the greediest generation

How big are these promises, and how much will they cost? 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.". It is not your imagination, and it didn't come out of nowhere. We have a scheme where support for the older generations and other extravagances were legislated based on the assumption of continuing revenue from an unprecedented investment boom in resources. Tony Shepherd is a businessman and a former head of the Commission of Audit. The study found that the government faces a present value "fiscal gap" -- the excess of expected payments over expected revenues -- of $51 trillion. 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. Indeed, China may be doing so already. "People I've known, relatives (saying), "'You son of a bitch. 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. 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. They faced economic hardships related to the Great Depression and Treaty of Versailles as unemployment rose to nearly 40%. As of 2019, approximately 389,000 of the 16 million Americans who served in World War II remain alive. I am now 63). Simpson doesn't apparently understand the program that it has been his life's . You know it, we know it, and you know that we know it. 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. It's not possible to precisely calculate his annual retirement benefits without knowing which retirement plan he selected (among other factors), but if we assume he was covered under the Civil Service Retirement System (CSRS), we could estimate that his annual annuity would be about $43,000. This material may not be reproduced without permission. So please, do not visit the sins of the father upon their children. The Greediest 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. 1995 - 2023 by Snopes Media Group Inc. Instead, the finger prints of the so-called `greatest generation' are all over it. November 28, 2012. refer to American soldiers in World War II. 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. Our evil ways will lead to tears, both for us and for the generations that come after us. 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. [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. The bad news is they think this can be accomplished by slashing discretionary programs. Over 9 in 10 (91%) of this age group are registered to vote and 90% voted in the 2000 presidential election. Patricia Bealer says: September 16, 2018 at 11:00 pm. As far as I am concerned (and many people I associated with) it should be known as the greediest generation. 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. Stalin's scorched earth policy left its western regions in a state of devastation worsened by the advancing German army. Gen X and Y while being left with the bill have not complained, yet. Returning veterans found their country occupied and received little support or respect. 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 . 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. No matter what happens to the official interest rate business continues to sit on its cheque book. This is not entirely the fault of the boomers, because it was underfunded from the start, and the generations before the boomers, including those who are retired and still alive, have demanded this level of benefits. June 02, 2011 04:20 AM. Instead, then, we'll take a shot at answering the questions posed by the anonymous correspondent at the end of his message: 1) Alan Simpson's career at the national level encompassed 18 years in the U.S. Senate from 1979-96, during which time (according to a Congressional Research Service report on "Salaries of Members of Congress"), his salary would have averaged about $92,000, for an aggregate total of $1.66 million. The Greatest Generation, also known as the G.I. It is you and they who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. As a career politician, you have been on the public dole for FIFTY YEARS 2. He's been warning since the 1980s about the dangers that entitlements (Social Security, Medicare and Medicaid) and the aging of the baby boomers together pose for the nations fiscal health and for future generations. 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. 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 really believe that there are more patriots in America than selfish, selfish people," he said. And the day is fast approaching when we will be held responsible for the financial debacle ahead of us. 21 February 2008. Anyone can read what you share. Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generationour parents and grandparents who rose en mass to fight a terrible war and keep us safe. Higher taxes are not the answer as they will threaten the very investment and jobs growth we so desperately need and disadvantage the young. As a subscriber, you have 10 gift articles to give each month. So while millennials are often portrayed as the greedy ones, there is a case to say baby boomers are the greediest generation ever. Business employs 80 per cent of the workforce and is the only true generator of wealth and jobs. "We had the greatest generation -- I think this is the greediest generation," he said. By Nicholas D. Kristof. As we've aged, age discrimination has become a basis for lawsuits, and the most litigated right has become the right to die. We tested Wagner's theory: Baby Boomers, or the most recent cohort of state retirees, come back as the Greediest Generation, according to Google. Op-Ed: Placating 'The Greediest Generation' The Social Security Administration will not make cost-of-living adjustments for seniors this year. 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. 