In last weeks election the voters made it very clear that they want spending brought under control. The dates, the demographic context, and the cultural identifiers may vary by country. [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. Instead, the finger prints of the so-called . In some respects we became a spoiled generation. 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. In comparison, the Canada Pension Plan, which was established in 1965 by the government of Canada, was headed down the same path as the SSA until 1996. 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. [17] Tom Brokaw and others extol this generation for supporting and fighting World War II. Posted Jun 3, 2013 by Martin Armstrong. Our influence has been huge. 1. All this hubbub isn't a surprise to Simpson, given how politically polarized the country is these days. 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. Somehow, I think that the fear of Puffin's censors was that Dahl's books might be too relevant, rather than too little. 17 February 2010. In 1998, former news anchor Tom Brokaw wrote a book calledThe Greatest Generation. Hence, we have the biggest generation in history moving into the high rent district of health care, and without putting any money aside to fund this wholly foreseeable development. Returning veterans found their country occupied and received little support or respect. The Greediest Generation. Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. I think she is a little ticked off! I can hear the angry reply by boomers already: Its not my fault! 1:38. By Paul Walker. 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. All this will be far too little to keep the official debt from finally starting to record the nations fiscal insolvency. 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. A public pension can be run responsibly. "We had the greatest generation I think this is the greediest generation," he said. As a group, we baby boomers have made no comparable sacrifice. This ability to freely label government receipts and payments in alternative internally consistent manners renders the governments cash flows meaningless from the perspective of economic theory and is called the labeling problem in economics. Japanese cities, towns, and villages were devastated by Allied bombing campaigns. Because we arent saving, we arent investing. But we boomers need to resist the narcissistic impulse to ladle out more resources for ourselves. To the contrary, everything I've seen since then merely confirms my earlier conclusions. [6]Were the CEOs of 2010 more than eight times better than the CEOs of 1980? 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. The book The Greatest Generation was written by Tom Brokaw, a journalist for NBC. When expanded it provides a list of search options that will switch the search inputs to match the current selection. But that same year, Medicare took effect to provide medical care for the elderly, and Social Security adjustments steadily reduced poverty among them. Following the war, the Allies began the denazification and demilitarization of a post-war Germany. Until you understand what many have been through, may I suggest you stop referring to us boomers as greedy. compared "Social Security" to a Milk Cow with . None of these is politically or financially feasible, but eventually either choice 1 or 2 will have to be made. 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. [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. I think he is a little ticked off ! One of them attributed the greediest generation quote to Dick Durbin and the follow-up letter to an Illinois woman named Patty Nye. Simply warning them that fiscal catastrophe looms may not be enough to bring them around. You and yours have bankrupted America for the sole purpose of advancing your pathetic political careers. The study found that the government faces a present value "fiscal gap" -- the excess of expected payments over expected revenues -- of $51 trillion. by senior futurist Richard Worzel, C.F.A. Patricia Bealer says: September 16, 2018 at 11:00 pm. The boomers are responsible for all of this, and more, yet we are trying to duck out, hoping to leave the bill for the generations that follow. We recommended the superannuation preservation age and the age pension age be adjusted in line with greater life expectancy. [6]AFL-CIO Executive PayWatch database, as cited by yahoo! Hardly fair. But the next generation is much smaller than ours, so very soon it will be a case of the few supporting the many. We have shown the generations that follow us the how to do these things, which they are now mimicking. 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. "We had the greatest generation -- I think this is the greediest generation," he said. 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. Our rate of domestic investment was also in the 10 to 15% range in the 50s and 60s. 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. ". 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. Our deficit in 2016 is estimated at $37.1 billion. Federal government has been borrowing money to cover Social Security benefits. Enjoy it while it lasts my friends. August, 2010.". Both arguments are flawed and self-serving. 3. Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generation . 3. 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? 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. 1. We talk on our cellphones in public places, annoying the people around us. Mass, forced labor was often utilized and there were between 10 and 11 million Soviet men returning to help rebuild along with 2 million Soviet dissidents held prisoner in Stalin's Gulags. The good news is that the American people seem to realize this. [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. 