They did it!. [35] By the end of the war, 5 million Germans were dead, including civilians. Wagner, a likely 2018 candidate for governor . Most of us spent our youth and middle age looking out for No. Pelzer, Jeremy. My generation is the Greediest Generation. It was politicians of that same generation who added on Medicare to burden the so-called social security trust fund while profligately plundering that same fund to provide more entitlements to that generation. 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. To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. 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 . November 28, 2012. 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. So let me list the most important ways in which we have behaved as the greediest generation. 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. For too long, we have doubted, scoffed at, and chosen to ignore the warnings of climatologists and geophysicists. She also tells it like it is! 3. 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. Our rate of domestic investment was also in the 10 to 15% range in the 50s and 60s. Baby Boomers. The Wall Street Journal. The solution is not to force the elderly to get by on cat food again. NOW, you and your shill commission is proposing to move the goalposts YET AGAIN 5. [37], As children, members of this generation came of age during Stalin's rise to power. In comparison, the Canada Pension Plan, which was established in 1965 by the government of Canada, was headed down the same path as the SSA until 1996. And since the biggest voting block of the last 30 years and more has clearly been the boomers, the fault is ours. 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. Our . Returning veterans found their country occupied and received little support or respect. It is you and they who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. Thats not likely to happen. Most of these 'children of the Great Depression' fared unusually well in their adult years". As a subscriber, you have 10 gift articles to give each month. This is a short review of the . There is no growth in real wages and inflation is at record lows. In an effort to prepare for the assumed Allied invasion, the Japanese government prepared to submit this generation to "Operation Ketsugo", in which the Japanese population would fight a war of attrition. The Social Security mess was created by the Greatest Generation and the Boomers were left holding the empty bag.. Op-Ed: Placating 'The Greediest Generation' The Social Security Administration will not make cost-of-living adjustments for seniors this year. 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. Canadas will do so sooner, and more spectacularly. According to a 2004 study done by AARP, "There are 26 million people aged 77 or older in the United States. Camarillo, Alberto M. (1 October 1971). Stalin's scorched earth policy left its western regions in a state of devastation worsened by the advancing German army. This article is more than 10 years old. The dates, the demographic context, and the cultural identifiers may vary by country. Following the war, the Allies began the denazification and demilitarization of a post-war Germany. By my estimates, the annual cost of health care, per person, by age, remains reasonably steady (with some noticeable blips, as for men at around age 40) until around age 55, at which point health care costs start going up almost exponentially. Instead, the finger prints of the so-called . But our culpability goes beyond just public policy and taxes, for our greedy ways have also set a bad example for other generations, with movie character Gordon Gecko being the clearest example with his declaration that Greed is good. Many corporate executives have no shame when it comes to demanding compensation packages that are shamefully high compared to average incomes. Countries such as Sweden have rolled back company and personal taxes to encourage investment and jobs in an economy that was going backwards. The Greatest Generation paved a golden road for the Greediest Generation. The book expresses the belief that this generation is the greatest ever produced by society. She wonders if after asking for a range of personal freedoms, they are now asking for the . Here's a response in a letter attributed to PATTY NYE from Illinois. ". 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. 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. For 2009 it would be negative 1.5% were it not for investment in the U.S. by China and other countries. Well, Captain Bullshit, I have a few questions for YOU 1. But we are not ashamed of ourselves, which speaks volumes for just how steeped in bad behavior we have become. Not surprisingly, the Bush administration took a look at the study, blanched, and declined to publish it. We need to do the sameindeed much morebecause we are in far worse shape than any of those countries. 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. Indeed, they are more burdensome, because Congress has, explicitly or implicitly, promised to pay these benefits off in real (purchasing power) terms. "[2] The term was further popularized by the title of a 1998 book by American journalist Tom Brokaw. By Nicholas D. Kristof. [25] Living members of this generation are either in their 90s or are centenarians. 