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Generational war is brewing
Tracey Press ^ | 11/10/05 | Froma Harrop

Posted on 11/10/2005 1:22:46 PM PST by qam1

America should prepare for a big fat war between the generations. It’s going to be ugly.

On one side is the baby boom generation, which retires and claims a ton of government benefits. On the other are younger workers, forced to fund those benefits plus pay the bills their elders left them.

When the war comes, the Federal Reserve chairman will have to be a general. That person will likely be Bush nominee Ben Bernanke. The question is, for which side will he fight?

Outgoing Fed Chairman Alan Greenspan tried to represent both sides. He supported the Bush tax cuts.

This gave comfort to today’s taxpayers, who chose not to charge themselves for the wars in Afghanistan and Iraq, the new Medicare drug benefit and the quarter-billion-dollar bridge to nowhere.

Last spring, Greenspan did service for the other side. “I fear that we may have already committed more physical resources to the baby boom generation in its retirement years than our economy has the capacity to deliver,” he said.

One solution would be to ramp-up means-testing for Medicare, the health insurance plan for the elderly. Greenspan would reconfigure the program “to be relatively generous to the poor and stingy to the rich.”

The political reality is that the baby boom generation expects to see the nice government handouts its retired parents enjoyed, and then some. Younger workers expect to be taxed at today’s lower rates. One group will be very disappointed — or perhaps both groups — because there is no way the Candyland economics of today can go on.

The whole alarming future is nicely mapped out in a book, “The Coming Generational Storm,” by Boston University economist Laurence Kotlikoff and Scott Burns, a personal-finance columnist at The Dallas Morning News.

Kotlikoff and Burns clearly sympathize with younger Americans and Americans not yet born, who will be paying both our bills and their own. “Does it feel better,” the authors write, “if those unknown victims of our rapacity are someone else’s children and the children of those children and the children of those children of those children?”

Sounds like war to me. Kotlikoff and Burns try to be meticulously nonpartisan, but I won’t. Though the irresponsible policymaking spanned decades, today’s mad deficits rush us closer to disaster. Democrats are not shy about pushing for retiree benefits, but at least they consider raising taxes to pay for them. Not the current crowd, whose spend-and-borrow strategy is the 1919 Versailles Treaty of this-century America: an unstable setup that guarantees future conflict.

The scam is that the tax cuts are not really wiping the nation’s slate clean of tax obligations. When spending exceeds tax revenues, the difference must be borrowed. That debt does not disappear. It gets paid for, with interest, by someone’s taxes. So the Bush cuts simply move the taxes from one generation of shoulders to another.

Bernanke would certainly come to the Fed job with good credentials. Head of the president’s Council of Economic Advisers, he formerly chaired the Princeton economics department. Bernanke seems OK, but other candidates were more upfront about deficits.

One was Martin Feldstein, President Ronald Reagan’s top economic adviser. Feldstein drew flak for criticizing the Reagan deficits. The Bush White House wouldn’t want to hear that kind of thing. Anyway, there’s no need to worry about making ends meet when you can use the next generation’s credit card.

Another Republican contender for the Fed job was Larry Lindsey. He was fired as a Bush adviser in 2002, after predicting that the war in Iraq would cost up to $200 billion, a figure already passed. Lindsey did not understand: One simply does not talk price in the Bush administration.

Given the president’s tendency to give top jobs to those closest, we can give thanks that he did not nominate his banker brother. Neil Bush played a major role in the Silverado Savings & Loan fiasco of the 1980s, which cost taxpayers $1 billion.

Or perhaps the president was doing the big-brotherly thing in protecting Neil from a job sure to be filled with strife.

The person who heads the Fed in the next decade will be trying to steer the nation through the perfect economic storm. Good luck to the new chairman, and to all the generations.


TOPICS: Extended News
KEYWORDS: babyboomers; catfightingasses; generationalwar; generationgap; genx; greedygeezers
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To: Marie

Those little red messages telling me that someone has honored or trashed me for something I said always bring me back. This time I'm glad. Thanks for seeing the intended humor. A lot ot times my attemps fail, or even backlash.


721 posted on 11/12/2005 5:08:40 AM PST by billhilly (If you're lurking here from DU (Democrats unglued), I trust this post will make you sick.)
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To: nopardons

Mam’n

I don’t know if you have gone off your meds while posting to me on this thread, but you really are acting a bit whacko, obviously you are obsessed with some past freeper name *missy* she must have had some impact on you.