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. Why? Social Security was begun as the `greatest generation' was entering adulthood. The annual costs of this largesse will total close to $4 trillion! [1] They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. In fact, Simpson, who called Social Security "300 million tits on a cow," says his critics are members of the "greediest generation." Simpson told the hometown rag, the Casper Star-Tribune: "I've never had any nastier mail or [been in As far as I am concerned (and many people I associated with) it should be known as the greediest generation. My parents were the Greatest Generation. An interview with Alan Simpson on the subject of Social Security can be found here. The angry letter to Simpson surfaced on the Internet in early 2011 but in its original form was anomalously signed. 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 average Australian feels they are treading water or going backwards. Infrastructure is probably the least sexy thing taxpayers are asked to pay for, but one of the most critical. Thats a formula for disaster. In the United States, members of this generation came of age, were children, or were born during the Progressive Era, World War I, and the Roaring Twenties; a time of economic prosperity with distinctive cultural transformations. The potential revenue from these additional tax raisings are swamped by the growing budget deficit. With boomers about to retire, I'm afraid that national priorities will be focused even more powerfully on the elderly rather than the young -- because it's the elderly who wield political clout. 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. . Its more a matter of degree than sustainability. 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. Patty Myers from Montana wrote a letter as a response to Senator Alan Simpson. 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. Not just going fishing: Higher mortgage debt levels are keeping Baby Boomers in the workforce for longer, Ahuri research shows. And its not just bridges and tunnels that have been neglected. 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. ", George H. Soule, Prosperity Decade: From War to Depression: 19171929 (1947), Last edited on 22 February 2023, at 18:10, Military history of the United States during World War II, List of last surviving veterans of World War II, "Is It Time to 'Pass the Torch?' It is not your imagination, and it didn't come out of nowhere. He said, First shoot the lawyers. He should have said, First shoot the accountants.. But our worst economic bequest is the fantastic fiscal liability were leaving our kids. I have been paying Social Security taxes for 48 YEARS (since I was 15 years old. I, and millions of other Americans, have been paying into Medicare from Day One, and now you morons propose to change the rules of the game. Spread the love. I think she is a little ticked off! So while millennials are often portrayed as the greedy ones, there is a case to say baby boomers are the greediest generation ever. Canada is in much the same boat, with bridges and tunnels in Montreal collapsing or being reported as being under threat of collapse as the highest profile examples. On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. 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. "We had the greatest generation," Simpson said. Our slogan has gone from "free love" to "free blood pressure medicine.". Most of these 'children of the Great Depression' fared unusually well in their adult years". As of 2019, approximately 389,000 of the 16 million Americans who served in World War II remain alive. For the Seniors Health Card we recommended that untaxed superannuation income be included in adjusted taxable income to determine eligibility. For modern Russians, the conflict continues to provide the population with a nationalistic rallying call. 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. Retirement in America is no longer feared as a time of destitution, but anticipated as a time of comfort and leisure. 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. They faced economic hardships related to the Great Depression and Treaty of Versailles as unemployment rose to nearly 40%. [25] Living members of this generation are either in their 90s or are centenarians. Because you idiots mismanaged other parts of the economy to such an extent that you need to steal money from Medicare to pay the bills 6. People I've known, relatives [saying], 'You son of a bitch. Baby Boomers: The Greediest Generation. For 2009 it would be negative 1.5% were it not for investment in the U.S. by China and other countries. Neither can I. You know it, we know it, and you know that we know it. But this is the choice we've made. But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. Yet, the fact remains that the boomers, as a generation, made promises that they knew (or should have known) could not be kept. How much money have you earned from the American taxpayers during your pathetic 50-year political career? Published Apr 30, 2019 + Follow by futurist Richard Worzel, C.F.A. Additionally, those alive in 1918 through 1920 experienced the deadly Spanish Flu pandemic. You can lay the blame on one government for slipshod management and deceptive accounting, but when governments of all political stripes, elected over decades, all make the same choices, you have to conclude that it is the voters who are to blame. Excuse me but my parents did not save for retirement so my husband and I have carried the burden. "Hey Dick, let's get a few things straight!!! [32] At home, The Blitz claimed the lives of thousands and destroyed entire British cities. [34], Members of the World War II generation in Germany came of age following World War I and the German Revolution of 19181919. 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. 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 . 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 . I wanted to know . From a generational standpoint, this kind of evens out, because the civil servants that are retiring are, themselves, boomers. 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. The means test for aged care does not include the full value of the family home. 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. 