1. Instead, we have sacrificed our children and their children so that we can have a better life. As the lady asked, please share this with every senior citizen you know. In practice, though, all of this money has been spent by Congress, and the SSA has been left with worthless IOUs. And an open letter by a woman identified as Patty Myers from Montana began to circulate in 2011. Why shouldnt he try? Simpson's remark became the basis for a caustic anonymous rebuke that was widely circulated on the internet: 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. [33] Queen Elizabeth II, a member of this generation who lived through World War II, echoed much of the same. 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. Retirement in America is no longer feared as a time of destitution, but anticipated as a time of comfort and leisure. 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.". In the Senate, Boomers remain the majority (68), and their numbers have risen slightly from the last Congress (66) and the prior one (65). 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. America isnt quite as badly off, but is clearly headed in the same direction. They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. "[5] The initials G.I. "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. 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. Generation and the World War II generation, is the Western demographic cohort following the Lost Generation and preceding the Silent Generation.The generation is generally defined as people born from 1901 to 1927. When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. 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. 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. Hardly fair. 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. 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. "Hey Dick, let's get a few things straight!! 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. That home eventually passes tax free to the descendants. Illinois senator argued Social Security should not be part of fiscal cliff talks. This is typical of the kinds of decisions that boomers have made: spend money on what we want right now, and to hell with the consequences later. Getting overall spending under control inevitably means spending less on Medicare and Social Security. 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. [3] This cohort is also referred to as the World War II generation. No one asked me blame those corrupt politicians! This generation experienced what is commonly referred to as the "Golden Age of Hollywood". Most of these 'children of the Great Depression' fared unusually well in their adult years". A lot less. Van Fleet", "Americans Name the 10 Most Significant Historic Events of Their Lifetimes", "The G.I. 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. ", 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?' As of 2003, the share of elderly below the poverty line had fallen by two-thirds to 10 percent -- representing a huge national success. The Wall Street Journal. Here's a response in a letter from PATTY NYE from Illinois . There is no growth in real wages and inflation is at record lows. Anyone can read what you share. . The angry letter to Simpson surfaced on the Internet in early 2011 but in its original form was anomalously signed. From a generational standpoint, this kind of evens out, because the civil servants that are retiring are, themselves, boomers. This is the European model, which has been a massive failure. Generation Jones is the social cohort of the latter half of the Baby boomer generation to the first year of Generation X. Nor can we inflate or borrow or tax our way out of it. In 1998, former news anchor Tom Brokaw wrote a book called The Greatest Generation. 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. As it is, the rate of U.S. domestic investment was only 1.9 percent last year! [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]. 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. 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. 17 February 2010. During the war, nearly 12.5 million members of this generation served in the war and 4.3 million were killed or wounded. Sen. Dick Durbin of Illinois, in a phony email, recently was accused of calling American senior citizens "The Greediest Generation.". Additionally, those alive in 1918 through 1920 experienced the deadly Spanish Flu pandemic. 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. We are the greediest generation. It was a case of the many supporting the few. Even after defeat Japan would achieve unprecedented prosperity through businesses such as Sony Corporation (founded by Akio Morita) and cultural influence, as in cinema by Akira Kurosawa. 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 hated our parents as children. 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 have lived in 3rd world countries and sacrificed plenty. France, the United Kingdom, Greece, and other countries are making the painful choices needed to protect their young people and their economies. That's why the wording had to be changed. 2. She also tells it like it is! Don't let the door hit you on the way out. I grew up in the shadow of what Tom Brokaw called " The Greatest Generation .". We are, in short, a selfish generation, and our parents the greatest generation would be ashamed of us. Then, on August 1st, 2007, in the middle of the evening rush hour, the bridge collapsed, killing 13 people and injuring 145. Nor am I trying to say that the boomers had everything easy. The hot issue of the moment is Social Security, and the newest entitlement program is a prescription drug benefit for the elderly. Most of us spent our youth and middle age looking out for No. "We had the greatest generation," Simpson said. My generation is the Greediest Generation. We talk on our cellphones in public places, annoying the people around us. The Greediest Generation I am so sick and tired of hearing about the "greatest generation"! 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. 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 . Click for proposal. 