[Cicero]

The Ponzi scheme coming home to roost. I have a clue for this idiot. Most "greedy grandparents" paid through the nose for social security for forty years and more, and got back far less than if they had put the money in a private retirement account.

It's not their fault. It's the fault of FDR and all the greedy politicians ever since who wanted to give the voters a chicken in every pot but didn't want to pay for it.

What we do now, I don't know, because most of the mischief was done by politicians who are now dead.

[rellimpank]

--and another thing , everytime I see one of the greedy geezers yapping about the high cost of drugs and the awful drug companies, I'd like to take them by the throat and point out to them that they are living on borrowed time, thanks to the miracles of modern chemistry--

[reed_inthe_wind]

Another wrinkle in the story is the meager fertility rates. Social security was originally based on assumptions that families would continue to have more children. More children means more workers and more GDP.

[ex-snook]

What nerve these geezers have living when they should be dead. Wonder what the expected age to die is today? Should the retirement age be 85 or 90 for today's workers so they don't drain their children [or in many of the cases someone else's children because they only have one child]. Besides I could pay for my own health insurance if only I did not have to pay school taxes.

[Mr. Bird]

As a 30-something, I don't think the "geezers" are necessarily greedy. But I do think they are a bit selfish. But so am I. My selfishness manifests itself in my desire to obliterate social security quickly enough so I may have better prospects in my retirement.

I guess I would call the "geezers" selfish and foolish; anyone with elementary math skills knows that social security is highway robbery.

A solution? Anyone 50 and over is in. Collect your check at 67 (or whatever the current age is) and shut the hell up. I'm out. I'll keep paying the tax for a short while, but after that, I'm on my own. Make "social security" a welfare program for the needy, with a stigma that would make a whore blush.

[Alberta's Child]

We weren't dubbed the Me Generation because we neglect our own needs, Junior. If politicians think the current geezers are greedy, they ain't seen nothin' yet.

I agree. I have enough faith in this country's pragmatic, nihilistic outlook and moral relativism to realize that Junior is never going to be burdened by the Me Generation -- if they start to cost him too much, he'll simply have them euthanized.

[Mr. Bird]

To fund all the obligations of the Social Security system, payroll taxes will have to more than double by 2040—on top of whatever it costs to buy all those prescription drugs

Now, I'm certainly not going to defend extending the ugly things, but someone somewhere recently did a more dynamic analysis of the financial burdens we are going to face, and revealed a relatively large elephant in the room: when the boomers start cashing their ss checks, they'll also be withdrawing trillions of taxable dollars from their 401(k)'s. Maybe that's how we fund the last generation of ss recipients....

[Incorrigible]

[thoughtomator]

To fund all the obligations of the Social Security system, payroll taxes will have to more than double by 2040—on top of whatever it costs to buy all those prescription drugs. At that point, our children will realize the trick we've pulled and start to hate our guts.

Memo to the baby boomers from Gen X: We have known how you are bankrupting us for a long time already. We already hate your guts, you greedy sons of b-tches.

[MEGoody]

"Why do we keep indulging the grizzled ones?"

I would love to drop Social Security all together so I can invest my own money.

But we can't just drop it for those who are currently or near eligibility who don't have jobs that provide them with opportunities for pension plans or enough salary to save for their own retirement. We need to keep the 'promise' to them.

[Maria S]

I wonder if all of the little whinie-hinies who are cursing "old geezers" can even remember how hard their folks worked to get them those cars they thought they HAD TO HAVE the day they turned 16; or the $100 pair of shoes or jeans they couldn't live without; or the $500+ spent on graduation night for a limo, corsage, dress or suit; or all of the video tapes and CD's and computers and TV's...all of which you had to have in your VERY OWN room; or all of the stuff (amounting to thousands of dollars) that you demanded you 'needed' BECAUSE EVERYBODY ELSE HAS IT!

Grow up, little kids. You've been raised in the richest country that ever existed, and you're not showing much appreciation...imho.

[<1/1,000,000th%]

Funny article to be coming from Slate. They supported this stuff.

