"The Greatest Generation" got its name from a book by the same name. Nothing substantive has been done since then, despite clear evidence that we needed to act. NOW, you and your shill commission is proposing to move the goalposts YET AGAIN 5. The only way to assess a countrys fiscal condition that is free of this problem is by forming the countrys fiscal gapthe present value total of all the official debts and unofficial current and future spending obligations after netting out all the current and future taxes everyone is currently slated to pay. Finance, http://finance.yahoo.com/blogs/daily-ticker/ceos-more-350-times-average-worker-afl-cio-144537573.html, viewed 7 July 2014. 2.9 million members of this generation served in the war, and there were 384,000 casualties. The only way out is to reduce spending. We talk on our cellphones in public places, annoying the people around us. [40] Surviving veterans visit the Yasukuni Shrine to pay tribute to their fallen comrades.[41]. 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. But as one commentator remarked centuries ago, we get the government we deserve. The book The Greatest Generation was written by Tom Brokaw, a journalist for NBC. 2. Adolf Hitler then rose to power, and many of this generation joined organizations such as the Hitler Youth. A lot less. 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. 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. And our bad habits dont stop with CEOs. We cant grow our way out of this mess. German cities and towns were devastated by Allied bombing campaigns. Select Accept to consent or Reject to decline non-essential cookies for this use. As it is, the rate of U.S. domestic investment was only 1.9 percent last year! 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. In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. They faced economic hardships related to the Great Depression and Treaty of Versailles as unemployment rose to nearly 40%. Sure, Kotlikoff was trying to attract attention. 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 . 12 million Germans were refugees and many were forced to settle in the Soviet Union. Nye then supposedly called him out in an open letter that has circulated in forwarded emails.But this isnt the first time the greediest generation rumor has circulated. Until you understand what many have been through, may I suggest you stop referring to us boomers as greedy. It was a case of the many supporting the few. Were sorry, this feature is currently unavailable. Our rate of domestic investment was also in the 10 to 15% range in the 50s and 60s. 24 November 2010. She also tells it like it is! To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. How much do you pay for YOUR government provided health insurance? No matter what happens to the official interest rate business continues to sit on its cheque book. 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. David Mikkelson founded the site now known as snopes.com back in 1994. They did it!. When expanded it provides a list of search options that will switch the search inputs to match the current selection. A person earning $80,000 who cannot afford a home pays taxes to support an aged pensioner in a $3 million family home . Real Estate Agent with Equity Fifty Five Realty, LLC. Simpson doesn't apparently understand the program that it has been his life's . 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. [3] This cohort is also referred to as the World War II generation. [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. Neither can I. 17 February 2010. Our evil ways will lead to tears, both for us and for the generations that come after us. 24 . 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. Well, Captain Bullshit, I have a few questions for YOU 1. 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. Getting overall spending under control inevitably means spending less on Medicare and Social Security. My eyes got squinty and my face got red. ", 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. Congress has been very careful to make these I.O.U.s unofficial.. 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. 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. Here's a response in a letter from . C Brewer. If that happens, we boomers will see our retirements vaporize, together with our kids livelihoods. We tested Wagner's theory: Baby Boomers, or the most recent cohort of state retirees, come back as the Greediest Generation, according to Google. A number of popular film genres, including gangster films, musical films, comedy films, and monster films attracted mass audiences. 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. 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. 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. We provide a Senior's Health Card, which excludes from its means test any untaxed income from superannuation. As a group, we baby boomers have made no comparable sacrifice. The only way out is to reduce spending. 21 February 2008. Here's a response in a letter from PATTY MYERS from Montana ..think she is a little ticked . 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. We hated our parents as children. Are the Baby Boomers the greediest generation ever? On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. 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. "Hey Dick, let's get a few things . 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 1. Thats not likely to happen. This generation experienced what is commonly referred to as the "Golden Age of Hollywood". 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. But this is the choice we've made. The ones who voted themselves everything then as they began to age, began to pull up the ladder. My parents went through The Depression and World War II. "I think this is the greediest generation." Where to begin. [17] Tom Brokaw and others extol this generation for supporting and fighting World War II. Published Apr 30, 2019 + Follow by futurist Richard Worzel, C.F.A. 2) Alan Simpson left Congress at the age of 65. We must bite the bullet and rein in expenditure, focusing our support on those who cannot look after themselves. Baby Boomers: The Greediest Generation. And for what? I have been paying Social Security taxes for 48 YEARS (since I was 15 years old. 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 originally wrote this in 2014, and got . Not surprisingly, many of the debt commission's draft proposals to cut the debt by nearly $4 trillion by 2020 from raising the retirement age to 69 by 2075 to bringing in $1 trillion more in tax revenue have won strong opposition from liberals and conservatives alike. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] Sen. Dick Durbin of Illinois, in a phony email, recently was accused of calling American senior citizens "The Greediest Generation.". 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. How big are these promises, and how much will they cost? The Greediest Generation. This career politician's comments illustrates the entire . 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. Indeed, they are more burdensome, because Congress has, explicitly or implicitly, promised to pay these benefits off in real (purchasing power) terms. Unlike the Western allies and the Soviet Union, Germany did not honor its veterans, as the association with Nazism continues in contemporary Germany today. We are the greediest generation. 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