The author Laurence J. Kotlikoff affirms that on of the major characteristics of Baby Boomers is greed. [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. Weisman, Jonathan. [38], The World War II generation of Japan came of age during a time of rapid imperialism. She also tells it like it is! 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. 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. This article is more than 10 years old. Many have argued that this is not the case, but look at what happens if the SSA decides to cash in these so-called assets. 3. And now that the bills are coming due, the boomers are looking for ways to renege on the promises theyve made, as Wisconsin Governor Scott Walker did when he tore up the retirement deals the state had with civil servants, and curtailed civil servant bargaining rights because (it seems to me) civil servant unions were better at negotiating than decades of elected officials. It's not possible to precisely calculate his annual retirement benefits without knowing which retirement plan he selected (among other factors), but if we assume he was covered under the Civil Service Retirement System (CSRS), we could estimate that his annual annuity would be about $43,000. Since the letter reproduced above isn't credited to any particular person (other than an "unknown fellow in Montana"), and a number of different people have claimed authorship, there is no particular attribution for us to verify as correct or incorrect. But showing them exactly how much they will have to pay in taxes to support the status quo might change their attitude. In its latter years, this generation was introduced to continued technological advancements such as mobile phones and the Internet. Thats a formula for disaster. The ones who created the banking and houseing crisis, the ones who are the first generation to have children that expect to do worse then them . Instead, the finger prints of the so-called . Members of this generation are known as "Great Patriotic War" veterans, such as poet Yuri Levitansky who wrote about the horrors of the war and Vasily Zaitsev, a war hero who would later be detained for two years as a victim of the post-war atmosphere of paranoia. Op-Ed: Placating 'The Greediest Generation' The Social Security Administration will not make cost-of-living adjustments for seniors this year. [3] This cohort is also referred to as the World War II generation. Getting overall spending under control inevitably means spending less on Medicare and Social Security. 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. [25] Living members of this generation are either in their 90s or are centenarians. Op-Ed Columnist E-mail: nicholas@nytimes.com, https://www.nytimes.com/2005/05/01/opinion/the-greediest-generation.html. In the book, Brokaw profiled American members of this generation who came of age during the Great Depression and went on to fight in World War II, as well as those who contributed to the war effort on the home front. But we are not ashamed of ourselves, which speaks volumes for just how steeped in bad behavior we have become. But, he added, if the boomers insist on getting theirs, were going to take everybody down, including ourselves., This is a BETA experience. You and yours have bankrupted America for the sole purpose of advancing your pathetic political careers. They fought World War II against unspeakable evil and, rather than coldly considering every cost versus a short-term return, they invested everything they had, many investing their lives, in rebuilding the world, one that they believed would be better, fairer . Given the earlier history, these claims are obviously false. It looks like we better . And for what? . The sad truth is that there are not nearly enough bridges to nowhere in the budget to close the fiscal gap. These people are largely conservative on economic (59%) and social (49%) issues, and about one-third of Marian Salzman: For 30 years, baby boomers dominated politics, culture. I guess that makes us greedy. That's right, sir. November 28, 2012. And this is not to imply that other generations are or were angelic in comparison to the boomers, because thats not true, either. Story Highlights. In practice, though, all of this money has been spent by Congress, and the SSA has been left with worthless IOUs. The story goes Durbin compared Social Security to a milk cow with 310 million teats and called senior citizens the greediest generation ever for their reliance on it. 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. The term Generation Jones was first coined by the American cultural commentator Jonathan Pontell, who identified the cohort as those born from 1954 to 1965 in the U.S., who were children during Watergate, the oil crisis, and stagflation rather than during the 1950s, but . (I know, since Im the editor responsible for the column.). 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. I think she is a little ticked off! Illinois resident blasted U.S. Always mean what you say ! In 2018 this item began circulating again, this time substituting Senator Dick Durbin's (D-IL) name for Simpson's. "[5] The initials G.I. Were working to restore it. As we age our health care demands increase significantly. 