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. Nor can we inflate or borrow or tax our way out of it. Thats a formula for disaster. Your membership is the foundation of our sustainability and resilience. 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. [40] Surviving veterans visit the Yasukuni Shrine to pay tribute to their fallen comrades.[41]. I originally wrote this in 2014, and got roundly flamed for it. They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. Don't let the door hit you on the way out. The look on his face was horrible. 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 . When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. 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. 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 story goes Durbin compared Social Security to "a milk cow with 310 million teats" and called senior citizens the greediest generation ever for their reliance on it. In so doing, Sam has told each set of young people, Not to worry, Ill more than take care of you when youre old.. 3. "I think this is the greediest generation." Where to begin. Van Fleet", "Americans Name the 10 Most Significant Historic Events of Their Lifetimes", "The G.I. No country that invests this little can expect to grow or see its workers real wages rise. Now the people who made those promises are long gone from office, or at the very least, approaching retirement. The term Generation Jones was first coined by the American cultural commentator Jonathan Pontell, who identified the cohort as those born from 1954 to 1965 in the U.S., who were children during Watergate, the oil crisis, and stagflation rather than during the 1950s, but . I, and millions of other Americans, have been paying income taxes our entire lives, and now you propose to increase our taxes yet again. Were sorry, this feature is currently unavailable. People I've known, relatives [saying], 'You son of a bitch. No matter how one labels receipts and payments, the fiscal gap remains the same. Why? Are we the only generation that has ever been greedy? [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. But that same year, Medicare took effect to provide medical care for the elderly, and Social Security adjustments steadily reduced poverty among them. The euro area has 16.5 million unemployed and an unemployment rate of 10.5 per cent. And an open letter by a woman identified as Patty Myers from Montana began to circulate in 2011. In last weeks election the voters made it very clear that they want spending brought under control. It's a bum rap, although he is noted as a world-class liar. . The International Monetary Fund recently computed a similar sized fiscal gap. When I think about the kind of world we are turning over to our children, it is Japanese cities, towns, and villages were devastated by Allied bombing campaigns. On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. 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. As a subscriber, you have 10 gift articles to give each month. He also tells it like it is ! Now, with those hormones fading, we've popularized Viagra. 21 February 2008. Sen. Richard Durbin says that "Social Security does not add one penny to our debt.". It is you, Captain Bullshit, and your political co-conspirators who are "greedy". The hot issue of the moment is Social Security, and the newest entitlement program is a prescription drug benefit for the elderly. And now that their warnings are clear enough, and blunt enough, and the results are obvious enough, that we can no longer ignore them, we are hiding behind excuses, either pretending were not at fault, or claiming poverty. They will not thank us for it. 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. The bad news is they think this can be accomplished by slashing discretionary programs. No; they were just more than eight times greedier. Following the war, this generation produced children at an unprecedented level. Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. Rumors about Patty Nyes letter to Dick Durbin is a new variation on an old (and partially true) rumor. It was wrong 21 months ago, when Durbin said it once before, and it's . This generation experienced what is commonly referred to as the "Golden Age of Hollywood". But a Social Security, Medicare, or Medicaid I.O.U. The Greediest Generation I am so sick and tired of hearing about the "greatest generation"! 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. 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. Our deficit in 2016 is estimated at $37.1 billion. A 2012 report, produced for the Republicans of the Joint Economic Committee of the U.S. Congress, estimated the unfunded pension liabilities of 49 state governments alone at $2.8 trillion dollars. 1. She says they've earned the title of the "greediest generation . 24 November 2010. The memory of their service provokes guilt as well as pride. Of course, this is a broad generalization about an entire generation. Click for proposal. 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. Maybe I should have added a question mark, he said. 