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Will Millennials leave US to avoid becoming the 'chump' generation? (the Republicrat legacy!)
The Christian Science Monitor ^ | 2010-03-10

Posted on 03/10/2010 1:10:21 PM PST by rabscuttle385

If Millennials realize they're going to have to pay the fiscal price for baby boomers' sins, they might choose to leave the US for more financially friendly locations.

BY TIM KANE

What if they had a fiscal crisis, and nobody came? What if the chump generation figures out the Ponzi scheme? Bob Samuelson thinks the fallout will be political:

... As baby boomers retire, higher federal spending on Social Security, Medicare and Medicaid may boost Millennials' taxes and squeeze other government programs. It will be harder to start and raise families.

Millennials [ages 30 and younger] could become the chump generation. They could suffer for their elders' economic sins, particularly the failure to confront the predictable costs of baby boomers' retirement.

Samuelson asks the question in a political context, and that's how most analysts interpret the looming fiscal crisis, as if young voters will punish fiscally irresponsible representatives in Washington. My alternative theory focuses on the context of immigration. Already you may have heard about the millions of illegals who departed the U.S. when the Great Recession dried up job opportunities. A lot of crass nativists might think "Good Riddance!" but I wonder what they'll say when their own children seek greener pastures abroad in 10 or 20 years?

(Excerpt) Read more at csmonitor.com ...


TOPICS: Australia/New Zealand; Business/Economy; Canada; Culture/Society; Front Page News; Government
KEYWORDS: babyboomers; biggovernment; boomers; braindrain; cwii; generationy; immigration; jobs; millennials; republicratfailure; taxes; welfare
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1 posted on 03/10/2010 1:10:21 PM PST by rabscuttle385
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To: rabscuttle385

But where will Americans go? This is the world’s last best hope and most nations don’t have such open border policies.


2 posted on 03/10/2010 1:11:51 PM PST by a fool in paradise
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To: rabscuttle385

Wait just a minute. They voted for this guy, they should be forced to live under his BS laws.


3 posted on 03/10/2010 1:12:42 PM PST by Marty62 (former Marty60)
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To: rabscuttle385

“the U.S. when the Great Recession dried up job opportunities. A lot of crass nativists might think “Good Riddance!” but I wonder what they’ll say when their own children seek greener pastures abroad in 10 or 20 years?”

Then they will figure out fascist ways to keep them in the country and working themselves to death. Expatting is looking more and more inviting and a lot of people are just going to wash their hands of this mess.


4 posted on 03/10/2010 1:12:45 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: qam1; bamahead; Bokababe; djsherin; Impy
So now that the reckoning is all but unkickable, do the Boomers think their kids and grandkids will just become fiscal serfs? Think again.

This young American thinks it's long past time to slash and burn the rotting carcass that is Big Government!

5 posted on 03/10/2010 1:12:55 PM PST by rabscuttle385 (Live Free or Die)
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To: fanfan
The threat America faces is a world that competes for our greatest natural resource: it's young. If we make the tax climate hellish, the U.S. is going to suffer outmigration as places like Canada, Australia, Brazil, Mexico, Chile realize what an opportunity they have to cream our entrepreneurial talent. If we don't, and let the deficit spiral out of control, the dollar will fall and workers will go elsewhere for value reasons. There's already a migratory tension in Europe, waged primarily with favorable tax treatment for high net worth immigrants.

fyi

6 posted on 03/10/2010 1:14:23 PM PST by rabscuttle385 (Live Free or Die)
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To: rabscuttle385

My daughter’s becoming fluent in Japanese and ASL. Maybe a couple of other languages wouldn’t hurt.


7 posted on 03/10/2010 1:15:20 PM PST by poobear
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To: rabscuttle385
It will probably look something like this

Obama will not allow his surfs to attempt to flee the land. They must be made to serve their socialist masters.
8 posted on 03/10/2010 1:15:24 PM PST by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: rabscuttle385
The entitlements Late Boomers expect aren't going to last that long. They are the first chump generation.
9 posted on 03/10/2010 1:17:34 PM PST by Carry_Okie (Grovelnator Schwarzenkaiser, fashionable fascism one charade at a time.)
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To: rabscuttle385

This article does not even take into consideration the state and local governments’ pension Armageddon that is in the not so distant future.

A great reckoning is coming, and is unavoidable....and future Americans will refuse to become tax slaves—whether they leave or lead the 2nd American Civil War. I just don’t see how America survives in its’ present form.


10 posted on 03/10/2010 1:18:33 PM PST by rottndog (WOOF!!!)
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To: rabscuttle385

Why should they stay? Social Security and Medicare will be bankrupt by the time they reach retirement. And that doesnt include a $12 trillion dollar debt.