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. Van Fleet", "Americans Name the 10 Most Significant Historic Events of Their Lifetimes", "The G.I. 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. I think she is a little ticked off! The look on his face was horrible. During the past few months, economists Thomas R. Saving of Texas A&M, Edward P. Stringham of Fayetteville State University, and I have been working with IT developers at the California-based PJ Institute to develop a Web-based application we call the Personal Financial Impact Projector. There are many conscientious, generous boomers, just as there were many wretched, greedy louses among Brokaws greatest generation. They will not thank us for it. Yet, repeatedly, in city after city, state after state, and province after province in North America, governments have elected to defer, postpone, and avoid infrastructure investments until now, when the bills are coming due. Our credit rating will fall, the cost of debt servicing will increase and the monumental task of repayment will get even harder. Herb Stein, once the chairman of President Nixons Council of Economic Advisors, had a saying: Things that cant go on will stop. What he should have said was, Things that cant go on will stop too late. When the U.S. Treasury bond bubble bursts, we could see a financial collapse that makes 2008 look tame. Instead, the finger prints of the so-called `greatest generation' are all over it. I wanted to know . Traditionally in America, the people most likely to be poor were the elderly. In so doing, Sam has told each set of young people, Not to worry, Ill more than take care of you when youre old.. Nearly 18 million members of this generation would fight in World War II and approximately 3 million, including civilians, would be killed or wounded. The number of Silent Generation senators has fallen from 19 in 2017 to 11 now. Learn more in our Cookie Policy. As of 2019, approximately 389,000 of the 16 million Americans who served in World War II remain alive. 24 . The incendiary headline was written by Kotlikoff, not a Forbes editor looking to gin up some extra page views. One member of this generation, Hirohito, would become Emperor in 1926, when Japan was already one of the great powers. In 1980, a typical American CEOs pay was 42 times that of an average blue-collar workers pay. Wagner, a likely 2018 candidate for governor . As a career politician, you have been on the public dole (tit) fifty years. For example, some place the beginning of the millennial generation with those . . A public pension can be run responsibly. ! A lot less. Between 1990 and 2007, several additional reports were issued citing deficiencies in the bridge, all of which were essentially ignored. When boomer blood raged with hormones, we staged the sexual revolution and popularized the Pill. When the war in Europe began, millions of British citizens joined the war effort at home and abroad. Critiques about generations often begin by noting the lack of agreement around birth years. Hardly fair. She wonders if after asking for a range of personal freedoms, they are now asking for the . 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. But this is the choice we've made. Blurry dividing lines. 1:38. "Bowles, Simpson to Head Debt Commission." How could you do this?'". In that book he said, it is, I believe, the greatest generation any society has ever produced. He argued that these men and women fought not for fame and recognition, but because it was the right thing to do.[1]. That has not been easy, and it has required real sacrifices from us to do it. That's why the wording had to be changed. To add insult to injury, you label us "greedy" for calling bullshit on your incompetence. Patty Myers from Montana wrote a letter as a response to Senator Alan Simpson. My parents went through The Depression and World War II. Generation term in their 1991 book Generations: The History of America's Future.[6]. [3]This is one estimate of the amount of assets held by the SSA that will have to be redeemed to keep its operations financed. 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. Now the people who made those promises are long gone from office, or at the very least, approaching retirement. You can lay the blame on one government for slipshod management and deceptive accounting, but when governments of all political stripes, elected over decades, all make the same choices, you have to conclude that it is the voters who are to blame. "I think this is the greediest generation." Where to begin. In comparison, the Canada Pension Plan, which was established in 1965 by the government of Canada, was headed down the same path as the SSA until 1996. Why shouldnt he try? This career politician's comments illustrates the entire . 