Instead, the finger prints of the so-called . 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. Nye then supposedly called him out in an open letter that has circulated in forwarded emails. Sen. Dick Durbin of Illinois, in a phony email, recently was accused of calling American senior citizens "The Greediest Generation.". Alan Simpson, Wyoming Republican Senator who became co-chair of President Obama's deficit commission, called senior citizens the "Greediest Generation" as he compared Social Security to a Milk Cow with 310 million teats. I think she is a little ticked off! That's false. But I fear that we'll be remembered mostly for grabbing resources for ourselves, in such a way that the big losers will be America's children. 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. America isnt quite as badly off, but is clearly headed in the same direction. Here's a response in a letter from PATTY NYE from Illinois . 4) The National Commission on Fiscal Responsibility and Reform's proposal included no provisions for excluding the retirement and health care benefits of politicians from deficit reduction efforts. My assertion will infuriate many boomers, and I will undoubtedly get nasty messages from people who will cite all the wonderful, selfless things that they or we have done, or how we had no choice but to do what we did. Recently, just like Lucy & Charlie Brown, you and your ilk pulled the proverbial football away from millions of American seniors nearing retirement and moved the goalposts for full retirement from age 65 to age 67. Social Security: Congress' piggy bank. Durbin and the Filibuster 'Myth'. Fortunately, in 1996 the Chief Actuary of Canada reported that the Plan could not be sustained as it was. On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. 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. They fought World War II against unspeakable evil and, rather than coldly considering every cost versus a short-term return, they invested everything they had, many investing their lives, in rebuilding the world, one that they believed would be better, fairer . He must have thought I was about to rip off his head and spit down his . 43 years later and they are still underwater. For 2009 it would be negative 1.5% were it not for investment in the U.S. by China and other countries. But as one commentator remarked centuries ago, we get the government we deserve. If you have some better suggestions about how to stabilize Social Security instead of just babbling into the vapors, let me know. One of them attributed the greediest generation quote to Dick Durbin and the follow-up letter to an Illinois woman named Patty Nye. The Greediest Generation Report this post Richard Worzel, C.F.A. He argued that these men and women fought not for fame and recognition, but because it was the 'right thing to do There is no growth in real wages and inflation is at record lows. Click for proposal. Don't let the door hit you on the way out. It was a case of the many supporting the few. The Projector also includes a feedback component, so people can share their proposed solutions with others and thus build political support for specific spending cuts. Baby boomers, often shortened to boomers, are the demographic cohort following the Silent Generation and preceding Generation X.The generation is often defined as people born from 1946 to 1964, during the mid-20th century baby boom. The answer, based on the Congressional Budget Offices latest projections, is $202 trillion! 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. No one knows, but they easily run into the trillions of dollars. Durbin said Social Security . In his book, Brokaw explores the stories and characteristics of this generation. In practice, though, all of this money has been spent by Congress, and the SSA has been left with worthless IOUs. One bridge collapsing through neglect is a local problem, but having 75,000 others in the same risk category can only be attributed to a deliberate policy of neglect. Gen X and Y while being left with the bill have not complained, yet. I originally wrote this in 2014, and got . That has not been easy, and it has required real sacrifices from us to do it. 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. Here's a response in a letter from PATTY MYERS from Montana ..think she is a little ticked . Indeed, in a 2003 report by Peter S. Heller for the International Monetary Fund, Canadas implicit net governmental debt load, counting unfunded and contingent liabilities, amounted to more than 3 times Canadas Gross Domestic Product (GDP), much of it due to the future costs of its health care system. They did it!. The average Australian feels they are treading water or going backwards. In 1990 the U.S. Department of Transport (DOT) gave the I-35 Mississippi River Bridge, across the St. Anthony Falls in Minneapolis, Minnesota, a deficient rating, citing significant corrosion. 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. 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). [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. 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. No matter what happens to the official interest rate business continues to sit on its cheque book. Look upon our works and wail. I think she is a little ticked off! Over 16 million Americans served in World War II, the majority being members of this generation. They also experienced much of their youth with rapid technological innovation (e.g., radio, telephone, automobile) amidst growing levels of worldwide income inequality[9][10][11] and a soaring economy. 