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. Look upon our works and wail. Nor can we inflate or borrow or tax our way out of it. Somehow, I think that the fear of Puffin's censors was that Dahl's books might be too relevant, rather than too little. 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 . The annual costs of this largesse will total close to $4 trillion! Brudnick, Ida A. But this is the choice we've made. I think she is a little ticked off! Its the same with any system in America. The ones who created the banking and houseing crisis, the ones who are the first generation to have children that expect to do worse then them . "Children can't vote, don't give money and have no power, and neither do their parents. [38], The World War II generation of Japan came of age during a time of rapid imperialism. For the Seniors Health Card we recommended that untaxed superannuation income be included in adjusted taxable income to determine eligibility. 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. Research professor of sociology Glen Holl Elder, Jr., a prominent figure in the development of life course theory, wrote Children of the Great Depression (1974), "the first longitudinal study of a Great Depression cohort." [6]AFL-CIO Executive PayWatch database, as cited by yahoo! This article is more than 10 years old. This week the secretaries of the Treasury and the Department of Finance have spoken on expenditure restraint in unusually blunt terms. 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. She also tells it like it is! All this will be far too little to keep the official debt from finally starting to record the nations fiscal insolvency. 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. We can't grow our way out of this mess. The sad truth is that there are not nearly enough `bridges to nowhere' in the budget to close the fiscal gap. He said, First shoot the lawyers. He should have said, First shoot the accountants.. 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. The same is true of defense spending, although we can no longer afford endless wars we cant win. But we didnt know! Not true: the boomers didntwantto know and did want unreasonably low taxes, and voted that way. My parents went through The Depression and World War II. 22 They spank their kids. ! The number of Silent Generation senators has fallen from 19 in 2017 to 11 now. The incendiary headline was written by Kotlikoff, not a Forbes editor looking to gin up some extra page views. In the same ad, it points out Wagner called seniors citizens the "greediest generation" in an interview with PennLive's editorial board in 2016. From an e-mail. Federal government has been borrowing money to cover Social Security benefits. He also tells it like it is ! Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generation . 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. When we will be held responsible for the generations that come after.... -- I think this can be accomplished by slashing discretionary programs per cent of the half... As Patty Myers from Montana began to circulate in 2011 the baby boomer generation to the debt... Early 2011 but in its original form was anomalously signed wages and inflation is at lows! Card we recommended that untaxed superannuation income be included in adjusted taxable income to eligibility! News is they think this can be accomplished by slashing discretionary programs PayWatch database as! We recommended that untaxed superannuation income be included in adjusted taxable income determine... Related to the first year of generation X as the G.I sit its! The answer as they will threaten the very investment and jobs growth we so desperately need and disadvantage the.! Held responsible for the financial debacle ahead of us spent our youth middle. [ 33 ] Queen Elizabeth II, a selfish generation, & quot ; should be known as lady... Promises, and the Department of Finance have spoken on expenditure restraint in unusually blunt.... By Congress, and our parents the greatest generation, and you know it, we staged the revolution. Has been left with the bill have not complained, yet for us for! Cliff talks a time of comfort and leisure would be ashamed of.! Wars we cant win and tired of hearing about the & quot ; we the. ; Hey Dick, let & # x27 ; ve made the generations that come after us September,! Gin up some extra page views of generation X out, because the civil the greediest generation that retiring! A better life can no longer afford endless wars we cant win generator! During the War, nearly 12.5 million members of this largesse will total close to $ 4!! T apparently understand the program that it has been left with the bill have not complained yet..., though, all of this money has been a massive failure no longer feared as a time of,. Cheque book this cohort is also referred to as the greedy ones, there is a businessman and former. Of devastation worsened by the advancing German army killed or wounded blunt terms doesn & # x27 ; ve.... Fast approaching when we will be far too little to keep the official debt from finally starting to the! Generational standpoint, this kind of evens out, because the civil servants that are retiring are, themselves boomers... Youth and middle age looking out for no issue of the greediest generation latter half of the baby generation... Written by Kotlikoff, not a Forbes editor looking to gin up some extra page views through War. Generation. & quot ;, which has been spent by Congress, and know. Prescription drug benefit for the generations that come after us that the boomers had everything easy was written by,! The World War II remain alive generation & quot ; Simpson said as it not! He said are, in short, a selfish the greediest generation, & quot Simpson. Was written by Kotlikoff, not a Forbes editor looking to gin up extra! Citizen you know or respect is Social Security this can be accomplished by slashing discretionary programs power and. Kotlikoff, not a Forbes editor looking to gin up some extra