We called up Blyth to talk about what alt-work means for the future economy, his thoughts on universal basic income, and whether the Baby Boomers are officially the greediest generation in human . 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 . 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. 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. A public pension can be run responsibly. I think she is a little ticked off! ! There is no growth in real wages and inflation is at record lows. [15] The popularity of the radio also became a major influence in the lives of this generation, as millions tuned in to listen to President Franklin D. Roosevelt's "fireside chats" and absorbed news in a way like never before.[16]. She also tells. Then, on August 1st, 2007, in the middle of the evening rush hour, the bridge collapsed, killing 13 people and injuring 145. The dole, refugees, single parents and foreign aid are not the problem. Additionally, those alive in 1918 through 1920 experienced the deadly Spanish Flu pandemic. It was wrong 21 months ago, when Durbin said it once before, and it's . We need to do the sameindeed much morebecause we are in far worse shape than any of those countries. Both arguments are flawed and self-serving. And we need to do it yesterday. Countries such as Sweden have rolled back company and personal taxes to encourage investment and jobs in an economy that was going backwards. My eyes got squinty and my face got red. "Hey Dick, let's get a few things . 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. The Greediest Generation Report this post Richard Worzel, C.F.A. So please, do not visit the sins of the father upon their 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. 2) Alan Simpson left Congress at the age of 65. Alan Simpson spent half a century in government service, including three terms as a senator representing Wyoming in the U.S. Congress. Business employs 80 per cent of the workforce and is the only true generator of wealth and jobs. 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. Are we the only generation that has ever been greedy? According to a 2004 study done by AARP, "There are 26 million people aged 77 or older in the United States. Anyone can read what you share. Now the people who made those promises are long gone from office, or at the very least, approaching retirement. Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. Durbin said Social Security . Whats in a headline? 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. In addition, the Holocaust claimed the lives of millions of German Jews and others. And Itll hurt economic growth runs the second. In practice, though, all of this money has been spent by Congress, and the SSA has been left with worthless IOUs. In that book he said, "'it is, I believe, the greatest generation any society has ever produced.'. "We had the greatest generation," Simpson said. Congress has been very careful to make these I.O.U.s unofficial.. For example, some place the beginning of the millennial generation with those . 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. 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. Always say what you mean ! 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. 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. 1. Thats a formula for disaster. 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. Sure, Kotlikoff was trying to attract attention. . "Bowles, Simpson to Head Debt Commission." 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. Of course, this is a broad generalization about an entire generation. How big are these promises, and how much will they cost? The only way out is to reduce spending. "Hey Dick, let's get a few things straight!! [1]Wikipedia entry onThe Greatest Generation. 3. The USSR lost 14% of its pre-war population during WWII, a demographic collapse that would have immense long-term consequences. They may be reviled for the choices they made, but they wont be the ones that have to face the music, and they wont be the working stiffs that have to pay the majority of the taxes to pay for promises made by the boomers. ", I chatted today with Kotlikoff (a boomer himself) about the reaction. Well, Captain Bullshit, I have a few questions for YOU 1. How much do you pay for YOUR government provided health insurance? 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. 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. [34], Members of the World War II generation in Germany came of age following World War I and the German Revolution of 19181919. And its not just bridges and tunnels that have been neglected. Japanese cities, towns, and villages were devastated by Allied bombing campaigns. We boomers should be the first to use this tool. As a career politician, you have been on the public dole for FIFTY YEARS 2. They have a lot going for them that they consider good but that the millenials don't have. The boom is over and the government is now forced to borrow to cover the ever growing shortfall. 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. That, at any rate, is what the boomers have done across most jurisdictions in North America, including Canada, for the past 30-40 years. Illinois senator argued Social Security should not be part of fiscal cliff talks. Support for those most in need is threatened by support for those who are more able to look after themselves. As of 2019, approximately 389,000 of the 16 million Americans who served in World War II remain alive. this generation, if they are not spitting mad, well, then they're just not paying attention. In his book, Brokaw explores the stories and characteristics of this generation. I think she is a little ticked off! No one asked me blame those corrupt politicians! 12 million Germans were refugees and many were forced to settle in the Soviet Union. But we didnt know! Not true: the boomers didntwantto know and did want unreasonably low taxes, and voted that way. Social Security: Congress' piggy bank. When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. But President Obama has proposed $250 for every . That's right, sir. 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. Nor can we inflate or borrow or tax our way out of it. Click for proposal. How much money have you earned from the American taxpayers during your pathetic 50-year political career? None of these is politically or financially feasible, but eventually either choice 1 or 2 will have to be made. 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. [6]Were the CEOs of 2010 more than eight times better than the CEOs of 1980? No matter what happens to the official interest rate business continues to sit on its cheque book. [12][13][14] After the Stock Market crashed, this generation experienced profound economic and social turmoil. 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. Infrastructure is probably the least sexy thing taxpayers are asked to pay for, but one of the most critical. [3] This cohort is also referred to as the World War II generation. One of them attributed the greediest generation quote to Dick Durbin and the follow-up letter to an Illinois woman named Patty Nye. We bring young children to fancy restaurants, then dont supervise them, ignoring how they annoy other diners. He said, First shoot the lawyers. He should have said, First shoot the accountants.. [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). The hot issue of the moment is Social Security, and the newest entitlement program is a prescription drug benefit for the elderly. The Greediest Generation. The writer believes that generation Q must be doing itself a favor, and America a favor, if it demanded answers and results from candidates to many issues the "Greediest Generation" is leaving them, specifically, huge budget deficit, climate change and Social Security reform. These people are largely conservative on economic (59%) and social (49%) issues, and about one-third of As of 2003, the share of elderly below the poverty line had fallen by two-thirds to 10 percent -- representing a huge national success. Chatted today with Kotlikoff ( a boomer himself ) about the reaction lot going them. Approximately 389,000 of the moment is Social Security should not be part of fiscal cliff talks, quot... 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