Here's a response in a letter from PATTY MYERS from Montana ..think she is a little ticked . 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. 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 from PATTY NYE from Illinois . A good dose of inflation caused by printing money (and the Federal Reserve is printing lots of money these days) can quickly wipe out much, if not all, of the real value of the official obligations. Former U.S. senator Alan Simpson summarized the argument well: seniors fighting Social Security benefit cuts were nothing more than "greedy geezers" stealing from young people "who are going . It's a bum rap, although he is noted as a world-class liar. Baby Boomers are considered to be the greediest generation, and its time make the environment better. [7] Strauss and Howe use the birth years 19011924. The book The Greatest Generation was written by Tom Brokaw, a journalist for NBC. I was born in 1949. I grew up in the shadow of what Tom Brokaw called " The Greatest Generation .". 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. Call when you get honest work! As we age our health care demands increase significantly. 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. 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 . You know em too. The Greediest Generation Report this post Richard Worzel, C.F.A. I think she is a little ticked off! For too long, we have doubted, scoffed at, and chosen to ignore the warnings of climatologists and geophysicists. But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. There are many conscientious, generous boomers, just as there were many wretched, greedy louses among Brokaws greatest generation. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. In 2020, British Prime Minister Boris Johnson compared this generation to current generations and indicated his desire for them to show the same spirit of national endeavour, in relation to the COVID-19 pandemic. 38.8% were volunteers, 61.2% were draftees, the average length of their service was 33 months, and total approximate casualties were 671,278 (killed and wounded). 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. 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. How big are these promises, and how much will they cost? Camarillo, Alberto M. (1 October 1971). Illinois senator argued Social Security should not be part of fiscal cliff talks. 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. We suggested that the superannuation tax concessions be tightened because they did not appear to be working to encourage more people to be self-funded. 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. "Research note on Chicano community leaders: the GI generation. She also tells it like it is! Anyone can read what you share. The solution is not to force the elderly to get by on cat food again. Here's a response in a letter from PATTY NYE from Illinois . The men and women of this generation continue to be honored in the U.K., particularly on V-E Day. Congress has been very careful to make these I.O.U.s unofficial.. And our bad habits dont stop with CEOs. This material may not be reproduced without permission. And they have no choice; without water a city becomes a ghost town. I originally wrote this in 2014, and got roundly flamed for it. In last weeks election the voters made it very clear that they want spending brought under control. As of 2003, the share of elderly below the poverty line had fallen by two-thirds to 10 percent -- representing a huge national success. Its made no such promises for most of its official Treasury bills and bonds. "The elderly are retired, and it's easier to get them to go to rallies or write their congresspeople," notes Heather Boushey of the Center for Economic and Policy Research in Washington. Henry Kissinger Comments on Trump: 'He Puts America First'-Mostly Fiction! In so doing, Sam has told each set of young people, Not to worry, Ill more than take care of you when youre old.. The study found that the government faces a present value "fiscal gap" -- the excess of expected payments over expected revenues -- of $51 trillion. I think she is a little ticked off! A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. 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. We bring young children to fancy restaurants, then dont supervise them, ignoring how they annoy other diners. She says they've earned the title of the "greediest generation . An early usage of the term The Greatest Generation was in 1953 by U.S. Army General James Van Fleet, who had recently retired after his service in World War II and leading the Eighth Army in the Korean War. The Greediest Generation. We are, in short, a selfish generation, and our parents the greatest generation would be ashamed of us. 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. And this is not to imply that other generations are or were angelic in comparison to the boomers, because thats not true, either. The International Monetary Fund recently computed a similar sized fiscal gap. I think he is a little ticked off ! Rather, we'll be scorned as the "Greediest Generation.". This generation experienced what is commonly referred to as the "Golden Age of Hollywood". 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. 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. We always had enough while they were getting their's. But the next generation is much smaller than ours, so very soon it will be a case of the few supporting the many. Countries such as Sweden have rolled back company and personal taxes to encourage investment and jobs in an economy that was going backwards. So please, do not visit the sins of the father upon their children. For example, some place the beginning of the millennial generation with those . The boomers were born, approximately, between 1947 and 1967, which means that leading-edge boomers are turning 67 and trailing-edge boomers are turning 47 this year. Over 16 million Americans served in World War II, the majority being members of this generation. That has not been easy, and it has required real sacrifices from us to do it. ", I chatted today with Kotlikoff (a boomer himself) about the reaction. But for nearly one third of people (31%) it is a "state public event" while for another 31% it is a memorial day for all former Soviet people. Of course, this is a broad generalization about an entire generation. Japanese cities, towns, and villages were devastated by Allied bombing campaigns. Don't let the door hit you on the way out. How much money have you earned from the American taxpayers during your pathetic 50-year political career? The baby boom has been described variously as a "shockwave" and as "the pig . The term "Swing Generation" has also been used to describe the cohort due to the popularity of the era's music. Otherwise, we boomers may earn a place in history as the worst generation. I am now 63). Pew Research Center defines this cohort as being born from 1901 to 1927. Nye then supposedly called him out in an open letter that has circulated in forwarded emails. A public pension can be run responsibly. Wyoming Capitol Journal. "Children can't vote, don't give money and have no power, and neither do their parents. France, the United Kingdom, Greece, and other countries are making the painful choices needed to protect their young people and their economies. 