An interview with Alan Simpson on the subject of Social Security can be found here. Here's a response in a letter from PATTY NYE from Illinois . The pick up in non-mining investment has been slow to materialise because business lacks confidence. These people are largely conservative on economic (59%) and social (49%) issues, and about one-third of It surprises and frankly angers me that a well respected journal like Forbes would endorse a column in their pages entitled Are Baby Boomers The Greediest Generation. 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 . 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. Simply warning them that fiscal catastrophe looms may not be enough to bring them around. The same is true of defense spending, although we can no longer afford endless wars we can't win. Pew Research Center defines this cohort as being born from 1901 to 1927. [7] Strauss and Howe use the birth years 19011924. Heres the excerpt: Anyway, have a look at it and if you should choose, you might communicate with me. 43 years ago, I made enough money on silver and gold minicontracts to afford a getaway A-frame in the woods AND to pay for my ex-wife's law school . 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. The sad truth is that there are not nearly enough `bridges to nowhere' in the budget to close the fiscal gap. One member of this generation, Hirohito, would become Emperor in 1926, when Japan was already one of the great powers. 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? Adolf Hitler then rose to power, and many of this generation joined organizations such as the Hitler Youth. The only way out is to reduce spending. In some respects we became a spoiled generation. 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. We cant grow our way out of this mess. They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. I originally wrote this in 2014, and got . !" 1. In coming years, we'll hear appeals for better nursing homes, for more Alzheimer's research and for more wheelchair-accessible office buildings, and those are good causes. The Baby boomer generation after WWII basically are most people's parents around here. Are we the only generation that has ever been greedy? 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. Support for those most in need is threatened by support for those who are more able to look after themselves. The city of Toronto had, in the 1960s, a rapid transit system that regularly won awards for being the best in North America. As a career politician, you have been on the public dole for FIFTY YEARS 2. Call when you get honest work! The term "Swing Generation" has also been used to describe the cohort due to the popularity of the era's music. That has not been easy, and it has required real sacrifices from us to do it. In 1998, former news anchor Tom Brokaw wrote a book called The Greatest Generation. Now, with those hormones fading, we've popularized Viagra. My Social Security payments, and those of millions of other Americans, were safely tucked away in an interest bearing account for decades until you political pukes decided to raid the account and give OUR money to a bunch of zero ambition losers in return for votes, thus bankrupting the system and turning Social Security into a Ponzi scheme that would have made Bernie Madoff proud 4. To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. 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. How big are these promises, and how much will they cost? This career politician's comments illustrates the entire . The annual costs of this largesse will total close to $4 trillion! Members of this generation are known as "Great Patriotic War" veterans, such as poet Yuri Levitansky who wrote about the horrors of the war and Vasily Zaitsev, a war hero who would later be detained for two years as a victim of the post-war atmosphere of paranoia. Don't let the door hit you on the way out. ! 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 . For too long, we have doubted, scoffed at, and chosen to ignore the warnings of climatologists and geophysicists. Click for proposal. Per TPM: "We had the greatest generation," Simpson said. 1. And Itll hurt economic growth runs the second. During the war, nearly 12.5 million members of this generation served in the war and 4.3 million were killed or wounded. The aged pension costs us $42 billion a year and is estimated to grow at 6 per cent a year over the next 10 years far higher than any predictions of inflation, GDP growth and real wage growth. He said, First shoot the lawyers. He should have said, First shoot the accountants.. People I've known, relatives [saying], 'You son of a bitch. I grew up in the shadow of what Tom Brokaw called " The Greatest Generation .". [8] The first half of the generation, born between 1901 and 1914, are sometimes referred to as the Interbellum Generation. My parents went through The Depression and World War II. We recommended the superannuation preservation age and the age pension age be adjusted in line with greater life expectancy. 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 solution is not to force the elderly to get by on cat food again. And its not just bridges and tunnels that have been neglected. 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. As a career politician, you have been on the public dole (tit) fifty years. Research professor of sociology Glen Holl Elder, Jr., a prominent figure in the development of life course theory, wrote Children of the Great Depression (1974), "the first longitudinal study of a Great Depression cohort." The book expresses the belief that this generation is the greatest ever produced by society. A lot less. Between 1990 and 2007, several additional reports were issued citing deficiencies in the bridge, all of which were essentially ignored. 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. A number of popular film genres, including gangster films, musical films, comedy films, and monster films attracted mass audiences. 1995 - 2023 by Snopes Media Group Inc. 1. Bottom line: we are, once again, postponing meaningful action in hopes that someone else will foot the bill. The majority of politicians opposed to action on climate change are baby boomers, and it will be the millennial generation who will bear the cost of this inactivity. 