Neither can I. When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. 23 They call Gen Z a Millennial. The Environment. Illinois senator argued Social Security should not be part of fiscal cliff talks. [18] Subsidized by the G.I. The bad news is they think this can be accomplished by slashing discretionary programs. To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. "Hey Dick, let's get a few things straight!! 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. Additionally, those alive in 1918 through 1920 experienced the deadly Spanish Flu pandemic. Laurence J. Kotlikoff, a Boston University economics professor, prolific writer and occassional bomb thrower, has set off a debate on Forbes.com with a new column here Baby Boomers: The Greediest Generation. Most of these 'children of the Great Depression' fared unusually well in their adult years". Between 1990 and 2007, several additional reports were issued citing deficiencies in the bridge, all of which were essentially ignored. I can hear the angry reply by boomers already: Its not my fault! A lot less. The Baby Boomers should not expect future generations to pay for their current benefits. We need to do the sameindeed much morebecause we are in far worse shape than any of those countries. "I think this is the greediest generation." Where to begin. Authors William Strauss and Neil Howe later popularized the G.I. The fact that the deficit commission is focused on federal deficits and not the long-term fiscal gap is indicative of how much damage the economic labeling problem is causing. The lost gutter generation. [37], As children, members of this generation came of age during Stalin's rise to power. She wonders if after asking for a range of personal freedoms, they are now asking for the . Higher taxes are not the answer as they will threaten the very investment and jobs growth we so desperately need and disadvantage the young. It used to be that each generation sacrificed so that their children would have a better life. "Bowles, Simpson to Head Debt Commission." 22 They spank their kids. IDIOT AKA "The Bag OfDurbin Subject: A brilliant woman's response to a complete IDIOT AKA "The Bag Of Durbin"!!!!!] Brokaw wrote that these men and women fought not for fame or recognition, but because it was the "right thing to do". 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. Instead, were most likely going to enact relatively modest tax hikes (some have already been made) and slowly trim Social Security and health care benefits. 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. "The Greatest Generation" got its name from a book by the same name. He argued that these men and women fought not for fame and recognition, but because it was the 'right thing to do 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. The only way out is to reduce spending. "People I've known, relatives (saying), "'You son of a bitch. [17] Tom Brokaw and others extol this generation for supporting and fighting World War II. [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. One of them attributed the greediest generation quote to Dick Durbin and the follow-up letter to an Illinois woman named Patty Nye. As recently as 1966, for example, 29 percent of Americans over 65 were below the poverty line, compared with only 18 percent of American children. [33] Queen Elizabeth II, a member of this generation who lived through World War II, echoed much of the same. 3. 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. In 1935, Hitler instituted military conscription. But we didnt know! Not true: the boomers didntwantto know and did want unreasonably low taxes, and voted that way. As the lady asked, please share this with every senior citizen you know. 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 . We talk on our cellphones in public places, annoying the people around us. You know it, we know it, and you know that we know it. 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. [4]This doesnt include liabilities for municipal governments, for health care benefits for retirees, nor for the civil servants of the U.S. federal government. This week the secretaries of the Treasury and the Department of Finance have spoken on expenditure restraint in unusually blunt terms. In the west, the Marshall Plan resulted in the "Wirtschaftswunder", an economic boom that caused 185% growth between 1950 and 1963. NOW, you and your shill commission is proposing to move the goalposts YET AGAIN 5. The comment of calling senior citizens the greediest generation was made by Senator Simpson in response to criticism from the opposition of the Simpson Bowles proposal to reduce the deficit and cut spending. America isnt quite as badly off, but is clearly headed in the same direction. But Simpson said that while every interest group that testified before his committee agreed that the mounting federal debt is a national tragedy, they would then talk about why government funding to their area of interest shouldn't be touched. Mass, forced labor was often utilized and there were between 10 and 11 million Soviet men returning to help rebuild along with 2 million Soviet dissidents held prisoner in Stalin's Gulags. Indeed, in a 2003 report by Peter S. Heller for the International Monetary Fund, Canadas implicit net governmental debt load, counting unfunded and contingent liabilities, amounted to more than 3 times Canadas Gross Domestic Product (GDP), much of it due to the future costs of its health care system. Well, Captain Bullshit, I have a few questions for YOU 1. RGDS! This generation experienced what is commonly referred to as the "Golden Age of Hollywood". 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. But as one commentator remarked centuries ago, we get the government we deserve. Not just going fishing: Higher mortgage debt levels are keeping Baby Boomers in the workforce for longer, Ahuri research shows. 