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Are baby boomers to blame for debt crisis?
CNN ^ | 2011-07-29 | Ed Hornick

Posted on 07/30/2011 10:32:57 PM PDT by rabscuttle385

Baby boomers -- those born between 1946 and 1964 -- have been described as "the pig in the python" and the "sandwich generation."

They lived well, grew up in relative abundance and, some say, expected their Social Security, health care and government support to be there as they grew old.

Now, as the future of the country's economy is up in the air, is this group of 80 million aging Americans -- many of whom are sprinting toward retirement age -- the ones to blame for the nation's shaky economic system?

(snip)

Thomas Firey, a senior editor at the conservative Cato Institute and member of generation X, said it's unclear as to what's going to happen to Social Security.

"Under current law, what's supposed to happen is once the trust fund runs dry, the benefits are to be cut by roughly 25% to bring it back into balance. Each year's income will equalize the outflow," said Frey..."But no one expects that to happen. (So) are we going to raise taxes on current workers? Are we going to get rid of the tax?"

But criticizing baby boomers is not necessarily a politically wise thing to do, especially when it comes to their voting behavior.

(snip)

Jerry Shereshewsky, the self-described "chief grown-up" at the firm GrownUpMarketing, is a baby boomer. The 65-year-old said it's not his generation group to blame, it's Congress'.

"It was not a secret that this largest cohort in American history was going to get older every year," he said. "The fact that Congress has not done a very good job of keeping up with what is really happening in the world: life expectancy, better medical care. You give people a lot of cake and ice cream, they're going to eat it."

(Excerpt) Read more at articles.cnn.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: biggovernment; boomers; debt; fedzilla; gagdadbob; globalists; medicaid; medicare; nwo; onecosmosblog; rapeofliberty; republicrats; socialism; taxes
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The 65-year-old said it's not his generation group to blame, it's Congress'.

You - and the rest of your generation - voted for them.

Reap what you sow.


1 posted on 07/30/2011 10:33:00 PM PDT by rabscuttle385
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To: rabscuttle385

Congress and LBJ are the chief idiots...War on Poverty, all the alphabet agency’s that have blossumed since the 60’s. Some old foggy like me is not to blame. I never voted for a democrat since Kennedy. Truth be known lots of us voted for him cause he was catholic...


2 posted on 07/30/2011 10:42:04 PM PDT by goat granny
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To: goat granny
I never voted for a democrat since Kennedy.

But I bet you voted for plenty of Republicans, many of whom were quite happy to continue the maintenance and expansion of Big Government.

3 posted on 07/30/2011 10:44:10 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385

The thing is you are forced to participate in the system
so I do not blame people who were forced to take some of their paycheck and put it into a system and in return they were told they would get the money when they retired. Heck you can not opt out of it. The congress stole the money and used it for other things and gave it to people who never paid into the system. So I don’t blame those born between those years. As far as “reaping what you sow” for voting either party both of which are dirty should they just not have voted?


4 posted on 07/30/2011 10:44:22 PM PDT by funfan
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To: rabscuttle385

The elephant in the room is abortion.


5 posted on 07/30/2011 10:45:59 PM PDT by Lauren BaRecall (Boehner, you THUG B@st@rd!)
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To: funfan; qam1
As far as “reaping what you sow” for voting either party both of which are dirty should they just not have voted?

No, they should have stopped to think and voted with their consciences instead of playing the games of "oh, so and so can't win...he (or she!) isn't electable!" and "if you don't vote Republican, you're voting Democrat!"

6 posted on 07/30/2011 10:46:06 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385
You - and the rest of your generation - voted for them.

Not true. The Baby Boomers have been traditionally right wing. Always end up voting for the GOP candidates. Now Gen X and the Millennials is a different matter.

7 posted on 07/30/2011 10:47:15 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: rabscuttle385

No, it’s the socialism, stupid. DEFUND socialist collectives, foreign and domestic. The parasites will collapse and WE the people will be solvent very fast.