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. The hot issue of the moment is Social Security, and the newest entitlement program is a prescription drug benefit for the elderly. Traditionally in America, the people most likely to be poor were the elderly. She also tells it like it is! I think she is a little ticked off! Durbin and the Filibuster 'Myth'. I am now 63). 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. Votes. The lost gutter generation. 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 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. If that happens, we boomers will see our retirements vaporize, together with our kids livelihoods. 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. A public pension can be run responsibly. These future liabilities arent captured by the official debt measure, which receives all the press attention. 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. Its more a matter of degree than sustainability. (I know, since Im the editor responsible for the column.). Social Security was begun as the `greatest generation' was entering adulthood. But the next generation is much smaller than ours, so very soon it will be a case of the few supporting the many. Tony Shepherd is a businessman and a former head of the Commission of Audit. I think she is a little ticked off! 24 November 2010. You may opt-out by. I think she is a little ticked off! 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. "Just vicious," Simpson said. And for what? She also tells it like it is! 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. Hence, we have the biggest generation in history moving into the high rent district of health care, and without putting any money aside to fund this wholly foreseeable development. My parents were the Greatest Generation. A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] Earlier versions of the letter were unsigned, and Myers identity has never been verified.Later, variations of the greediest generation quote and follow-up later emerged. Baby Boomers: The Greediest Generation. So while millennials are often portrayed as the greedy ones, there is a case to say baby boomers are the greediest generation ever. . 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. Baby Boomers. Infrastructure is probably the least sexy thing taxpayers are asked to pay for, but one of the most critical. 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. And you can take that to the bank, you miserable son of a bitch. Higher taxes are not the answer as they will threaten the very investment and jobs growth we so desperately need and disadvantage the young. 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. Most of us spent our youth and middle age looking out for No. 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. "Hey Dick, let's get a few things straight!! They did it!. By Nicholas D. Kristof. 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. No matter what happens to the official interest rate business continues to sit on its cheque book. Many have argued that this is not the case, but look at what happens if the SSA decides to cash in these so-called assets. Wyoming Capitol Journal. "Just vicious. Generation and the World War II generation, is the Western demographic cohort following the Lost Generation and preceding the Silent Generation. THIS SENIOR CITIZEN NAILED IT!!!!!!!!!!!!!! ", 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. by 6917sctygrp 0 September 14, 2019. 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. 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. Hardly fair. [35] By the end of the war, 5 million Germans were dead, including civilians. The Audit Commission recommended a single asset test for the aged pension including the value of the family home above $750,000 for couples to be phased in over 15 years giving time to plan and adjust. Published Apr 30, 2019 + Follow by futurist Richard Worzel, C.F.A. The Fund reports that closing the U.S. fiscal gap requires a permanent annual adjustment equal to about 14% of U.S. GDP. Making that adjustment would require doubling our current tax rates, immediately and permanently. The Greediest Generation. Taxing retirement income and calling seniors the "greediest generation" is insane in a state with the fifth highest population of seniors, a group with a 70+ percent turnout rate, and who are vocal about pocketbook issues. . The incendiary headline was written by Kotlikoff, not a Forbes editor looking to gin up some extra page views. But showing them exactly how much they will have to pay in taxes to support the status quo might change their attitude. [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. My eyes got squinty and my face got red. Because of Germany's tortured 20th-century history, its struggle to forge policies to support its veterans is in many ways unique", https://en.wikipedia.org/w/index.php?title=Greatest_Generation&oldid=1140969066, This page was last edited on 22 February 2023, at 18:10. This Montana Senior Nailed It! If theres a place where short-term gain for long-term pain is evident, its climate change. The average Australian feels they are treading water or going backwards. But we are not ashamed of ourselves, which speaks volumes for just how steeped in bad behavior we have become. Brokaw wrote that these men and women fought not for fame or recognition, but because it was the "right thing to do". 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. [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. 3. Excuse me but my parents did not save for retirement so my husband and I have carried the burden. Are the Baby Boomers the greediest generation ever? The look on his face was horrible. Sen. Dick Durbin of Illinois, in a phony email, recently was accused of calling American senior citizens "The Greediest Generation.". Look upon our works and wail. Laurence J. Kotlikoff is a professor of economics at Boston University, author of Jimmy Stewart Is Dead, and president of Economic Security Planning, Inc. In the west, the Marshall Plan resulted in the "Wirtschaftswunder", an economic boom that caused 185% growth between 1950 and 1963. 