Skip to comments.This is the age of war between the generations (Retiring Baby Boomers Threaten us with Bankrupcy)
Posted on 06/03/2010 11:15:13 AM PDT by SeekAndFind
Yesterday was my 58th birthday. If I were a Greek worker I could retire. Although pension payments in Greece normally start around 61, special provisions allow anyone to retire at 58 if they have been in employment for 35 years. That, as it happens, is how long I have been at work. My index-linked pensions from the Greek Government would be worth 75 to 90 per cent of the average salary in the country, guaranteed for the rest of my life by the State.
If you want to know why Greece is going bankrupt and why the euro seems to be on the verge of disintegration, look no farther. The best argument I have ever heard for a break-up of the euro was this observation in a German newspaper: The Greeks go on to the streets to protest against an increase of the pension age from 61 to 63. Does this mean that Germans should extend the working age from 67 to 69, so Greeks can enjoy their retirement?
This, however, is not another article about self-indulgent Greeks and self-righteous Germans. The battle over bailouts in Europe is only a sideshow compared with the great social conflict that lies ahead all over the world in the next 20 years. This will not be a struggle between nations or social classes, but between generations and it is a conflict that, in Britain, begins in earnest this year. The end of the Second World War in May 1945 marked the start of the baby boom, which lasted until the mid-1960s. Now, 65 years later, the corresponding retirement revolution is about to shake up our society, economy and political institutions.
(Excerpt) Read more at timesonline.co.uk ...
If the gov'ts (and corps) fully funded pensions on a year by year basis using the Fed's LT interest rates all should be well unless the Fed screws up.
What are the chances of the FED screwing up?
- Aaron Zelman and Claire Wolfe
I don’t know about England but here in the States, it was the Baby Boomers that built this country and made it one of the most powerful, must economically sound and most peaceful Nations in the world. Look at the country now. It’s not the Baby Boomers that are running it and tearing it down.
Sorry, I forgot the /sarc.
The boomers were held hostage by Social Security like everyone else:
When did Social Security start?
The Social Security Act was signed by FDR on 8/14/35. Taxes were collected for the first time in January 1937 and the first one-time, lump-sum payments were made that same month. Regular ongoing monthly benefits started in January 1940.
As one of those “boomers” who has been forced to pay in to that society all my life, if I’m now told to “get lost” I would have to reply,
“Oh, I’ll get something but lost won’t be it!”
Are you telling us you won't be accepting social security? After being forced into the system?
How much of the current new ongoing debt is related to the baby boomers? Good grief.
We have a nine year old who hates the United States with a passion, and is running around with the national credit card running up the balance to an unserviceable total. What more needs to be said?
*it was the Baby Boomers that built this country and made it one of the most powerful, must economically sound and most peaceful Nations in the world.*
If not....how did you get here and inherit such a great country? Just look at the work ethics then and now. Look at what they produced. Look at how they protected this country for you and others so you could pick up and carry on. Now look at the younger generation and what they have done to our country. The Baby Boomers made their share of mistakes.........after all they are human, but.......they did their best and when you compare that today, the peoples best doesn’t even come close to being good. Just look at the people in Washington DC.
Consider the insurance premium exacted from the employer for aging employees.
Consider the very real effects of declining health.
Consider the financial & tax impact of 'double income.'
Consider the attitude of 'Bright Young Things' towards older people.
Consider the current unemployment rate.
Consider a previous Corporate Officer taking a job as a Walmart Greeter or McDonalds Counter Assistant!
.... .... or maybe as a Legislator - but that means being an incumbent!
Damn’d old boomers anyway.
For the past 60 years, everyone has said “Social Security is an inviolable compact between the generations.”
Well, the compact got broken this year when SS recipients didn’t get their increase in ‘cola’ because of inflation.
I think the government employees unionists and Congress got theirs however. Apparently the compact with themselves is more sacred.
Damn! I never get credit for anything. I was born June 29, 1945, a little too old to be a boomer.
No no. It was very clearly enunciated by Glenn Beck: there were the guys who went to the moon; and there were the guys and gals who went to Woodstock.
I totally agree. If they want me out of the Social Security system, pay me back all the money I had to pay into it, all my life, with interest.
