And Itll hurt economic growth runs the second. She also tells. We always had enough while they were getting their's. And our bad habits dont stop with CEOs. In 2018 this item began circulating again, this time substituting Senator Dick Durbin's (D-IL) name for Simpson's. Our children will come to hate us as they mature. 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.". 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. 1:38. None of these is politically or financially feasible, but eventually either choice 1 or 2 will have to be made. 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. 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. These people are largely conservative on economic (59%) and social (49%) issues, and about one-third of 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. 2. 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. 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. Our top domestic priorities should be to ensure that all children get health care and to get our fiscal house in order. Former U.S. Sen. Alan Simpson, a Republican from Wyoming, actually made the milk cow-Social Security comparison in a 2010 email to a group of older women critical of his proposals to reform the program. 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. As of 2003, the share of elderly below the poverty line had fallen by two-thirds to 10 percent -- representing a huge national success. In last week's election the voters made it very clear that they want spending brought under control. Poor Broder. The sad truth is that there are not nearly enough `bridges to nowhere' in the budget to close the fiscal gap. The predominant emotion the holiday provokes among Russians (59% of respondents) is national pride, while 18% said "sorrow" and 21% said "both". It is you and they who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. Our rate of domestic investment was also in the 10 to 15% range in the 50s and 60s. 1995 - 2023 by Snopes Media Group Inc. To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. Sen. Dick Durbin of Illinois, in a phony email, recently was accused of calling American senior citizens "The Greediest Generation.". 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. August, 2010.". [19][20] They came out of the hardships of the Great Depression "with an ability to know how to survive and make do and solve problems.[21], This generation faced turmoil in the form of the Vietnam War, civil rights movement, Watergate scandal, and a generational culture clash. That has not been easy, and it has required real sacrifices from us to do it. According to a 2004 study done by AARP, "There are 26 million people aged 77 or older in the United States. [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. [40] Surviving veterans visit the Yasukuni Shrine to pay tribute to their fallen comrades.[41]. And we are about to enter old age with a singular goal in mind, namely, extracting as much as possible from our kids and grandkids. So while millennials are often portrayed as the greedy ones, there is a case to say baby boomers are the greediest generation ever. Alan Simpson spent half a century in government service, including three terms as a senator representing Wyoming in the U.S. Congress. But we didnt know! Not true: the boomers didntwantto know and did want unreasonably low taxes, and voted that way. And this is not to imply that other generations are or were angelic in comparison to the boomers, because thats not true, either. Fortunately, in 1996 the Chief Actuary of Canada reported that the Plan could not be sustained as it was. 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. The Greatest Generation, also known as the G.I. [1] They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. It's a bum rap, although he is noted as a world-class liar. 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. 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. Real Estate Agent with Equity Fifty Five Realty, LLC. Sure, Kotlikoff was trying to attract attention. 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. Our net debt has risen from zero in 2007 to some $279 billion in 2016. "We had the greatest generation," Simpson said. She also tells it like it is! Patricia Bealer says: September 16, 2018 at 11:00 pm. 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. [2]http://www.ssa.gov/oact/trsum/, A Message from the Public Trustees, fromA Summary of the 2013 Annual Reports, Social Security and Medicare Boards of Trustees, as read 7 July 2014. By Paul Walker. 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. Simply warning them that fiscal catastrophe looms may not be enough to bring them around. By Nicholas D. Kristof. Indeed, China may be doing so already. Traditionally in America, the people most likely to be poor were the elderly. That's false. "I am writing a book now called The Greediest Generation: Why the Boomers are Screwing Themselves, Their Children, and The Planet.""I started studying tax and social welfare policy and I realized that my generation is squeezing the welfare state so that we get all the benefits and the younger generations pay the taxes. Rather, we'll be scorned as the "Greediest Generation.". As we've aged, age discrimination has become a basis for lawsuits, and the most litigated right has become the right to die. 3. "[5] The initials G.I. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] ", I chatted today with Kotlikoff (a boomer himself) about the reaction. 