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. There are many conscientious, generous boomers, just as there were many wretched, greedy louses among Brokaws greatest generation. And an open letter by a woman identified as Patty Myers from Montana began to circulate in 2011. And our bad habits dont stop with CEOs. Its more a matter of degree than sustainability. We have lived in 3rd world countries and sacrificed plenty. So while millennials are often portrayed as the greedy ones, there is a case to say baby boomers are the greediest generation ever. Canada is in much the same boat, with bridges and tunnels in Montreal collapsing or being reported as being under threat of collapse as the highest profile examples. ! Generation term in their 1991 book Generations: The History of America's Future.[6]. "Children can't vote, don't give money and have no power, and neither do their parents. Hardly fair. 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. Our deficit in 2016 is estimated at $37.1 billion. But we are not ashamed of ourselves, which speaks volumes for just how steeped in bad behavior we have become. The ones who created the banking and houseing crisis, the ones who are the first generation to have children that expect to do worse then them . By Nicholas D. Kristof. On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. 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. 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. Greediest Generation. The term Generation Jones was first coined by the American cultural commentator Jonathan Pontell, who identified the cohort as those born from 1954 to 1965 in the U.S., who were children during Watergate, the oil crisis, and stagflation rather than during the 1950s, but . Here's a response in a letter from PATTY MYERS from Montana ..think she is a little ticked . [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. The World War II generation of the Soviet Union was further decimated by the war. 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 . Thats a formula for disaster. [1]Wikipedia entry onThe Greatest Generation. Our rate of domestic investment was also in the 10 to 15% range in the 50s and 60s. You promise them big pensions and retirement benefits at some distant, later date. For the Seniors Health Card we recommended that untaxed superannuation income be included in adjusted taxable income to determine eligibility. My generation is the Greediest Generation. Our children will come to hate us as they mature. 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. 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. As a career politician, you have been on the public dole (tit) fifty years. June 02, 2011 04:20 AM. Democratic Sen. Dick Durbin defended the filibuster, claiming getting rid of it "would be the end of the Senate as it was originally . 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. Pew Research Center defines this cohort as being born from 1901 to 1927. I think she is a little ticked off! by 6917sctygrp 0 September 14, 2019. Durbin and the Filibuster 'Myth'. To the contrary, everything I've seen since then merely confirms my earlier conclusions. By Paul Walker. 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. We have an ageing population, increasing life expectancy, an aged pension benchmarked to average male weekly earnings (the highest possible index) and the family home excluded from the asset test. Everyones greedy when it comes to health care, not just the boomers. 3. An interview with Alan Simpson on the subject of Social Security can be found here. [35] By the end of the war, 5 million Germans were dead, including civilians. Weve reached a point now where its like a milk cow with 310 million tits! ", I chatted today with Kotlikoff (a boomer himself) about the reaction. My parents went through The Depression and World War II. Spread the love. The average Australian feels they are treading water or going backwards. Given the earlier history, these claims are obviously false. How much money have you earned from the American taxpayers during your pathetic 50-year political career? Don't let the door hit you on the way out. Anyone can read what you share. Only 16% of those asked recognize it in its original context as a "veterans memorial day". Enjoy it while it lasts my friends. [3]This is one estimate of the amount of assets held by the SSA that will have to be redeemed to keep its operations financed. 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. Adolf Hitler then rose to power, and many of this generation joined organizations such as the Hitler Youth. Always mean what you say ! The Greatest Generation paved a golden road for the Greediest Generation. 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. When the war in Europe began, millions of British citizens joined the war effort at home and abroad. They faced economic hardships related to the Great Depression and Treaty of Versailles as unemployment rose to nearly 40%. [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. My parents were the Greatest Generation. [6]Were the CEOs of 2010 more than eight times better than the CEOs of 1980? ! 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 . But that same year, Medicare took effect to provide medical care for the elderly, and Social Security adjustments steadily reduced poverty among them. Anyone can read what you share. And now that the bills are coming due, the boomers are looking for ways to renege on the promises theyve made, as Wisconsin Governor Scott Walker did when he tore up the retirement deals the state had with civil servants, and curtailed civil servant bargaining rights because (it seems to me) civil servant unions were better at negotiating than decades of elected officials. 2. Whatever the (unknown) truth is, the amounts are staggering, especially as they are in addition to other explicit and implicit liabilities. 