Well, of course! Principles, you know.
I qualify, suckah.....spring of 1947; proudly suckling for a year now.
My dad paid in from inception until he died in 1974 and never received a dime.
Well if that’s the case, you should be able to deduct your FICA as a tax deductible contribution to the Gov. And from one baby boomer to another... thanks.
I would guess that you have no respect for your parents or grandparents or any others. Social Security was forced on the people and they have been taxed for it ever since its been around.
and, Shazasm, we have just instituted Nationalized Health Care, complete with Death Panels. What a coincidence!
As the Man said F me now I will definitely F you later, my Platoon Sgt.
>> 1946 and 1964
I thought it was 1945-1955
Not to worry. They’ll all be gone soon and you and yours can tear this country apart. But remember, there’ll be no one around to ask what to do.
I don’t blame the Boomers. Rather, I blame our irresponsible government who allowed the liabilities to become massively underfunded.
I also don’t begrudge Boomers taking their share of SS. However, it should be acknowledged that the Boomers’ kids (of which I’m one) will have a much lower standard of living as their FICA payments will have to increase dramatically to fund their parents SS payments. This whole situation is a real mess and speaks volumes to the incompetency of government.
Yep, I agree. If you offered the children of the Boomers double or triple the payments, I bet they would be the first ones in line to collect it.
The United States, the industrialized European nations (UK, France, Germany, etc.), Japan, South Korea and Australia have combined to kill OVER 130 MILLION babies in abortuaries since the end of the Baby Boom. This is the reason that these programs are going broke, they were all designed based on the presumption of normal population growth and when that didn't happen the entire model started to collapse and we are just now seeing it.
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Did they tell you 1 in 3 Greeks are government employees?
Man, you are really full of hate for the older generation aren’t you? Too bad......you’ll miss them and you’ll find out one day what it’s like to be in their shoes.
The United States Supreme court ruled to have prayer removed from schools in 1962; Roe was in 1973, Sodomy laws in 2003...
We should put the blame where is belongs: socialists who want to replace God and family with big government.
I won’t be shedding tears over very many of you passing. Please get on with that already. The ways you have collectively twisted this country into a libidinous, licentious, perverted and financially screwed semi-Mexican wasteland are innumerable.
How dare you speak like an adult? It is more fun and much easier to blame boomers who never participated in the Woodstock culture.
You know, those folks who worked hard, were responsible and conservative.
It is always foolish to blame a whole generation. It is smart to blame those who really are to blame.
“Since no such reforms are ever likely, I look forward to the Greek Government being forced to sell the Parthenon and to Oxford and Cambridge being turned into luxury old peoples homes.”
I’m good with the stuff about Oxford and Cambridge. Why don’t we throw in the Ivy League and Berkeley also.
Actually, if you read Megatrends 2000, those authors attribute the start of the 'babyboom' generation to 1942. Because that is just after when the first wave of WW2 soldiers went off to war.
None of the men who walked on the moon were Baby Boomers. IIRC, the youngest of those guys was born in 1943.
“I dont know about England but here in the States, it was the Baby Boomers that built this country and made it one of the most powerful, must economically sound and most peaceful Nations in the world. Look at the country now. Its not the Baby Boomers that are running it and tearing it down.”
I’m pretty sure youngsters, minorities, lawyers, quants, bankers and public employee union members elected the Obaminator. No doubt some were boomers. But the yutes went disproportionately for the bad guy who wants to make all of these inter-generational problems worse.
I have to agree because millions of 'babyboomers' have paid into the system and have been employed for all of their lives.
The problem actually began under Johnson because he, with a democrat Congress, changed the 'trust fund' from being that and moved it into the 'general fund'.
Why? Because there was a big pot of money accumulated and they wanted to spend it. Also, every year since then Congress, both parties, have spent the surpluses that SS generated. All the while they have been telling us SS need to be 'reformed'. Code word for screwing all of us.
“No no. It was very clearly enunciated by Glenn Beck: there were the guys who went to the moon; and there were the guys and gals who went to Woodstock.”
They not only went to Woodstock, they went into politics, journalism and education. That odious lot from the boomers is resposible for most of the mess we are in today.