The Boomers' Time-Bomb Denial

Washington Post ^ | January 7, 2004 | Robert Samuelson

[cogitator]

"What's astonishing is that the problem has been known for decades. A prudent society would have prepared by adjusting federal retirement programs to emerging social and economic realities. People can pay for their own retirements through savings and, possibly, part-time work, or they can rely on others, mainly workers and taxpayers, to pay through government programs. As life expectancy improved, the obvious response was to begin gradually -- with much advanced warning -- raising eligibility ages and tying benefits more to income. This would have encouraged saving and tempered future increases in federal spending.

Little was done. Political leaders of the "greatest generation" ignored the future, and now their baby-boomer successors -- led by presidents Clinton and Bush -- are doing the same. But not all blame belongs with leaders. In a new book, "Who Will Pay?" economist Peter Heller of the International Monetary Fund observes that average citizens have been enablers of the politics of denial. No less than their leaders, they're shortsighted, he argues. Or perhaps just selfish."

[D Rider]

In truth we will all be screwed. If the government prints more money to pay, money will be devalued, costs will increase. If the government sells assets to pay, (such as land), those types of assets will be devalued. If the government raises taxes to pay, that will drain the economy. There is no way to fix it, short of euthanasia, or delaying of benefits.

The good news is that it is worse in Europe. And we may have a chance to see their collapse first, and hopefully have time to make changes.

[VRW Conspirator]

Ironically, the Boomers have left quite a legacy of pragmatic nihilism. When all is said and done, their own children will avoid "taking a beating" by euthanizing their parents.

Wow. Say it ain't so. Indeed, it is ironic that the boomers gave the X's abortion on-demand and a legacy of guilt, only to have their own offspring(survivors?) demand that the "geezers have got to go". Nay, it will not happen that way-by compound factors.

About 77 million boomers are due for retirement starting about 2008 (add 65 years to the year 1945 and subtract two for early retirement), peaking about 2015 and ending about 2025. Traditionally, the largest voting bloc is the senior citizens. The boomers will dominate the voting constituency with a vengeance. What ever they collectively want from the government, they will get. If the baby boomers decide to euthanize their own, that would be ironic.

Gen X, Y and Z are going to bow to their masters. If the boomers want to increase Social Security and Medicare benefits, they will get it. If they want their offspring to foot the bill, they will get it. If they want politicians to make excuses for them, they will get it. IMHO-FWIW.

[schmelvin]

Ironically, the Boomers have left quite a legacy of pragmatic nihilism. When all is said and done, their own children will avoid "taking a beating" by euthanizing their parents.

The Boomers have definitely gone out of their way to make themselves the most despised generation, and I fear what you've mentioned could become one possible "solution" because of that and the legacy of self-centered hedonism they've left us.

It won't happen to my ex-hippie Boomer parents, though. My siblings and I intend to take good care of them during their Golden Years. What can I say, my parents screwed up royally somewhere along the line and ended up with a brood of 6 God fearing, politically conservative, "black sheep of the family" kids. (Rebellion works both ways, you know. hehehe)

[hobbes1]

No, it has always been below the retirement age, even before the 'War on Some Drugs'....

[Axenolith]

Just how are those equity markets going to appreciate when the money that props them up is undergoing a net outflow?

[Alberta's Child]

You're overlooking the fact that Social Security is NOT a trust fund. Today's benefits are being paid by today's payroll taxes, and tomorrow's benefits will be paid by tomorrow's payroll taxes. That being the case, there is no reason why one generation's benefits should be any higher than the next, or one generation's payroll taxes should be higher than the next. The reason this is not the case is that the whole system is nothing more than a pyramid sham.

[Alberta's Child]

I wasn't even born when the Boomers introduced legalized abortion to this country, so don't tell me about what kind of generation I belong to.

[Dan from Michigan]

And unfortunatly, by the numbers, especially with the 40 million abortions by the boomers, there ain't a damn thing that can be done at the voting booth if they all bloc-vote.

[Dan from Michigan]

Actually it wasn't the boomers that gave us abortion. It was the so called "Greatest Generation".

[NeoCaveman]

See hobbes's #11

[Richard Kimball]

We can watch California for a preview of how we'll handle the situation. I told my wife a few years ago that I wondered what would happen in California when people kept voting themselves $2 out of a piggy bank that only had $1 in it.

[vanmorrison]

"Actually it wasn't the boomers that gave us abortion. It was the so called "Greatest Generation"."

BINGO! And congratulations on receiving today's award for the most cogent and insightful posting on FR today!

The "Greatest Generation" were the ones who saddled us with Social Security, the Great Society, Abortion on Demand, Korea, Vietnam, a third-world educational system, and liberalism run amok in all sectors of government.

Young people today are forced to live with the social detritus from failed policies of the "Greatest Generation".

[zeugma]

One of the things that I find really funny about this article, is that if someone in authority actually proposes doing something that will fix the problem, the washington post, being the evil liberal scum suckers they are will demonize that person as someone who wants to 'rob grandma and throw her out on the street'.

