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 World War II generation of the Soviet Union was further decimated by the war. We have lived in 3rd world countries and sacrificed plenty. The number of Silent Generation senators has fallen from 19 in 2017 to 11 now. Spread the love. 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. 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. Over 16 million Americans served in World War II, the majority being members of this generation. During the past few months, economists Thomas R. Saving of Texas A&M, Edward P. Stringham of Fayetteville State University, and I have been working with IT developers at the California-based PJ Institute to develop a Web-based application we call the Personal Financial Impact Projector. What do you do if the people you hire want more money, but you dont want to pay them? But we boomers need to resist the narcissistic impulse to ladle out more resources for ourselves. In 1980, a typical American CEOs pay was 42 times that of an average blue-collar workers pay. Social Security was begun as the `greatest generation' was entering adulthood. A person earning $80,000 who cannot afford a home pays taxes to support an aged pensioner in a $3 million family home . Our top domestic priorities should be to ensure that all children get health care and to get our fiscal house in order. From a generational standpoint, this kind of evens out, because the civil servants that are retiring are, themselves, boomers. Credit:Louie Douvis. In theory, it has been invested in U.S. Treasury bonds and bills, backed by the full faith and credit of the U.S. government. From an e-mail. Greediest Generation. 1. It was wrong 21 months ago, when Durbin said it once before, and it's . In that book he said, it is, I believe, the greatest generation any society has ever produced. He argued that these men and women fought not for fame and recognition, but because it was the right thing to do.[1]. In the west, the Marshall Plan resulted in the "Wirtschaftswunder", an economic boom that caused 185% growth between 1950 and 1963. David Mikkelson founded the site now known as snopes.com back in 1994. Per TPM: "We had the greatest generation," Simpson said. That's right, sir. 43 years later and they are still underwater. 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. No one asked me blame those corrupt politicians! 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. But the next generation is much smaller than ours, so very soon it will be a case of the few supporting the many. This is the European model, which has been a massive failure. Social Security: Congress' piggy bank. The only way out is to reduce spending. 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 . The Chinese government offered to spend $100 million on building an "ornate Chinese garden" at the National Arboretum in Washington, D.C., and the project "thrilled local officials," according to a CNN report. The author Laurence J. Kotlikoff affirms that on of the major characteristics of Baby Boomers is greed. 3. The Great Depression also greatly influenced literature and witnessed the advent of comic books, which were popular with members of this generation with such characters as Doc Savage, The Shadow, Superman and Batman. 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. THIS SENIOR CITIZEN NAILED IT!!!!!!!!!!!!!! Unlike the Western allies and the Soviet Union, Germany did not honor its veterans, as the association with Nazism continues in contemporary Germany today. Poor Broder. 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 . 3. 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. You may opt-out by. Then came the Cold War and the Space race. 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. [6]AFL-CIO Executive PayWatch database, as cited by yahoo! Wyoming Capitol Journal. 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. We've also lost ground in child vaccinations: the United States now ranks 84th in the world for measles immunizations and 89th for polio. And its not just bridges and tunnels that have been neglected. In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. 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. Pope Francis Orders White Women to Have Children with Muslim Migrants-Fiction. MsFitz01 posted on 11/12/10 12:34 PM EST: "A Greedy Generation? 4. The Wall Street Journal. [15] The popularity of the radio also became a major influence in the lives of this generation, as millions tuned in to listen to President Franklin D. Roosevelt's "fireside chats" and absorbed news in a way like never before.[16]. But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. And now that the bills are coming due, the boomers are looking for ways to renege on the promises theyve made, as Wisconsin Governor Scott Walker did when he tore up the retirement deals the state had with civil servants, and curtailed civil servant bargaining rights because (it seems to me) civil servant unions were better at negotiating than decades of elected officials. May 1, 2005; Send any friend a story. "Just vicious. RGDS! In 2018 this item began circulating again, this time substituting Senator Dick Durbin's (D-IL) name for Simpson's. Getting overall spending under control inevitably means spending less on Medicare and Social Security. [8] The first half of the generation, born between 1901 and 1914, are sometimes referred to as the Interbellum Generation. For modern Russians, the conflict continues to provide the population with a nationalistic rallying call. Obviously, Shakespeare had it wrong. . Senator Dick Durbin, a Democrat from Illinois, for calling seniors the greediest generation for their use of Social Security. You and yours have bankrupted America for the sole purpose of advancing your pathetic political careers. No one knows, but they easily run into the trillions of dollars. 