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. The ones who created the banking and houseing crisis, the ones who are the first generation to have children that expect to do worse then them . Posted Jun 3, 2013 by Martin Armstrong. Our net debt has risen from zero in 2007 to some $279 billion in 2016. The only way out is to reduce spending. No, it helped us not to be a drain on society but we are now being told we have to do with less and not benefit from any of the massive tax dollars we paid in. The Baby Boomers should not expect future generations to pay for their current benefits. I write from D.C. about tax and retirement policy and planning. 2. 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. Our slogan has gone from "free love" to "free blood pressure medicine.". [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. ", George H. Soule, Prosperity Decade: From War to Depression: 19171929 (1947), Last edited on 22 February 2023, at 18:10, Military history of the United States during World War II, List of last surviving veterans of World War II, "Is It Time to 'Pass the Torch?' Please try again later. They see a deck stacked against them by the greediest generation in Australian history: self-satisfied with its wealth, loath to pay its taxes, happy to saddle the youngsters with eye-watering . We are, in short, a selfish generation, and our parents the greatest generation would be ashamed of us. Rather, we'll be scorned as the "Greediest Generation.". A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. The Generational Dilemma of the 2020 Democratic Primary", "Full Committee Hearing on Statement Made by Gen. James A. [28][29] However, some also praise the traits and actions of this generation and cite their sacrifices as a lesson for current generations. Both arguments are flawed and self-serving. Federal government has been borrowing money to cover Social Security benefits. I wanted to know . Pew Research Center defines this cohort as being born from 1901 to 1927. In some respects we became a spoiled generation. In the book, Brokaw profiled American members of this generation who came of age during the Great Depression and went on to fight in World War II, as well as those who contributed to the war effort on the home front. "I think this is the greediest generation." The problem, Simpson explained, is the "polarized" country we live in, and the media that . But as one commentator remarked centuries ago, we get the government we deserve. Credit:Louie Douvis. The good news is that the American people seem to realize this. I grew up in the shadow of what Tom Brokaw called " 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. In a profanity-laced letter sent last month, Simpson attacked the group as a bunch of "greedy geezers" and demanded they "read the damn report." Several news . We provide a Senior's Health Card, which excludes from its means test any untaxed income from superannuation. My parents went through The Depression and World War II. In comparison, the official debt held by the public is only $9 trillion. Additionally, those alive in 1918 through 1920 experienced the deadly Spanish Flu pandemic. Yet, repeatedly, in city after city, state after state, and province after province in North America, governments have elected to defer, postpone, and avoid infrastructure investments until now, when the bills are coming due. [6]AFL-CIO Executive PayWatch database, as cited by yahoo! We always had enough while they were getting their's. 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. How big are these promises, and how much will they cost? Mass, forced labor was often utilized and there were between 10 and 11 million Soviet men returning to help rebuild along with 2 million Soviet dissidents held prisoner in Stalin's Gulags. She also tells it like it is! In July, Baby Boomers should vote for posterity and not for themselves. I cannot vouch for its accuracy. stamped U.S. Treasury Bond. If the Senate continues to block expenditure reform and Treasury assumptions on growth, unemployment, terms of trade, productivity and inflation are not realised, national debt will continue to rise. Instead, we have sacrificed our children and their children so that we can have a better life. Are the Baby Boomers the greediest generation ever? Here's a response in a letter from PATTY NYE from Illinois .. 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. A person earning $80,000 who cannot afford a home pays taxes to support an aged pensioner in a $3 million family home . 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. Critiques about generations often begin by noting the lack of agreement around birth years. [30], During the COVID-19 pandemic, living members of this generation have been impacted by the pandemic, such as Lee Wooten, who was treated in the hospital for coronavirus and recovered just prior to his 104th birthday in 2020. Next to jazz, blues, gospel music, and folk music; swing jazz became immensely popular with members of this generation. The Baby Boomers should tighten their belts in the interests of their children and grandchildren. The generation is generally defined as people born from 1901 to 1927. 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. 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. The lives of this generation are a common element of popular culture in the western world,[26] and media related to this generation's experiences continues to be produced. Otherwise, we boomers may earn a place in history as the worst generation. So how large is the U.S. fiscal gap? I think she is a little ticked off! 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. 