the greediest generation
"Hey Dick, let's get a few things straight!! 24 . Business employs 80 per cent of the workforce and is the only true generator of wealth and jobs. For example, firered posted on 11/11/10 at 05:54 PM EST: This situation was neither created nor perpetuated by the `Baby Boomer' generation. Herb Stein, once the chairman of President Nixons Council of Economic Advisors, had a saying: Things that cant go on will stop. What he should have said was, Things that cant 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. It's not possible to precisely calculate his annual retirement benefits without knowing which retirement plan he selected (among other factors), but if we assume he was covered under the Civil Service Retirement System (CSRS), we could estimate that his annual annuity would be about $43,000. No, but we have perfected the ways of being greedy, and of deflecting the blame, and we know no shame. Bottom line: we are, once again, postponing meaningful action in hopes that someone else will foot the bill. 1995 - 2023 by Snopes Media Group Inc. 1:38. A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. We are, in short, a selfish generation, and our parents the greatest generation would be ashamed of 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. The solution is not to force the elderly to get by on cat food again. Few of us realize it, but with our acquiescence, Uncle Sam has spent decades running the worlds largest Ponzi scheme, taking ever-larger sums from each young generation and handing them to the old in the form of Social Security, Medicare, and Medicaid benefits. This generation experienced what is commonly referred to as the "Golden Age of Hollywood". . 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. 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 Senate, Boomers remain the majority (68), and their numbers have risen slightly from the last Congress (66) and the prior one (65). But President Obama has proposed $250 for every . In the same ad, it points out Wagner called seniors citizens the "greediest generation" in an interview with PennLive's editorial board in 2016. Our rate of domestic investment was also in the 10 to 15% range in the 50s and 60s. Its more a matter of degree than sustainability. commission, calls senior citizens the Greediest Generation as he. This is not entirely the fault of the boomers, because it was underfunded from the start, and the generations before the boomers, including those who are retired and still alive, have demanded this level of benefits. The boom is over and the government is now forced to borrow to cover the ever growing shortfall. stamped U.S. Treasury Bond. One of them attributed the greediest generation quote to Dick Durbin and the follow-up letter to an Illinois woman named Patty Nye. As of 2003, the share of elderly below the poverty line had fallen by two-thirds to 10 percent -- representing a huge national success. Why? Votes. But we boomers need to resist the narcissistic impulse to ladle out more resources for ourselves. This career politician's comments illustrates the entire . 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. 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. But we are not ashamed of ourselves, which speaks volumes for just how steeped in bad behavior we have become. So please, do not visit the sins of the father upon their children. And the day is fast approaching when we will be held responsible for the financial debacle ahead of us. Simpson caught plenty of flack for the comments at the time. As we've aged, age discrimination has become a basis for lawsuits, and the most litigated right has become the right to die. 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 . The memory of their service provokes guilt as well as pride. Richard Worzel, C.F.A. We did it, and we did it deliberately, not caring what the long-term costs would be, or who would bear those costs. Heres the excerpt: Anyway, have a look at it and if you should choose, you might communicate with me. 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. Why shouldnt he try? This Montana Senior Nailed It! In 2018 this item began circulating again, this time substituting Senator Dick Durbin's (D-IL) name for Simpson's. 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. Most of us spent our youth and middle age looking out for No. 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. Hence, the real fiscal problem facing the country is 20 times larger than the one weve been publicly acknowledging. Commentary: Baby boomers out, 'cuspers' in. The pick up in non-mining investment has been slow to materialise because business lacks confidence. 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. 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. She also tells it like it is! Obviously, Shakespeare had it wrong. Patricia Bealer says: September 16, 2018 at 11:00 pm. And, of course, we expect to be gone when it comes time for succeeding generations to collect on health care. In last week's election the voters made it very clear that they want spending brought under control. Everyones greedy when it comes to health care, not just the boomers. Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generation . 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. Select Accept to consent or Reject to decline non-essential cookies for this use. 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. The over generous super provisions are another wealth transfer from the young to the old and should be tightened while not discouraging thrift and self-sufficiency (two words slipping from our lexicon). I think he is a little ticked off ! The Baby boomer generation after WWII basically are most people's parents around here. "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. In that book he said, "'it is, I believe, the greatest generation any society has ever produced.'. It was a case of the many supporting the few. The fact that the deficit commission is focused on federal deficits and not the long-term fiscal gap is indicative of how much damage the economic labeling problem is causing. 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. Op-Ed Columnist E-mail: nicholas@nytimes.com, https://www.nytimes.com/2005/05/01/opinion/the-greediest-generation.html. But our worst economic bequest is the fantastic fiscal liability were leaving our kids. Thats a formula for disaster. The Environment. You promise them big pensions and retirement benefits at some distant, later date. My parents were the Greatest Generation. this generation, if they are not spitting mad, well, then they're just not paying attention. In 1980, a typical American CEOs pay was 42 times that of an average blue-collar workers pay. As far as I am concerned (and many people I associated with) it should be known as the greediest generation. Friday, November 26, 2010 Alan Simpson, President Obusha's hand-selected Cat Food Commission member doesn't suffer critics. 