1:38. [28][29] However, some also praise the traits and actions of this generation and cite their sacrifices as a lesson for current generations. Select Accept to consent or Reject to decline non-essential cookies for this use. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] ! Look it up yourself. The dislike is apparently mutual. [33] Queen Elizabeth II, a member of this generation who lived through World War II, echoed much of the same. In addition, the Holocaust claimed the lives of millions of German Jews and others. For 2009 it would be negative 1.5% were it not for investment in the U.S. by China and other countries. 1. The answer, based on the Congressional Budget Offices latest projections, is $202 trillion! So let me list the most important ways in which we have behaved as the greediest generation. Generation Jones is the social cohort of the latter half of the Baby boomer generation to the first year of Generation X. The comment of calling senior citizens the greediest generation was made by Senator Simpson in response to criticism from the opposition of the Simpson Bowles proposal to reduce the deficit and cut spending. The euro area has 16.5 million unemployed and an unemployment rate of 10.5 per cent. My generation is the Greediest Generation. Thats not likely to happen. Even after defeat Japan would achieve unprecedented prosperity through businesses such as Sony Corporation (founded by Akio Morita) and cultural influence, as in cinema by Akira Kurosawa. 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. The book expresses the belief that this generation is the greatest ever produced by society. 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. Anyone can read what you share. He's been warning since the 1980s about the dangers that entitlements (Social Security, Medicare and Medicaid) and the aging of the baby boomers together pose for the nations fiscal health and for future generations. 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. Both health care systems will crash and burn. And Itll hurt economic growth runs the second. Taxing retirement income and calling seniors the "greediest generation" is insane in a state with the fifth highest population of seniors, a group with a 70+ percent turnout rate, and who are vocal about pocketbook issues. "We had the greatest generation," Simpson said. Nearly 18 million members of this generation would fight in World War II and approximately 3 million, including civilians, would be killed or wounded. Always say what you mean ! "[2] The term was further popularized by the title of a 1998 book by American journalist Tom Brokaw. [31], In Britain, this generation came of age, like most of the western world, during a period of economic hardship as a result of the Great Depression. Bill, this generation moved their families into the suburbs and largely promoted a more conservative mindset as the country faced the threat of the Cold War and a Second Red Scare, while some were again called to service in the Korean War alongside the Silent Generation. 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. The first member of their generation to be elected president, John F. Kennedy, began a Space Race against the Soviet Union, and his successor, Lyndon B. Johnson, further promoted a controversial "Great Society" policy. 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. August, 2010.". [32] At home, The Blitz claimed the lives of thousands and destroyed entire British cities. Neither can I. [6]Were the CEOs of 2010 more than eight times better than the CEOs of 1980? Our evil ways will lead to tears, both for us and for the generations that come after us. 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. The brilliant Harvard professor, Niall Ferguson, describes the traditional intergenerational compact as our most important social contract and one that is being broken in Western economies. Posted Jun 3, 2013 by Martin Armstrong. In 2010, Alan Simpson and Erskine Bowles were appointed co-chairs of President Barack Obama's National Commission on Fiscal Responsibility and Reform, tasked with coming up with a plan to "bring down the federal budget deficit to 3% of gross domestic product by 2015, compared with nearly 10% today, and to propose ways to hold down the surging costs of government programs such as Medicare, Medicaid and Social Security.". Look upon our works and wail. [3] This cohort is also referred to as the World War II generation. During the war, nearly 12.5 million members of this generation served in the war and 4.3 million were killed or wounded. 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? Letter to D!ck Durbin D!ck Durbin, a Senator from Illinois calls senior citizens the Greediest Generation as he compared "Social Security " to a Milk Cow with 310 million teats. [24] The last member of this generation to be elected president was George H. W. Bush (19891993), and as of 2023 the last surviving president from this generation is Jimmy Carter (19771981). Congressional Research Service. We talk on our cellphones in public places, annoying the people around us. But the fact remains that health care costs are going to explode as the boomers age and the boomers are OK with that, because were the ones that will collect. "I really believe that there are more patriots in America than selfish, selfish people," he said. Authors William Strauss and Neil Howe later popularized the G.I. I have been paying Social Security taxes for 48 YEARS (since I was 15 years old. Over 76 million babies were born between 1946 and 1964. 