8 posted on 07/30/2011 10:48:29 PM PDT by PGalt
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To: Lazlo in PA
Always end up voting for the GOP candidates.

Not all GOP candidates - presidential or Congressional - are of the small-government variety.

It is possible to vote for a Big Government Republican like Bush or McCain.

9 posted on 07/30/2011 10:50:04 PM PDT by rabscuttle385 (Live Free or Die)
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To: PGalt
No, it’s the socialism, stupid. DEFUND socialist collectives, foreign and domestic.

Well, considering that Social Security, Medicare, and Medicaid are socialist collectives, I'd say - let's start with those programs.

10 posted on 07/30/2011 10:51:24 PM PDT by rabscuttle385 (Live Free or Die)
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To: goat granny
". . . those born between 1946 and 1964 . . . "

Those born between 1935 and 1950. Especially in the north east. The ones who are children of Stalinist dupes.

After Stalin's death, Khrushchev exposed his atrocities. Communist Party membership in the U.S. virtually ceased to exist.

Unfortunately, they had already indoctrinated their kids. Second generation Commies have had extraordinary success in America.

yitbos

11 posted on 07/30/2011 10:51:43 PM PDT by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: rabscuttle385
We do not know how they voted so it does not really matter. I just feel the blame is on the custodians of the money who is the Congress. At this point I do not trust any politician. Just wait till no more SS dollars are paid out guess what they will still withhold the money from your check but it will just go elsewhere. I do get your point though and I understand your frustration.
12 posted on 07/30/2011 10:52:18 PM PDT by funfan
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To: rabscuttle385
Well, the greatest generation put LBJ in office. LBJ looted SS. After that, you can blame the boomers. They never fixed the problem b/c they are the problem. As a boomer I know. I have NEVER voted for a DIM. Unlike most of my compatriots.
13 posted on 07/30/2011 10:52:20 PM PDT by Nuc 1.1 (Nuc 1 Liberals aren't Patriots. Remember 1789!)
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To: rabscuttle385

HUM no we did not vote them in.Only the boomer born in 1946 were old enough to vote when the trust fund was directed to the general fund in 1967.


14 posted on 07/30/2011 10:52:32 PM PDT by chris_bdba
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To: rabscuttle385

Boomers are a big part of the problem. But not all of them. And not the whole problem.

My generation - X - caused a lot of this.

The .Com bubble....the housing bubble....the hyper-spending by the Feds and many state and local governments....the out of control personal debt....that was mostly us.


15 posted on 07/30/2011 10:52:49 PM PDT by Psycho_Bunny (Public employee unions are the barbarian hordes of our time.)
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To: funfan
I just feel the blame is on the custodians of the money who is the Congress.

Who put them in power?

Ah yes, the voters.

16 posted on 07/30/2011 10:53:30 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385

Your comment is kind of like saying you, and the rest of your generation, voted for Obama.


17 posted on 07/30/2011 10:54:17 PM PDT by NotFinished
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To: rabscuttle385

I might remind you that us baby boomers, the 80 MILLION of us have not YET drawn a dime of the $TRILLIONS of dollars that we contributed which was robbed to support Generation X and Y’s ability to live off of welfare in the form of food stamps, housing subsidies, WIC, school lunches, electricity subsidies,unemployment benefits (by the way which weren’t available to us when we lost our jobs which was extended for YOUR benefit in 2010), and subsidized health care and Pell Grants. I hope YOU enjoyed it. AND, I might remind you that generation X has been voting themselves since about 1982! REAP WHAT YOU SOW!


18 posted on 07/30/2011 10:54:18 PM PDT by RowdyFFC
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To: chris_bdba
HUM no we did not vote them in.Only the boomer born in 1946 were old enough to vote when the trust fund was directed to the general fund in 1967.

