Bernanke: Baby Boomers Will Strain U.S. (the sky is blue alert)

AP ^

[old gringo]

we paid for the last generation,it's just your turn.

[poobear]

"but what happens when lazy people demand benefits and my taxes skyrocket?"

You're preaching to the choir on this issue. To group people into a category and 'blame' them is counterproductive. The real issue is personal responsibility, illegals qualifying for benefits (thank you Jimmy Carter) and a complete overhaul of this failing system.

Just try operating your own business and you become quite clear that 12.5% for SS & 2% medicare/cade is quite cumbersome each week. Then knowing it is for nothing is depressing. I see those on the dole sometimes in the same lite you do but it is the system that needs changing, not blaming folks that happened to be born in the 50's and 60's. Hell, we've been carrying the load all along. We've outlived our usefulness I guess. The democrats are always trying to divide the classes. Don't fall for this one.

[linda_22003]

No, because the program was designed to apply to everyone, and those rules won't change at this point. I think the whole system will go under before those rules will change.

Besides, who's to decide your rules are the right ones? Why not deny SS to people who had LOTS of children? They'll have a family to take care of them, the childless will need the SS. ;)

[afnamvet]

You can have my Navy pension when you pull it from my cold, dead, salty fingers...

LOL!

[art_rocks]

Thats funny but also sad.

Don't be an old person in a retirement home during a natural disaster. You might not make it even if your in good health.

We are getting to the point where it will be a voluntary "Logan's Run" based on age, illness or not being a burden.

How many here have signed up for a cease and desist order?

[gogeo]

Seems to me that you're the whiner here. Try to be a little more civil, please.

Yes, try to be a bit more positive about being $crewed, that's a good chap.

[Kenton]

Yeah, that's the problem. To the MSM we're some monolithic group.

Not to say there isn't fear out there, because a lot of people believed the promises the guv'mint told them and didn't set much aside. A lot of others, like myself, did save.

I think SS is a Ponzi scheme. I just don't know what to do about it so that we don't wind up hurting the country with the way we deal with it. Like I say, phased privitization is probably an idea we should be discussing.

[linda_22003]

"a lot of people believed the promises the guv'mint told them and didn't set much aside."

Then that's silly, because that was NOT the government promise. SS was only intended to supplement one's own retirement plan. My current projected SS payment is about $1900 a month; it would be ridiculous for me to plan to live on that when the time comes, and I have other resources for that reason.

[JPJones]

No, because the program was designed to apply to everyone, and those rules won't change at this point. I think the whole system will go under before those rules will change.

If the rules don't change then it IS going to go under and everyone will be left with nothing.

Besides, who's to decide your rules are the right ones? Why not deny SS to people who had LOTS of children? They'll have a family to take care of them, the childless will need the SS. ;)

Because the people who didn't serve or have kids that are paying into the system, haven't earned it.

And I know it was 'designed for everyone' but that design needs to be revamped for the 21st century, or we'll all be worse off for it.

[winodog]

One is never too old for constructive criticism.
Too bad wisdom doesn't automatically come with being old.

[Twinkie]

I'm 60, husband almost 63 and we hope to work at what we're doing (self-employed) until we drop. We ought to be able to draw Social Security and work, too, but if we can still make as much money working on the flexible schedule we have now, we will forego SS if at all possible. So, you can have what we've paid in. The rocking chair doesn't appeal to us. Most of the people we work with aren't interested in the rocking chair either and have already made plenty without SS. Our wants and needs are fairly simple. . but you should count it all joy to take care of us old geezers you know. I suppose you're one of the Gen X'er ME ME ME bunch. Sigh. . . How we Boomers (The Second Greatest Generation) have sacrificed!! Oh! The humanity of it . . . {{sob}} . .

[art_rocks]

Only problem is a part of mine(X'er) and later generations were taken out in the womb and now can't help support you.

I have no problem with it but we should only be charged what you were so lets reduce FICA down to 2%(?) like it was back in the 50-60s.

[truth_seeker]

"Just wait. Baby Boomers are just starting to retire.

We see certain companies scaling back pension plans.

Now we have to see some local governments do the same thing, such as San Diego. What do you think will happen if their pensions are cut."

Do I think the oldsters will be out in the street, rioting? Will they listen to Mick Jagger sing "I Can't Get No Satisfaction?"

Or will they simply have to get along with somewhat less...that's what I soberly say will happen.

[linda_22003]

"Because the people who didn't serve or have kids that are paying into the system, haven't earned it."

Untrue. In order to have earned it, you have to have paid into the system. Period. Just because you think some people are more morally deserving, is not a reason to set policy that way.

[Kenton]

SS was only intended to supplement one's own retirement plan. My current projected SS payment is about $1900 a month; it would be ridiculous for me to plan to live on that when the time comes, and I have other resources for that reason.

Good plan, smart lady. Me too. The DOW is up over 11,800 as we speak an, ALL TIME HIGH, that should make all of us who have been investing for the future feel better.

Of course, like I told my wife "it won't cost me much to live when I retire because I'll spend most of the time sitting on the front porch in my robe shaking my fist and swearing at teenage hotrodders as they go down my street".

[riverdawg]

"... when the baby boomers hit voting age around LBJ's time ..."

The leading edge of the baby boomers were 18 when LBJ was elected in 1964. You had to be 21 to vote then. Most of the "Great Society" programs which expanded the scope of government intervention and brought us Medicare, Medicaid, etc. were enacted in 1965. All of the baby boomers (born from 1946 to 1964) were too young to vote at that time.

[linda_22003]

LOL.... you sound like my husband. There's an "old guy" on our block who fills that role currently, and sometimes when my husband sounds cranky, I ask him if he's studying to take over the part. ;)

It might not cost YOU a lot to retire, but just imagine how much money your wife will be spending while she's out all day getting away from you. ;-D

[JPJones]

Untrue. In order to have earned it, you have to have paid into the system. Period. Just because you think some people are more morally deserving, is not a reason to set policy that way.

You don't understand how SS works, What you paid in, is already gone!

You have no money "waiting" for you!

[winodog]

So the boomers are responsible for all the ills of the world from 1960 to 2030?

[Hi Heels]

Good God.

Here, let me help....

YADA YADA YADA....THE BOOMERS ARE STEALING MONEY FROM ME ALL CALIFORNIA RESIDENTS ARE EVIL LIBERALS ALL NEW YORK PEOPLE ARE LIBERALS IDIOTS ONLY THE MIDWEST AND SOUTH HAVE ANY POLITICAL SENSE EXCEPT ARKANSAS WHERE EVERYONE MARRIES THEIR BROTHER ALL PEOPLE BORN BETWEEN 1940 AND 1960 ARE DRUG SNORTING HIPPIES WHO I WILL HAVE TO PERSONALLY SUPPORT FOR THE REST OF MY GIGANTIC WALLET PRODUCING LIFE SINCE THEY NEVER DID NOTHING FOR ME AND WHY CAN'T I GET AN AMEN SINCE I HAVE ALL THE DOUGH AND NOT ONE BOOMER WORKS EVER IN THEIR LIVES AND SIT AROUND EATING MUSHROOMS AND PLAYING ARLO GUTHRIE ON THEIR 8 TRACKS WAH WAH WAH...YADA YADA YADA...

eesh. Try and think outside of the box.

In the meantime, let's look at some other generalizations:

All Americans are stupid.

All Christians are uneducated.

All Catholics are child molesters.

Isn't this fun? I just love painting with a broad brush.