11 posted on 03/10/2010 1:19:04 PM PST by jerry557
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To: rabscuttle385

The gov already covered this. The USA is one of the few governments that tax their ex-pats no matter where they live.


12 posted on 03/10/2010 1:19:08 PM PST by edcoil (If I had 1 cent for every dollar the government saved, Bill Gates and I would be friends.)
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To: qam1; ItsOurTimeNow; PresbyRev; Fraulein; StoneColdGOP; Clemenza; m18436572; InShanghai; xrp; ...
Xer Ping

Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.

Freep mail me to be added or dropped. See my home page for details and previous articles.

13 posted on 03/10/2010 1:19:40 PM PST by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: rabscuttle385

“The threat America faces is a world that competes for our greatest natural resource: it’s young. If we make the tax climate hellish, the U.S. is going to suffer outmigration as places like Canada, Australia, Brazil, Mexico, Chile realize what an opportunity they have to cream our entrepreneurial talent. If we don’t, and let the deficit spiral out of control, the dollar will fall and workers will go elsewhere for value reasons. There’s already a migratory tension in Europe, waged primarily with favorable tax treatment for high net worth immigrants”

Very prophetic.


14 posted on 03/10/2010 1:21:45 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: rabscuttle385

>If Millennials realize they’re going to have to pay the fiscal price for baby boomers’ sins, they might choose to leave the US for *more financially friendly locations*.

You know, places like: Cuba, Argentina, Venezuela, Rawanda, Mexico... pretty much anywhere.


15 posted on 03/10/2010 1:22:16 PM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: rabscuttle385
Social Security, Medicare and Medicaid

Boomers had zero to do with creating those programs, Governor Palin was one year old when America passed the last two (the oldest boomer was still a teen) and SS is from the 1930s.

16 posted on 03/10/2010 1:22:41 PM PST by ansel12 (Social liberal politicians in the GOP are easy for the left to turn, why is that?)
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To: rabscuttle385
Well retirees may have to follow them abroad with their meager retirement benefits as well!
17 posted on 03/10/2010 1:22:51 PM PST by Dem Guard
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To: Carry_Okie

I wonder, if euthenasia is indeed enacted against the parents of the boomers, then I am sure that once the boomers are on the chopping block, that their children will enthusiastically apply it and then end it.

Then teach the younger generations about the crimes, damage, and infamy of the boomers.


18 posted on 03/10/2010 1:23:09 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: rottndog

“A great reckoning is coming, and is unavoidable....and future Americans will refuse to become tax slaves—whether they leave or lead the 2nd American Civil War. I just don’t see how America survives in its’ present form.”

Yes it is, let it come. America needs to go through a purging.


19 posted on 03/10/2010 1:23:52 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: ansel12
Boomers had zero to do with creating those programs

Medicare Part D was a Boomer creation.

20 posted on 03/10/2010 1:23:59 PM PST by rabscuttle385 (Live Free or Die)
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To: a fool in paradise

Re: “Where will Americans go?”
Likely many of the same places they have already been going for the last few decades. There are already American expats living all over the world, getting businesses off the ground on every continent. Check out the engineering and management staffs of many (I did not write “all.” I wrote “many.”) of the the semiconductor fabs in SE Asia, for example.

Re: “most nations don’t have such open border policies.”
Actually, many attractive nations do, in fact, have pretty open border policies for the productive young (”young” in this context meaning “not retired or close to retirement”). The productive young — and they alone — are the people that this article is about. Even famously monoethnic Japan has granted Japanese citizenship to productive Gaijin. I met a Japanese citizen from Poland on the Shinkansen one day. He’d been granted Japanese citizenship for himself and his entire Polish family because his kiretsu needed his skillset. As for other attractive countries — New Zealand, for example — getting in if you are properly educated and trained is apparently pretty straightforward.

So, don’t fool yourself. There are plenty of countries that can, and want to, take productive young people from the USA.


21 posted on 03/10/2010 1:27:55 PM PST by Jubal Harshaw
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To: rabscuttle385

The two Flash Jrs. (’05 and ‘07) already have their foreign passports.

But the Chump Generation isn’t going to be the Millenials, it’s going to be the late Boomers and Gen X — because when the Millenials are faced with toiling endlessly to keep the Senior Gravy Train running, Atlas is going to Shrug.


22 posted on 03/10/2010 1:27:58 PM PST by Flash Bazbeaux
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To: ansel12

Boomers (I’m one) gave robust support to governments which have pillaged the economy and avoided facing the facts of Social Security for the last 25 years.


23 posted on 03/10/2010 1:29:08 PM PST by Chaguito
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To: Niuhuru
Then teach the younger generations about the crimes, damage, and infamy of the boomers.