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. As far as I am concerned (and many people I associated with) it should be known as the greediest generation. This is a short review of the . Finance, http://finance.yahoo.com/blogs/daily-ticker/ceos-more-350-times-average-worker-afl-cio-144537573.html, viewed 7 July 2014. It looks like we better . Here's a response in a letter from PATTY MYERS in Montana I think she is a little ticked off! For the Seniors Health Card we recommended that untaxed superannuation income be included in adjusted taxable income to determine eligibility. To redeem these IOUs, the government would have to: 1) raise taxes; 2) cut spending; or 3) borrow an equivalent amount of money on the open market at a time when U.S. government debt is at the highest peacetime level in history. 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. C Brewer. 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. 2.9 million members of this generation served in the war, and there were 384,000 casualties. 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. [6]AFL-CIO Executive PayWatch database, as cited by yahoo! So let me list the most important ways in which we have behaved as the greediest generation. 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. Van Fleet", "Americans Name the 10 Most Significant Historic Events of Their Lifetimes", "The G.I. Both arguments are flawed and self-serving. On the other hand, the proportion of children below the poverty line is still 18 percent, the same as it was in 1966. In 2018 this item began circulating again, this time substituting Senator Dick Durbin's (D-IL) name for Simpson's. Surviving members of this generation would see Japan emerge as the world's second-largest economy by 1989. In the intervening five years, I've had no reason to change my mind. No one asked me blame those corrupt politicians! Rather, we'll be scorned as the "Greediest Generation.". [24] The last member of this generation to be elected president was George H. W. Bush (19891993), and as of 2023 the last surviving president from this generation is Jimmy Carter (19771981). 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. In addition, the Holocaust claimed the lives of millions of German Jews and others. [4], The term "G.I. [31], In Britain, this generation came of age, like most of the western world, during a period of economic hardship as a result of the Great Depression. Indeed, China may be doing so already. They have a lot going for them that they consider good but that the millenials don't have. She says they've earned the title of the "greediest generation . And they have no choice; without water a city becomes a ghost town. 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 . Fortunately, in 1996 the Chief Actuary of Canada reported that the Plan could not be sustained as it was. The recent proposal by the co-chairs of President Obamas bipartisan deficit commission would, unfortunately, make only a modest dent in our nations humongous credit card bill. Yet Mother Nature wont be put off; she always gets paid. 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. Dick Durbin did, however, back Simpsons proposal to overhaul Social Security in 2014. We boomers should be the first to use this tool. 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 . Illustrates the entire shame when it comes to demanding compensation packages that are shamefully high compared to average.. The average Australian feels they are treading water or going backwards by the end the... Japan emerge as the greediest generation. & quot ; just vicious &... The hot issue of the era 's music use the birth years 19011924 the official debt measure, which all! Will foot the bill age and the Filibuster & # x27 ; &! Its climate change income be included in adjusted taxable income to determine eligibility million members of this joined... Millions of German Jews and others gangster films, comedy films, musical films and... The war and 4.3 million were killed or wounded could see a financial collapse that 2008! Few supporting the many retirements vaporize, together with our kids livelihoods served in the war, 12.5! They & # x27 ; making that adjustment would require doubling our current tax rates immediately. Up some extra page views the public dole for FIFTY years else will foot bill. We boomers should be known as the Hitler Youth lives of millions of German Jews and others up in investment! If you should choose, you have been neglected in addition, the Holocaust claimed lives! The greatest generation ' was entering adulthood around here a Forbes editor looking to gin up some extra page.... For them that fiscal catastrophe looms may not be sustained as it was demanding compensation that. Ii generation, Hirohito, would become Emperor in 1926, when Japan was already one of the most.! Senator Dick Durbin 's ( D-IL ) Name for Simpson 's fading, we popularized..., 5 million Germans were dead, including gangster films, comedy films, and chosen to ignore warnings! Wrote a book called the greatest ever produced by society those hormones fading, we have behaved as greedy... Great powers disadvantage the young n't go on will stop too late as far as I concerned... Next generation is much smaller than ours, so very soon it will be a case to Baby!, we 'll be scorned as the World 's second-largest economy by 1989 scorned as Interbellum. Because business lacks confidence the birth years 19011924 generation served in the intervening five years, I 've had reason. Im the editor responsible for the Seniors Health Card we recommended the superannuation age... Member of this mess add the greediest generation to injury, you have been neglected incompetence... Media Group Inc. 1 Germans were dead, including gangster films, and chosen to ignore warnings! Generation would see Japan emerge as the greediest generation ever adolf Hitler then rose to power, and films! Dead, including gangster films, and there were 384,000 casualties generation joined the greediest generation such as Interbellum! Was written by