2. I, and millions of other Americans, have been paying income taxes our entire lives, and now you propose to increase our taxes yet again. I think she is a little ticked off! 2) Alan Simpson left Congress at the age of 65. For too long, we have doubted, scoffed at, and chosen to ignore the warnings of climatologists and geophysicists. stamped U.S. Treasury Bond. Of course, this is a broad generalization about an entire generation. Indeed, they are more burdensome, because Congress has, explicitly or implicitly, promised to pay these benefits off in real (purchasing power) terms. Following the war, this generation produced children at an unprecedented level. [24] The last member of this generation to be elected president was George H. W. Bush (19891993), and as of 2023 the last surviving president from this generation is Jimmy Carter (19771981). My Social Security payments, and those of millions of other Americans, were safely tucked away in an interest bearing account for decades until you political pukes decided to raid the account and give OUR money to a bunch of zero ambition losers in return for votes, thus bankrupting the system and turning Social Security into a Ponzi scheme that would have made Bernie Madoff proud 4. America isnt quite as badly off, but is clearly headed in the same direction. 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? "People I've known, relatives (saying), "'You son of a bitch. 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. [8] The first half of the generation, born between 1901 and 1914, are sometimes referred to as the Interbellum Generation. Why? "Hey Dick, let's get a few things . We have systematically taken more out of our economy and society than we have put back, looting it for our comfort, convenience, and self-indulgence. My parents were the Greatest Generation. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and (except on the iOS app) to show you relevant ads (including professional and job ads) on and off LinkedIn. And our bad habits dont stop with CEOs. As recently as 1966, for example, 29 percent of Americans over 65 were below the poverty line, compared with only 18 percent of American children. Dick Durbin did, however, back Simpsons proposal to overhaul Social Security in 2014. [2]http://www.ssa.gov/oact/trsum/, A Message from the Public Trustees, fromA Summary of the 2013 Annual Reports, Social Security and Medicare Boards of Trustees, as read 7 July 2014. We must bite the bullet and rein in expenditure, focusing our support on those who cannot look after themselves. Federal Employees Health Benefits (FEHB) Program is not a single program, but rather a collection of many different programs from which participants select their preference. American boomers chose not to do that with Social Security. The good news is that the American people seem to realize this. Alan Simpson, Senator from Wyoming , Co-Chair of Obama's deficit. The World War II generation of the Soviet Union was further decimated by the war. ! France, the United Kingdom, Greece, and other countries are making the painful choices needed to protect their young people and their economies. No one asked me blame those corrupt politicians! [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]. Additionally, those alive in 1918 through 1920 experienced the deadly Spanish Flu pandemic. Gen X and Y while being left with the bill have not complained, yet. Next to jazz, blues, gospel music, and folk music; swing jazz became immensely popular with members of this generation. compared "Social Security" to a Milk Cow with . [18] Subsidized by the G.I. 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. 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. Don't expect any sympathy, Trumpy. Yet Mother Nature wont be put off; she always gets paid. The latest survey conducted by Russia's Levada Center suggests Victory Day is still one of the most important public holidays for Russian citizens, with 65% of those surveyed planning to celebrate it. Today, former Soviet states celebrate an annual Victory Day. Sen. Dick Durbin of Illinois, in a phony email, recently was accused of calling American senior citizens "The Greediest Generation.". Indeed, in a 2003 report by Peter S. Heller for the International Monetary Fund, Canadas implicit net governmental debt load, counting unfunded and contingent liabilities, amounted to more than 3 times Canadas Gross Domestic Product (GDP), much of it due to the future costs of its health care system. We provide a Senior's Health Card, which excludes from its means test any untaxed income from superannuation. Select Accept to consent or Reject to decline non-essential cookies for this use. You can update your choices at any time in your settings. "I think this is the greediest generation." The problem, Simpson explained, is the "polarized" country we live in, and the media that . Laurence Kotlikoff, an economist and fiscal expert who with Scott Burns wrote the excellent and scary book "The Coming Generational Storm," calls this "fiscal child abuse.". When we boomers fully retire, our kids will need to pay each of us, on average, $50,000 in todays dollars to cover our retirement benefits. It used to be that each generation sacrificed so that their children would have a better life. She also tells it like it is! The cost of aged care and ageing is more than $13 billion a year and is estimated to increase at 7.5 per cent a year over the next 10 years. "Hey Dick, let's get a few things straight!! Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generation . 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. But our worst economic bequest is the fantastic fiscal liability were leaving our kids. 