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
100%
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.*
Uh, no.
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.
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