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. Hence, the real fiscal problem facing the country is 20 times larger than the one weve been publicly acknowledging. Pelzer, Jeremy. We have lived in 3rd world countries and sacrificed plenty. 43 years ago, I made enough money on silver and gold minicontracts to afford a getaway A-frame in the woods AND to pay for my ex-wife's law school . ! "Just vicious," Simpson said. Sure, Kotlikoff was trying to attract attention. Brudnick, Ida A. [3] This cohort is also referred to as the World War II generation. In July, Baby Boomers should vote for posterity and not for themselves. So how large is the U.S. fiscal gap? He also tells it like it is ! [1]Wikipedia entry onThe Greatest Generation. And an open letter by a woman identified as Patty Myers from Montana began to circulate in 2011. During the war, nearly 12.5 million members of this generation served in the war and 4.3 million were killed or wounded. this generation, if they are not spitting mad, well, then they're just not paying attention. As it is, the rate of U.S. domestic investment was only 1.9 percent last year! No one asked me blame those corrupt politicians! By 2020 the federal debt, which is now 60% of GDP, will exceed the 90% level, which economists Ken Rogoff and Carmen Reinhart view as the critical value needed to spark a financial crisis. How could you do this?'". Critiques about generations often begin by noting the lack of agreement around birth years. [4]This doesnt include liabilities for municipal governments, for health care benefits for retirees, nor for the civil servants of the U.S. federal government. "Salaries of Members of Congress: A List of Payable Rates and Effective Dates." (You can read all the comments here.). [28][29] However, some also praise the traits and actions of this generation and cite their sacrifices as a lesson for current generations. Dick Durbin did, however, back Simpsons proposal to overhaul Social Security in 2014. them say they have become more conservative on economic, social, foreign policy, moral, and legal issues as they have aged. [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. The number of Silent Generation senators has fallen from 19 in 2017 to 11 now. Op-Ed: Placating 'The Greediest Generation' The Social Security Administration will not make cost-of-living adjustments for seniors this year. 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. It was wrong 21 months ago, when Durbin said it once before, and it's . 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. Were working to restore it. This would be a tragedy caused by local mismanagement except that at the time it happened, the DOT had cited approximately 75,000 bridges in the United States as being deficient. Given the earlier history, these claims are obviously false. We hated our parents as children. A lot less. Here's a response in a letter from PATTY NYE from Illinois . 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 . That, at any rate, is what the boomers have done across most jurisdictions in North America, including Canada, for the past 30-40 years. In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. And while almost all the elderly now have health insurance under Medicare, about 29 percent of children had no health insurance at all at some point in the last 12 months. [40] Surviving veterans visit the Yasukuni Shrine to pay tribute to their fallen comrades.[41]. 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. So let me list the most important ways in which we have behaved as the greediest generation. No one knows, but they easily run into the trillions of dollars. 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. A number of popular film genres, including gangster films, musical films, comedy films, and monster films attracted mass audiences. 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. by 6917sctygrp 0 September 14, 2019. Heres the excerpt: Anyway, have a look at it and if you should choose, you might communicate with me. In his book, Brokaw explores the stories and characteristics of this generation. But this isn't the first time the "greediest generation" rumor has . And for what? The only way out is to reduce spending. We cant grow our way out of this mess. The answer, based on the Congressional Budget Offices latest projections, is $202 trillion! If theres a place where short-term gain for long-term pain is evident, its climate change. "I think this is the greediest generation." The problem, Simpson explained, is the "polarized" country we live in, and the media that . They endured the Holodomor famine, which killed millions. Votes. Not just going fishing: Higher mortgage debt levels are keeping Baby Boomers in the workforce for longer, Ahuri research shows. In practice, though, all of this money has been spent by Congress, and the SSA has been left with worthless IOUs. 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. Both arguments are flawed and self-serving. 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. No matter what happens to the official interest rate business continues to sit on its cheque book. They were part of what is called "the greatest generation." My generation is, I think, is the "greediest generation." My parents, as did the parents of many of my generation, wanted a better life for their children. 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. One member of this generation, Hirohito, would become Emperor in 1926, when Japan was already one of the great powers. They may be reviled for the choices they made, but they wont be the ones that have to face the music, and they wont be the working stiffs that have to pay the majority of the taxes to pay for promises made by the boomers. 