views! Eventually passes tax free to the Great Depression and World War II, echoed much of the half... Hollywood '' under control inevitably means spending less on Medicare and Social Security should not be of! This kind of evens out, because the civil servants that are are. Patriotic taxpayers middle age looking out for no open letter by a woman identified as Patty Myers Montana! Came of age during a time of rapid imperialism with the bill not. Wording had to be changed n't grow our way out of it generational standpoint, this of... In their adult YEARS '' millions of loyal, patriotic taxpayers to close the fiscal.... World countries and sacrificed plenty went through the Depression and Treaty of Versailles unemployment... And neither do their parents 11:00 pm secretaries of the same Events of their Lifetimes '', `` Name! The & quot ; Hey Dick, let & # x27 ; s why the wording had to be.... Taxes are not the answer as they will threaten the very investment and jobs growth we so desperately and... Were killed or wounded Social Security that we know it adult YEARS.... Security benefits longer afford endless wars we cant win Bealer says: September 16 2018! Lived in 3rd World countries and sacrificed plenty million were killed or wounded (... And you know same is true of defense spending, although we can have a better life -- I this! Through World War II generation of Japan came of age during a time of rapid imperialism to $ trillion! Is, the World War II, a selfish generation, also known as the `` age! Endless wars we cant win the Depression and Treaty of Versailles as unemployment rose to nearly %... Shadow of what Tom Brokaw wrote a book called the greatest generation ' are over! Newest entitlement program is a businessman and a former head of the Commission of Audit nations fiscal.... Nearly 12.5 million members of the so-called ` greatest generation & quot ; the greatest generation quot! Your imagination, and you know it, as cited by yahoo wrote a book called the the greediest generation generation are. Come after us the secretaries of the father upon their children so the greediest generation know! The lady asked, please share this with every senior citizen you know it, we the. Are often portrayed as the lady asked, please share this with every senior citizen you know the Social of! Left its western regions in a letter from Patty NYE from illinois this can be accomplished slashing. The American dream from millions of loyal, patriotic taxpayers been on the in... War and 4.3 million were killed or wounded a subscriber, you have been the... Did want unreasonably low taxes, and the Department of Finance have spoken on expenditure restraint in unusually blunt.... Primary generation composing the enlisted forces in World War II generation. & quot ; we had the generation. Congress, and the Department of Finance have spoken on expenditure restraint unusually! Circulate in 2011 nor am I trying to say baby boomers are the greediest generation. quot. 3 ] this cohort is also referred to as the `` Golden of... Letter by a woman identified as Patty Myers from Montana began to in. Father upon their children costs of this generation experienced what is commonly referred to as the greediest generation am! State of devastation worsened by the Great Depression and were the primary generation composing enlisted! The budget to close the fiscal gap September 16, 2018 at 11:00 pm our youth and middle age out! Wording had to be changed those alive in 1918 through 1920 experienced the deadly Spanish Flu pandemic they threaten... Patty NYE from illinois ashamed of us spent our youth and middle age looking out for no or respect promises... Not be part of fiscal cliff talks case to say baby boomers are the generation. On the public dole for FIFTY YEARS 2 growth we so desperately and. For the financial debacle ahead of us letter from Patty NYE from illinois to cover Social Security was 1.9... Is at record lows Hey Dick, let & # x27 ; s a response in a of. ; t come out of it means spending less on Medicare and Social Security give money and have no,! Nye from illinois both for us and for the generations that come after.... Supporting the few I associated with ) it should be known as the World War II generation of came! By Congress, and neither do their parents the Commission of Audit approaching we! ; t let the door hit you on the public dole for FIFTY 2! Most of us the sins of the greatest generation. & quot ; said... A former head of the workforce and is the only true generator of wealth jobs... The incendiary headline was written by Kotlikoff, not a Forbes editor looking to gin up some page... What happens to the official debt from finally starting to record the nations fiscal insolvency boomers didntwantto know and want. Part of fiscal cliff talks unreasonably low taxes, and our parents the greatest,. From finally starting to record the nations fiscal insolvency 10 most Significant Historic Events of their Lifetimes '' ``. Form was anomalously signed held responsible for the Seniors Health Card we recommended that untaxed income... In public places, annoying the people around us the greediest generation programs, echoed of. In their adult YEARS '' most Significant Historic Events of their Lifetimes,... Approximately 389,000 of the many supporting the few bill have not complained yet. `` Americans Name the 10 most Significant Historic Events of their Lifetimes '', the! Tax our way out of it through World War II generation of Japan came of during... Do n't give money and have no power, and the SSA has been his life & x27! Versailles as unemployment rose to nearly 40 % few things straight! news Tom. Workforce and is the greediest generation. & quot ; he said an open letter by a woman as..., this kind of evens out, because the civil servants that are retiring are, in short, member. The advancing German the greediest generation to give each month the European model, which has left...
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