I must say, the next decade or so are going to be extremely interesting. The official retirement age should be about 80-90 right now based on demographics. There is no way the boomers are going to be supported by the non-boomer generations. Personally, I think things are going to get really nasty. It couldn't happen to a nicer crowd.

[laotzu]

It wasn't 'the greatest generation' (which they were), it wasn't 'the boomers', and it isn't the alphabet generations that did these things to us.

It was an increasingly socialistic government, that constantly dodges it's own shame & blame by pitting one American against another.

Thank you, and all the other sheeple above, for willingly blaming another generation rather than the unimaginative, condescending, extorting, corrupted, socialist government that has plagued us all.

After all, the ponzie scheme only works because you play along.

[hispanarepublicana]

I'm just waiting for the ones that have been occupying all the good jobs in my field to retire. There are plenty of "Reagan-in-our-formative-years" folks like me who were coming out of college in the late 80's and learned our work ethic and values during the Reagan era. But, there have been so many of the Boomers to replace other Boomers, it's been difficult for younger folks to get a foot in the door past mid-management. When all the Boomers retire, I don't think there will be a sufficient number of truly qualified younger folks to take their places. For those of us who are experienced, skilled, and were possibly trained by the boomers, it might be a job-seeker's market.

[AdamSelene235]

Hey, I have no problem with improving the system -- but it kills me to hear the bellyaching of the Generation X Y and Z-ers who want to kill our benefits so they have more money to fly to Aruba. Sorry guys, people 50 and over will never allow it to happen. If you don't believe me....see me at the voting booth.

The unfunded liabilities of US government are roughly 30 trillion according to the GAO (multiply by Pi for the real number). Americans only hold about 40 trillion in wealth. In order for the government to honor its obligations it would have to seize nearly all private property. I suspect the true level of obligations greatly exceeds all privately held wealth in America.

Economic rape of this magnitude will not be resolved at the voting booth.

I was in Moscow recently where the elderly counted on enslavement of the youth to finance their retirements. Throwing beer bottles in the street is a charitable act. You can watch grannies fight over which one gets to recycle it.

[sergeantdave]

Hey zeugma -

Your general assessment is correct but the timing and enemy target is a tad off. Things will get real nasty starting 24 hours after the 2004 election. Ain't no way this is gonna be a generational war.

[Screaming_Gerbil]

Gen X, Y and Z are going to bow to their masters. If the boomers want to increase Social Security and Medicare benefits, they will get it. If they want their offspring to foot the bill, they will get it. If they want politicians to make excuses for them, they will get it. IMHO-FWIW.

Let's think about this a bit, ok?

If "they" passed a law that said you had to give everything you earned to the government, and coulkd only keep eniugh to live at the poverty level, no matter how what kind of job you had and many hours you worked, what would you do?

Let's look at where future generations are heading in America - You go to school, get a degree, start to earn good money, but by 35 you're replaced by an H1B worker, your job is outsourced to India, and you have to retrain in a whole different career.(I'm referring to messge threads concerning the U.S. Economy, the "jobless recovery" and "outsourcing" and "offshoring").

If we're going to all vote make generation X, Y, and Z shoulder the burden to hold up the world, what happens if "Altas" simply decides to "Shrug" off his load, sit down and smoke a joint?

People without hope of a better future won't continue to work hard for the simple joy of knowing their money will go to benefit others that despise them. Also remember, not only the retired boomers, but welfare moms and ever increasing numbers of immigrants (legal and illegal), etc. are going to need to be taken care of as well.

Many may decide to simply just unplug themselves from the system, earn money under the table, get into illegal ctivities, or simply give up and spend the rest of their short lives getting drunk or getting high. The chickens the Baby Boomers hatched will be coming home to roost...

[MissAmericanPie]

You consider this a bad deal? Wait until your mexican brothers can work here a total of eighteen months and qualify for SS. Wait until those who have paid no taxes begin drawing welfare from the US SS system using fraudulant Mexican documentation.

The young can't pay for it anyway, their jobs are being outsourced and everyone knows that mexicans already do the jobs that Americans won't do. So that all means that between outsourcing and mexican competition for jobs young Americans wages will afford them housing in their automobiles.

Yeah, always blame the parents, how lame. When the parents already know their kids are going to be forced by economics to live at home until their in the kid is in his eighties.

[kittymyrib]

You are SO right. They were not the "Greatest Generation" but the "Gullible Generation" who did what they were told and viewed the government as their parent. When conservatives in Congress in the 50's objected to the socialist programs and pointed out that they would bankrupt the country, they were derided and dismissed and often voted out of office. But of course, they were right.
I really don't blame the doughty band of abortion survivors if they vote for euthanasia. And by the way, the government will be happy to institute it to get out from under the crushing load of old people just as Sweden has done. So for all the believers who thought they'd get something from the government after paying into S.S. through their working lives, the joke is on you. The government only takes care of itself with your money, you saps.