The Boomer Bust

Fox News ^ | Thursday, July 31, 2003 | The Boomer Bust

[AdamSelene235]

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largess from the public treasury.

[RockyMtnMan]

Soilent Green?

[Timesink]

I tell my parents (64 and 63), tongue in cheek, "be nice to me or no window room for you at the home (20 years from now)." In all seriousness, I don't know how I'll be able to afford CA housing costs, private schools for pre-college kids, college costs, braces ... AND aging parents, PARTICULARLY if I'm being crushed by hiked FICA taxes.

In all seriousness, I'd try to get the hell out of California if it's at all possible (unless you have a major emotional attachment that would make you miserable living anywhere else). California's entire government and economy is uniquely f---ed in a way far worse than any other state, and it will take many years for it to recover ... a recovery that won't even begin until the downward slide is stopped, and God only knows when (or if) that will happen. And the only way they're going to even attempt to right the ship is to tax you out the wazoo.

As long as you're not irredeemably wedded to California life and/or don't have some unusual career that severely limits your moving options (not much call for surfing instructors in Kansas) you'll probably be better off financially living anywhere else in the US.

[Unknowing]

It is right to acknowledge the Baby Boomers as posterity's bane, IMHO. As a member of the posterity, I think that the Baby Boomers ought to allow we younger, over-educated guys to supplant them over the next decade. Merit system, of course. We should take very good care of them, if they would all please retire by 2013.

[sweetjane]

Why would Gen-Y dislike Gen-X more than Gen-X dislikes babyboomers? I'm Gen-X, though close to the babyboom cut-off. My parents were young when they had me and my grandparents are WWII generation. I have friends with parents close to my grandparents' ages. I'm very interested in inter-generational issues. My own sons were born in the 90's. Guess they're Gen Y.

[billhilly]

" How do you live in Arlington, pay $700/mo in rent, and make $85k/Yr?"

With ten roommates, or at home with mom and dad.

[Alberta's Child]

What makes the whole thing ironic is that the Boomer Generation gave this country legalized abortion, and in doing so they provided their own children with the kind of pragmatic "I don't give a sh!t about anyone but me" attitude that will ultimately result in mandatory euthanasia.

[StatesEnemy]

Don't worry.

Over the next twenty years the population of the world will decline by 70-80%

Has the 'solution' been perfected?

[evaporation-plus]

A decade later, as boomers themselves approach retirement, having someone else pay for their medicine doesn’t seem like such a bad idea.

I think you are putting the blame on the wrong suspect..... The majority of the boomers HAVE drug coverage and medical care. It's the businesses that are paying for this coverage that are looking to offload it onto the taxpayers. By the way, look how companies are pushing off their pension obligations onto the government via pension guarantees. As the boomers get more and more expensive, watch how this all plays out!!!!

[Unknowing]

Your #26 -- of course you are correct, though someone must declare that we (all) shall fight this euthanasia ethic with every legal and political means available.

Soon, some kind of "right to death" notion may be pushed by the media/entertainment centers. That's when we have to respond with the most robust arguments against it, IMHO.

[UnBlinkingEye]

What makes the whole thing ironic is that the Boomer Generation gave this country legalized abortion, and in doing so they provided their own children with the kind of pragmatic "I don't give a sh!t about anyone but me" attitude that will ultimately result in mandatory euthanasia.

Interesting thought, however the boomers were a negligible part of the voting population that elected the Presidents that nominated the Supreme Court Justices that delivered the Roe v. Wade decision.

[AeWingnut]

Boomers gave us x-42 and Ms Rodman Xlinton will give boomers our 401k's. You did really expect to keep your money did you ah ha ha ha ha

[Alberta's Child]

If you think this country has legalized abortion today simply because the U.S. Supreme Court decided it would be so in Roe v. Wade, I think you're being a little simplistic.

[AeWingnut]

That is a very good point. The "Great Society" was murdered via abortion.

[Alberta's Child]

The "Great Society" was murdered via abortion.

It wasn't quite "murdered" -- it will be kept alive as long as possible via illegal immigration.

[Bob Mc]

"...when the last Middle Eastern country flies the American flag..."

Do I detect a wee bit of liberalism here? Perhaps a little hatred of the "evil American empire" is what's really bugging him?

I'm a boomer, and I am disgusted with all the socialism (no, call it what it is, Communism) that has been foisted on this great nation (starting way back before "boomers", by the way, via FDR's New Deal). Hell, I'm 48, and I'm convinced I will never ever see a penny of SS, so I hate paying FICA just as much as this GenX.

Plenty of blame to go around here, but I don't think it should be laid all in the hands of "boomers". Like an earlier post said, this is nothing but class hatred designed to divide us and keep "we the people" from making any cohesive effort at changing things.

[jethropalerobber]

When you have a serious conversation with anybody in Gen Y, they dislike Gen Xers more than you dislike Boomers.

i'm sorry, but nobody likes boomers but boomers.