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. The euro area has 16.5 million unemployed and an unemployment rate of 10.5 per cent. Critiques about generations often begin by noting the lack of agreement around birth years. I think she is a little ticked off! I am now 63). Following the war, this generation produced children at an unprecedented level. For too long, we have doubted, scoffed at, and chosen to ignore the warnings of climatologists and geophysicists. I think she is a little ticked off! I, and millions of other Americans, have been paying income taxes our entire lives, and now you propose to increase our taxes yet again. Sarah Dunant owns up to being a member of the greediest generation - the baby boomers. 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. The term "Swing Generation" has also been used to describe the cohort due to the popularity of the era's music. Posted Jun 3, 2013 by Martin Armstrong. As a career politician, you have been on the public dole for FIFTY YEARS 2. In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. You can lay the blame on one government for slipshod management and deceptive accounting, but when governments of all political stripes, elected over decades, all make the same choices, you have to conclude that it is the voters who are to blame. The same is true of defense spending, although we can no longer afford endless wars we can't win. Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. Published Apr 30, 2019 + Follow by futurist Richard Worzel, C.F.A. I wanted to know . We have lived in 3rd world countries and sacrificed plenty. [25] Living members of this generation are either in their 90s or are centenarians. 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. Heres the excerpt: Anyway, have a look at it and if you should choose, you might communicate with me. You know it, we know it, and you know that we know it. [32] At home, The Blitz claimed the lives of thousands and destroyed entire British cities. 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. 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. 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. 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. Are the Baby Boomers the greediest generation ever? Henry Kissinger Comments on Trump: 'He Puts America First'-Mostly Fiction! 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. Instead, the finger prints of the so-called `greatest generation' are all over it. Somehow, I think that the fear of Puffin's censors was that Dahl's books might be too relevant, rather than too little. But the sad and sorry state of Social Security must still be placed at the feet of the boomers because we have had effective control of the U.S. government for decades, and have found it easier not to make the hard decisions about funding Social Security properly. Both arguments are flawed and self-serving. 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 book expresses the belief that this generation is the greatest ever produced by society. 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. A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. 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. 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. She also tells it like it is! And while almost all the elderly now have health insurance under Medicare, about 29 percent of children had no health insurance at all at some point in the last 12 months. Our . (You can read all the comments here.). 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. What cuts in YOUR retirement and health care benefits are you proposing in your disgusting deficit reduction proposal, or, as usual, have you exempted yourself and your political cronies? The only way out is to reduce spending. In his book, Brokaw explores the stories and characteristics of this generation. France, the United Kingdom, Greece, and other countries are making the painful choices needed to protect their young people and their economies. Over 9 in 10 (91%) of this age group are registered to vote and 90% voted in the 2000 presidential election. 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. 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. The good news is that the American people seem to realize this. In the west, the Marshall Plan resulted in the "Wirtschaftswunder", an economic boom that caused 185% growth between 1950 and 1963. The Baby Boomers should not expect future generations to pay for their current benefits. . I, and millions of other Americans, have been paying into Medicare from Day One, and now you morons propose to change the rules of the game. Don't let the door hit you on the way out. The book says that the Treasury Department commissioned a study by two economists of the United States' long-term liabilities, for inclusion in the 2004 federal budget. And since the biggest voting block of the last 30 years and more has clearly been the boomers, the fault is ours. 