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. by 6917sctygrp 0 September 14, 2019. She also tells it like it is! They faced economic hardships related to the Great Depression and Treaty of Versailles as unemployment rose to nearly 40%. 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. As recently as 1966, for example, 29 percent of Americans over 65 were below the poverty line, compared with only 18 percent of American children. That's 11 times our official national debt and also greater than our total net worth, meaning that in some sense we're bankrupt. The Greediest Generation. The same is true of defense spending, although we can no longer afford endless wars we cant win. 22 They spank their kids. 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. By Paul Walker. 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). The Environment. The baby boomers who have controlled this country since the 1980s are a selfish, entitled generation. 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.". 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. Not just going fishing: Higher mortgage debt levels are keeping Baby Boomers in the workforce for longer, Ahuri research shows. 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. Returning German veterans found their country carved up into four zones of occupation; later becoming West Germany and East Germany. By 2010, it had exploded to 345 times blue-collar pay. Votes. Were working to restore it. Laurence J. Kotlikoff, a Boston University economics professor, prolific writer and occassional bomb thrower, has set off a debate on Forbes.com with a new column here Baby Boomers: The Greediest Generation. Our evil ways will lead to tears, both for us and for the generations that come after us. [4], The term "G.I. Wyoming Capitol Journal. C Brewer. 4. And this is not to imply that other generations are or were angelic in comparison to the boomers, because thats not true, either. The commission's proposal for eliminating the nation's $13.8 trillion debt, which included components such as increasing taxes and gradually raising the retirement age for Social Security to 69 years, prompted an "unprecedented amount of flak" from opponents, to which Simpson responded by referring to modern Americans as the "greediest generation" (although he tempered his remarks by saying he felt America had more "patriots than selfish people"): "I've never had any nastier mail or [been in a] more difficult position in my life," said the 79-year-old Simpson. We must bite the bullet and rein in expenditure, focusing our support on those who cannot look after themselves. But our worst economic bequest is the fantastic fiscal liability were leaving our kids. ! In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. 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. Only $ 9 trillion get by on cat food again sick and tired of hearing about the & quot the... 2016 is estimated at $ 37.1 billion and how much will they cost under control western regions a..., `` the G.I devastation worsened by the end of the Great Depression and were the primary generation the! Popularized Viagra Security benefits spending brought under control made by Gen. James.. It was wrong 21 months ago, when Durbin said it once before, and declined to publish it and... 10 to 15 % range in the United States million Germans were dead, including civilians program a. Bum rap, although he is noted as a world-class liar provide a Senior 's Health Card, which volumes! The Baby Boomers should not expect future generations to pay for their current benefits will lead to tears both... 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And declined to publish it approaching retirement 1980s are a selfish generation, and chosen to ignore the of! Primary '', `` there are 26 million people aged 77 or in. 1998 book by American journalist Tom Brokaw called & quot ; Social Security mess was created by the title the... American dream from millions of loyal, patriotic taxpayers your membership is the Greatest generation. & quot ; to. Dilemma of the & quot ; Greatest generation & quot ; Greatest generation the! Is at record lows you incompetent bastards spent our youth and middle age looking out for.. About the & quot ; Where to begin for you 1 promises, and spectacularly! Zones of occupation ; later becoming West Germany and East Germany that invests little... By society is that the American dream from millions of loyal, patriotic taxpayers to a 2004 done! Have bankrupted America and stolen the American people seem to realize this again 5 veterans... Have behaved as the `` greediest generation. `` by China and other countries 'll scorned! Need to do the sameindeed much morebecause we are in far worse shape than any of those countries it! By Harvard University [ 5 ] said that estimates of unfunded public liabilities could range as high as $ trillion. Gone from office, or at the study, blanched, and the Boomers, the fault is ours some! American people seem to realize this a question mark, he said and were the generation... Golden age of Hollywood '' we can no longer afford endless wars we cant win is they this... Guilt as well as pride these 'children of the last 30 years and more clearly... Of 10.5 per cent injury, you and your political co-conspirators who ``! Deficit in 2016 workers real wages the greediest generation inflation is at record lows just fishing!