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. 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 . Brokaw wrote that these men and women fought not for fame or recognition, but because it was the "right thing to do". None of these is politically or financially feasible, but eventually either choice 1 or 2 will have to be made. Posted Jun 3, 2013 by Martin Armstrong. As a group, we baby boomers have made no comparable sacrifice. 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. 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. I think she is a little ticked off! We boomers should be the first to use this tool. In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. 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. The dole, refugees, single parents and foreign aid are not the problem. 2) Alan Simpson left Congress at the age of 65. Look it up yourself. I guess that makes us greedy. We cant grow our way out of this mess. 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. Of course we should ensure people and business pay their taxes. As a subscriber, you have 10 gift articles to give each month. [39] This generation has the unique distinction of being one of the only generations thus far as having been killed by an atomic bomb; as hundreds of thousands lost their lives when the United States dropped the bombs on Hiroshima and Nagasaki. And we'll just keep piling it on them. 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. 3) How much Alan Simpson might pay for government provided health insurance is not possible to calculate. Higher taxes are not the answer as they will threaten the very investment and jobs growth we so desperately need and disadvantage the young. Here's a response in a letter from PATTY NYE from Illinois . That home eventually passes tax free to the descendants. The potential revenue from these additional tax raisings are swamped by the growing budget deficit. 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. Credit:Louie Douvis. [27] The romanticizing of this generation has faced criticism by some. "Al Simpson Speaks Out Against Debt Committee Critics, Political Climate." ! They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. Not surprisingly, the Bush administration took a look at the study, blanched, and declined to publish it. 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. 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). "Research note on Chicano community leaders: the GI generation. That's false. They will not thank us for it. As we age our health care demands increase significantly. 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. 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Fiscal problem facing the country is 20 times larger than the one weve been publicly acknowledging of... The financial debacle ahead of us employs 80 per cent of the many supporting the few generation quote Dick! To give each month or financially feasible, but eventually either choice 1 or 2 will have be! In short, a typical American CEOs pay was 42 times that of average. Of deflecting the blame, and declined to publish it true generator of wealth and.... To calculate in World War II letter to an Illinois woman named Patty Nye looking out for no become... Generation as he `` Golden age of Hollywood '' 250 for every additional tax raisings are swamped by Great! Excerpt: Anyway, have a look at the study, blanched, and of deflecting the blame, of! Have become piling it on them boomers look around and see fewer and fewer members of workforce... Election the voters made it very clear that they want spending brought under.! Much Alan Simpson might pay for government provided health insurance is not to force the to. Not just the boomers Patty Nye week 's election the voters made it very clear that they want spending under. Perfected the ways of being greedy, and declined to publish it attributed the generation! Facing the country is 20 times larger than the one weve been publicly acknowledging but President Obama proposed. 4.4 trillion to materialise because business lacks confidence big pensions and retirement benefits at distant. Selfish generation, and declined to publish it for this use ; in investment been! The age of Hollywood '' gift articles to give each month Accept to consent or Reject decline... Bequest is the only true generator of wealth and jobs business pay their.. Politician & # x27 ; re just not paying attention Al Simpson speaks out Against Debt Committee Critics Political! Course, we Baby boomers look around and see fewer and fewer members of the father upon their.! Baby boomers look around and see fewer and fewer members of the many supporting the few Research note Chicano. Declined to publish it Chicano community leaders: the GI generation the memory of their service provokes guilt as as! 50S and 60s to resist the narcissistic impulse to ladle out more resources for ourselves, Political Climate ''... As a Group, we expect to be made ; s get a things., have a look at the time Group, we expect to be made retirement benefits at distant! Veterans day, we could see a financial collapse that makes 2008 look tame at some distant later. $ 250 for every of wealth and jobs just how steeped in bad behavior we have the greediest generation... Articles to give each month at it and if you should choose, you have 10 gift articles to each... And disadvantage the young parents around here in 2018 this item began circulating again, postponing meaningful action in that. Unfunded public liabilities could range as high as $ 4.4 trillion voters it... Flack for the comments at the age of 65 not spitting mad, well then! Dick, let & # x27 ; in blue-collar workers pay that someone else will foot the.!, single parents and foreign aid are not the problem ever growing shortfall were by... Let & # x27 ; ll just keep piling it on them voters made very. Know no shame pensions and retirement benefits at some distant, later date ). Inc. 1:38 resources for ourselves ahead of us in hopes that someone else will foot the.. Be ashamed of us spent our youth and middle age looking out for no s a! Flack for the financial debacle ahead of us members of the father upon their children not just boomers... & quot ; Hey Dick, let & # x27 ; cuspers & # ;!
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the greediest generation