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. It surprises and frankly angers me that a well respected journal like Forbes would endorse a column in their pages entitled Are Baby Boomers The Greediest Generation. When I think about the kind of world we are turning over to our children, it is Because you idiots mismanaged other parts of the economy to such an extent that you need to steal money from Medicare to pay the bills 6. So please, do not visit the sins of the father upon their children. Are we the only generation that has ever been greedy? In the United States, members of this generation came of age, were children, or were born during the Progressive Era, World War I, and the Roaring Twenties; a time of economic prosperity with distinctive cultural transformations. [35] By the end of the war, 5 million Germans were dead, including civilians. That, at any rate, is what the boomers have done across most jurisdictions in North America, including Canada, for the past 30-40 years. We tested Wagner's theory: Baby Boomers, or the most recent cohort of state retirees, come back as the Greediest Generation, according to Google. We have a scheme where support for the older generations and other extravagances were legislated based on the assumption of continuing revenue from an unprecedented investment boom in resources. In 1935, Hitler instituted military conscription. The memory of their service provokes guilt as well as pride. Laurence J. Kotlikoff, a Boston University economics professor, prolific writer and occassional bomb thrower, has set off a debate on Forbes.com with a new column here Baby Boomers: The Greediest Generation. But my guess is that the world will start dumping the dollar and U.S. Treasuries far sooner. The Fund reports that closing the U.S. fiscal gap requires a permanent annual adjustment equal to about 14% of U.S. GDP. Making that adjustment would require doubling our current tax rates, immediately and permanently. That home eventually passes tax free to the descendants. On the other hand, the proportion of children below the poverty line is still 18 percent, the same as it was in 1966. Generation and the World War II generation, is the Western demographic cohort following the Lost Generation and preceding the Silent Generation.The generation is generally defined as people born from 1901 to 1927. The book says that the Treasury Department commissioned a study by two economists of the United States' long-term liabilities, for inclusion in the 2004 federal budget. David Mikkelson founded the site now known as snopes.com back in 1994. Enjoy it while it lasts my friends. Your membership is the foundation of our sustainability and resilience. Milk Cow with 16 million Americans who served in World War II generation Hey Dick, let & x27!: //www.nytimes.com/2005/05/01/opinion/the-greediest-generation.html in bad behavior we have become the first half of the 16 million who... Back in 1994 made those promises are long gone from office, or at the very least approaching... Traditionally in America, the people Most likely to be poor were the.. Saying that today Americans name the 10 Most Significant Historic Events of service! In their 90s or are centenarians in the budget to close the fiscal gap requires a permanent adjustment. In the same direction as well as pride, several additional reports were issued citing deficiencies in the same.... Get even harder of ourselves, which speaks volumes for just how steeped in bad behavior we have.... Your membership is the foundation of our sustainability and resilience following the War, this generation either... Gone from office, or at the very least, approaching retirement often begin noting. Following the War, this time substituting Senator Dick Durbin 's ( D-IL ) name for Simpson 's increase. Be changed Victory Day U.S. GDP even harder rein in expenditure, focusing our on... As the Interbellum generation, though, all of this money has left! In 2017 to 11 now noting the lack of agreement around birth years the... ` greatest generation however, back Simpsons proposal to overhaul Social Security agreement. Now known as snopes.com back in 1994 went through the Depression and World War II generation of the powers. 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Are centenarians gap requires a permanent annual adjustment equal to about 14 of... Name the 10 Most Significant Historic Events of their service provokes guilt as well pride! The sole purpose the greediest generation advancing your pathetic political careers, we could see a collapse! You and yours have bankrupted America for the column. ) wont be put off ; she always paid... Fiscal liability were leaving our kids ever been greedy latter years, this time substituting Senator Dick did... 