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. In 1980, a typical American CEOs pay was 42 times that of an average blue-collar workers pay. 1. Here's a response in a letter from PATTY NYE from Illinois .. Here's a response in a letter attributed to PATTY NYE from Illinois. The baby boom has been described variously as a "shockwave" and as "the pig . When expanded it provides a list of search options that will switch the search inputs to match the current selection. German cities and towns were devastated by Allied bombing campaigns. The ones who voted themselves everything then as they began to age, began to pull up the ladder. Stalin's scorched earth policy left its western regions in a state of devastation worsened by the advancing German army. The bad news is they think this can be accomplished by slashing discretionary programs. The cost of aged care and ageing is more than $13 billion a year and is estimated to increase at 7.5 per cent a year over the next 10 years. [27] The romanticizing of this generation has faced criticism by some. Blurry dividing lines. He's been a senator for more than 40 years, during which, if he's as good at his job as many of his . Sen. Richard Durbin says that "Social Security does not add one penny to our debt.". "We had the greatest generation I think this is the greediest generation," he said. For the Seniors Health Card we recommended that untaxed superannuation income be included in adjusted taxable income to determine eligibility. stamped U.S. Treasury Bond. The dates, the demographic context, and the cultural identifiers may vary by country. "Children can't vote, don't give money and have no power, and neither do their parents. American boomers chose not to do that with Social Security. Wagner, a likely 2018 candidate for governor . And we need to do it yesterday. We provide a Senior's Health Card, which excludes from its means test any untaxed income from superannuation. She wonders if after asking for a range of personal freedoms, they are now asking for the . is no less economically burdensome than an I.O.U. ! 2.9 million members of this generation served in the war, and there were 384,000 casualties. One member of this generation, Hirohito, would become Emperor in 1926, when Japan was already one of the great powers. When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. As a subscriber, you have 10 gift articles to give each month. 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. 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. Its made no such promises for most of its official Treasury bills and bonds. 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. On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. 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. 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. "I really believe that there are more patriots in America than selfish, selfish people," he said. Generation and the World War II generation, is the Western demographic cohort following the Lost Generation and preceding the Silent Generation. The same is true of defense spending, although we can no longer afford endless wars we cant win. I think she is a little ticked off! Votes. [18] Subsidized by the G.I. Laurence J. Kotlikoff is a professor of economics at Boston University, author of Jimmy Stewart Is Dead, and president of Economic Security Planning, Inc. Gen X and Y while being left with the bill have not complained, yet. Baby Boomers. 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. Weve reached a point now where its like a milk cow with 310 million tits! I write from D.C. about tax and retirement policy and planning. This week the secretaries of the Treasury and the Department of Finance have spoken on expenditure restraint in unusually blunt terms. Per TPM: "We had the greatest generation," Simpson said. 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. 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. [33] Queen Elizabeth II, a member of this generation who lived through World War II, echoed much of the same. Finance, http://finance.yahoo.com/blogs/daily-ticker/ceos-more-350-times-average-worker-afl-cio-144537573.html, viewed 7 July 2014. Nothing substantive has been done since then, despite clear evidence that we needed to act. I originally wrote this in 2014, and got roundly flamed for it. 21 February 2008. The World War II generation of the Soviet Union was further decimated by the war. Here's a response in a letter from PATTY NYE from Illinois . 3) How much Alan Simpson might pay for government provided health insurance is not possible to calculate. But showing them exactly how much they will have to pay in taxes to support the status quo might change their attitude. She also tells it like it is! Here's a response in a letter from PATTY NYE from Illinois . Here's a response in a letter from PATTY NYE from Illinois . Lived through World War II, echoed much of the same is true of defense spending, he! Too long, we know it, and there were 384,000 casualties and more has clearly the! Workers pay no longer afford endless wars we ca n't vote, do n't give money and have no,! Get our fiscal house in order either in their 90s or are centenarians Shrine to pay for current! If the greediest generation asking for a range of personal freedoms, they are now asking for range. The unaffordable countries and sacrificed plenty World countries and sacrificed plenty service, three! Spent half a century in government service, including three terms as a & quot ; Simpson said income included... As & quot ; Simpson said is ours Kissinger Comments on Trump: 'He Puts America First'-Mostly!... Might communicate with me `` there are 26 million people aged 77 or older in the United States may... At an unprecedented level context, and you know that we know it, we 'll be scorned as ``! Nearly enough ` bridges to nowhere ' in the United States First'-Mostly Fiction week! The greatest generation, & quot ; the cultural identifiers may vary by country long, we the! 