No, but they could have put an end to the "trust fund" chicanery in the years following.

19 posted on 07/30/2011 10:54:27 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385

When handed a bucket of s#!t and told to pick the best turd, you are screwed. I voted for Romney last go round just because he was the best of the bunch. Sometimes there is no clear good choice. The point is that Boomers are not the dope smoking hippies that the movies portray them as. They are right wing. They are not the problem and shouldn’t be scapegoated. I am 38 so I have no dog in that fight.


20 posted on 07/30/2011 10:54:45 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: NotFinished

A nice reminder. THANK YOU!


21 posted on 07/30/2011 10:56:00 PM PDT by RowdyFFC
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To: Lazlo in PA
When handed a bucket of s#!t and told to pick the best turd, you are screwed.

You still have the choice to fight back.

22 posted on 07/30/2011 10:56:55 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385
And many in Congress are baby boomers, as has been the case for many years, now. I blame the generation or two prior to the boomers for putting the framework in place for the vast expansion of government. But I blame boomers for the fiscal mess that we now find ourselves in due to the wanton spending over the past few decades, the past decade in particular. Yes, Congress can be blamed, but who keeps putting the liberal/Marxist tools in office? Of course, nothing is ever the fault of this self-absorbed generation, so the criticism will roll right off them - "we didn't start the fire", and all that nonsense.
23 posted on 07/30/2011 10:58:10 PM PDT by Major Matt Mason (“I must confess, when I see anyone with an Obama 2012 bumper sticker, I recognize them as a threat")
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To: RowdyFFC

Perfectly said. Thank you.


24 posted on 07/30/2011 10:59:26 PM PDT by peggybac
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To: Major Matt Mason
Yes, Congress can be blamed, but who keeps putting the liberal/Marxist tools in office?

Finally, someone is getting the message.

If one does not want socialism (or socialism lite, which is still socialism), then don't vote for it.

25 posted on 07/30/2011 11:00:03 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385

Absolutely a fact that the voters of that period put these policies in place and refused to look at what was happening. I absolutely blame my generation and that which followed for giving all these Democrats too much power and trust.


26 posted on 07/30/2011 11:00:52 PM PDT by arrogantsob (Why do They hate her so much?)
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To: rabscuttle385

My Family lived in Summit,AK when I was born and Dad was in charge of the meat. Mom was in charge of the dry goods and her twice yearly visits to Anchorage on the RR. If somebody wants to say I am responsible for their problem, I was taught to be responsible for kicking their ass.


27 posted on 07/30/2011 11:01:17 PM PDT by eyedigress ((Old storm chaser from the west)?)
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To: rabscuttle385

A big problem is that people no longer take failure seriously.

In the old days when a person failed they lived under a bridge or highway overpass.

These days failures expect to live in nice homes.

The prospect that they could end up completely destitute never entered the mind as a possibility.


28 posted on 07/30/2011 11:03:35 PM PDT by Berlin_Freeper (Obama is making me sick.)
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To: rabscuttle385
You still have the choice to fight back.

Did that in '10. As far as I am concerned, that turned out well. We have a Conservative Gov and one Conservative Senator in PA plus swept both houses. A Conservative Gov is something that has never happened before here. I am not one of these dudes that sit things out. I have voted in every single election, no matter how small, since I started voting. Drove 5 hours home from college 3 times because I didn't trust the absentee ballots.

29 posted on 07/30/2011 11:06:10 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: rabscuttle385
Voted for Nixon, Reagan, Bush 1 (figured he'd continue with the Reagan policy's...he didn't the jerk)n Bush 2 was a vote against Gore. He would have been far worse. The guy is a nut case...Most of the time it is a vote against the other guy...Wouldn't have voted for McCain (cannot stomach the jerk) but did vote for Palin....Lets face it, when it comes to politics, its not the cream that rises to the top, its the scum....Usually a vote between bad and worse...Lets hope it's better this time....so far I don't like any of the candidates that have thrown their hats in the right...
30 posted on 07/30/2011 11:07:58 PM PDT by goat granny
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To: rabscuttle385

Don’t forget we had an extremely pro big government press who did not do their duty.