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. ! 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. Maybe I should have added a question mark, he said. Friday, November 26, 2010 Alan Simpson, President Obusha's hand-selected Cat Food Commission member doesn't suffer critics. 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.". The first member of their generation to be elected president, John F. Kennedy, began a Space Race against the Soviet Union, and his successor, Lyndon B. Johnson, further promoted a controversial "Great Society" policy. In the same ad, it points out Wagner called seniors citizens the "greediest generation" in an interview with PennLive's editorial board in 2016. I think she is a little ticked off! 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. The dates, the demographic context, and the cultural identifiers may vary by country. But we boomers need to resist the narcissistic impulse to ladle out more resources for ourselves. I originally wrote this in 2014, and got roundly flamed for it. And we are about to enter old age with a singular goal in mind, namely, extracting as much as possible from our kids and grandkids. . Dick Durbin did, however, back Simpsons proposal to overhaul Social Security in 2014. German cities and towns were devastated by Allied bombing campaigns. 1995 - 2023 by Snopes Media Group Inc. As a career politician, you have been on the public dole for FIFTY YEARS 2. . Nye then supposedly called him out in an open letter that has circulated in forwarded emails.But this isnt the first time the greediest generation rumor has circulated. All this hubbub isn't a surprise to Simpson, given how politically polarized the country is these days. Social Security was begun as the `greatest generation' was entering adulthood. "We had the greatest generation I think this is the greediest generation," he said. Henry Kissinger Comments on Trump: 'He Puts America First'-Mostly Fiction! Op-Ed: Placating 'The Greediest Generation' The Social Security Administration will not make cost-of-living adjustments for seniors this year. Over 9 in 10 (91%) of this age group are registered to vote and 90% voted in the 2000 presidential election. As it is, the rate of U.S. domestic investment was only 1.9 percent last year! compared "Social Security" to a Milk Cow with . The Greatest Generation, also known as the G.I. Now, with those hormones fading, we've popularized Viagra. Alan Simpson spent half a century in government service, including three terms as a senator representing Wyoming in the U.S. Congress. Brudnick, Ida A. The hot issue of the moment is Social Security, and the newest entitlement program is a prescription drug benefit for the elderly. The Social Security mess was created by the Greatest Generation and the Boomers were left holding the empty bag.. 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. "I really believe that there are more patriots in America than selfish, selfish people," he said. 1. Stalin's scorched earth policy left its western regions in a state of devastation worsened by the advancing German army. 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. So please, do not visit the sins of the father upon their children. 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 comparison, the official debt held by the public is only $9 trillion. What cuts in YOUR retirement and health care benefits are you proposing in your disgusting deficit reduction proposal, or, as usual, have you exempted yourself and your political cronies? "[2] The term was further popularized by the title of a 1998 book by American journalist Tom Brokaw. 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. Climate changes all the time it cant be our fault! runs the excuses of the first. Until you understand what many have been through, may I suggest you stop referring to us boomers as greedy. Pope Francis Orders White Women to Have Children with Muslim Migrants-Fiction. The incendiary headline was written by Kotlikoff, not a Forbes editor looking to gin up some extra page views. Support for those most in need is threatened by support for those who are more able to look after themselves. Our credit rating will fall, the cost of debt servicing will increase and the monumental task of repayment will get even harder. [27] The romanticizing of this generation has faced criticism by some. That's right, sir. Herb Stein, once the chairman of President Nixons Council of Economic Advisors, had a saying: Things that cant go on will stop. What he should have said was, Things that cant 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. A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. The boomers were born, approximately, between 1947 and 1967, which means that leading-edge boomers are turning 67 and trailing-edge boomers are turning 47 this year. 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. Illinois resident blasted U.S. 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 With boomers about to retire, I'm afraid that national priorities will be focused even more powerfully on the elderly rather than the young -- because it's the elderly who wield political clout. Reply by boomers already: its not my fault better than the CEOs of 2010 more eight. That there are more able to look after themselves they mature was only 1.9 percent year! Dole ( tit ) fifty years 2., '' he said of devastation worsened by advancing. Others extol this generation experienced what is commonly referred to as the `` Golden of... People around us of Social Security & quot ; the Greatest generation a! Well in their adult years '' portrayed the greediest generation the lady asked, please share this with every senior you... Letter to an illinois woman named Patty Nye pensions and retirement benefits at some distant, later.. 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