Indeed, they are more burdensome, because Congress has, explicitly or implicitly, promised to pay these benefits off in real (purchasing power) terms. He said, First shoot the lawyers. He should have said, First shoot the accountants.. Over 9 in 10 (91%) of this age group are registered to vote and 90% voted in the 2000 presidential election. 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? Most of these 'children of the Great Depression' fared unusually well in their adult years". Here's a response in a letter from PATTY NYE from Illinois . [15] The popularity of the radio also became a major influence in the lives of this generation, as millions tuned in to listen to President Franklin D. Roosevelt's "fireside chats" and absorbed news in a way like never before.[16]. Poor Broder. 2) Alan Simpson left Congress at the age of 65. 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 predominant emotion the holiday provokes among Russians (59% of respondents) is national pride, while 18% said "sorrow" and 21% said "both". Well, Captain Bullshit, I have a few questions for YOU 1. Nor can we inflate or borrow or tax our way out of it. The good news is that the American people seem to realize this. Our evil ways will lead to tears, both for us and for the generations that come after us. Neither can I. Indeed, China may be doing so already. 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. The generation is generally defined as people born from 1901 to 1927. In the book, Brokaw profiled American members of this generation who came of age during the Great Depression and went on to fight in World War II, as well as those who contributed to the war effort on the home front. Today, former Soviet states celebrate an annual Victory Day. Generation and the World War II generation, is the Western demographic cohort following the Lost Generation and preceding the Silent Generation. "Just vicious. France, the United Kingdom, Greece, and other countries are making the painful choices needed to protect their young people and their economies. 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. We boomers should be the first to use this tool. In 1998, former news anchor Tom Brokaw wrote a book calledThe Greatest Generation. 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 eyes got squinty and my face got red. A public pension can be run responsibly. Now the people who made those promises are long gone from office, or at the very least, approaching retirement. 1:38. 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. The Social Security mess was created by the Greatest Generation and the Boomers were left holding the empty bag.. Baby boomers, often shortened to boomers, are the demographic cohort following the Silent Generation and preceding Generation X.The generation is often defined as people born from 1946 to 1964, during the mid-20th century baby boom. Weisman, Jonathan. But the sad and sorry state of Social Security must still be placed at the feet of the boomers because we have had effective control of the U.S. government for decades, and have found it easier not to make the hard decisions about funding Social Security properly. By Paul Walker. The USSR lost 14% of its pre-war population during WWII, a demographic collapse that would have immense long-term consequences. "I think this is the greediest generation." The problem, Simpson explained, is the "polarized" country we live in, and the media that . "Hey Dick, let's get a few things straight!!! We must bite the bullet and rein in expenditure, focusing our support on those who cannot look after themselves. 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. It is you and they who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. [28][29] However, some also praise the traits and actions of this generation and cite their sacrifices as a lesson for current generations. Instead, the finger prints of the so-called . 22 They spank their kids. We have shown the generations that follow us the how to do these things, which they are now mimicking. We provide a Senior's Health Card, which excludes from its means test any untaxed income from superannuation. It was a case of the many supporting the few. Earlier versions of the letter were unsigned, and Myers identity has never been verified.Later, variations of the greediest generation quote and follow-up later emerged. A lot less., A lot of the negative reaction to Kotlikoffs column has come from boomers taking umbrage at what they consider a generational slander. 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. America isnt quite as badly off, but is clearly headed in the same direction. And for what? 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. 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. ", I chatted today with Kotlikoff (a boomer himself) about the reaction. But the overall impact of the boomers on our society and our economy, as a generation, is that we took what we wanted without regard to what it would cost others, and without thinking about how it would affect the future, either our own, or more particularly our childrens. Taxing retirement income and calling seniors the "greediest generation" is insane in a state with the fifth highest population of seniors, a group with a 70+ percent turnout rate, and who are vocal about pocketbook issues. Weve reached a point now where its like a milk cow with 310 million tits! Support for those most in need is threatened by support for those who are more able to look after themselves. Friday, November 26, 2010 Alan Simpson, President Obusha's hand-selected Cat Food Commission member doesn't suffer critics. "I really believe that there are more patriots in America than selfish, selfish people," he said. So please, do not visit the sins of the father upon their children. Illinois resident blasted U.S. Now, you come to the American taxpayers and say you need more to pay of YOUR debt. The book The Greatest Generation was written by Tom Brokaw, a journalist for NBC. 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. But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. 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. I grew up in the shadow of what Tom Brokaw called " The Greatest Generation .". I originally wrote this in 2014, and got roundly flamed for it. 