response in a letter from . Published Apr 30, 2019 + Follow by futurist Richard Worzel, C.F.A. They did it!. No matter what happens to the official interest rate business continues to sit on its cheque book. [6]AFL-CIO Executive PayWatch database, as cited by yahoo! 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. Nearly 18 million members of this generation would fight in World War II and approximately 3 million, including civilians, would be killed or wounded. And we need to do it yesterday. German cities and towns were devastated by Allied bombing campaigns. The generation is generally defined as people born from 1901 to 1927. The book expresses the belief that this generation is the greatest ever produced by society. One member of this generation, Hirohito, would become Emperor in 1926, when Japan was already one of the great powers. 43 years later and they are still underwater. ", I chatted today with Kotlikoff (a boomer himself) about the reaction. The open markets would not accept an additional $28 trillion[3]of debt borrowing in the open markets on top of Americas current deficit financing. Blurry dividing lines. None of these is politically or financially feasible, but eventually either choice 1 or 2 will have to be made. [18] Subsidized by the G.I. All this hubbub isn't a surprise to Simpson, given how politically polarized the country is these days. Our net debt has risen from zero in 2007 to some $279 billion in 2016. Patty Myers from Montana wrote a letter as a response to Senator Alan Simpson. [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. I write from D.C. about tax and retirement policy and planning. . 4. "Research note on Chicano community leaders: the GI generation. Of course, this is a broad generalization about an entire generation. An interview with Alan Simpson on the subject of Social Security can be found here. I think she is a little ticked off! And Itll hurt economic growth runs the second. Durbin said Social Security . Its more a matter of degree than sustainability. Now, you come to the American taxpayers and say you need more to pay of YOUR debt. You know it, we know it, and you know that we know it. 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 . The hot issue of the moment is Social Security, and the newest entitlement program is a prescription drug benefit for the elderly. 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. "Al Simpson Speaks Out Against Debt Committee Critics, Political Climate." 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. Yet, the fact remains that the boomers, as a generation, made promises that they knew (or should have known) could not be kept. Our slogan has gone from "free love" to "free blood pressure medicine.". Here's a response in a letter from PATTY NYE from Illinois .. Its the same with any system in America. "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. Alan Simpson spent half a century in government service, including three terms as a senator representing Wyoming in the U.S. Congress. 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. ! Nor can we inflate or borrow or tax our way out of it. Why shouldnt he try? Our children will come to hate us as they mature. To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. I am now 63). He also tells it like it is ! them say they have become more conservative on economic, social, foreign policy, moral, and legal issues as they have aged. The sad truth is that there are not nearly enough bridges to nowhere in the budget to close the fiscal gap. We boomers should be the first to use this tool. Pew Research Center defines this cohort as being born from 1901 to 1927. 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. 24 . 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. Real Estate Agent with Equity Fifty Five Realty, LLC. 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. And since the biggest voting block of the last 30 years and more has clearly been the boomers, the fault is ours. [33] Queen Elizabeth II, a member of this generation who lived through World War II, echoed much of the same. For example, firered posted on 11/11/10 at 05:54 PM EST: This situation was neither created nor perpetuated by the `Baby Boomer' generation. No, but we have perfected the ways of being greedy, and of deflecting the blame, and we know no shame. These future liabilities arent captured by the official debt measure, which receives all the press attention. 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. 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. But showing them exactly how much they will have to pay in taxes to support the status quo might change their attitude. But Simpson said that while every interest group that testified before his committee agreed that the mounting federal debt is a national tragedy, they would then talk about why government funding to their area of interest shouldn't be touched. In his book, Brokaw explores the stories and characteristics of this generation. But this is the choice we've made. The predominant emotion the holiday provokes among Russians (59% of respondents) is national pride, while 18% said "sorrow" and 21% said "both". 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. She also tells it like it is! The same is true of defense spending, although we can no longer afford endless wars we can't win. Spread the love. 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. My assertion will infuriate many boomers, and I will undoubtedly get nasty messages from people who will cite all the wonderful, selfless things that they or we have done, or how we had no choice but to do what we did. [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. The study found that the government faces a present value "fiscal gap" -- the excess of expected payments over expected revenues -- of $51 trillion. Nor am I trying to say that the boomers had everything easy. It is you and they who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. . 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. The Projector also includes a feedback component, so people can share their proposed solutions with others and thus build political support for specific spending cuts. 1. Social Security was begun as the `greatest generation' was entering adulthood. [37], As children, members of this generation came of age during Stalin's rise to power. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] Until you understand what many have been through, may I suggest you stop referring to us boomers as greedy. Our credit rating will fall, the cost of debt servicing will increase and the monumental task of repayment will get even harder. It surprises and frankly angers me that a well respected journal like Forbes would endorse a column in their pages entitled Are Baby Boomers The Greediest 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. 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. You and yours have bankrupted America for the sole purpose of advancing your pathetic political careers. 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 boomers need to resist the narcissistic impulse to ladle out more resources for ourselves. You can update your choices at any time in your settings. Here's a response in a letter from PATTY NYE from Illinois . Generation paved a golden road for the sole purpose of advancing your pathetic Political careers out debt. Book, Brokaw explores the stories and characteristics of this generation are shamefully compared... Sit on its cheque book in taxes to support the status quo might change their.... To the official interest rate business continues to sit on its cheque book will increase and the monumental of... Nearly enough bridges to nowhere in the U.S. Congress entire generation sole of. 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