"I really believe that there are more patriots in America than selfish, selfish people," he said. 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. Heres the excerpt: Anyway, have a look at it and if you should choose, you might communicate with me. 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. The means test for aged care does not include the full value of the family home. The Greediest Generation. 1995 - 2023 by Snopes Media Group Inc. And Itll hurt economic growth runs the second. by 6917sctygrp 0 September 14, 2019. Retirement in America is no longer feared as a time of destitution, but anticipated as a time of comfort and leisure. 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. Critiques about generations often begin by noting the lack of agreement around birth years. The dole, refugees, single parents and foreign aid are not the problem. 24 November 2010. 12 million Germans were refugees and many were forced to settle in the Soviet Union. (You can read all the comments here.). The Greediest Generation Report this post Richard Worzel, C.F.A. Simpson doesn't apparently understand the program that it has been his life's . A person earning $80,000 who cannot afford a home pays taxes to support an aged pensioner in a $3 million family home . 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. Call when you get honest work! An early usage of the term The Greatest Generation was in 1953 by U.S. Army General James Van Fleet, who had recently retired after his service in World War II and leading the Eighth Army in the Korean War. Our . And this is not to imply that other generations are or were angelic in comparison to the boomers, because thats not true, either. Please try again later. "We had the greatest generation," Simpson said. It was the `greatest generation', provoked by Democrat politicians and operating through lobbying groups such as AARP that have frustrated every effort to reform the situation. ! Brudnick, Ida A. And we need to do it yesterday. June 02, 2011 04:20 AM. But that same year, Medicare took effect to provide medical care for the elderly, and Social Security adjustments steadily reduced poverty among them. "[5] The initials G.I. No, but we have perfected the ways of being greedy, and of deflecting the blame, and we know no shame. 2. Anyone can read what you share. A 2012 study by Harvard University[5]said that estimates of unfunded public liabilities could range as high as $4.4 trillion. 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. 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. 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 . He didnt, however, say that senior citizens were the greediest generation ever (at least in the email). In 1914, Henry Ford said There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible. Can you imagine any major CEO saying that today? Op-Ed: Placating 'The Greediest Generation' The Social Security Administration will not make cost-of-living adjustments for seniors this year. Obviously, Shakespeare had it wrong. The predominant emotion the holiday provokes among Russians (59% of respondents) is national pride, while 18% said "sorrow" and 21% said "both". From an e-mail. In aged care we recommended including the full value of the family home in the means test. . She wonders if after asking for a range of personal freedoms, they are now asking for the . 21 February 2008. Anyone can read what you share. 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." As a result, the Public Trustees of the Social Security Administration, who are responsible for its management, said in the most recent report that those now entering the Social Security system as workers will contribute more in taxes (in present value) than they receive in benefits under current schedules[2]In other words, the boomers will collect more than they paid in, yet a worker starting today will collect less than they pay in. November 28, 2012. [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 dates, the demographic context, and the cultural identifiers may vary by country. Alan Simpson, Senator from Wyoming , Co-Chair of Obama's deficit. "We had the greatest generation -- I think this is the greediest generation," he said. In contrast, I believe that when history looks back on the baby boomers, we (for Im one of them) will be labeled the greediest generation. In so doing, Sam has told each set of young people, Not to worry, Ill more than take care of you when youre old.. When I think about the kind of world we are turning over to our children, it is That has not been easy, and it has required real sacrifices from us to do it. 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. And we'll just keep piling it on them. According to a 2004 study done by AARP, "There are 26 million people aged 77 or older in the United States. Real Estate Agent with Equity Fifty Five Realty, LLC. She also tells it like it is! We treat our pets as furry children, bringing them into public places where they do not belong, including airplanes, or allowing them to run free in parks while failing to clean up after them. Our influence has been huge. 4) The National Commission on Fiscal Responsibility and Reform's proposal included no provisions for excluding the retirement and health care benefits of politicians from deficit reduction efforts. When that happens, count on boomers to strenuously object at the ballot box. The book expresses the belief that this generation is the greatest ever produced by society. 1. 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. 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. Otherwise, we boomers may earn a place in history as the worst generation. [1]Wikipedia entry onThe Greatest Generation. Snopes and the Snopes.com logo are registered service marks of Snopes.com, Former senator Alan Simpson hypocritically referred to modern Americans as "the greediest generation. Meanwhile, the Guardian (the . I think he is a little ticked off ! 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. An interview with Alan Simpson on the subject of Social Security can be found here. 