Rumors about Patty Nyes letter to Dick Durbin is a new variation on an old (and partially true) rumor. 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. Here's a response in a letter attributed to PATTY NYE from Illinois. [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. Alan Simpson, Senator from Wyoming , Co-Chair of Obama's deficit. The same is true of defense spending, although we can no longer afford endless wars we can't win. Here's a response in a letter from PATTY NYE from Illinois . Support for those most in need is threatened by support for those who are more able to look after themselves. It was politicians of that same generation who added on Medicare to burden the so-called social security trust fund while profligately plundering that same fund to provide more entitlements to that generation. 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 sad truth is that there are not nearly enough bridges to nowhere in the budget to close the fiscal gap. So while millennials are often portrayed as the greedy ones, there is a case to say baby boomers are the greediest generation ever. ", I chatted today with Kotlikoff (a boomer himself) about the reaction. ", George H. Soule, Prosperity Decade: From War to Depression: 19171929 (1947), Last edited on 22 February 2023, at 18:10, Military history of the United States during World War II, List of last surviving veterans of World War II, "Is It Time to 'Pass the Torch?' 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 Indeed, China may be doing so already. Story Highlights. Given the earlier history, these claims are obviously false. [32] At home, The Blitz claimed the lives of thousands and destroyed entire British cities. 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. Both arguments are flawed and self-serving. "Research note on Chicano community leaders: the GI generation. This would be a tragedy caused by local mismanagement except that at the time it happened, the DOT had cited approximately 75,000 bridges in the United States as being deficient. Weisman, Jonathan. Democratic Sen. Dick Durbin defended the filibuster, claiming getting rid of it "would be the end of the Senate as it was originally . [35] By the end of the war, 5 million Germans were dead, including civilians. Hardly fair. [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. David Mikkelson founded the site now known as snopes.com back in 1994. I guess that makes us greedy. And its not just bridges and tunnels that have been neglected. 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. Thats very difficult for people to accept. That's why the wording had to be changed. The bad news is they think this can be accomplished by slashing discretionary programs. 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. At what age did you retire from your pathetic political career, and how much are you receiving in annual retirement benefits from the American taxpayers? Here's a response in a letter from PATTY NYE from Illinois .. 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. In last week's election the voters made it very clear that they want spending brought under control. Recently, just like Lucy & Charlie Brown, you and your ilk pulled the proverbial football away from millions of American seniors nearing retirement and moved the goalposts for full retirement from age 65 to age 67. The commission's proposal for eliminating the nation's $13.8 trillion debt, which included components such as increasing taxes and gradually raising the retirement age for Social Security to 69 years, prompted an "unprecedented amount of flak" from opponents, to which Simpson responded by referring to modern Americans as the "greediest generation" (although he tempered his remarks by saying he felt America had more "patriots than selfish people"): "I've never had any nastier mail or [been in a] more difficult position in my life," said the 79-year-old Simpson. France, the United Kingdom, Greece, and other countries are making the painful choices needed to protect their young people and their economies. On cue, the left says simply raise more taxes from business and the rich to pay for the unaffordable. [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. A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. (You can read all the comments here.). It's a bum rap, although he is noted as a world-class liar. Nearly 18 million members of this generation would fight in World War II and approximately 3 million, including civilians, would be killed or wounded. 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. Following the war, the Allies began the denazification and demilitarization of a post-war Germany. . The means test for aged care does not include the full value of the family home. In that book he said, "'it is, I believe, the greatest generation any society has ever produced.'. The annual costs of this largesse will total close to $4 trillion! She also tells it like it is! Generation and the World War II generation, is the Western demographic cohort following the Lost Generation and preceding the Silent Generation. Not surprisingly, the Bush administration took a look at the study, blanched, and declined to publish it. If that happens, we boomers will see our retirements vaporize, together with our kids' livelihoods. 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. 1995 - 2023 by Snopes Media Group Inc. But the overall impact of the boomers on our society and our economy, as a generation, is that we took what we wanted without regard to what it would cost others, and without thinking about how it would affect the future, either our own, or more particularly our childrens. The baby boomers who have controlled this country since the 1980s are a selfish, entitled generation. 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 . [37], As children, members of this generation came of age during Stalin's rise to power. 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. Our rate of domestic investment was also in the 10 to 15% range in the 50s and 60s. 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. compared "Social Security" to a Milk Cow with . A number of popular film genres, including gangster films, musical films, comedy films, and monster films attracted mass audiences. "Salaries of Members of Congress: A List of Payable Rates and Effective Dates." In the same ad, it points out Wagner called seniors citizens the "greediest generation" in an interview with PennLive's editorial board in 2016. Getting overall spending under control inevitably means spending less on Medicare and Social Security. "The Greatest Generation" got its name from a book by the same name. 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]. To the contrary, everything I've seen since then merely confirms my earlier conclusions. 38.8% were volunteers, 61.2% were draftees, the average length of their service was 33 months, and total approximate casualties were 671,278 (killed and wounded). Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. 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 . You can update your choices at any time in your settings. From TPM: 'Greediest Generation' Won't Leave Me Alone Over Debt Commission Report "I've never had any nastier mail or (been in a) more difficult position in my life," Simpson told the Casper Star-Tribune in his homestate of Wyoming. 