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. The Social Security System in the United States is a ticking time bomb, underfunded, and overly generous. 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. [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. Somehow, I think that the fear of Puffin's censors was that Dahl's books might be too relevant, rather than too little. "We had the greatest generation -- I think this is the greediest generation," he said. He also tells it like it is ! In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. Now, with those hormones fading, we've popularized Viagra. Not just going fishing: Higher mortgage debt levels are keeping Baby Boomers in the workforce for longer, Ahuri research shows. 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. We bring young children to fancy restaurants, then dont supervise them, ignoring how they annoy other diners. We recommended that the benchmark for the aged pension be tied to average weekly earnings again with the adjustment being phased in over 15 years. I think she is a little ticked off! 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. The book The Greatest Generation was written by Tom Brokaw, a journalist for NBC. 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. 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. And the day is fast approaching when we will be held responsible for the financial debacle ahead of us. Laurence Kotlikoff, an economist and fiscal expert who with Scott Burns wrote the excellent and scary book "The Coming Generational Storm," calls this "fiscal child abuse.". Even today arguing against taxes is a good way for politicians at any level of government, and in every jurisdiction, to get elected, from Tea baggers in America to Mayor Rob Ford in Toronto. Unlike the Western allies and the Soviet Union, Germany did not honor its veterans, as the association with Nazism continues in contemporary Germany today. Why? The answer, based on the Congressional Budget Offices latest projections, is $202 trillion! 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 . Please try again later. Ignoring the long-term good, or the long-term costs, and focusing on the immediate appeal of unsustainably low taxes, must ultimately be laid at the feet of the voters who elect politicians on low-tax platforms. Camarillo, Alberto M. (1 October 1971). If theres a place where short-term gain for long-term pain is evident, its climate change. The city of Toronto had, in the 1960s, a rapid transit system that regularly won awards for being the best in North America. 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. 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. The solution is not to force the elderly to get by on cat food again. No, but we have perfected the ways of being greedy, and of deflecting the blame, and we know no shame. [4], The term "G.I. Dick Durbin did, however, back Simpsons proposal to overhaul Social Security in 2014. 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. THIS SENIOR CITIZEN NAILED IT!!!!!!!!!!!!!! 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. Here's a response in a letter from PATTY MYERS in Montana I think she is a little ticked off! . This ability to freely label government receipts and payments in alternative internally consistent manners renders the governments cash flows meaningless from the perspective of economic theory and is called the labeling problem in economics. Even in the mid-1980s, around 70% of Soviet industrial output was directed towards the military, one of the factors in its eventual economic collapse. 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. "Bowles, Simpson to Head Debt Commission." The means test for aged care does not include the full value of the family home. From an e-mail. And we'll just keep piling it on them. 1995 - 2023 by Snopes Media Group Inc. Congress has been very careful to make these I.O.U.s unofficial.. So while millennials are often portrayed as the greedy ones, there is a case to say baby boomers are the greediest generation ever. 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. An interview with Alan Simpson on the subject of Social Security can be found here. compared "Social Security" to a Milk Cow with . I think she is a little ticked off! C Brewer. ! The Wall Street Journal. 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. In 1935, Hitler instituted military conscription. Today, former Soviet states celebrate an annual Victory Day. In 1998, former news anchor Tom Brokaw wrote a book called The Greatest Generation. Wyoming Capitol Journal. 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. Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest 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. In 1990 the U.S. Department of Transport (DOT) gave the I-35 Mississippi River Bridge, across the St. Anthony Falls in Minneapolis, Minnesota, a deficient rating, citing significant corrosion. [36] Surviving members of the German World War II generation would go on to experience the Fall of the Berlin Wall and the creation of the European Union. Next to jazz, blues, gospel music, and folk music; swing jazz became immensely popular with members of this generation. As a career politician, you have been on the public dole for FIFTY YEARS 2. But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. All this hubbub isn't a surprise to Simpson, given how politically polarized the country is these days. 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. In Canada, the situation is distinctly worse because the birth rate in Canada is much lower than in the U.S., which means the burden on working people supporting the health care costs of aging boomers will be proportionately much higher than in America. 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) Alan Simpson left Congress at the age of 65. Look upon our works and wail. Tony Shepherd is a businessman and a former head of the Commission of Audit. [27] The romanticizing of this generation has faced criticism by some. I cannot vouch for its accuracy. [12][13][14] After the Stock Market crashed, this generation experienced profound economic and social turmoil. But, he added, if the boomers insist on getting theirs, were going to take everybody down, including ourselves., This is a BETA experience. We've also lost ground in child vaccinations: the United States now ranks 84th in the world for measles immunizations and 89th for polio. My parents went through The Depression and World War II. 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. 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. Votes. 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