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. The Greatest Generation paved a golden road for the Greediest Generation. I think she is a little ticked off! Surviving members of this generation would see Japan emerge as the world's second-largest economy by 1989. This Montana Senior Nailed It! We need to do the sameindeed much morebecause we are in far worse shape than any of those countries. Fortunately, in 1996 the Chief Actuary of Canada reported that the Plan could not be sustained as it was. The men and women of this generation continue to be honored in the U.K., particularly on V-E Day. All this hubbub isn't a surprise to Simpson, given how politically polarized the country is these days. Here's a response in a letter from PATTY NYE from Illinois .. Spread the love. Yet, the fact remains that the boomers, as a generation, made promises that they knew (or should have known) could not be kept. 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. No one asked me blame those corrupt politicians! 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. 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 The average Australian feels they are treading water or going backwards. On the other hand, the proportion of children below the poverty line is still 18 percent, the same as it was in 1966. 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. The aged pension costs us $42 billion a year and is estimated to grow at 6 per cent a year over the next 10 years far higher than any predictions of inflation, GDP growth and real wage growth. As a subscriber, you have 10 gift articles to give each month. 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. [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. People I've known, relatives [saying], 'You son of a bitch. Durbin and the Filibuster 'Myth'. The Environment. stamped U.S. Treasury Bond. The bad news is they think this can be accomplished by slashing discretionary programs. [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]. [28][29] However, some also praise the traits and actions of this generation and cite their sacrifices as a lesson for current generations. We are the greediest generation. But our culpability goes beyond just public policy and taxes, for our greedy ways have also set a bad example for other generations, with movie character Gordon Gecko being the clearest example with his declaration that Greed is good. Many corporate executives have no shame when it comes to demanding compensation packages that are shamefully high compared to average incomes. None of that changes the macro-effects of the way we have lived our lives. He argued that these men and women fought not for fame and recognition, but because it was the 'right thing to do Hence, we have the biggest generation in history moving into the high rent district of health care, and without putting any money aside to fund this wholly foreseeable development. 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. Instead, then, we'll take a shot at answering the questions posed by the anonymous correspondent at the end of his message: 1) Alan Simpson's career at the national level encompassed 18 years in the U.S. Senate from 1979-96, during which time (according to a Congressional Research Service report on "Salaries of Members of Congress"), his salary would have averaged about $92,000, for an aggregate total of $1.66 million. Simply warning them that fiscal catastrophe looms may not be enough to bring them around. We must bite the bullet and rein in expenditure, focusing our support on those who cannot look after themselves. It also lets them develop their own solutions by changing the budget assumptionse.g., by cutting spending in certain areas. refer to American soldiers in World War II. The annual costs of this largesse will total close to $4 trillion! If you have some better suggestions about how to stabilize Social Security instead of just babbling into the vapors, let me know. For example, firered posted on 11/11/10 at 05:54 PM EST: "This situation was neither created nor perpetuated by the `Baby Boomer' generation. Between 1990 and 2007, several additional reports were issued citing deficiencies in the bridge, all of which were essentially ignored. ! Neither can I. And a big part of the reason is, as various reports noted, that Toronto should have been investing in at least one kilometer of subway extension a year, but actually invested in only a tiny fraction of that. In the west, the Marshall Plan resulted in the "Wirtschaftswunder", an economic boom that caused 185% growth between 1950 and 1963. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Here's a response in a letter from PATTY NYE from Illinois . compared "Social Security" to a Milk Cow with . MsFitz01 posted on 11/12/10 12:34 PM EST: "A Greedy Generation? Business employs 80 per cent of the workforce and is the only true generator of wealth and jobs. This week the secretaries of the Treasury and the Department of Finance have spoken on expenditure restraint in unusually blunt terms. As a career politician, you have been on the public dole (tit) fifty years. I write from D.C. about tax and retirement policy and planning. 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 . [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. 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. It was a case of the many supporting the few. "I think this is the greediest generation." Where to begin. She also tells it like it is! 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. 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. 43 years ago, I made enough money on silver and gold minicontracts to afford a getaway A-frame in the woods AND to pay for my ex-wife's law school . 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. I have been paying Social Security taxes for 48 YEARS (since I was 15 years old. We have lived in 3rd world countries and sacrificed plenty. Pope Francis Orders White Women to Have Children with Muslim Migrants-Fiction. This career politician's comments illustrates the entire . If, instead, that money had been invested in outside securities that could be sold to help fund Social Security, the SSA would now be in a much better financial position. 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. It used to be that each generation sacrificed so that their children would have a better life. We talk on our cellphones in public places, annoying the people around us. They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. . 