You look at my profile page, and make many assumptions about the pictures I posted, you have made assumptions about me, my family and attacked me like some predator after its prey? You have some serious issues that need to be addressed.

What you think of me is none of my business; you can think I am a liar, a fake, the spawn of Satan and in the famous words of Rhett Butler:

Frankly (nopardons) I don’t give a damn….


722 posted on 11/12/2005 7:55:52 AM PST by laney (little bit country,little bit Rock and Roll!)
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To: Marie
Point one: I never have and would never bash a vet. Never, never, never. My hubby is a career soldier and he will be going to combat in a couple of weeks. I've walked beside him through his military life for 16 years. So please let that one go.

My apologies. This is a frustrating thread and a frustrating day. BTW not once at work (yes, even though I work with the government, I was at work yesterday) or here was I told "happy veterans day". Not even a call from a relative. Such is life.

Tell your hubby TO BE SAFE. Sigh. :-(

I am frustrated because so many of you just don't see the big picture. If you guys don't seriously help us find a compromise on this SS issue, this country will be well and truly screwed for the next two generations.

I truly believe there really is no solution. Guess what it isn't our fault. We were not the generation that basically put this nation on the road to bankruptcy. It was already flying down that path before we turned 18.

I know it's not what you were promised. I know that it's not fair.

"Life is not fair so get over it". That is what my adopted father taught me.

I know that you all were looking forward to retirement and actually hoping you'd be fit enough to really enjoy it.

Actually that is not true. I dread retirement. At that moment I will no longer feel useful to this nation or society. Nobody gives a damn what I did during the cold war even now. At least presently I still help defend this nation.

Ever wonder why suicides are up among seniors? You don't think I haven't considered that as an option when the time comes?

It's not right for someone to see the numbers, see that this will bankrupt their children and their grandchildren and still insist that they deserve to play for 20 years, consequences be damned.

You think that is what I have been saying? Personally I say scrap the SS NOW for anyone under 57 (that would include me) and hope we as a nation would survive.

Just my two cents.

723 posted on 11/12/2005 11:55:23 AM PST by RadioAstronomer (Senior member of Darwin Central)
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To: laney
missy, frankly I don't care what you think or say about me, because the truth is, you are here under false pretenses and are lying through your teeth, that you are new and have no idea why I am replying to you as I am.

In order to be a good liar, you have to 1) keep up the new persona, which you YOU CAN'T and 2) keep your stories straight, which YOU CAN'T.

You are repeating just about every single thing that missyme has ever posted. You claimed that you "use (SIC) to be in HUMAN RESOURCES...". So was missyme; or so she claimed.

You were banned. You're back with a new nic and posting your life history, word for word; bad grammar and horrible misspellings intact.

Soon, everyone here will have your number. :-)

724 posted on 11/12/2005 12:45:41 PM PST by nopardons
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To: laney
I made NO "assumption"; NONE ! You posted a picture of the back of the head of a woman, from an ad for HAIR WEAVING. You have now removed every single single picture you had on your personal page. Just WHY is that, pet?

COULD IT BE BECAUSE YOU WERE CAUGHT POSTING THAT AD, WITH THE HOPE THAT OTHERS WOULD ASSUME THAT IT WAS A PICTURE OF YOU ? LOL

725 posted on 11/12/2005 1:36:05 PM PST by nopardons
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To: nopardons

Your a fool woman!, I took those pic's down so I could write info on my page I KNEW YOU WOULD READ! and hey Ms. Know it all since I posted a picture of a woman with long dark hair, are you assuming that is what I look like? do you know what laney looks like? or this Missy?

DO you think everyone here on FR that has sent me Freepmail is in support of your idiotic posts to me???
NEWSFLASH-They are not..

Everyone thinks you are making a total idiot of yourself?
I posted truths about me bad and good, I am not here trying to act like I am some Royal Princess, which obviously you think you are....

You have a great sense of false power for a small minded woman who has learned to muster a computer and the Internet...

You want to know what I look like? send me your email I have no problem sending you my picture, maybe then you can see who Laney is*

I never posted to you NEVER! yet you come invade MY SPACE to prove what? your a woman with the worst case of Menopause, PMS or Mental problems.