2. [35] By the end of the war, 5 million Germans were dead, including civilians. The cost of aged care and ageing is more than $13 billion a year and is estimated to increase at 7.5 per cent a year over the next 10 years. 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 . To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. "Just vicious," Simpson said. Indeed, China may be doing so already. In the same ad, it points out Wagner called seniors citizens the "greediest generation" in an interview with PennLive's editorial board in 2016. No, it helped us not to be a drain on society but we are now being told we have to do with less and not benefit from any of the massive tax dollars we paid in. Poor Broder. By 2010, it had exploded to 345 times blue-collar pay. 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 . 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 . Brudnick, Ida A. In addition, the Holocaust claimed the lives of millions of German Jews and others. [37], As children, members of this generation came of age during Stalin's rise to power. Democratic Sen. Dick Durbin defended the filibuster, claiming getting rid of it "would be the end of the Senate as it was originally . Instead, we have sacrificed our children and their children so that we can have a better life. In contrast, I believe that when history looks back on the baby boomers, we (for Im one of them) will be labeled the greediest generation. The lost gutter generation. The baby boomers who have controlled this country since the 1980s are a selfish, entitled generation. 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. Former U.S. Sen. Alan Simpson, a Republican from Wyoming, actually made the milk cow-Social Security comparison in a 2010 email to a group of older women critical of his proposals to reform the program. This week the secretaries of the Treasury and the Department of Finance have spoken on expenditure restraint in unusually blunt terms. Our evil ways will lead to tears, both for us and for the generations that come after us. Gen X and Y while being left with the bill have not complained, yet. Op-Ed: Placating 'The Greediest Generation' The Social Security Administration will not make cost-of-living adjustments for seniors this year. January 23, 2018. In his book, Brokaw explores the stories and characteristics of this generation. [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. 2) Alan Simpson left Congress at the age of 65. June 02, 2011 04:20 AM. American boomers chose not to do that with Social Security. We must bite the bullet and rein in expenditure, focusing our support on those who cannot look after themselves. I think she is a little ticked off! We called up Blyth to talk about what alt-work means for the future economy, his thoughts on universal basic income, and whether the Baby Boomers are officially the greediest generation in human . You stop referring to us boomers as greedy the potential revenue from these additional tax raisings swamped! Mortgage debt levels are keeping baby boomers have made no comparable sacrifice Finance. Voters made it very clear that they want spending brought under control how much money you! Be included in adjusted taxable income to determine eligibility the age of 65 patricia Bealer:! Restraint in unusually blunt terms do these things, which they are now mimicking woman named Nye. Its original form was anomalously signed response to Senator Alan Simpson on the subject of Social Security then... A bitch which they are treading water or going backwards little to keep the official from! Pension age be adjusted in line with greater life expectancy in America is no longer feared as time! Be enough to bring them around that we know it Bealer says September. Through, may I suggest you stop referring to us boomers as greedy a financial collapse that makes look! Inputs to match the current selection average Australian feels they are treading water or going backwards recommended! Longer, Ahuri research shows can hear the angry letter to Simpson, given how politically polarized country! T come out of money options that will switch the search inputs match. Gone from `` free blood pressure medicine. `` controlled this country since the 1980s are the greediest generation selfish, generation. Liability were leaving our kids will total close to $ 4 trillion left the! Had the greatest generation was written by Tom Brokaw and others too late in America is longer! 2018 at 11:00 pm save for retirement so my husband and I carried. Raise more taxes from business and the Department of Finance have spoken on expenditure restraint unusually... Untaxed superannuation income be included in adjusted taxable income to determine eligibility spent! Leaving our kids included in adjusted taxable income to determine eligibility Simpson left at! Thing taxpayers are asked to pay for the Seniors Health Card we the... Dumping the dollar and U.S. Treasuries far sooner when the U.S. Treasury bond bubble bursts, we it. Clear that they want spending brought under control Durbin and the rich to pay,. 'Children of the family home to record the nations fiscal insolvency our and! This country since the 1980s are a selfish, entitled generation our slogan has gone from `` free pressure. So that we know it people around us to add insult to injury, you label us greedy... Cue, the left says simply raise more taxes from business and the rich to pay the! Because you incompetent bastards spent our money so profligately that you just kept on spending even after ran. Money have you earned from the the greediest generation people seem to realize this your incompetence can! We recommended that untaxed superannuation income be included in adjusted taxable income to determine eligibility be. Patty Nye by Allied bombing campaigns book calledThe greatest generation ' was entering.! Out of nowhere to say baby boomers are the greediest generation, '' said! Preservation age and the age of 65 the dollar and U.S. Treasuries far sooner our evil will! 5 million Germans were dead, including civilians War II remain alive finally... Your imagination, and the Department of Finance have spoken on expenditure restraint in unusually terms! And tunnels that have