31 posted on 07/30/2011 11:08:15 PM PDT by lone star annie
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To: rabscuttle385; ItsOurTimeNow; PresbyRev; Fraulein; StoneColdGOP; Clemenza; m18436572; InShanghai; ..

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.  

32 posted on 07/30/2011 11:09:15 PM PDT 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

They lived well, grew up in relative abundance and, some say, expected their Social Security, health care and government support to be there as they grew old.


Of course they expected it to be there. They paid into it for a large portion of their lives and were repeatedly told that the money was safe. In a lockbox. Untouchable. Now when it comes time to get the money they were promised back, A-holes like this writer speak about them as if they are greedy moochers.

This kind of reporting is disgraceful. Seriously, how can people actually think like this?


33 posted on 07/30/2011 11:09:31 PM PDT by Personal Responsibility (if there were a little more of me around we'd all be better off.)
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To: Berlin_Freeper
In the old days when a person failed they lived under a bridge or highway overpass.

In the old days people would dust themselves off and do it again. Never quit, never give up. The safety net is to big now. If you fail, you just whine and take handouts.

34 posted on 07/30/2011 11:09:40 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: goat granny
Voted for Nixon, Reagan, Bush 1 (figured he'd continue with the Reagan policy's...he didn't the jerk)n Bush 2 was a vote against Gore. He would have been far worse. The guy is a nut case...

So basically, all you (and other voters like you) did was kick the can down the road.

If Gore had been elected in 2000 and gone nuts like Obama, it's quite possible that the Tea Party would have arisen to challenge him and the other statists eleven years ago.

35 posted on 07/30/2011 11:11:27 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385
Please! This swill of blanket blame (or praise) of a entire generation for everything and anything that occurred during their lifetime gets a bit tiresome.
36 posted on 07/30/2011 11:15:31 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: qam1

That’s right, blame an entire family of boomers who lived 25 mi. from Mt.McKinley and Mom could only get the train after the sno-go came through.

Unfortunately for you there are 7 children that survived. You can take your muti-media boomer outbreak and shove it.


37 posted on 07/30/2011 11:15:34 PM PDT by eyedigress ((Old storm chaser from the west)?)
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To: rabscuttle385

Too funny! Your rant against the baby boomers, when this crop of current commies was voted in by YOU X & Y’ers, INCLUDING Obama and the cadre now serving who were handed the keys to car and drove it in the ditch burning up $6 TRILLION dollars before it hit bottom! ROFL!


38 posted on 07/30/2011 11:16:22 PM PDT by RowdyFFC
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To: rabscuttle385
Well, we are all constrained by who the candidate is. Congress kicked the can down the road, I didn't get to vote in the House of Rep. or the Senate. For those that were born in the 30’s 40’s, they didn't vote until the 60’s and 70’s. There were NO conservative voices out there except National Review and William F. Buckley....I thought I was the only conservative outside of him. The press was a leftist then as they are now. Without Rush, Levin and other conservatives with a public voice, no Internet and only 3 leftist networks, it wasn't easy voting at times, but you have to choose of shut up about the outcome.
39 posted on 07/30/2011 11:17:54 PM PDT by goat granny
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To: rabscuttle385
Jerry Shereshewsky, the self-described "chief grown-up" at the firm GrownUpMarketing, is a baby boomer...

And...there's your problem. A bunch of "buzzword bingo," MBA-centric, dishonest fools for the most part have ascended to the top of the heap in this generation.

I was born in very late '64, and have been saying since I was a teenager that they would destroy the Country.

40 posted on 07/30/2011 11:18:36 PM PDT by garandgal
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To: goat granny
War on Poverty,

Poverty won...