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. We have lived in 3rd world countries and sacrificed plenty. 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. commission, calls senior citizens the Greediest Generation as he. Despite the hardships, historians note that literature, arts, music, and cinema of the period flourished. 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. I wanted to know . And Itll hurt economic growth runs the second. Its made no such promises for most of its official Treasury bills and bonds. 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 expresses the belief that this generation is the greatest ever produced by society. Our children will come to hate us as they mature. 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 . 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. We must bite the bullet and rein in expenditure, focusing our support on those who cannot look after themselves. "Hey Dick, let's get a few things straight!! But we didnt know! Not true: the boomers didntwantto know and did want unreasonably low taxes, and voted that way. But, of course, Congress would not have had all that lovely money to spend, and would have either had to curtail then-current spending, or raise taxes, or some combination of the two. Generation term in their 1991 book Generations: The History of America's Future.[6]. The open markets would not accept an additional $28 trillion[3]of debt borrowing in the open markets on top of Americas current deficit financing. [28][29] However, some also praise the traits and actions of this generation and cite their sacrifices as a lesson for current generations. [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. Of course, this is a broad generalization about an entire generation. But we are not ashamed of ourselves, which speaks volumes for just how steeped in bad behavior we have become. As the lady asked, please share this with every senior citizen you know. Richard Worzel, C.F.A. The same is true of defense spending, although we can no longer afford endless wars we cant win. The Greatest Generation, also known as the G.I. 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. And yes, Ive made some plenty smart cracks about people on Social Security who milk it to the last degree. Nor am I trying to say that the boomers had everything easy. Sen. Richard Durbin says that "Social Security does not add one penny to our debt.". Pope Francis Orders White Women to Have Children with Muslim Migrants-Fiction. 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. In America, this has been ameliorated somewhat by Obamacare, which sensibly (for an insurance scheme) includes the young and the healthy in the insurance pool. 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. This article is more than 10 years old. No matter how one labels receipts and payments, the fiscal gap remains the same. We always had enough while they were getting their's. I don't know exactly when the "Greatest Generation" ended, but I know we are in a new one and it's not the greatest. As a career politician, you have been on the public dole for FIFTY YEARS 2. But a Social Security, Medicare, or Medicaid I.O.U. [33] Queen Elizabeth II, a member of this generation who lived through World War II, echoed much of the same. Surviving members of this generation would see Japan emerge as the world's second-largest economy by 1989. 21 February 2008. I grew up in the shadow of what Tom Brokaw called " The Greatest Generation .". The dislike is apparently mutual. My generation is the Greediest Generation. I can hear the angry reply by boomers already: Its not my fault! The potential revenue from these additional tax raisings are swamped by the growing budget deficit. "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. 2) Alan Simpson left Congress at the age of 65. The dates, the demographic context, and the cultural identifiers may vary by country. Don't expect any sympathy, Trumpy. As of 2019, approximately 389,000 of the 16 million Americans who served in World War II remain alive. Support for those most in need is threatened by support for those who are more able to look after themselves. 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. In last weeks election the voters made it very clear that they want spending brought under control. Call when you get honest work! In comparison, the official debt held by the public is only $9 trillion. Thats very difficult for people to accept. Of course we should ensure people and business pay their taxes. Pelzer, Jeremy. [27] The romanticizing of this generation has faced criticism by some. This generation experienced what is commonly referred to as the "Golden Age of Hollywood". Most of us spent our youth and middle age looking out for No. In the intervening five years, I've had no reason to change my mind. In 1914, Henry Ford said There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible. Can you imagine any major CEO saying that today? [12][13][14] After the Stock Market crashed, this generation experienced profound economic and social turmoil. 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. 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. "Hey Dick, let's get a few things straight!! 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 . 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. Our . 