[cupcakes]

Young and middle-aged adults tend to look kindly upon lavish federal generosity to Grandma because it means she won't be hitting them up for help. Paying taxes may be onerous, but it's nothing compared to the cost, financial and otherwise, of adding a mother-in-law suite to the house. Working-age folks also assume that whatever they bestow upon today's seniors will be likewise bestowed on them, and in the not too distant future. It's not really fair to blame the greatest generation for this extravagance. They are guilty, but they have an accomplice
__________

This part I disagree with. Plenty of folks would be happy to build an addition for the mother or mil as long as she would be willing to add something to the family and not treat it as a free ride. My mother has lived with us for two years and she broke the agreement that she live here rent free but was to help with the cleaning and the children so now she pays us rent. We opened our home to our mother and all she does is take. She's a baby boomer. I'm sorry, I only have anectdotal experience, but I do think this generation of people are some of the most greedy around. Some of the stuff they did to me, I can't bear to see happen to them--no home, back turned on them. Yet when you extend them help they behave as if they should not do anything in return or show any gratiousness.
Sorry, this is a sore spot for me. Perhaps I have incredibly greedy parents, but I don't think I'm alone in this. I resent that my parents generation want to suck us dry and take from their grandchildren a secure future. I resent that they do this while enjoying travel and all kinds of material amenities. It will be my children who won't have squat when they are old because they were robbed of their ability to save. They will be the ones trying to actually survive on SS alone.

[genefromjersey]

Aw gee ! What a (censored) shame !

Damn greedy old grandparents won't just quietly jump off a cliff, or commit hara kiri ,or something - taking care,of course, to leave their ill-gotten wealth to their children.

What's that you say ?

They don't HAVE any great wealth ??

They spent most of it on their children and grandchildren???

Humph ! Guess they were STUPID, too !!!

[mewzilla]

I like the term greedy geezers better. Grandparents sounds less pejorative.

[bobo1]

The problem is rather obvious. If a corporation or a union ran their pension plan the way that the government administers Social Security, the executives would be imprisoned for fraud and misappropriation of funds.

If my SS "forced contributions" were given to a private investment organization I would retire a millionaire on what I have is "contributed" and that of my employer. Living on what SS actually pays will put you well below the poverty level.

I disagree strongly with calling the "baby boomers" greedy. That is confusing the issue and laying the blame where it does not belong. The blame should be placed squarely on the shoulders of Congress/Government. They have betrayed the American people, demanding mandatory compliance and then squandering the proceeds.

If I purchased a retirement/disability plan when I was eighteen years old and payed into it for fifty years, contributing $200,000 dollars, which would have grown to over a million at simple interest, am I greedy to want more that a pitiful $1,000 a month?

Yes, I have grandchildren and children, and they will pay dearly for the looting that has taken place over the years by the criminal, liberal minded politicians.

I pray that the anger will be directed at those that deserve the name, "greedy", not at those who are not getting what they paid for.

Pitting one generation against another is not a solution, but mere smoke and mirrors sent to hide the real culprit.

I hope that I see the day that my children and grandchildren will say enough is enough and refuse to have their money stolen from them by corrupt politicians to buy votes.

I won't be "greedy" however. I will merely move in with one of them. I have made prior arrangements in case the government can no longer honor it's commitments.

Let's just put the blame where it belongs.

blessings,

bobo1

[qam1]

Xer Ping

Ping list for the discussion of the politics and social aspects that directly effects Generation-X (Those born from 1965-1982*) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.

New: Freep mail me to be added or dropped. See my home page for details.  

[desertcry]

Isn't slate an ultra left wing liberal media? Apparently the bleeding heart left wing liberals bleeds only for those who are on welfare, but would like to terminate old people as soon as they qualify for social security. This article exposes the left wing liberals evil agenda.

[tubebender]

I wonder if it would have been cheaper for the government to just nationalize the drug companies and give free pills to seniors...

[Gritty]

I think everybody is missing the solution, which has already been passed by our generous Congresses and signed by our benevolent Presidents, starting with LBJ and getting a huge leg-up by GWB. It is known as Medicare and the Prescription Drug benefit. The entire government establishment is foresquare behind these programs.

Medicare alone (along with the trial lawyers, of course) is already slowly destroying medical care. Eventually, these will so destroy the medical services industry we will be forced to go to a Single Payer System aka socialized medicine.

As in other countries with these grand schemes, there is de facto rationing of care. Guess who needs the most care? Right! Guess who gets to die quicker because the complicated and expensive care will not be available? Right again!

The problem has already been addressed and solved. All that remains in the future is to haggle over the details.