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. He didnt, however, say that senior citizens were the greediest generation ever (at least in the email). To redeem these IOUs, the government would have to: 1) raise taxes; 2) cut spending; or 3) borrow an equivalent amount of money on the open market at a time when U.S. government debt is at the highest peacetime level in history. For 2009 it would be negative 1.5% were it not for investment in the U.S. by China and other countries. Here's a response in a letter attributed to PATTY NYE from Illinois. In coming years, we'll hear appeals for better nursing homes, for more Alzheimer's research and for more wheelchair-accessible office buildings, and those are good causes. Pelzer, Jeremy. 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. Given the earlier history, these claims are obviously false. You know it, we know it, and you know that we know it. Are the Baby Boomers the greediest generation ever? The latest survey conducted by Russia's Levada Center suggests Victory Day is still one of the most important public holidays for Russian citizens, with 65% of those surveyed planning to celebrate it. Per TPM: "We had the greatest generation," Simpson said. Both arguments are flawed and self-serving. The euro area has 16.5 million unemployed and an unemployment rate of 10.5 per cent. 3) How much Alan Simpson might pay for government provided health insurance is not possible to calculate. Unlike the Western allies and the Soviet Union, Germany did not honor its veterans, as the association with Nazism continues in contemporary Germany today. 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. Illinois senator argued Social Security should not be part of fiscal cliff talks. 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. "Hey Dick, let's get a few things straight!! These people are largely conservative on economic (59%) and social (49%) issues, and about one-third of 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 [32] At home, The Blitz claimed the lives of thousands and destroyed entire British cities. No matter what happens to the official interest rate business continues to sit on its cheque book. To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. 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 parents went through The Depression and World War II. . For the Seniors Health Card we recommended that untaxed superannuation income be included in adjusted taxable income to determine eligibility. And they have no choice; without water a city becomes a ghost town. 1. Here's a response in a letter from PATTY NYE from Illinois . Now, with those hormones fading, we've popularized Viagra. Story Highlights. But showing them exactly how much they will have to pay in taxes to support the status quo might change their attitude. As a career politician, you have been on the public dole for FIFTY YEARS 2. No, but we have perfected the ways of being greedy, and of deflecting the blame, and we know no shame. [40] Surviving veterans visit the Yasukuni Shrine to pay tribute to their fallen comrades.[41]. 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. We recommended the superannuation preservation age and the age pension age be adjusted in line with greater life expectancy. But the next generation is much smaller than ours, so very soon it will be a case of the few supporting the many. This week the secretaries of the Treasury and the Department of Finance have spoken on expenditure restraint in unusually blunt terms. 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. 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. Nor am I trying to say that the boomers had everything easy. No matter how one labels receipts and payments, the fiscal gap remains the same. The boom is over and the government is now forced to borrow to cover the ever growing shortfall. How much do you pay for YOUR government provided health insurance? They endured the Holodomor famine, which killed millions. Here's a response in a letter from PATTY NYE from Illinois . Op-Ed Columnist E-mail: nicholas@nytimes.com, https://www.nytimes.com/2005/05/01/opinion/the-greediest-generation.html. 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. What do you do if the people you hire want more money, but you dont want to pay them? When I think about the kind of world we are turning over to our children, it is I, and millions of other Americans, have been paying income taxes our entire lives, and now you propose to increase our taxes yet again. 23 They call Gen Z a Millennial. I guess that makes us greedy. Whatever the (unknown) truth is, the amounts are staggering, especially as they are in addition to other explicit and implicit liabilities. Our influence has been huge. According to a 2004 study done by AARP, "There are 26 million people aged 77 or older in the United States. 2. Brudnick, Ida A. Hence, the real fiscal problem facing the country is 20 times larger than the one weve been publicly acknowledging. Tony Shepherd is a businessman and a former head of the Commission of Audit. stamped U.S. Treasury Bond. I think he is a little ticked off ! 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. Generation" was first used in 1971 by Alberto M. Camarillo in an article for the academic journal Aztln: A Journal of Chicano Studies, titled "Research note on Chicano community leaders: the GI 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. "Hey Dick, let's get a few things . The Greediest Generation. The only way out is to reduce spending. By Nicholas D. Kristof. 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. In 1914, Henry Ford said There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible. Can you imagine any major CEO saying that today? Commentary: Baby boomers out, 'cuspers' in. You know em too. And we need to do it yesterday. 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. In last week's election the voters made it very clear that they want spending brought under control. But we didnt know! Not true: the boomers didntwantto know and did want unreasonably low taxes, and voted that way. The author Laurence J. Kotlikoff affirms that on of the major characteristics of Baby Boomers is greed. Published Apr 30, 2019 + Follow by futurist Richard Worzel, C.F.A. She also tells it like it is! I think she is a little ticked off! Look it up yourself. 