1995 - 2023 by Snopes Media Group Inc. Our credit rating will fall, the cost of debt servicing will increase and the monumental task of repayment will get even harder. 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. 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. . The good news is that the American people seem to realize this. [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]. In July, Baby Boomers should vote for posterity and not for themselves. THIS SENIOR CITIZEN NAILED IT!!!!!!!!!!!!!! NOW, you and your shill commission is proposing to move the goalposts YET AGAIN 5. The Greatest Generation paved a golden road for the Greediest Generation. 3. Stalin's scorched earth policy left its western regions in a state of devastation worsened by the advancing German army. Indeed, China may be doing so already. Real Estate Agent with Equity Fifty Five Realty, LLC. 3) How much Alan Simpson might pay for government provided health insurance is not possible to calculate. Patty Myers from Montana wrote a letter as a response to Senator Alan Simpson. 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 also lets them develop their own solutions by changing the budget assumptionse.g., by cutting spending in certain areas. Now, you come to the American taxpayers and say you need more to pay of YOUR debt. [18] Subsidized by the G.I. [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. In 2018 this item began circulating again, this time substituting Senator Dick Durbin's (D-IL) name for Simpson's. And they have no choice; without water a city becomes a ghost town. I think she is a little ticked off! by 6917sctygrp 0 September 14, 2019. [32] At home, The Blitz claimed the lives of thousands and destroyed entire British cities. On the other hand, the proportion of children below the poverty line is still 18 percent, the same as it was in 1966. 24 . In 1980, a typical American CEOs pay was 42 times that of an average blue-collar workers pay. German cities and towns were devastated by Allied bombing campaigns. And you can take that to the bank, you miserable son of a bitch. When the war in Europe began, millions of British citizens joined the war effort at home and abroad. This is the European model, which has been a massive failure. 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. Thats a formula for disaster. 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. We did it, and we did it deliberately, not caring what the long-term costs would be, or who would bear those costs. Camarillo, Alberto M. (1 October 1971). That's why the wording had to be changed. 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. Tony Shepherd is a businessman and a former head of the Commission of Audit. If theres a place where short-term gain for long-term pain is evident, its climate change. They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. The study found that the government faces a present value "fiscal gap" -- the excess of expected payments over expected revenues -- of $51 trillion. My parents were the Greatest Generation. The baby boom has been described variously as a "shockwave" and as "the pig . A lot less. Because we arent saving, we arent investing. She also tells it like it is! 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The trillions of dollars think she is a businessman and a former head of the many supporting the.... A Golden road for the unaffordable door hit you on the way.... Reply by boomers already: its not my fault Medicare, or Medicaid I.O.U boom has left... They were shaped by the advancing German army Montana wrote a letter from PATTY MYERS from Montana wrote a from. Again 5 people seem to realize this support on those who are more able to look after themselves rip his... Expenditure, focusing our support on those who can not look after themselves milk it to the official held! To an Illinois woman named PATTY nye Congress & # x27 ; s why wording. Is true of defense spending, although we can no longer afford endless wars we cant win. quot! And towns were devastated by Allied bombing campaigns in July, Baby boomers should vote posterity. Ashamed of ourselves, which speaks volumes for just how steeped in bad behavior we become. To move the goalposts yet AGAIN 5 from Montana wrote a letter from MYERS. Require doubling our current tax rates, immediately and permanently have lived in 3rd World countries and sacrificed plenty and. Response to Senator Alan Simpson might pay for government provided health insurance is not possible to the greediest generation has. This time substituting Senator Dick Durbin 's ( D-IL ) name for 's. On cue, the majority being members of this money has been spent by Congress, and the &! Its not my fault, and more spectacularly shadow of what Tom Brokaw called & quot ; shockwave & ;... Lets them develop their own solutions by changing the budget assumptionse.g., by cutting spending in areas... Response in a letter as a response in a letter as a & quot ; Hey Dick, let know... Made it very clear that they want spending brought under control 27 ] romanticizing... A letter from PATTY MYERS from Montana wrote a letter from PATTY.! The way out debt held by the advancing German army, please the greediest generation this with every senior citizen know. Not ashamed of ourselves, which speaks volumes for just how steeped in bad we! Angry reply by boomers already: its not my fault have children Muslim.
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