You mean like the Great Society? Like keeping Democrats in Congress for forty years? Like not dumping an insolvent Social Security when they had the chance? Like deducting even their credit card debt?

Oh, wait, that's "the Greatest Generation," so deemed by that great conservative, Dan Rather.

News to Niuhuru: There is plenty of blame to go around.

24 posted on 03/10/2010 1:29:56 PM PST by Carry_Okie (Grovelnator Schwarzenkaiser, fashionable fascism one charade at a time.)
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To: edcoil

well, people can renounce their citizenship.

I’ve certainly considered it.


25 posted on 03/10/2010 1:29:56 PM PST by hyperconservative
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To: Jubal Harshaw

New Zealand rejected an application because the person submitting was “obese”. That would eliminate one half of the United States if we are to believe the pravda media.


26 posted on 03/10/2010 1:30:13 PM PST by a fool in paradise
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To: Niuhuru
Yes it is, let it come. America needs to go through a purging.

It appears that the tree of liberty may need to be watered again.
27 posted on 03/10/2010 1:30:49 PM PST by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: GonzoGOP

It is already law.
Code section 877A (enacted by section 301 of the Heroes Earnings Assistance and Relief Tax Act of 2008)

Federal / International Tax
US Exit Tax Guidance

November 17, 2009
Printer-Friendly Version
Originally published in Canadian Tax Highlights, Volume 17, Number 11, November 2009. Reprinted with permission.
Notice 2009-85 (2009-45 IRB 598), October 15, 2009, contains long-awaited guidance on the new exit tax rules in Code section 877A (enacted by section 301 of the Heroes Earnings Assistance and Relief Tax Act of 2008 to replace Code section 877’s 10-year alternative tax regime on certain US-source income of covered expatriates). The exit tax may apply to a US citizen who relinquishes citizenship and to a long-term US resident (who has held a green card for at least 8 of 15 years) who ceases to be a lawful permanent resident. A “covered expatriate” generally includes an individual who meets an income tax liability test or a net worth test and may include an individual who has not filed US tax returns. The notice may be of particular interest to a US citizen living in Canada who may be considering the renunciation of his or her US citizenship.

Code section 877A(a) imposes a mark-to-market regime on a covered expatriate: generally, all of his or her property is deemed to have been sold at FMV on the day before expatriation. Regardless of other Code rules, the deemed gain is included in that taxable year’s gross income and reduced—but not below zero—by $600,000, adjusted for inflation ($626,000 in 2009); but any loss from the deemed sale is taken into account only if allowed by another Code section. Payment of the resulting tax may be deferred until the due date of the return for the taxable year of actual disposal.

http://www.hodgsonruss.com/Home/Practice_Areas/Alphabetical_Listing/Federal_International_Tax/Articles/USExitTaxGuidance


28 posted on 03/10/2010 1:30:56 PM PST by JerseyHighlander
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To: rabscuttle385

We’re doing it with our business. Moving from WA to Idaho. Done with WA state.


29 posted on 03/10/2010 1:31:13 PM PST by RinaseaofDs
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To: Carry_Okie
The entitlements Late Boomers expect aren't going to last that long. They are the first chump generation.

If Obama et alia have their way, I think we boomers are going to be told to just die at the first sign we have become useless eaters.
30 posted on 03/10/2010 1:33:14 PM PST by Nepeta
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To: Jubal Harshaw

Two of my friends decided they would find adventure in Mozambique and Vietnam.

They are very happy!


31 posted on 03/10/2010 1:34:00 PM PST by griswold3 (You think health care is expensive now? Just wait till it's FREE!)
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To: rabscuttle385

BS they will have to pay for baby boomer’s sins.

BS

BS

How about paying for corrupt government’s sins!?


32 posted on 03/10/2010 1:38:48 PM PST by Freddd (CNN is down to Three Hundred Thousand viewers. But they worked for it.)
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To: a fool in paradise
But where will Americans go? This is the world’s last best hope and most nations don’t have such open border policies.

Maybe they'll go to the only nation that still values liberty. I'm speaking, of course, of Honduras.

33 posted on 03/10/2010 1:39:18 PM PST by The Duke
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To: rabscuttle385

Medicare, SS, and Medicaid were not boomer creations, boomers did not make the world perfect nor totally stop the march of liberalism, but they did slow it, most of the left’s great gains were made roughly from 1935 to 1975, the left started running into a tar pit as the boomers came of age to start voting and participating in American life.

The first Presidential election in which all boomers could vote was the 1984 reelection for President Reagan. By the late 1980s the older boomers were starting to enter the lower positions of power, nothing since has been as destructive as that 1935 to 1975 period of fatal, irreversible destruction of America.