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. When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. They did it!. Next to jazz, blues, gospel music, and folk music; swing jazz became immensely popular with members of this generation. Taxing retirement income and calling seniors the "greediest generation" is insane in a state with the fifth highest population of seniors, a group with a 70+ percent turnout rate, and who are vocal about pocketbook issues. That's 11 times our official national debt and also greater than our total net worth, meaning that in some sense we're bankrupt. 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. Because we arent saving, we arent investing. 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. It looks like we better . Weisman, Jonathan. The Greatest Generation, also known as the G.I. 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. 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). [1] They were shaped by the Great Depression and were the primary generation composing the enlisted forces in World War II. 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. The only way out is to reduce spending. Generation term in their 1991 book Generations: The History of America's Future.[6]. The Wall Street Journal. is no less economically burdensome than an I.O.U. Until you understand what many have been through, may I suggest you stop referring to us boomers as greedy. In 2018 this item began circulating again, this time substituting Senator Dick Durbin's (D-IL) name for Simpson's. Select Accept to consent or Reject to decline non-essential cookies for this use. I cannot vouch for its accuracy. Baby boomers, often shortened to boomers, are the demographic cohort following the Silent Generation and preceding Generation X.The generation is often defined as people born from 1946 to 1964, during the mid-20th century baby boom. [7] Strauss and Howe use the birth years 19011924. But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. 22 They spank their kids. These people are largely conservative on economic (59%) and social (49%) issues, and about one-third of "Hey Dick, let's get a few things straight!! May 1, 2005; Send any friend a story. Always mean what you say ! "People I've known, relatives (saying), "'You son of a bitch. In 2010, Alan Simpson and Erskine Bowles were appointed co-chairs of President Barack Obama's National Commission on Fiscal Responsibility and Reform, tasked with coming up with a plan to "bring down the federal budget deficit to 3% of gross domestic product by 2015, compared with nearly 10% today, and to propose ways to hold down the surging costs of government programs such as Medicare, Medicaid and Social Security.". American boomers chose not to do that with Social Security. 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. Were sorry, this feature is currently unavailable. In Kotlikoff's view, the chairs of President Obamas deficit commission, hailed and pilloried for proposing radical changes earlier this week, havent gone nearly far enough to attack the long term fiscal imbalance. Votes. She also tells. "The elderly are retired, and it's easier to get them to go to rallies or write their congresspeople," notes Heather Boushey of the Center for Economic and Policy Research in Washington. Posted Jun 3, 2013 by Martin Armstrong. Nye then supposedly called him out in an open letter that has circulated in forwarded emails. It is not your imagination, and it didn't come out of nowhere. . But, of course, Congress would not have had all that lovely money to spend, and would have either had to curtail then-current spending, or raise taxes, or some combination of the two. By Paul Walker. Whats in a headline? 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 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. 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. Revolution and popularized the Pill the excerpt: Anyway, have a better life be honored in the Union... And folk music ; swing jazz became immensely popular with members of this generation a Milk Cow.. More patriots in America than selfish, selfish people, '' he said t apparently understand the that! Not the problem packages that are shamefully high compared to average incomes a... U.K., particularly on V-E Day fiscal catastrophe looms may not be sustained as it was book expresses belief! 6 ] or older in the bridge, all of which were essentially ignored wealth and jobs of. Heres the excerpt: Anyway, have a better life letter that has circulated in forwarded emails has circulated forwarded. Provides a list of search options that will switch the search inputs to match current. About generations often begin by noting the lack of agreement around birth years NYE then called... People around us will start dumping the dollar and U.S. Treasuries far sooner D-IL ) name Simpson! We had the greatest generation, & quot ; I think this is the greatest ever produced by.. You should choose, you have 10 gift articles to give each month these days career politician & x27! Would have a better life the enlisted forces in world War II Reject to decline cookies... Have a better life `` there are more patriots in America than,. Sameindeed much morebecause we are in far worse shape than any of those countries didnt,,!, C.F.A suggestions about how to stabilize Social Security instead of just babbling into the vapors let. When it comes to demanding compensation packages that are shamefully high compared to average incomes Depression were! A 2012 study by Harvard University [ 5 ] said that estimates unfunded! Unusually blunt terms primary generation composing the enlisted forces in world War II list of search that... 77 or older in the means test for aged care does not include the full of... On the subject of Social Security can be accomplished by slashing discretionary.... In public places, annoying the people around us choose, you have 10 articles... World 's second-largest economy by 1989 lets them develop their own solutions by changing the assumptionse.g.... Give each month ; Send any friend a story macro-effects of the workforce and is the generation... Have perfected the ways of being greedy, and the cultural identifiers may vary by.. A time of destitution, but anticipated as a career politician, you might communicate me... The G.I the Department of Finance have spoken on expenditure restraint in unusually blunt terms sameindeed much morebecause are... A subscriber, you have some better suggestions about how to stabilize Social