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. 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. I wanted to know . 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. Hence, the real fiscal problem facing the country is 20 times larger than the one weve been publicly acknowledging. In aged care we recommended including the full value of the family home in the means test. 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). 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 . This generation experienced what is commonly referred to as the "Golden Age of Hollywood". Instead, the finger prints of the so-called `greatest generation' are all over it. 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. Indeed, they are more burdensome, because Congress has, explicitly or implicitly, promised to pay these benefits off in real (purchasing power) terms. 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 . David Mikkelson founded the site now known as snopes.com back in 1994. [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. 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. The potential revenue from these additional tax raisings are swamped by the growing budget deficit. And our bad habits dont stop with CEOs. As the lady asked, please share this with every senior citizen you know. When the war in Europe began, millions of British citizens joined the war effort at home and abroad. "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. But the next generation is much smaller than ours, so very soon it will be a case of the few supporting the many. But this isn't the first time the "greediest generation" rumor has . Now, you come to the American taxpayers and say you need more to pay of YOUR debt. 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. No, but we have perfected the ways of being greedy, and of deflecting the blame, and we know no shame. The only way out is to reduce spending. Even today arguing against taxes is a good way for politicians at any level of government, and in every jurisdiction, to get elected, from Tea baggers in America to Mayor Rob Ford in Toronto. She says they've earned the title of the "greediest generation . 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. I think she is a little ticked off! Here's a response in a letter attributed to PATTY NYE from Illinois. Poor Broder. 2. 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. 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. What do you do if the people you hire want more money, but you dont want to pay them? "I think this is the greediest generation." The problem, Simpson explained, is the "polarized" country we live in, and the media that . And a big part of the reason is, as various reports noted, that Toronto should have been investing in at least one kilometer of subway extension a year, but actually invested in only a tiny fraction of that. Our slogan has gone from "free love" to "free blood pressure medicine.". Were working to restore it. 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. 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. My parents were the Greatest Generation. Democratic Sen. Dick Durbin defended the filibuster, claiming getting rid of it "would be the end of the Senate as it was originally . They faced economic hardships related to the Great Depression and Treaty of Versailles as unemployment rose to nearly 40%. As far as I am concerned (and many people I associated with) it should be known as the greediest generation. In so doing, Sam has told each set of young people, Not to worry, Ill more than take care of you when youre old.. Not surprisingly, the Bush administration took a look at the study, blanched, and declined to publish it. In 1935, Hitler instituted military conscription. The Greediest Generation. I think she is a little ticked off! 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? This button displays the currently selected search type. Traditionally in America, the people most likely to be poor were the elderly. 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. Canadas will do so sooner, and more spectacularly. Durbin and the Filibuster 'Myth'. I am now 63). Gen X and Y while being left with the bill have not complained, yet. In Canada, the situation is distinctly worse because the birth rate in Canada is much lower than in the U.S., which means the burden on working people supporting the health care costs of aging boomers will be proportionately much higher than in America. 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." On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. 24 November 2010. The Social Security System in the United States is a ticking time bomb, underfunded, and overly generous. The number of Silent Generation senators has fallen from 19 in 2017 to 11 now. How big are these promises, and how much will they cost? C Brewer. This career politician's comments illustrates the entire . 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. 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. France, the United Kingdom, Greece, and other countries are making the painful choices needed to protect their young people and their economies. He said, First shoot the lawyers. He should have said, First shoot the accountants.. Until you understand what many have been through, may I suggest you stop referring to us boomers as greedy. 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. And yes, Ive made some plenty smart cracks about people on Social Security who milk it to the last degree. Camarillo, Alberto M. (1 October 1971). 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. Anyone can read what you share. No one knows, but they easily run into the trillions of dollars. Illinois senator argued Social Security should not be part of fiscal cliff talks. Social Security was begun as the `greatest generation' was entering adulthood. 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. When we boomers fully retire, our kids will need to pay each of us, on average, $50,000 in todays dollars to cover our retirement benefits. Both arguments are flawed and self-serving. For example, some place the beginning of the millennial generation with those . Don't let the door hit you on the way out. Our rate of domestic investment was also in the 10 to 15% range in the 50s and 60s. 1995 - 2023 by Snopes Media Group Inc. [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. Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. But, he added, if the boomers insist on getting theirs, were going to take everybody down, including ourselves., This is a BETA experience. Despite the hardships, historians note that literature, arts, music, and cinema of the period flourished. But our worst economic bequest is the fantastic fiscal liability were leaving our kids. Van Fleet", "Americans Name the 10 Most Significant Historic Events of Their Lifetimes", "The G.I. 1. 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. People I've known, relatives [saying], 'You son of a bitch. Fortunately, in 1996 the Chief Actuary of Canada reported that the Plan could not be sustained as it was. . 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. Alan Simpson, Senator from Wyoming , Co-Chair of Obama's deficit. 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. 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. "Hey Dick, let's get a few things . 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 . ", I chatted today with Kotlikoff (a boomer himself) about the reaction. ! While anyone with an ounce of common sense could have guessed that there was something sketchy about China's generous offer, it . In 2018 this item began circulating again, this time substituting Senator Dick Durbin's (D-IL) name for Simpson's. She also tells it like it is! Wyoming Capitol Journal. It was a case of the many supporting the few. And this is not to imply that other generations are or were angelic in comparison to the boomers, because thats not true, either. I think she is a little ticked off! 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. Countries such as Sweden have rolled back company and personal taxes to encourage investment and jobs in an economy that was going backwards. I think she is a little ticked off! But this is the choice we've made. 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. But President Obama has proposed $250 for every . ! When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. June 02, 2011 04:20 AM. Obviously, Shakespeare had it wrong. That home eventually passes tax free to the descendants. 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. Simpson caught plenty of flack for the comments at the time. From a generational standpoint, this kind of evens out, because the civil servants that are retiring are, themselves, boomers. Here's a response in a letter from PATTY NYE from Illinois . 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. It is you and they who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. 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. The Greatest Generation, also known as the G.I. The boomer generation is much larger than the generation that preceded it, so our payroll taxes easily provided for our parents retirement benefits. "I think this is the greediest generation." Where to begin. "Children can't vote, don't give money and have no power, and neither do their parents. One of them attributed the greediest generation quote to Dick Durbin and the follow-up letter to an Illinois woman named Patty Nye. We have shown the generations that follow us the how to do these things, which they are now mimicking. How much do you pay for YOUR government provided health insurance? commission, calls senior citizens the Greediest Generation as he. Most of us spent our youth and middle age looking out for No. . 24 . 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