In comparison, the official debt held by the public is only $9 trillion. We tested Wagner's theory: Baby Boomers, or the most recent cohort of state retirees, come back as the Greediest Generation, according to Google. Both arguments are flawed and self-serving. They faced economic hardships related to the Great Depression and Treaty of Versailles as unemployment rose to nearly 40%. The same is true of defense spending, although we can no longer afford endless wars we cant win. Climate changes all the time it cant be our fault! runs the excuses of the first. Over 76 million babies were born between 1946 and 1964. "Salaries of Members of Congress: A List of Payable Rates and Effective Dates." The Greatest Generation, also known as the G.I. Thats not likely to happen. Now the people who made those promises are long gone from office, or at the very least, approaching retirement. That's 11 times our official national debt and also greater than our total net worth, meaning that in some sense we're bankrupt. That's why the wording had to be changed. America isnt quite as badly off, but is clearly headed in the same direction. Of course we should ensure people and business pay their taxes. They also experienced much of their youth with rapid technological innovation (e.g., radio, telephone, automobile) amidst growing levels of worldwide income inequality[9][10][11] and a soaring economy. In fact, Simpson, who called Social Security "300 million tits on a cow," says his critics are members of the "greediest generation." Simpson told the hometown rag, the Casper Star-Tribune: "I've never had any nastier mail or [been in The dates, the demographic context, and the cultural identifiers may vary by country. Both health care systems will crash and burn. Business employs 80 per cent of the workforce and is the only true generator of wealth and jobs. 3. 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 . One measure of how children have tumbled as a priority in America is that in 1960 we ranked 12th in infant mortality among nations in the world, while now 40 nations have infant mortality rates better than ours or equal to it. Always mean what you say ! Durbin said Social Security . The Greatest Generation paved a golden road for the Greediest Generation. 22 They spank their kids. Hardly fair. Here's a response in a letter from PATTY NYE from Illinois . This Montana Senior Nailed It! Infrastructure is probably the least sexy thing taxpayers are asked to pay for, but one of the most critical. 3. I think she is a little ticked off! 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. For 2009 it would be negative 1.5% were it not for investment in the U.S. by China and other countries. The means test for aged care does not include the full value of the family home. 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. The Greediest Generation I am so sick and tired of hearing about the "greatest generation"! Illinois senator argued Social Security should not be part of fiscal cliff talks. Nearly 18 million members of this generation would fight in World War II and approximately 3 million, including civilians, would be killed or wounded. Illinois resident blasted U.S. By 2020 the federal debt, which is now 60% of GDP, will exceed the 90% level, which economists Ken Rogoff and Carmen Reinhart view as the critical value needed to spark a financial crisis. He must have thought I was about to rip off his head and spit down his . The World War II generation of the Soviet Union was further decimated by the war. . "I think this is the greediest generation." Where to begin. Senator Dick Durbin, a Democrat from Illinois, for calling seniors the greediest generation for their use of Social Security. The only way out is to reduce spending. Learn more in our Cookie Policy. I write from D.C. about tax and retirement policy and planning. Call when you get honest work! She also tells it like it is! I think he is a little ticked off ! 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. Pew Research Center defines this cohort as being born from 1901 to 1927. "The Greatest Generation" got its name from a book by the same name. 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. She also tells it like it is! No matter what happens to the official interest rate business continues to sit on its cheque book. If theres a place where short-term gain for long-term pain is evident, its climate change. Whatever the (unknown) truth is, the amounts are staggering, especially as they are in addition to other explicit and implicit liabilities. Since the letter reproduced above isn't credited to any particular person (other than an "unknown fellow in Montana"), and a number of different people have claimed authorship, there is no particular attribution for us to verify as correct or incorrect. 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 . The predominant emotion the holiday provokes among Russians (59% of respondents) is national pride, while 18% said "sorrow" and 21% said "both". A person earning $80,000 who cannot afford a home pays taxes to support an aged pensioner in a $3 million family home . 1. Gen X and Y while being left with the bill have not complained, yet. 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. It is not your imagination, and it didn't come out of nowhere. by senior futurist Richard Worzel, C.F.A. While anyone with an ounce of common sense could have guessed that there was something sketchy about China's generous offer, it . Nor can we inflate or borrow or tax our way out of it. Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. 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. [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. Here's a response in a letter from PATTY NYE from Illinois . Its more a matter of degree than sustainability. The veins in my temples throbbed. [33] Queen Elizabeth II, a member of this generation who lived through World War II, echoed much of the same. Our net debt has risen from zero in 2007 to some $279 billion in 2016. 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. The lost gutter generation. Stalin's scorched earth policy left its western regions in a state of devastation worsened by the advancing German army. 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. [34], Members of the World War II generation in Germany came of age following World War I and the German Revolution of 19181919. When that happens, count on boomers to strenuously object at the ballot box. This is a short review of the . The Greediest Generation. [1] They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. We were suitably embarrassed that old people were eating cat food or scavenging garbage cans for food, so we reallocated resources to the elderly. The latest survey conducted by Russia's Levada Center suggests Victory Day is still one of the most important public holidays for Russian citizens, with 65% of those surveyed planning to celebrate it. "Research note on Chicano community leaders: the GI generation. The Baby Boomers should tighten their belts in the interests of their children and grandchildren. Enjoy it while it lasts my friends. 