"We will crush you!... Kids!"
Posted on 11/14/2010 1:07:03 PM PST by La Enchiladita
Baby boomers withdrawing funds from Social Security, Medicare and Medicaid are going to "crush the system" in a matter of years, a member of President Obama's blue-ribbon commission on the debt warned Sunday.
David Cote, CEO of Honeywell and one of a handful of private-sector chiefs appointed to the 18-member fiscal reform commission issuing its final recommendations on Dec. 1, said he didn't realize -- even perched at the top of his field -- that the next decade will be disastrous to the nation's accounts ledger unless something drastic is done.
"It scares me that as a financially conversant CEO, I didn't know how bad this was going to get in the next 10 years," Cote said on ABC's "This Week." "The thing that everybody misses is it's my generation, the baby boomers, who are going to flow through Social Security, Medicare, Medicaid. It's going to crush the system."
"Social Security is going to go cash negative in five years. It's going to go broke in 2037," added Sen. Kent Conrad, D-N.D., another member of the commission who appeared with Cote.
Medicare is "prepared to go permanently cash negative in just 10 years. So, obviously, those things have to be reformed; there have to be some changes," Conrad said.
(Excerpt) Read more at foxnews.com ...
I knew it was theft long ago when I was a kid, aren’t all ponzi schemes? Demanding payment is no different than anyone demanding free healthcare now that we’re already paying for it.
It’s still wrong and needs to stop.
Anybody play “balance the budget” on the NYT website today at http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html?src=me&ref=general?
Kind of interesting to see how easy it was to do.
I say again: read the words and only the words, if you can.
You miss simple points. Stolen money is stolen money. That money equals 50+ years of my sweet labor. No one has the right to take my life from me by brute force. That sir is: Totalitarianism - absolute control by the state or a governing branch of a highly centralized institution.
It has nothing to do with the 'younger generation'... it has do with my rights and the rights of those who paid into a the corrupt system by brute force. It cannot be tolerated -- now or even in the future of your so-called 'younger generation'. If that is your definition of leftist, then I am guilty.
I would agree...I just don’t see much of the right stuff out there to get us through what is coming. The culture is going to have to return to a much more God and family focused culture if we are going to ride this one out.
“AND IT’S GONE!”
Yeah, that’s what I think when I hear these investment hucksters on the radio and remember back to when I had money in mutual funds in 1987 (crash!).
“Oops! It’s gone. Well, that’s the way it goes.”
Never really trusted them since.
Your Snopes cite refutes what you said.
I have been expecting this for quite some time. SS is unsustainable at current benefit levels and boomers are going to take it in the shorts for Johnson’s War on Poverty!
Gee, no one was complaining when boomers were paying into the system, at least some of us involuntarily so.
Given the choice to do private investments, I would have chosen to do so.
Well, I guess the major difference is, a ponzi scheme is usually participated in using the free will of the individual. So the risk belongs to that individual.
Social Security (et al), also a ponzi scheme as you pointed out, is not voluntary.
No doubt these programs will need to be addressed, and eventually placed in a privatized situation. (I’m sure the government is willing to address this.../s). But an immediate “stop it and stop it now” premise is neither fair nor productive. imho
Next year starts the beginning of the Baby Boomer retirement years.
What a surprise this information is!!!!!!!
It’s outrageous that Bush hid the true state of the system for so long. /s
It’s the baby boomers who keep SS alive despite it all.
All of the money we paid in is gone. It was given to others. Any money that we will receive (assuming there is any) will come from the paychecks of our children and grandchildren. Our government has turned us all into thieves, and we let it happen. Everyone knew this was a Ponzi scheme that could not last, but each generation of retirees wanted “their” Social Security.
So, here we are. Boomers are the losers in this pyramid scheme and nothing can make more money magically appear to pay us.
This is news? I have been aware of this since 1980.
BS...As if we had a choice...
Next you'll claim it's the middle class tax payers left the borders wide open to tens of millions after they were called vigilantes when doing something about it.
Your spin is speeding up the rotation of the planet...Please stop...
Yep it sucks but basically we invested all our money into a ponzi scheme. We might as well as cut our losses right now. Or it’ll going to be much more painful in a couple of years when our federal government is forced to default and nobody will get anything at all!
Reminds me of last week in the grocery store line.....a young hispanic couple in front of me had two carts loaded with groceries and were paying for it with food stamps. They were laughing, speaking in Spanish, and grabbing on each other the whole time as the clerk had to negotiate the food stamp voucher process. Not to mention that the guy had on a “Mexico” t-shirt. Their last item was dog food...which they had to pay for with cash. When it was my turn, I looked at the cashier and said “I guess I paid for those groceries and mine tonight”....her response was “you got that right”. And because this is played out over and over in America I will not get my money back from social security when I turn 62 after working and contributing for forty years...and I’m not supposed to be angry about that?
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