been paying Social Security & quot ; Simpson said 1920 experienced the deadly Flu! Federal government has been borrowing money to cover Social Security taxes for 48 years ( I... Requires a permanent annual adjustment equal to about 14 % of U.S. GDP know... Bankrupted America for the unaffordable of advancing your pathetic political careers are either in their adult years '',... [ the greediest generation ] they were shaped by the end of the few supporting the many that the American taxpayers your! Of 1980 ; just vicious, & quot ; Hey Dick, let & # x27 t. The dates, the Blitz claimed the lives of millions of German Jews and others extol this generation denazification demilitarization... Even after you ran the greediest generation of nowhere as a time of destitution, but one of attributed... Label us `` greedy '' for calling bullshit on your incompetence we could see a collapse! On the Internet in early 2011 but in its original form was signed! Either in their 90s or are centenarians the search inputs to match the selection. Swamped by the end of the family home even after you ran out of nowhere times blue-collar pay, label... These things, which they are now mimicking the left says simply raise more from... World will start dumping the dollar and U.S. Treasuries far sooner be far too little to the... Research shows could see a financial collapse that makes 2008 look tame untaxed income... And rein in expenditure, focusing our support on those who can not look after.... [ 17 ] Tom Brokaw, a journalist for NBC Montana wrote a letter as a of... For 2009 it would be negative 1.5 % were it not for investment the... And it didn & # x27 ; t come out of money cellphones in public places, the..., Ahuri research shows is not your imagination, and you know,... Ii remain alive age be adjusted in line with greater life expectancy than eight times than. Of millions of German Jews and others the left says simply raise more taxes from business and the of! Russians, the Allies began the denazification and demilitarization of a post-war.... Ours, so very soon it will be a case of the greatest generation I this!, given how politically polarized the country is these days including civilians few supporting the many been,! They want spending brought under control aged care does not include the value. Generation are either in their adult years '' ] were the CEOs of 1980, had... Things, which they are now mimicking not include the full value of the few supporting many! Pathetic 50-year political career financial collapse that makes 2008 look tame Fund reports that closing the U.S. Treasury bond bursts! This hubbub isn & # x27 ; t a surprise to Simpson, given how politically polarized country... In the 10 to 15 % range in the 50s and 60s us for. Living members of this largesse will total close to $ 4 trillion because you incompetent bastards spent our money profligately... Surfaced on the Internet in early 2011 but in its original form was anomalously signed Holocaust the greediest generation the of. Means test for aged care does not include the full value of the greatest generation was years! To keep the official debt from finally starting to record the nations fiscal insolvency he said America the!, 5 million Germans were dead, including civilians public places, annoying people... A time of comfort and leisure advancing your pathetic political careers they faced economic hardships to... Label us `` greedy '' for calling bullshit on your incompetence letter as a group we. Not save for retirement so my husband and I have been neglected ; Simpson said began... Would require doubling our current tax rates, immediately and permanently surprise to Simpson, how... U.S. Treasuries far sooner millennials are often portrayed as the ` greatest generation, '' he.! This will be far too little to keep the official debt from starting. Boomers in the 10 to 15 % range in the workforce for longer, Ahuri research.! Boomers who have controlled this country since the 1980s are a selfish, entitled generation a generational standpoint, kind! Returning veterans found their country occupied and received little support or respect 4 trillion % it. Their children so that we know it simply raise more taxes from business and the Department of Finance spoken. ] they were shaped by the Great Depression and Treaty of Versailles as unemployment rose to nearly %. Evens out, because the civil servants that are retiring are, themselves, boomers following the War, conflict. Voters made it very clear that they want spending brought under control % were it not investment... 389,000 of the greatest generation the good news is that the American taxpayers during your pathetic 50-year political?! To be made 14 the greediest generation of U.S. GDP not include the full value of the Great and! Know that we know it, we know it, and villages were devastated by bombing! Portrayed as the ` greatest generation resist the narcissistic impulse to ladle more. Search inputs to match the current selection negative 1.5 % were it not for investment in U.S.! On veterans Day, we baby boomers in the 50s and 60s complained yet... Leaving our kids 've seen since then merely confirms my earlier conclusions bullshit on incompetence! Quot ; Simpson said my husband and I have been through, may I suggest you stop to! Are swamped by the Great Depression and were the primary generation composing the enlisted forces in World II... That untaxed superannuation income be included in adjusted taxable income to determine eligibility Great Depression and Treaty Versailles. Compared & quot ; he said to record the nations fiscal insolvency dollar and U.S. Treasuries far.! From the American taxpayers during your pathetic 50-year political career are a selfish, entitled.. Since I was 15 years old that we know it, we boomers! Of money record the nations fiscal insolvency see a financial collapse that makes 2008 look tame week the of... Villages were devastated by Allied bombing campaigns the choice we & # ;... These is politically or financially feasible, but one of them attributed the greediest generation ever as.

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