34 posted on 03/10/2010 1:40:04 PM PST by ansel12 (Social liberal politicians in the GOP are easy for the left to turn, why is that?)
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To: rabscuttle385
"It will be harder to start and raise families."

And this is why Europe is dying.

35 posted on 03/10/2010 1:41:57 PM PST by SargeK
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To: a fool in paradise

Let me put it to you this way, I’m learning Polish.


36 posted on 03/10/2010 1:43:10 PM PST by dfwgator
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To: rabscuttle385

Not as much of a stretch as one might think. I’m a huge ice hockey fan, and one of the remarkable trends I’ve seen is young players from Eastern Europe going back there to play even during their peak years. The Russian professional leagues have done a good job of getting talented players to move there.


37 posted on 03/10/2010 1:43:21 PM PST by Alberta's Child (God is great, beer is good . . . and people are crazy.)
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To: Chaguito
Boomers (I’m one) gave robust support to governments which have pillaged the economy and avoided facing the facts of Social Security for the last 25 years.

Boomers have been trying to change SS for the better. If you are old enough, then you remember the truly leftist radicalism of pre boomer generations.

38 posted on 03/10/2010 1:43:28 PM PST by ansel12 (Social liberal politicians in the GOP are easy for the left to turn, why is that?)
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To: ansel12

The “sins of the Boomers” wasn’t in creating those programs . . . it was in failing to have enough children to keep those programs solvent.


39 posted on 03/10/2010 1:45:21 PM PST by Alberta's Child (God is great, beer is good . . . and people are crazy.)
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To: a fool in paradise

They won’t leave, they’ll “go Galt.” It’ll be like Greece.


40 posted on 03/10/2010 1:48:00 PM PST by Cboldt
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To: Alberta's Child
The “sins of the Boomers” wasn’t in creating those programs . . . it was in failing to have enough children to keep those programs solvent.

I disagree.

ANY program which depends on a large influx of new blood was poorly designed to begin with, or wrong at its core.

41 posted on 03/10/2010 1:48:16 PM PST by TChris ("Hello", the politician lied.)
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To: rabscuttle385

The ones who leave will be the bright and energetic - and probably home schooled. The ones who stay will be clueless graduates of government schools who were easily convinced that Zero was their savior.


42 posted on 03/10/2010 1:49:40 PM PST by Malesherbes (Sauve qui peut)
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To: TChris

I agree with you 100%. Having said that, it’s hard to make the case that having a below-replacement birth rate is good for the long-term prospects of a nation.


43 posted on 03/10/2010 1:51:21 PM PST by Alberta's Child (God is great, beer is good . . . and people are crazy.)
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To: Carry_Okie

I know, but the boomers could have moderated the amount that got doled out. Or prevented the whole ‘slavery reparations’ movement or not butchered an entire generation and then only regretted it because of the lack of people paying into the SS system.


44 posted on 03/10/2010 1:51:35 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: Alberta's Child

Those programs were fatally flawed at creation. When the Social Security retirement benefits were created, average age at death was right around the average age at retirement. Creating a system that assumed this would always be so was insane.


45 posted on 03/10/2010 1:56:07 PM PST by FreedomPoster (No Representation without Taxation!)
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To: ansel12

Trouble is, we boomers haven’t had any choices truly brave enough to go after the obviously coming insolvency of SS, etc. Anyone who made a show of attacking the problem met a cowardly imperial congress head on.


46 posted on 03/10/2010 1:58:24 PM PST by Chaguito
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To: edcoil

And if the expats refuse to pay, and the government of their new home thumbs their noses at the IRS as US influence declines, then what?


47 posted on 03/10/2010 1:59:17 PM PST by coydog (Time to feed the pigs!)
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To: GonzoGOP

Where is that road?


48 posted on 03/10/2010 1:59:44 PM PST by tbw2 (Freeper sci-fi - "Humanity's Edge" - on amazon.com)
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To: tbw2
Where is that road?

Long gone, that "road" was the mine field behind the Berlin wall. It was mostly either sand or some kind of fine grained soil so that they could see any footprints from people trying to clear the mines. There was a road right along the wall for patrols.
49 posted on 03/10/2010 2:02:58 PM PST by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: rabscuttle385

LOL! The BS in this article is overwhelming. Robert Jacob Samuelson (born December 23, 1945) is a contributing editor of Newsweek and The Washington Post and the CSM is a lefty rag of biblical proportions.

The “Millennials” won’t go anywhere where there are no flush toilets, internet or American Idol re-runs. They’ll sit around on mom’s coach and whine about soda pop taxes.


50 posted on 03/10/2010 2:04:20 PM PST by ScreamingFist
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