I have an idea though- How bout leaving me the hell alone! and I will do the same with you!
Laney!


726 posted on 11/12/2005 2:19:15 PM PST by laney (little bit country,little bit Rock and Roll!)
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To: nopardons

BTW: Did this Missy have lots of enemies here? or just you?
I'd like to meet her, if you hated her it was because she was proably very nice, something you are not and believe you me I am NOT THE ONLY ONE WHO THINKS THAT ABOUT YOU!


727 posted on 11/12/2005 2:31:05 PM PST by laney (little bit country,little bit Rock and Roll!)
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To: laney
Did you even ever graduate from grammar school?

This post is a mess! Instead of wasting your time on line, I suggest that you go take some courses in remedial English. I really am sorry that the school system you attended failed you so, but you can and should correct the problem. With just a little help and work, I know that you can improve yourself.

Yes, I know what missyme claimed she looked like. And I know, FOR A FACT, that the picture of the back of the head of a woman, which you posted to your personal page, came from an ad for hair weaving. WOULD YOU LIKE THE LINK TO THE AD, WHICH HAS THE EXACT PICTURE YOU POSTED ?

Would you like to know how many people already know that you are a fraud and are sending me FREEPmails, pet? :-)

Since WHEN, exactly do YOU own FR? I came "into YOUR space" ? As you know, FR is a place where anyone and everyone picks a thread to read and then posts to that thread. You don't have a "space", you don't make the rules, and you can't tell anyone whom they may or may not reply to. That's the way FR works.

728 posted on 11/12/2005 2:37:35 PM PST by nopardons
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To: laney

Why don't you tell me what you feel about Donald Rumsfeld? :-)


729 posted on 11/12/2005 2:43:35 PM PST by nopardons
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To: nopardons

I have no idea what your problem is, but you definetly have one! that being said, let me state for the record! YOU do not know me! as far as anyone's identity, you know no ones! I take it you have a real name other than NOPARDONS??

I will tell you this, I know some people on Freerepublic who know me personally and DO know my actual name age and place of residence.

For all I know you could be a Baby Raping illegal alien, as long as you don't insult my space I could care less who you are.

And as far as you know you could be posting to a figment of your imagination.

All I am to you Nopardons is a person that is typing to you...no more no less..

Well it's Saturday, I have some people to entertain, so I am no longer able to entertain you!

Enjoy your day Miss Nopardons.


730 posted on 11/12/2005 3:17:05 PM PST by laney (little bit country,little bit Rock and Roll!)
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To: laney
Missy, I can't "insult" your space. Please try that again, but this time, in English...PLEASE.

You've been here, supposedly, for less than 2 months, yet you claim to know so many people and know them in real life too? That's quite amazing; however, one doesn't really have to know someone in real life, to know a poster's real name, where they live, or many other things.

Hmmmmmmmmm...backhanded insults now? Calling me a "baby raping illegal alien" is quite sinister sounding and beyond the pale. Nevertheless, it is also exceedingly funny. LOL

No, unlike you, I know what is real and what isn't real. You can't be a "figment of my imagination", since everyone can, quite clearly, see your posts. Have many flashbacks, do you?

You didn't answer my question, so I shall ask it of you again.........TELL ME, WHAT'S YOUR OPINION OF DONALD RUMSFELD?

731 posted on 11/12/2005 4:12:55 PM PST by nopardons
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To: nopardons
I've been reading some of the old posts and wanted to ask you nopardons why you find it necessary to berate and ridicule people who you don't agree with or find offensive to your sense of values, opinions or personal beliefs? It does seem like some of your personal attacks are unwarranted and full of venom for no other reason then to deride and villify others. I'm not sure if you feel like you are the FR police set upon demonizing others for their lack of writing ability or that it bugs you so much that someone does not meet your qualifications of a "sane" and "reasonable" person; but it does smack of an obsessive nature intent on pontificating your own views without regard to others.
.....I"m sure you may find this note intrusive and such, but I just wanted to state that opinion in light of what I've seen you write, and I've tried my best to be civil about it within the framework of not being guilty of the same quality.........
732 posted on 11/12/2005 4:45:25 PM PST by NorCalRepub
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To: NorCalRepub
Oh brother! LOL

Do you tell that to the other Viking Kitties and the rest of the RKBA crew too?