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 . The potential revenue from these additional tax raisings are swamped by the growing budget deficit. [33] Queen Elizabeth II, a member of this generation who lived through World War II, echoed much of the same. I think she is a little ticked off! Don't expect any sympathy, Trumpy. Rather, we'll be scorned as the "Greediest Generation.". I wanted to know . 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 comment of calling senior citizens the greediest generation was made by Senator Simpson in response to criticism from the opposition of the Simpson Bowles proposal to reduce the deficit and cut spending. 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. The Baby Boomers should tighten their belts in the interests of their children and grandchildren. The recent proposal by the co-chairs of President Obamas bipartisan deficit commission would, unfortunately, make only a modest dent in our nations humongous credit card bill. In his book, Brokaw explores the stories and characteristics of this generation. Next to jazz, blues, gospel music, and folk music; swing jazz became immensely popular with members of this generation. A person earning $80,000 who cannot afford a home pays taxes to support an aged pensioner in a $3 million family home . And our bad habits dont stop with CEOs. Were sorry, this feature is currently unavailable. In 1980, a typical American CEOs pay was 42 times that of an average blue-collar workers pay. They have a lot going for them that they consider good but that the millenials don't have. 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. Our top domestic priorities should be to ensure that all children get health care and to get our fiscal house in order. 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. It also lets them develop their own solutions by changing the budget assumptionse.g., by cutting spending in certain areas. So let me list the most important ways in which we have behaved as the greediest generation. Here's a response in a letter from PATTY NYE from Illinois . Finance, http://finance.yahoo.com/blogs/daily-ticker/ceos-more-350-times-average-worker-afl-cio-144537573.html, viewed 7 July 2014. Thats a formula for disaster. Since the letter reproduced above isn't credited to any particular person (other than an "unknown fellow in Montana"), and a number of different people have claimed authorship, there is no particular attribution for us to verify as correct or incorrect. Sen. Dick Durbin of Illinois, in a phony email, recently was accused of calling American senior citizens "The Greediest Generation.". "We had the greatest generation I think this is the greediest generation," he said. ! Traditionally in America, the people most likely to be poor were the elderly. Brokaw wrote that these men and women fought not for fame or recognition, but because it was the "right thing to do". We were suitably embarrassed that old people were eating cat food or scavenging garbage cans for food, so we reallocated resources to the elderly. As we've aged, age discrimination has become a basis for lawsuits, and the most litigated right has become the right to die. We cant grow our way out of this mess. [2]http://www.ssa.gov/oact/trsum/, A Message from the Public Trustees, fromA Summary of the 2013 Annual Reports, Social Security and Medicare Boards of Trustees, as read 7 July 2014. Its made no such promises for most of its official Treasury bills and bonds. She says they've earned the title of the "greediest generation . The answer, based on the Congressional Budget Offices latest projections, is $202 trillion! Are we the only generation that has ever been greedy? The baby boomers who have controlled this country since the 1980s are a selfish, entitled generation. Bill, this generation moved their families into the suburbs and largely promoted a more conservative mindset as the country faced the threat of the Cold War and a Second Red Scare, while some were again called to service in the Korean War alongside the Silent Generation. [35] By the end of the war, 5 million Germans were dead, including civilians. The Audit Commission recommended a single asset test for the aged pension including the value of the family home above $750,000 for couples to be phased in over 15 years giving time to plan and adjust. MsFitz01 posted on 11/12/10 12:34 PM EST: "A Greedy Generation? The last time this issue was seriously tackled was back in 1983, when a Senate committee led by Daniel Patrick Moynihan curtailed benefits, and raised entitlement ages. Why? Here's a response in a letter from . Patty Myers from Montana wrote a letter as a response to Senator Alan Simpson. Laurence J. Kotlikoff, a Boston University economics professor, prolific writer and occassional bomb thrower, has set off a debate on Forbes.com with a new column here Baby Boomers: The Greediest Generation. I write from D.C. about tax and retirement policy and planning. [1]Wikipedia entry onThe Greatest Generation. I think she is a little ticked off! And its not just bridges and tunnels that have been neglected. Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generation . The angry letter to Simpson surfaced on the Internet in early 2011 but in its original form was anomalously signed. Getting overall spending under control inevitably means spending less on Medicare and Social Security. Nye then supposedly called him out in an open letter that has circulated in forwarded emails. [27] The romanticizing of this generation has faced criticism by some. The look on his face was horrible. Meanwhile, the Guardian (the . Its more a matter of degree than sustainability. Credit:Louie Douvis. That's right, sir. This generation experienced what is commonly referred to as the "Golden Age of Hollywood". 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. & quot ; Hey Dick, let & # x27 ; t.! With members of this generation who lived through World War II seem to realize this t have a 2004 done! ; cuspers & # x27 ; s get a few questions for you.... Holodomor famine, which killed millions most likely to the greediest generation poor were the elderly boomers look around and see and. 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