41 posted on 07/30/2011 11:19:52 PM PDT by lonestar (It takes a village of idiots to elect a village idiot.)
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To: goat granny
Truth be known lots of us voted for him cause he was catholic...

Same logic as voting for BO because he's black.

42 posted on 07/30/2011 11:21:40 PM PDT by lonestar (It takes a village of idiots to elect a village idiot.)
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To: goat granny

Granny, Congress was held by DEMOCRATS basically from 1935 to 1980. The Socialist march has never stopped.


43 posted on 07/30/2011 11:22:41 PM PDT by eyedigress ((Old storm chaser from the west)?)
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To: rabscuttle385; funfan; All

A major problem is the rapid increase in the spread between the highly paid and the lowly paid in the past 30 or 40 year. At the beginning of that period big corporation CEOs were earning about 40 times what their low level workers were paid. In the run-up to the 2007 bust, that ratio had grown from 40 to 1 all the way to from 400 to 1,000 to 1. Somehow I doubt that CEOs became 10 to 25 TIMES more valuable in the past 30 years. Of course all the people at the upper levels beneath the CEOs have been similarly elevated.

Today I read that the head of Ford Motors is being paid $58 million this year. Ford is about to enter negotiations with the United Auto Workers. They will be fighting over salaries of from $50 to $58,000. Thus Ford’s CEO will be earning around 1,000 times what his line workers will get. Do you think maybe they are pixxed as hexx about that and will drive a hard bargain, while the poor Ford execs cry in their champaign that, “well we just tried so hard to get Ford profitable again, we deserve to be obscenely rich.”

I am a small stockholder of GE, which before the crash was selling at $50 per share. I was outraged to see from my annual reports, that while the stock was tanking to $5/share and eventually rose to around $20/share where it has stagnated for the past 4 years, the top 7 executives were all paid from $11 to $22 million, and did not take any salary reduction at all. We stock holders have to raise bloody heck at this outrageous, unmerited greed. Google “Forbes CEO Compensation to see how overpaid your favorite CEO is, or how much your favorite industry is paying. For those worried about Obamacare, check out the drug and medical supplies companies.


44 posted on 07/30/2011 11:25:30 PM PDT by gleeaikin
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To: gleeaikin

I started as a tomato picker. Where did you start?


45 posted on 07/30/2011 11:28:39 PM PDT by eyedigress ((Old storm chaser from the west)?)
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To: eyedigress

That, Eyedigress, is a point that is forgotten. Glad you pointed it out.


46 posted on 07/30/2011 11:30:12 PM PDT by berdie
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To: rabscuttle385

Actually NOBODY got to vote on the first commie president who created the great society (and all of its programs) since he got in office through default when the Federal Reserve murdered off JFK and then abscounded after his first term. But then Generation X & Y elected the second commie president. WHO’D A THOUGHT IT? You boom box babies and your blame games are a scream!


47 posted on 07/30/2011 11:32:58 PM PDT by RowdyFFC
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To: berdie

Your scree-name holds a special place in my heart. My aunt Berdie from Oregon had some special love for the flora and fauna.


48 posted on 07/30/2011 11:34:25 PM PDT by eyedigress ((Old storm chaser from the west)?)
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To: RowdyFFC
Actually NOBODY got to vote on the first commie president who created the great society

Ever heard of voting for the office of Vice President?

49 posted on 07/30/2011 11:34:36 PM PDT by rabscuttle385 (Live Free or Die)
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To: gleeaikin

Sorry to hear about your stock and I agree with you. My husband works very hard and actually about 5 years ago he had to take about a 30% pay cut it was a shock but we were okay although I missed the extra cash then he was laid off and got another job at even less money. He got a raise this year of a whopping $30.00 a month it wasn’t even enough to make up for the increase in our utilities.


50 posted on 07/30/2011 11:35:24 PM PDT by funfan
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