[optimistically_conservative]

It's a matter of time.

The boomers have lived all their lives above their means, saved too little for too long, and amassed too much personal debt.

They've pushed back having children, abandoned or broke the nuclear family bonds with the children they did have, and now there are literally fewer, and fewer still committed, to take care of them.

They've sold the country to foreign investors through their enlightened cynicism of patriotism and nationalism, and unrestrained consumption for instantaneous gratification.

Their example is being followed by too many of their children and grandchildren.

The longer we wait the more painful it will be. I will be surprised if much of the pain can be forced upon the productive owners/working class by the unproductive retired class in our capitalistic republic.

Unlike the current retirees, the boomers have not been known for frugality.

And you think Bush's two year deficit spending is a disaster?

I don't like the deficits, or more precisely, the debt, but I've seen no evidence that focusing on the deficit to fight tax cuts reduces spending, or the amount of revenue the government takes in taxes.

I think there is a requirement to freeze, if not cut, spending in the social programs, which are growing the fastest and pose the greatest threat. Either by phasing out benefits or at least privatizing them with subsidies. The issue is what is the minimum standard of living the government provided safety net will support. It's hard to look at the unwed, recently divorced, sick, disabled, and elderly (who have often put themselves into dire straights by their own decisions in life) and say no. But we've successfully extended our life expectancy at the same time the demographics won't support the Ponzi structured "pay as you go" social programs. I just don't see any other way over the long term.

"It is my view that what is important is cutting government spending, however spending is financed. A so-called deficit is a disguised and hidden form of taxation. The real burden on the public is what government spends (and mandates others to spend). As I have said repeatedly, I would rather have government spend one trillion dollars with a deficit of a half a trillion than have government spend two trillion dollars with no deficit." (Dr. Milton Friedman, Two Lucky People, pg. 354)

But there is a chance the X, Y and Z generations can win an inter-generational war against the boomers.

Characteristic	Total population	Total citizen
		Total citizen	Reported registered			Reported Voted
			Number	Percent	90 percent C.I. (±)	Number	Percent	90 percent C.I. (±)
18 to 24 years	26,712	23,915	12,122	50.7	1	8,635	36.1	0.9
25 to 34 years	37,304	32,233	20,403	63.3	0.8	16,286	50.5	0.8
35 to 44 years	44,476	40,434	28,366	70.2	0.7	24,452	60.5	0.7
45 to 54 years	37,504	35,230	26,158	74.2	0.7	23,362	66.3	0.7
55 to 64 years	23,848	22,737	17,551	77.2	0.8	15,939	70.1	0.9
65 to 74 years	17,819	17,233	13,573	78.8	0.9	12,450	72.2	1
75 years and over	14,945	14,582	11,375	78	1	9,702	66.5	1.2
Younger	64,016	56,148	32,525	57.9		24,921	44.4
Baby Boomer*	81,980	75,664	54,524	72.1		47,814	63.2
Older	56,612	54,552	42,499	77.9		38,091	69.8

 

*Includes non-boomers born in 1965

 

Now I grant you that the first post-baby boomer generation won't catch up in numbers for about 30 years, when the baby boomers start reaching their life expectancy.  But there's two things working against the boomers' voting strength.  In 10 years, the older boomers are going to start impacting the younger boomers and the combined younger generations (X & Y) will outnumber the boomers.  In 10 more years, the younger working generations (X, Y & Z) will outnumber the all the boomers and remaining WWII generation combined.  Still 10 years before the dreaded 2030.

 

Either way, I don't expect it to be fought out solely at the voting booths.  It's an economic issue, one that will be decided at the corporate level driven by payroll taxes (and $$$ contributions to the politicians).

 

Maybe I'm missing something, but I see the "entitlements" growing faster than anything else (and driving interest on the debt), jeopardizing our financial security and positioning us for another generational revolt - which may be drawn out over 10 or 20 years depending how "French" the baby boomers are about their benefits.

 

http://www.census.gov/prod/2002pubs/p20-542.pdf

http://www.metlife.com/WPSAssets/19506845461045242298V1FBoomer%20Profile%202003.pdf

http://www.iea-macro-economics.org/dem_ecpol_2004.html

[UnBlinkingEye]

If you think this country has legalized abortion today simply because the U.S. Supreme Court decided it would be so in Roe v. Wade, I think you're being a little simplistic.

Without that judicial legislation abortion (A.K.A. pre-emptive baby killing) would not be legal.

[GrandMoM]

No, all I expect from my Boomer parents is that they pay for their own damned retirement and not expect me to help them out. However, since they've been spending every dime they've ever made and saved nothing, I doubt they'll have a nice retirement.....I am sure they will save enough so they don't have to move in with a child that has a attitude like you have.

[truth_seeker]

"Soon we’ll be paying for the God-given right of our parents to, for example, get erections well into their seventies."

Who wants to stop then?