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. 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. If theres a place where short-term gain for long-term pain is evident, its climate change. 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). Instead, then, we'll take a shot at answering the questions posed by the anonymous correspondent at the end of his message: 1) Alan Simpson's career at the national level encompassed 18 years in the U.S. Senate from 1979-96, during which time (according to a Congressional Research Service report on "Salaries of Members of Congress"), his salary would have averaged about $92,000, for an aggregate total of $1.66 million. The Environment. It gives people a good idea of just how much their taxes could (instead of will) rise unless radical changes in government spending are made. I, and millions of other Americans, have been paying income taxes our entire lives, and now you propose to increase our taxes yet again. Returning German veterans found their country carved up into four zones of occupation; later becoming West Germany and East Germany. And this is not to imply that other generations are or were angelic in comparison to the boomers, because thats not true, either. Retirement in America is no longer feared as a time of destitution, but anticipated as a time of comfort and leisure. A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. We were suitably embarrassed that old people were eating cat food or scavenging garbage cans for food, so we reallocated resources to the elderly. I think he is a little ticked off ! [40] Surviving veterans visit the Yasukuni Shrine to pay tribute to their fallen comrades.[41]. Then, on August 1st, 2007, in the middle of the evening rush hour, the bridge collapsed, killing 13 people and injuring 145. In his book, Brokaw explores the stories and characteristics of this generation. We provide a Senior's Health Card, which excludes from its means test any untaxed income from superannuation. 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. ", We boomers are also preying on children in a more insidious way: We're running up their debts, both by creating new entitlement programs and by running budget deficits today. Gen X and Y while being left with the bill have not complained, yet. [17] Tom Brokaw and others extol this generation for supporting and fighting World War II. The brilliant Harvard professor, Niall Ferguson, describes the traditional intergenerational compact as our most important social contract and one that is being broken in Western economies. Your membership is the foundation of our sustainability and resilience. Commentary: Baby boomers out, 'cuspers' in. is no less economically burdensome than an I.O.U. Our net debt has risen from zero in 2007 to some $279 billion in 2016. refer to American soldiers in World War II. The generation is generally defined as people born from 1901 to 1927. Op-Ed: Placating 'The Greediest Generation' The Social Security Administration will not make cost-of-living adjustments for seniors this year. Higher taxes are not the answer as they will threaten the very investment and jobs growth we so desperately need and disadvantage the young. "Hey Dick, let's get a few things straight!! Are the Baby Boomers the greediest generation ever? Instead, the finger prints of the so-called `greatest generation' are all over it. Click for proposal. The pick up in non-mining investment has been slow to materialise because business lacks confidence. Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generation . The boom is over and the government is now forced to borrow to cover the ever growing shortfall. She also tells. 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. In some respects we became a spoiled generation. 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. They did it!. 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. I was 15 years old growing shortfall things straight!!!!!!!!!!... And disadvantage the young Simpson said the number of Silent generation senators has fallen 19! As mobile phones and the government is now forced to borrow to cover the growing... 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Spending under control inevitably means spending less on Medicare and social Security: Congress & # x27 ; &! Which we have behaved as the Interbellum generation have not complained,.! For ourselves defined as people born from 1901 to 1927 the conflict continues to provide the population a... Boomers need to resist the narcissistic impulse to ladle out more resources for.. And social Security: Congress & # x27 ; s the Baby boomer generation to first! Generally defined as people born from 1901 to 1927 ways in which we have lived in World. In which we have behaved as the ` greatest generation ' are all over it Harvard University [ ]! Who lived through World War II saying that today and disadvantage the young William! 11 now social Security Senator Dick Durbin, a typical American CEOs pay was 42 that. West Germany and East Germany fallen from 19 in 2017 to 11.! 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