733 posted on 11/12/2005 4:58:37 PM PST by nopardons
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To: nopardons
well my dear...since I've been disabled and have not been able to write much in the last 6 months, I'm really not sure to whom you are referring.....have not been around here long enough (only a year which could be construed as a newbie); but after reading some posts, I was curious by the personal attacks or "holier then though" attitude that punctuates many of your responses to others....but that may just be the analyst in me......who knows....
734 posted on 11/12/2005 5:10:53 PM PST by NorCalRepub
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To: NorCalRepub
I'm sorry to hear that you were disabled; however, you need to get off that pedestal and trying to be a knight errant, for a lying fraud retread, doesn't reflect well on you.

FYI...the Viking Kitties go after and ZOT trolls. RBKA then comes in and paves said troll remains over.

Since you claim to know almost nothing at all about FR and how it works, it would behoove you to not pass judgment on things you neither know nor understand.

Feeling better now, are you?

735 posted on 11/12/2005 6:19:00 PM PST by nopardons
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To: nopardons
Yes I feel much better....thanks for asking....and though I don't know how things work as well as you does not mean I can't make an observation.....and by the way, I did not pass judgment on you at all....I merely observed behavior and noted such. I did not make "good or bad" moral judgments on you as person which is what "judgment really it".....I usually remove behavior from any motivation or cognitive valuation since that I don't know.....unless of course it is OsamnaBin Laden or Saddam Hussein.....then I fail miserably and make all kinds of judgments....I'm sure God will forgive that small indiscretion
736 posted on 11/12/2005 6:25:19 PM PST by NorCalRepub
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To: NorCalRepub
Since you claimed to have looked up my old posts ( and neglected to comment on my serious, fact filled, debate ones, which are the majority of what I post ), I looked up your posts. They are all snarky, smarmy, attempts to be funny which fall flat, and you also have a penchant for taking on greatly respected old timers, such as dougfromupland.

You seem to be lonely and are looking for someone to chat with. Stop high-jacking this thread and go look for someone else to talk to.

737 posted on 11/12/2005 6:33:40 PM PST by nopardons
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To: nopardons
alas.....you attempt again to insult me and I used to write quite a bit to dougfromupland many months ago as I used to live in Upland Ca several years ago...never had an argument with him and we disagreed sometimes in a civil manner. You may think I'm lonely, but in fact am surrounded by the love of many that comforts me and warms my soul....I am just writing this on the side nopardons....and have chatted with many friends in the last hour...but I appreciate you wanting the best for me....though you don't appreciate my sense of humor....so many people do...but I do like the terms "snarky" and "smarmy"....have not heard them in awhile...
738 posted on 11/12/2005 6:40:38 PM PST by NorCalRepub
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To: RadioAstronomer
Must've been the moon. Everybody's blood was up for some reason.

Just one more thing: *I* care what you did during the cold war. As a young teen, I was deeply impressed with our Cold Warriors. For three of my four years of highschool, I was blindly lead along the socialist path by my teachers. My senior year we were reading Brave New World, but the teacher put a positive twist on it. "Wouldn't this be a wonderful place to live in?"

I remember the light flicking on. Flashes of every cold war movie I'd ever seen, of the stories I'd read about the people attempting to flee Russia, of the stories told by my uncles who served in the military in the 50's and early 60's sped through my head. I actually stood up and said, "Hey! This is Communism!" She tried to sooth me and tell me how a "little" communism was actually a good thing. I was so upset that I asked to go home. (My mother was just liberal enough to allow it.)

If I hadn't had the stories I would never have made the connection and had my epiphany. I'd still be happily marching down the Socialist path. As it turned out, I spent five years reading and researching and going over old ideas from my new perspective.

So I say now, with sincerity: Thank you so much for your service! :-)

739 posted on 11/12/2005 8:52:24 PM PST by Marie (Stop childhood obesity! Give em' Marlboros, not milkshakes!)
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To: billhilly
Thanks for seeing the intended humor. A lot ot times my attemps fail, or even backlash.You think *you* have a problem with jokes? My husband says that I should've had my sense of humor removed at birth. As much trouble as it's caused, I tend to agree with him! LOL!
740 posted on 11/12/2005 8:55:16 PM PST by Marie (Stop childhood obesity! Give em' Marlboros, not milkshakes!)
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