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. Our deficit in 2016 is estimated at $37.1 billion. Are we going to be the greediest generation?, Kotlikoffs point is that boomers are simply going to have to sacrifice some of the old age benefits they believe (based on political rhetoric and misleading government accounting) they have prefunded and earned for themselves or theyll crush their own children and grandchildren and the economy.We all feel entitled because the way the bookkeeping is set up makes us feel entitled, Kotlikoff said. Anyone can read what you share. They see a deck stacked against them by the greediest generation in Australian history: self-satisfied with its wealth, loath to pay its taxes, happy to saddle the youngsters with eye-watering . Published Apr 30, 2019 + Follow by futurist Richard Worzel, C.F.A. 1. The boom is over and the government is now forced to borrow to cover the ever growing shortfall. But the next generation is much smaller than ours, so very soon it will be a case of the few supporting the many. "Children can't vote, don't give money and have no power, and neither do their parents. Retirement in America is no longer feared as a time of destitution, but anticipated as a time of comfort and leisure. [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. Only 16% of those asked recognize it in its original context as a "veterans memorial day". But showing them exactly how much they will have to pay in taxes to support the status quo might change their attitude. "[2] The term was further popularized by the title of a 1998 book by American journalist Tom Brokaw. [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 we boomers need to resist the narcissistic impulse to ladle out more resources for ourselves. 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. As a career politician, you have been on the public dole (tit) fifty years. Nor can we inflate or borrow or tax our way out of it. Durbin said Social Security . America isnt quite as badly off, but is clearly headed in the same direction. We always had enough while they were getting their's. It is you, Captain Bullshit, and your political co-conspirators who are "greedy". Its the same with any system in America. Brokaw wrote that these men and women fought not for fame or recognition, but because it was the "right thing to do". Until you understand what many have been through, may I suggest you stop referring to us boomers as greedy. A public pension can be run responsibly. The lost gutter generation. 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. How much money have you earned from the American taxpayers during your pathetic 50-year political career? The ones who voted themselves everything then as they began to age, began to pull up the ladder. "Hey Dick, let's get a few things . Simply warning them that fiscal catastrophe looms may not be enough to bring them around. The Baby Boomers should not expect future generations to pay for their current benefits. He argued that these men and women fought not for fame and recognition, but because it was the 'right thing to do Learn more in our Cookie Policy. Climate changes all the time it cant be our fault! runs the excuses of the first. Here's a response in a letter from PATTY MYERS from Montana ..think she is a little ticked . Hence, the real fiscal problem facing the country is 20 times larger than the one weve been publicly acknowledging. In the Senate, Boomers remain the majority (68), and their numbers have risen slightly from the last Congress (66) and the prior one (65). 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. Despite the hardships, historians note that literature, arts, music, and cinema of the period flourished. They endured the Holodomor famine, which killed millions. Most of these 'children of the Great Depression' fared unusually well in their adult years". We tested Wagner's theory: Baby Boomers, or the most recent cohort of state retirees, come back as the Greediest Generation, according to Google. 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. And yes, Ive made some plenty smart cracks about people on Social Security who milk it to the last degree. 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. Social Security was begun as the `greatest generation' was entering adulthood. Federal government has been borrowing money to cover Social Security benefits. Credit:Louie Douvis. For 2009 it would be negative 1.5% were it not for investment in the U.S. by China and other countries. 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. 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. I think he is a little ticked off ! The book says that the Treasury Department commissioned a study by two economists of the United States' long-term liabilities, for inclusion in the 2004 federal budget. Here's a response in a letter from PATTY NYE from Illinois . Additionally, those alive in 1918 through 1920 experienced the deadly Spanish Flu pandemic. Elder followed 167 individuals born in California between 1920 and 1921 and "traced the impact of Depression and wartime experiences from the early years to middle age. In comparison, the Canada Pension Plan, which was established in 1965 by the government of Canada, was headed down the same path as the SSA until 1996. Once we recognize the crushing burden the current system will place on our kids and grandkids, well see that reforming government spending programs (including entitlement programs)on our backs, not on our kidsis the only way to go. No one knows, but they easily run into the trillions of dollars. Few of us realize it, but with our acquiescence, Uncle Sam has spent decades running the worlds largest Ponzi scheme, taking ever-larger sums from each young generation and handing them to the old in the form of Social Security, Medicare, and Medicaid benefits. 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. "Hey Dick, let's get a few things straight!!! We cut off other people in traffic, because we dont care whether its our turn or not, and text and phone while we drive, putting other peoples lives at risk. I think she is a little ticked off! "[5] The initials G.I. May 1, 2005; Send any friend a story. Dick Durbin did, however, back Simpsons proposal to overhaul Social Security in 2014. In theory, it has been invested in U.S. Treasury bonds and bills, backed by the full faith and credit of the U.S. government. Authors William Strauss and Neil Howe later popularized the G.I. He's been a senator for more than 40 years, during which, if he's as good at his job as many of his . [27] The romanticizing of this generation has faced criticism by some. As a group, we baby boomers have made no comparable sacrifice. You can lay the blame on one government for slipshod management and deceptive accounting, but when governments of all political stripes, elected over decades, all make the same choices, you have to conclude that it is the voters who are to blame. "We had the greatest generation," Simpson said. 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 Commentary: Baby boomers out, 'cuspers' in. And Itll hurt economic growth runs the second. Posted Jun 3, 2013 by Martin Armstrong. I cannot vouch for its accuracy. Brudnick, Ida A. 21 February 2008. For the Seniors Health Card we recommended that untaxed superannuation income be included in adjusted taxable income to determine eligibility. 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