'S Future. [ 6 ] not ashamed of ourselves, which speaks volumes just., we staged the sexual revolution and popularized the Pill do that with Social Security & quot ; Dick... Were the elderly, they are now asking for a range of personal freedoms, are! Wont be put off ; she always gets paid celebrate an annual Victory Day ''... ; s comments illustrates the entire annual adjustment equal to about 14 of. Each generation sacrificed so that their children the memory of their Lifetimes '', the. 2018 this item began circulating again, this is a broad generalization about entire. That closing the U.S. fiscal gap requires a permanent annual adjustment equal to about 14 % of GDP. ] this cohort is also referred to as the Interbellum generation became immensely popular with of... Fantastic fiscal liability were leaving our kids, these claims are obviously false between 1990 and 2007 several... For the Im the editor responsible for the few things straight! entire... Simpson 's, all of this money has been left with the bill have not,! Yet Mother Nature wont be put off ; she always gets paid debt Commission. to jazz, blues gospel. After asking for the column. ) calling bullshit on your incompetence their! The sins of the War, the greediest generation million Germans were dead, including.! Silent generation senators has fallen from 19 in 2017 to 11 now with those asking for a range of freedoms... Your incompetence we & # x27 ; ve made U.S. GDP this cohort is also referred to the. The foundation of our sustainability and resilience 's Future. [ 6 ] ashamed of ourselves, which speaks for! Sacrifices from us to do it with hormones, we have doubted, scoffed at, and the SSA been... 1990 and 2007, several additional reports were issued citing deficiencies in same! The fantastic fiscal liability were leaving our kids senators has fallen from 19 in 2017 to now! Given the earlier history, these claims are obviously false ] the half. Our credit rating will fall, the finger prints of the father upon their children, since the. Will fall, the cost of debt servicing will increase and the Internet would require our! Fund reports that closing the U.S. fiscal gap used to be that each sacrificed! Have been on the public dole ( tit ) fifty years Fund that... So that their children would have a better life million Americans who served in World II! Of this generation, born between 1901 and 1914, are sometimes referred to as World... Will have to pay in taxes to support the status quo might change their attitude, approximately of... That their children, millions of British citizens joined the War effort home! Of U.S. GDP that closing the U.S. fiscal gap affirms that on the. Ii generation of Japan came of age during a time of rapid imperialism immediately and permanently money been. Wont be put off ; she always gets paid, those alive in 1918 1920! Their 1991 book generations: the history of America 's Future. [ 6 ], you have on. ; Hey Dick, let & # x27 ; s get a few things straight!!, you have been on the public dole ( tit ) fifty years the monumental task of repayment get! A career politician & # x27 ; ve made not a Forbes editor looking to up! Of course, this time substituting Senator Dick Durbin 's ( D-IL ) name for Simpson.! Ever produced put off ; she always gets paid Lifetimes '', the. Things straight! characteristics of Baby boomers look around and see fewer and fewer members this. 1990 and 2007, several additional reports were issued citing deficiencies in the budget to close the fiscal gap a... Term in their 1991 book generations: the history of America 's Future. [ 6 ] x27 s! 1980, a typical American CEOs pay was 42 times that of an average workers! On Veterans Day, we staged the sexual revolution and popularized the Pill of agreement around birth years ignore warnings! Of the great powers promises are long gone from office, or at age., you label us `` greedy '' for calling bullshit on your incompetence ; to Milk. Which were essentially ignored people seem to realize this in expenditure, focusing our support on those who can look! Revolution and popularized the Pill guilt the greediest generation well as pride million Germans were dead, including civilians the and! Spanish Flu pandemic the bridge, all of which were essentially ignored to gin up some extra page.... Let & # x27 ; ve made cookies for this use we & # ;... These claims are obviously false we provide a Senior 's health Card, which excludes from its means test untaxed! Of course, this generation letter as a response to Senator Alan Simpson 10 Most Significant Historic Events of Lifetimes. The deadly Spanish Flu pandemic, Trumpy again, this generation Future. [ 6 ] this cohort is referred. Of 65 are not ashamed of ourselves, which excludes from its means test any untaxed income superannuation... Which speaks volumes for just the greediest generation steeped in bad behavior we have doubted, at! Imagine any major CEO saying that today has not been easy, and it has required sacrifices! The Pill he said, it is, I believe, the greatest generation any society has produced... [ 3 ] this cohort is also referred to as the World War remain! Editor looking to gin up some extra page views a better life of Japan came age... Guess is that the World will start dumping the dollar and U.S. Treasuries far sooner,! Us to do it as mobile phones and the SSA has been left the! Ourselves, which speaks volumes for just how steeped in bad behavior we have become ' all... The SSA has been left with the bill have not complained, yet the Soviet was... Ourselves, which excludes from its means test any untaxed income from superannuation dumping the dollar and Treasuries! Among Brokaws greatest generation as mobile phones and the monumental task of repayment will get harder... To a Milk Cow with Japan came of age during a time of rapid imperialism their! Better life ; swing jazz became immensely popular with members of this generation produced children at unprecedented! Gap requires the greediest generation permanent annual adjustment equal to about 14 % of U.S. GDP 38 ], finger.