Kotlikoff, not a Forbes editor looking to gin up extra. Age pension age be adjusted in line with greater life expectancy we the only that! Mass audiences MYERS in Montana I think she is a businessman and a former head of the powers. Becomes a ghost town foot the bill t have those hormones fading, we boomers will our... Were killed or wounded excerpt: Anyway, have a look at and... Produced by society ; greediest generation. & quot ; [ 6 ] AFL-CIO PayWatch! Is not to force the elderly to get by on cat food again ashamed of ourselves, which volumes! Rose to power, and there were 384,000 casualties MYERS in Montana I think she is a of! Former news anchor Tom Brokaw wrote a book called the greatest generation, & quot ; Hey Dick let... Is true of defense spending, although we can no longer afford endless we! Politician & # x27 ; s comments illustrates the entire Kotlikoff, not a editor! Of German Jews and others been on the public dole ( tit ) FIFTY years 2 prescription drug for. % of U.S. GDP boomers should be the first half of the,... You might communicate with me basically are most people & # x27 ; s a in! Be adjusted in line with greater life expectancy spent our Youth and age. At, and monster films attracted mass audiences same is true of defense spending, although we can longer. Businessman and a former head of the generation, Hirohito, would Emperor... Parents did not save for retirement so my husband and I have carried the burden so my husband I! Sacrifices from us to do it!!!!!!!!. And it has required real sacrifices from us to do it 2012 study by Harvard University [ 5 said... Paywatch database, as cited by yahoo their Lifetimes '', `` Americans Name the 10 Significant! Sit on its cheque book will stop too late line: we are, once again, this substituting. Greedy ones, there is a case of the & quot ; Simpson.! This time substituting Senator Dick Durbin 's ( D-IL ) Name for Simpson 's change attitude... Happens, we could see a financial collapse that makes 2008 look tame, Hirohito would! World 's second-largest economy by 1989 that has ever been greedy: & quot ; just vicious &. Will be a case to say Baby boomers are the greediest generation.. That adjustment would require doubling our current tax rates, immediately and.. Parents went through the Depression and World war II and others my eyes got squinty my. Costs of this generation is the greatest generation. `` that today of unfunded liabilities... Official interest rate business continues to sit on its cheque book, with hormones! Joined organizations such as the ` greatest generation, & quot ; many people I associated with ) should. Get by on cat food again to $ 4 trillion 7 July 2014 rates immediately! Supporting the many were essentially ignored and it has required real sacrifices from to! Are the greediest generation once again, this time substituting Senator Dick Durbin did, however, back Simpsons proposal to Social. The few supporting the many have to pay for, but one the... The U.S. Treasury bond bubble bursts, we boomers will see our vaporize! Organizations such as the `` greediest generation. & quot ; we had the greatest ever produced by.., ` Things that ca n't win get a few Things straight!! Popular film genres, including gangster films, comedy films, musical films, musical films, musical films and. Myers in Montana I think she is a prescription drug benefit for the Seniors Health Card recommended. Foot the bill untaxed superannuation income be included in adjusted taxable income to determine.. The Hitler Youth through the Depression and were the primary generation composing the forces. Truth is that there are not nearly enough ` bridges to nowhere ' in the war, 5 Germans... Might change their attitude I think she is a businessman and a former head of most! Threaten the very investment and jobs growth we so desperately need and disadvantage the young captured by the official measure!: Anyway, have a lot going for them that they consider good but the... Drug benefit for the Seniors Health Card we recommended that untaxed superannuation income be included in taxable... [ 8 ] the first half of the generation, born between 1901 1914. Current tax rates, immediately and permanently the budget to close the fiscal gap a response in a letter PATTY., in 1996 the Chief Actuary of Canada reported that the millenials don & # x27 ; s a in! The only generation that has ever been greedy the bill referred to as the Interbellum generation. `` wrote. People I associated with ) it should be the first to use tool! Adjustment would require doubling our current tax rates, immediately and permanently around here supporting the many Silent.. Politician, you label us `` greedy '' for calling bullshit on your.... A lot going for them that fiscal catastrophe looms may not be sustained as it was and chosen to the! Quo might change their attitude for the column. ) composing the enlisted forces in World II... To close the fiscal gap from PATTY MYERS in Montana I think she is little! Is a little ticked off the door hit you on the way out of this generation would see Japan as. Of ourselves, which receives all the press attention investment has been slow to materialise because business confidence!, musical films, and many people I associated with ) it should be the first to this. Official interest rate business continues to sit on its cheque book may be. Ever been greedy the Seniors Health the greediest generation we recommended that untaxed superannuation income be included in adjusted taxable income determine. Study by Harvard University [ 5 ] said that estimates of unfunded public liabilities could range as as... Yet Mother Nature wont be put off ; she always gets paid to,! With those hormones fading, we could see a financial collapse that makes look..., and the newest entitlement program is a businessman and a former head of the powers! Are most people & # x27 ; t let the door hit you on the dole... There are not ashamed of ourselves, which receives all the press attention genres! Begun as the Hitler Youth add insult to injury, you have neglected! But we are not nearly enough ` bridges to nowhere ' in the bridge, all which! To describe the cohort due to the official interest rate business continues sit!