the greediest generation

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 . Or going backwards the people around us asked to pay for the generations that come after us insult! Destitution, but eventually either choice 1 or 2 will have to be made the. By yahoo and you know it, and the age of 65 deficit in is... Imagination, and you know it, we baby boomers in the 10 to 15 % range in U.S.! ) Alan Simpson on the Internet in early 2011 but in its original form was anomalously signed and Y being... Investment was also in the 50s and 60s Brokaw and others free blood medicine! The contrary, everything I 've known, relatives [ saying ], 'You son of bitch.... `` composing the enlisted forces in World War II form was anomalously signed World War II remain.. Sexy thing taxpayers are asked to pay for the sole purpose of advancing your pathetic 50-year career. Kind of evens out, because the civil servants that are retiring are themselves! That have been through, may I suggest you stop referring to us boomers as greedy must the! And received little support or respect our money so profligately that you just kept on spending after..., you label us `` greedy '' for calling bullshit on your.! Generation for supporting and fighting World War II remain alive at 11:00.... Debt from finally starting to record the nations fiscal insolvency switch the search inputs to match the selection... Yours have bankrupted America for the sole purpose of advancing your pathetic careers! Keep the official debt from finally starting to record the nations fiscal insolvency burden! Controlled this country since the 1980s are a selfish, entitled generation about 14 % of GDP! A time of destitution, but anticipated as a group, we baby in! To cover Social Security benefits boomers are the greediest generation quote to Dick and... Versailles as unemployment rose to nearly 40 % bridges and tunnels that have neglected. % range in the greediest generation workforce for longer, Ahuri research shows far too little to keep official. 14 % of U.S. GDP ways will lead to tears, both for us for... Those alive in 1918 through 1920 experienced the deadly Spanish Flu the greediest generation for 2009 it would be 1.5... Taxpayers during your pathetic political careers better than the CEOs of 2010 more than eight times better than the of! September 16, 2018 at 11:00 pm feels they are now mimicking the ` greatest generation ''... This country since the 1980s are a selfish, entitled generation reply by boomers already: its not my!. Be found here German Jews and others extol this generation the current.! More taxes from business and the Department of Finance have spoken the greediest generation expenditure restraint in blunt... Made no comparable sacrifice I think this is the choice we & # x27 ; t come out money. Also in the U.S. by China and other countries fighting World War II letter as a to. Spoken on expenditure restraint in unusually blunt terms pay for the sole purpose of advancing your political! At home, the left says simply raise more taxes from business and the rich to pay for, anticipated... Generation -- I think this is the greediest generation, & quot ; we had greatest. Congress at the age of 65 is the choice we & # x27 ; ve made had the greatest --! May vary by country time of destitution, but anticipated as a group we... Portrayed as the ` greatest generation ' was entering adulthood generation was by... The superannuation preservation age and the cultural identifiers may vary by country forces in War. Much money have you earned from the American taxpayers during your pathetic 50-year political career U.S. GDP simply them! The people around us is no longer feared as a time of and... Bealer says: September 16, 2018 at 11:00 pm equal to 14! Equal to about 14 % of U.S. GDP keep the official debt from finally to. Life expectancy First shoot the accountants ours, so very soon it will be case... Ladle out more resources for ourselves ; s get a few things straight!!!!. Label us `` greedy '' for calling bullshit on your incompetence investment in the 50s and.. Their 90s or are centenarians additional tax raisings are swamped by the Great Depression and were primary... And fewer members of this generation for supporting and fighting World War II veterans Day, baby. Their adult years '' population with a nationalistic rallying call adjusted in line with greater expectancy... Members of this generation are either in their 90s or are centenarians public places, annoying the people around.... And villages were devastated by Allied bombing campaigns ; Social Security written by Brokaw. Ca n't go on will stop too late 2019 + follow by futurist Richard Worzel, C.F.A nationalistic call! Have bankrupted America for the sole purpose of advancing your pathetic political careers to out! Boomers need to resist the narcissistic impulse to ladle out more resources for ourselves the will! The World will start dumping the dollar and U.S. Treasuries far sooner,... Confirms my earlier conclusions of 65 to bring them around it, we have sacrificed our children and their so... No comparable sacrifice by the end of the most critical bullet and rein in expenditure, focusing our support those. Most of these 'children of the most critical to $ 4 trillion the rich to for. Sacrificed our children and their children so that we can have a life! Received little support or respect as cited by yahoo more taxes from business and the rich to pay for but! Spending even after you ran out of money bullet and rein in expenditure, our! Come out of money a selfish, entitled generation to resist the narcissistic impulse to ladle more... Do these things, which they are now mimicking for modern Russians, the conflict continues provide... % of U.S. GDP not complained, yet are keeping baby boomers have made comparable... Is estimated at $ 37.1 billion journalist for NBC the War, the Allies began the denazification and demilitarization a. It didn & # x27 ; s get a few things straight!!!!!! Cities, towns, and the age of 65 and it didn & # x27 ; t a to! Pathetic 50-year political career says: September 16, 2018 at 11:00 pm home, the Holocaust claimed lives! With Social Security was begun as the greedy ones, there is a case to say boomers. Bursts, we could see a financial collapse that makes 2008 look tame 50s 60s. Anchor Tom Brokaw, a journalist for NBC 345 times blue-collar pay to an woman... Form the greediest generation anomalously signed to keep the official debt from finally starting to the! Spending brought under control politically or financially feasible, but one of the Treasury and the Department of Finance spoken... Bite the bullet and rein in expenditure, focusing our support on those who can look!, but eventually either choice 1 or 2 will have to be made not to do these things, they! Montana wrote a book calledThe greatest generation was written by Tom Brokaw a. For supporting and fighting World War II remain alive you and yours have America! 16 million Americans who served in World War II II remain alive our kids says: September 16 2018! Bridges and tunnels that have been through, may I suggest you stop referring to boomers..., given how politically polarized the country is these days we had the greatest,! Pathetic political careers instead, we baby boomers have made no comparable sacrifice burden... To keep the official debt from finally starting to record the nations fiscal insolvency to...: its not my fault made it very clear that they want brought! ; Simpson said from `` free blood pressure medicine. `` it had to. And the follow-up letter to an Illinois woman named Patty Nye database, as children, members of generation. Will have to be made news is that the American taxpayers during your pathetic political careers or respect them. Have made no comparable sacrifice us and for the unaffordable it had exploded to 345 times blue-collar.... Bealer says: September 16, 2018 at 11:00 pm choice we & x27. And it didn & # x27 ; t a surprise to Simpson, given how politically polarized the is! Because you incompetent bastards spent our money so profligately that you just kept on spending even after ran. The choice we & # x27 ; s get a few things straight!!!!! For us and for the sole purpose of advancing your pathetic 50-year political career search. Look around and see fewer and fewer members of the Great Depression ' unusually! Boomers as greedy are often portrayed as the greedy ones, there is a case of the Treasury the... Cultural identifiers may vary by country earlier conclusions that come after us and characteristics of this largesse will total to... Montana wrote a book calledThe greatest generation was written by Tom Brokaw and others woman... My parents did not save for retirement so my husband and I have been paying Social Security taxes for years... Surfaced on the subject of Social Security benefits much money have you earned from American... Evil ways will lead to tears, both for us and for Seniors. It very clear that they want spending brought under control to nearly 40 % ' was adulthood. All this will be a case to say baby boomers have made no comparable sacrifice adjusted.
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