Social Security was begun as the `greatest generation' was entering adulthood. The Greediest Generation. The lost gutter generation. Nor can we inflate or borrow or tax our way out of it. In that book he said, it is, I believe, the greatest generation any society has ever produced. He argued that these men and women fought not for fame and recognition, but because it was the right thing to do.[1]. But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. Now, you come to the American taxpayers and say you need more to pay of YOUR debt. RGDS! 1. Illinois senator argued Social Security should not be part of fiscal cliff talks. But our worst economic bequest is the fantastic fiscal liability were leaving our kids. On the other hand, the proportion of children below the poverty line is still 18 percent, the same as it was in 1966. Sure, Kotlikoff was trying to attract attention. "People I've known, relatives (saying), "'You son of a bitch. As of 2003, the share of elderly below the poverty line had fallen by two-thirds to 10 percent -- representing a huge national success. The Baby Boomers should tighten their belts in the interests of their children and grandchildren. If theres a place where short-term gain for long-term pain is evident, its climate change. 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. [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. 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. But remember that American children are almost twice as likely as the elderly to live in poverty, and that you get much more bang for the buck vaccinating a child than paying for open-heart surgery. She also tells it like it is! [33] Queen Elizabeth II, a member of this generation who lived through World War II, echoed much of the same. When that happens, count on boomers to strenuously object at the ballot box. . 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 . Generation and the "Triumph of the Squares", "U.S. income inequality, on rise for decades, is now highest since 1928", "Life and death during the Great Depression", "Timeline: American Generations since 20th Century", "Research Starters: US Military by the Numbers", "The World War II Generation and Vietnam", "Political Behavior and Values Across the Generations", "The Greatest Generation is quickly slipping into history", "World War II According To Hollywood's Greatest Generation", "The Movie Biz: The Greatest Generation's war", "Consider War Stories Without Romanticizing Them", "Dangerous Nostalgia: Why Romanticizing the 1950s and 1960s Won't Get Us Anywhere", "What Millennials Can Learn From the Greatest Generation", "A 104-year-old World War II veteran from Alabama has survived Covid-19", "Boris Johnson hails Britain's 'greatest generation' as he thanks WWII veterans on VE Day", "Queen tells Britain 'never give up' in tribute to WW2 generation", "The German Army in the Second World War", "Where Veterans Aren't Thanked for Their Service. I think she is a little ticked off! 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. The euro area has 16.5 million unemployed and an unemployment rate of 10.5 per cent. 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. And the day is fast approaching when we will be held responsible for the financial debacle ahead of us. The Greatest Generation, also known as the G.I. Of course, this is a broad generalization about an entire generation. The same is true of defense spending, although we can no longer afford endless wars we cant win. (You can read all the comments here.). Here's a response in a letter from . Social Security: Congress' piggy bank. "Just vicious," Simpson said. We talk on our cellphones in public places, annoying the people around us. "I really believe that there are more patriots in America than selfish, selfish people," he said. But we boomers need to resist the narcissistic impulse to ladle out more resources for ourselves. Here's a response in a letter from PATTY NYE from Illinois . When expanded it provides a list of search options that will switch the search inputs to match the current selection. So let me list the most important ways in which we have behaved as the greediest generation. As a baby boomer myself, I can be blunt: We boomers won't be remembered as the "Greatest Generation." The angry letter to Simpson surfaced on the Internet in early 2011 but in its original form was anomalously signed. Otherwise, we boomers may earn a place in history as the worst generation. We must bite the bullet and rein in expenditure, focusing our support on those who cannot look after themselves. The study found that the government faces a present value "fiscal gap" -- the excess of expected payments over expected revenues -- of $51 trillion. Former U.S. senator Alan Simpson summarized the argument well: seniors fighting Social Security benefit cuts were nothing more than "greedy geezers" stealing from young people "who are going . 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. I think she is a little ticked off! May 1, 2005; Send any friend a story. Its the same with any system in America. In 1998, former news anchor Tom Brokaw wrote a book called The Greatest Generation. It used to be that each generation sacrificed so that their children would have a better life. 2. They have a lot going for them that they consider good but that the millenials don't have. Always mean what you say ! You may opt-out by. But the fact remains that health care costs are going to explode as the boomers age and the boomers are OK with that, because were the ones that will collect. Richard Worzel, C.F.A. There are many conscientious, generous boomers, just as there were many wretched, greedy louses among Brokaws greatest generation. We are the greediest generation. For example, some place the beginning of the millennial generation with those . Pelzer, Jeremy. As a career politician, you have been on the public dole (tit) fifty years. "We had the greatest generation -- I think this is the greediest generation," he said. [22] Attitudes shaped during World War II clashed with those of the Vietnam era as many struggled to understand the general distrust of the government by the younger generations, while some supported anti-war protests.[23]. This button displays the currently selected search type. 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. So please, do not visit the sins of the father upon their children. 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." Generation" was first used in 1971 by Alberto M. Camarillo in an article for the academic journal Aztln: A Journal of Chicano Studies, titled "Research note on Chicano community leaders: the GI generation. by 6917sctygrp 0 September 14, 2019. Heres the excerpt: Anyway, have a look at it and if you should choose, you might communicate with me. Instead, the finger prints of the so-called . Only 16% of those asked recognize it in its original context as a "veterans memorial day". 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. In the same ad, it points out Wagner called seniors citizens the "greediest generation" in an interview with PennLive's editorial board in 2016. 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. 23 They call Gen Z a Millennial. No one knows, but they easily run into the trillions of dollars. Why shouldnt he try? We are called the Sandwich Generation for a reason, because weve found ourselves serving, and in many cases, supporting our parents, our children, and even our grandchildren. "[2] The term was further popularized by the title of a 1998 book by American journalist Tom Brokaw. For the Seniors Health Card we recommended that untaxed superannuation income be included in adjusted taxable income to determine eligibility. Canadas will do so sooner, and more spectacularly. And since the biggest voting block of the last 30 years and more has clearly been the boomers, the fault is ours. We are, in short, a selfish generation, and our parents the greatest generation would be ashamed of us. [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). Poor Broder. Additionally, those alive in 1918 through 1920 experienced the deadly Spanish Flu pandemic. 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. If that happens, we boomers will see our retirements vaporize, together with our kids livelihoods. Our slogan has gone from "free love" to "free blood pressure medicine.". Look it up yourself. Commentary: Baby boomers out, 'cuspers' in. [6]AFL-CIO Executive PayWatch database, as cited by yahoo! 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. The pick up in non-mining investment has been slow to materialise because business lacks confidence. "Hey Dick, let's get a few things straight!!! The Greediest Generation. 1. All this will be far too little to keep the official debt from finally starting to record the nations fiscal insolvency. Then came the Cold War and the Space race. When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. There is no growth in real wages and inflation is at record lows. Executive PayWatch database, as cited by yahoo think this is the greediest generation, & # x27 piggy. 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