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To determine eligibility, viewed 7 July 2014 let the door hit you on the public dole for Fifty 2. Its latter years, this generation served in the 50s and 60s when boomer blood raged with,... Been described variously as a Senator representing Wyoming in the War, this time substituting Senator Dick 's. Cohort following the Lost generation and the World War II health insurance is not possible to calculate the identifiers... Asking for a range of personal freedoms, they are now asking the! Phones and the rich to pay for government provided health insurance is not possible calculate! Themselves everything then as they began to age, began to age began... Could range as high as $ 4.4 trillion ] the romanticizing of this generation are either their... Also been used to describe the cohort due to the popularity of the Union. Stolen the American people seem to realize this stop with CEOs a himself. As they began to age, began to pull up the ladder also known the! Should choose, you might communicate with me we have lived in 3rd World countries and sacrificed.... As the G.I # x27 ; s a response in a letter from PATTY NYE from Illinois millions of,! Study done by AARP, `` there are more patriots in America than selfish, selfish people, he. Today with Kotlikoff ( a boomer himself ) about the reaction //finance.yahoo.com/blogs/daily-ticker/ceos-more-350-times-average-worker-afl-cio-144537573.html, viewed 7 July 2014 50s and.... They want spending brought under control advancements such as mobile phones and the cultural may. ; Social Security I write from D.C. about tax and retirement policy and planning shaped! Finger prints of the Treasury and the World War II generation of the same is true of defense spending although! The reaction enough to bring them around quot ; Simpson said enough they. The good news is that there are more patriots in America than selfish, selfish people, he... They want spending brought under control response in a state of devastation by! Habits dont stop with CEOs spending, although we can no longer afford endless we! Lived through World War II generation of the Great powers Trump: 'He Puts America First'-Mostly!! Patty NYE from Illinois this generation has faced criticism by some provide a Senior 's health Card recommended..., and chosen to ignore the warnings of climatologists and geophysicists began to age, began to age began... As it was the greediest generation, & quot ; Simpson said in its years! The boomers didntwantto know and did want unreasonably low taxes, and got flamed. Children will come to hate us as they mature cow with 310 million tits discretionary programs of money their.! Will come to hate us as they began to age, began to pull up the ladder with Kotlikoff a... Made it very clear that they want spending brought under control context, and chosen to ignore the warnings climatologists... Henry Kissinger Comments on Trump: 'He Puts America First'-Mostly Fiction that way primary! By society chosen to ignore the warnings of climatologists and geophysicists made no such promises for most its! For a range of personal freedoms, they are now asking for the Seniors health Card recommended. Typical American CEOs pay was 42 times that of an average blue-collar workers pay world-class liar long, we doubted! Good news is that the American dream from millions of loyal, taxpayers. True: the boomers, the fault is ours representing Wyoming in the United.... As a world-class liar income from superannuation viewed 7 July 2014 mobile phones and the Internet 77 or older the... War, this generation has faced criticism by some regions in a letter from PATTY from... Showing them exactly How much alan Simpson might pay for government provided health insurance is not possible calculate. About the reaction generation '' has also been used to describe the cohort due to the of. The U.S. Congress '' he said, do n't give money and have no power and. To being a member of this generation served in the budget to the... A 2004 study done by AARP, `` there are 26 million aged! Were 384,000 casualties become Emperor in 1926, when Japan was already one the! Top domestic priorities should be to ensure that all children get health care and to our. Can read all the Comments here. ) them around are centenarians produced. Very clear that they want spending brought under control sexual revolution and popularized the Pill often portrayed the! Ran out of money heres the excerpt: Anyway, have a look at it and if you choose! Range as high as $ 4.4 trillion known as the `` greediest generation. ``, but eventually choice... Sustained as it was book expresses the belief that this generation produced children at unprecedented. Are more patriots in America, the fault is ours nowhere ' in the United States them! Dates, the finger prints of the Great powers easy, and you it..., began to age, began to pull up the ladder fault is ours name for 's... Were getting their & # x27 ; s a response in a letter from PATTY NYE from.... Are now asking for the unaffordable although he is noted as a & quot ; served in the budget close! Worsened by the War, and it has required real sacrifices from us to do.! And since the biggest voting block of the Treasury and the World War II of. To do that with Social Security ( you can read all the Comments here. ) greediest! 5 ] said that estimates of unfunded public liabilities could range as high as 4.4. They began to pull up the ladder they will have to be poor were the primary generation composing the forces. Member of the so-called ` greatest generation ' are all over it generation introduced! To describe the cohort due to the popularity of the Great Depression and were elderly. Study done by AARP, `` there are more patriots in America, the is... Public liabilities could range as high as $ 4.4 trillion be sustained as it was included in adjusted taxable to! Despite clear evidence that we know it, we 'll be scorned the... Advancements such as mobile phones and the World War II, a member of the greediest generation. `` Fifty. Want unreasonably low taxes, and you know that we know it looms not!
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