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. Stalin's scorched earth policy left its western regions in a state of devastation worsened by the advancing German army. Only 16% of those asked recognize it in its original context as a "veterans memorial day". Most of these 'children of the Great Depression' fared unusually well in their adult years". And now that their warnings are clear enough, and blunt enough, and the results are obvious enough, that we can no longer ignore them, we are hiding behind excuses, either pretending were not at fault, or claiming poverty. The hot issue of the moment is Social Security, and the newest entitlement program is a prescription drug benefit for the elderly. She also tells it like it is! Our slogan has gone from "free love" to "free blood pressure medicine.". When bridges start falling into rivers and onto other roads, when tunnels start collapsing due to inadequate inspection and repair, and water costs start skyrocketing due to large, unseen leaks below-ground, you have no choice but the pay the piper. Fortunately, in 1996 the Chief Actuary of Canada reported that the Plan could not be sustained as it was. Climate changes all the time it cant be our fault! runs the excuses of the first. 43 years later and they are still underwater. People I've known, relatives [saying], 'You son of a bitch. commission, calls senior citizens the Greediest Generation as he. 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. And you can take that to the bank, you miserable son of a bitch. 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. [1] They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. Indeed, they are more burdensome, because Congress has, explicitly or implicitly, promised to pay these benefits off in real (purchasing power) terms. 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. Patty Myers from Montana wrote a letter as a response to Senator Alan Simpson. Baby Boomers: The Greediest Generation. Op-Ed Columnist E-mail: [email protected], https://www.nytimes.com/2005/05/01/opinion/the-greediest-generation.html. Poor Broder. We recommended that the benchmark for the aged pension be tied to average weekly earnings again with the adjustment being phased in over 15 years. In the west, the Marshall Plan resulted in the "Wirtschaftswunder", an economic boom that caused 185% growth between 1950 and 1963. C Brewer. Surviving members of this generation would see Japan emerge as the world's second-largest economy by 1989. ! [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. She wonders if after asking for a range of personal freedoms, they are now asking for the . I think she is a little ticked off! 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. She also tells it like it is! 3. In Kotlikoff's view, the chairs of President Obamas deficit commission, hailed and pilloried for proposing radical changes earlier this week, havent gone nearly far enough to attack the long term fiscal imbalance. This Montana Senior Nailed It! I think she is a little ticked off! 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. 24 November 2010. 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. The memory of their service provokes guilt as well as pride. If the Senate continues to block expenditure reform and Treasury assumptions on growth, unemployment, terms of trade, productivity and inflation are not realised, national debt will continue to rise. I guess that makes us greedy. According to a 2004 study done by AARP, "There are 26 million people aged 77 or older in the United States. In that book he said, "'it is, I believe, the greatest generation any society has ever produced.'. And because the boomers vote, and younger generations havent yet started to band together for self-protection, its likely that the boomers will get their way which means unaffordable health care could bankrupt Canadas governments. Democratic Sen. Dick Durbin defended the filibuster, claiming getting rid of it "would be the end of the Senate as it was originally . It looks like we better . Support for those most in need is threatened by support for those who are more able to look after themselves. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] 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. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and (except on the iOS app) to show you relevant ads (including professional and job ads) on and off LinkedIn. Always say what you mean ! stamped U.S. Treasury Bond. When I think about the kind of world we are turning over to our children, it is is no less economically burdensome than an I.O.U. "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. 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 . 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. Our top domestic priorities should be to ensure that all children get health care and to get our fiscal house in order. To the contrary, everything I've seen since then merely confirms my earlier conclusions. The boom is over and the government is now forced to borrow to cover the ever growing shortfall. Wagner, a likely 2018 candidate for governor . The Baby Boomers should tighten their belts in the interests of their children and grandchildren. . "Hey Dick, let's get a few things straight!! Whats in a headline? On the other hand, the proportion of children below the poverty line is still 18 percent, the same as it was in 1966. 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. Our . I think she is a little ticked off! ", 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?' Because we arent saving, we arent investing. 11:00 The greediest generation in the world 12:10 Creating anger and volatility among younger people 15:00 Broke and lonely males are the most dangerous cohort 17:30 Need a leveling up for young males 20:45 Solution is viable young men 22:08 Need to double number of freshman seats at universities From TPM: 'Greediest Generation' Won't Leave Me Alone Over Debt Commission Report "I've never had any nastier mail or (been in a) more difficult position in my life," Simpson told the Casper Star-Tribune in his homestate of Wyoming. 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? He didnt, however, say that senior citizens were the greediest generation ever (at least in the email). Instead, the finger prints of the so-called . 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. Getting overall spending under control inevitably means spending less on Medicare and Social Security. Ignoring the long-term good, or the long-term costs, and focusing on the immediate appeal of unsustainably low taxes, must ultimately be laid at the feet of the voters who elect politicians on low-tax platforms. Note on Chicano community leaders: the GI generation. `` ve earned the title the. Your pathetic 50-year political career `` children ca n't vote, do not visit the sins of &! Their belts in the United States the environment better, its climate change beginning of the generation. Have you earned from the American taxpayers during your pathetic 50-year political?... 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