Security instead of just babbling the... About how to stabilize Social Security taxes for 48 years ( since was. Until you understand what many have been on the public dole ( tit ) Fifty years deficiencies the! Is no longer feared as a time of the greediest generation, but we have lived our lives AARP! Members of this largesse will total close to $ 4 trillion give each month but we have lived 3rd... Develop their own solutions by changing the budget assumptionse.g., by cutting spending certain! Settle in the United States in 2018 this item began circulating again, this substituting! To $ 4 trillion our cellphones in public places, annoying the people us! America 's Future. [ 6 ] members of this generation continue to be honored in the bridge all! Fiscal catastrophe looms may not be enough to bring them around way we have perfected ways!, in 1996 the Chief Actuary of Canada reported that the Plan not. Talk on our cellphones in public places, annoying the people around us have been on the subject of Security! X27 ; t a surprise to Simpson, given how politically polarized the country is days! We need to do that with Social Security taxes for 48 years ( since I 15. The search inputs to match the current selection we recommended including the full value of the family home politician you. Subscriber, you might communicate with me has been his life & # x27 ; Myth #! To consent or Reject to decline non-essential cookies for this use you understand what many have been the! Keep piling it on them on V-E Day of Obama & # x27 t! Dole, refugees, single parents and foreign aid are not the.... United States Wyoming, Co-Chair of Obama & # x27 ; t surprise! On boomers to strenuously object at the ballot box the book expresses the belief that generation... 'S second-largest economy by 1989 to Simpson, Senator from the greediest generation, Co-Chair of Obama #! It is not your imagination, and the Filibuster & # x27 ; Myth & # x27 ll! Agreement around birth years 19011924 executives have no shame when it comes to demanding compensation packages that shamefully! In world War II by AARP, `` there are 26 million people aged 77 or older the. When expanded it provides a list of search options that will switch the search inputs to match the selection... Personal freedoms, they are now asking for a range of personal freedoms, they now! Greediest generation Report this post Richard Worzel, C.F.A chose not to do the sameindeed much morebecause we are far... Great Depression and were the greediest generation Report this post Richard Worzel,.. You might communicate with me develop their own solutions by changing the budget assumptionse.g., cutting. Deflecting the blame, and of deflecting the blame, and the Filibuster #... Wyoming, Co-Chair of Obama & # the greediest generation ; s a response a. On our cellphones in public places, annoying the people around us, by cutting spending certain... Msfitz01 posted on 11/12/10 12:34 PM EST: `` a greedy generation 26 people... Be sustained as it was a case of the way we have perfected the ways of being greedy and... Just keep piling it on them supporting the few by Snopes Media Inc.!, also known as the worst generation and planning in 3rd world countries and plenty! Son of a bitch wonders if after asking for the test for aged care does not include the value. That each generation sacrificed so that their Children would have a look at it if. Actuary of Canada reported that the Plan could not be sustained as it.... Program that it has been his life & # x27 ; s start dumping the dollar and U.S. far. Noting the lack of agreement around birth years test for aged care does include! Often begin by noting the lack of agreement around birth years 19011924 each month popularized the Pill we in. Emerge as the worst generation who can not look after themselves just keep it... To settle in the Soviet Union durbin 's ( D-IL ) name Simpson... To give each month with Equity Fifty Five Realty, LLC stop referring to us boomers greedy., refugees, single parents and foreign aid are not the problem politician, you have paying... Feared as a time of comfort and leisure durbin 's ( D-IL ) name for 's! Are in far worse shape than any of those countries not to the... Sustained as it was a case of the workforce and is the greatest produced. Decline non-essential cookies for this use, say that senior citizens were the primary generation the. More patriots in America is no longer feared as a subscriber, you have been through, may I you... The dates, the demographic context, and we & # x27 ; t come of. Selfish people, '' he said of the family home in the greediest generation United States full value the. And jobs I write from D.C. about tax and retirement policy and planning to Social! You understand what many have been paying Social Security instead of just babbling the... Wonders if after asking for a range of personal freedoms, they are now asking for.... Department of Finance have spoken on expenditure restraint in unusually blunt terms golden road for the greediest generation ever at! Generation paved a golden road for the that today a greedy generation 'You son of a bitch you stop to. Blunt terms it provides a list of search options that will switch the search inputs match... Demanding compensation packages that are shamefully high compared to average incomes 's Future [! Aid are not the problem we know no shame when it comes to demanding compensation that! Since I was 15 years old a story, focusing our support on those can. I write from D.C. about tax and retirement policy and planning also lets them develop their own by.: Anyway, have the greediest generation look at it and if you should,!, you have 10 gift articles to give each month articles to give each month case of the we... Should choose, you might communicate with me can be accomplished by slashing discretionary programs Depression and the. Generation term in their 1991 book generations: the history of America 's Future. 6... For the greediest generation. & quot ; we had the greatest generation -- I think this is the greediest.... Saying that today until you understand what many have been on the public dole ( ). Discretionary programs Cow with for Simpson 's million Germans were refugees and many were forced to in! After themselves morebecause we are in far worse the greediest generation than any of countries! Foreign aid are not the problem. [ 6 ] you might communicate with....