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. Weve reached a point now where its like a milk cow with 310 million tits! Support for those most in need is threatened by support for those who are more able to look after themselves. Most of us spent our youth and middle age looking out for No. In so doing, Sam has told each set of young people, Not to worry, Ill more than take care of you when youre old.. Blurry dividing lines. "People I've known, relatives (saying), "'You son of a bitch. 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. 1. That, at any rate, is what the boomers have done across most jurisdictions in North America, including Canada, for the past 30-40 years. 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 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. 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. 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. One member of this generation, Hirohito, would become Emperor in 1926, when Japan was already one of the great powers. Somehow, I think that the fear of Puffin's censors was that Dahl's books might be too relevant, rather than too little. is no less economically burdensome than an I.O.U. 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. 2. One of them attributed the greediest generation quote to Dick Durbin and the follow-up letter to an Illinois woman named Patty Nye. He's been a senator for more than 40 years, during which, if he's as good at his job as many of his . The Environment. Nor can we inflate or borrow or tax our way out of it. Well, Captain Bullshit, I have a few questions for YOU 1. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] I urge you to read Kotlikoffs full column, but here's a taste: Herb Stein, once the chairman of President Nixon's Council of Economic Advisors, had a saying: `Things that can't go on will stop. What he should have said was, `Things that can't 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. . 23 They call Gen Z a Millennial. In that book he said, "'it is, I believe, the greatest generation any society has ever produced.'. Our evil ways will lead to tears, both for us and for the generations that come after us. The monies collected from payroll taxes (called contributions) were handed to the provincial governments in exchange for their worthless IOUs, which could never be successfully cashed because it would have created a financial and political crisis. The bad news is they think this can be accomplished by slashing discretionary programs. 43 years later and they are still underwater. 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. Despite the hardships, historians note that literature, arts, music, and cinema of the period flourished. Government debt loads equaling 100% of GDP are considered a red flag, so Canadas combined total of explicit and implicit debt of more than 4 times GDP will mean that health care benefits will have to be slashed at some point, among other things. He said, First shoot the lawyers. He should have said, First shoot the accountants.. This career politician's comments illustrates the entire . Everyones greedy when it comes to health care, not just the boomers. 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? Remarkably, it was then reformed: contributions were raised to a sustainable level, and the monies collected were invested in the open markets by an independent agency, the Canada Pension Plan Investment Board, with the result that the CPP is today one of the worlds best examples of how a government pension scheme should be run. I can hear the angry reply by boomers already: Its not my fault! Social Security: Congress' piggy bank. [4], The term "G.I. And they have no choice; without water a city becomes a ghost town. This week the secretaries of the Treasury and the Department of Finance have spoken on expenditure restraint in unusually blunt terms. 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. 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. But we are not ashamed of ourselves, which speaks volumes for just how steeped in bad behavior we have become. 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. 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. The look on his face was horrible. But that same year, Medicare took effect to provide medical care for the elderly, and Social Security adjustments steadily reduced poverty among them. We bring young children to fancy restaurants, then dont supervise them, ignoring how they annoy other diners. "I really believe that there are more patriots in America than selfish, selfish people," he said. 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. by 6917sctygrp 0 September 14, 2019. She says they've earned the title of the "greediest generation . The potential revenue from these additional tax raisings are swamped by the growing budget deficit. Nor am I trying to say that the boomers had everything easy. Congressional Research Service. But a Social Security, Medicare, or Medicaid I.O.U. 17 February 2010. We talk on our cellphones in public places, annoying the people around us. We provide a Senior's Health Card, which excludes from its means test any untaxed income from superannuation. 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). 12 million Germans were refugees and many were forced to settle in the Soviet Union. I think she is a little ticked off! The pick up in non-mining investment has been slow to materialise because business lacks confidence. Thats a formula for disaster. Adolf Hitler then rose to power, and many of this generation joined organizations such as the Hitler Youth. . 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. 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. They will not thank us for it. My parents went through The Depression and World War II. Commentary: Baby boomers out, 'cuspers' in. Elder followed 167 individuals born in California between 1920 and 1921 and "traced the impact of Depression and wartime experiences from the early years to middle age. Obviously, Shakespeare had it wrong. 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 . 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. [6]AFL-CIO Executive PayWatch database, as cited by yahoo! 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