Skip to comments.Who Destroyed the Economy? The Case Against the Baby Boomers
Posted on 10/08/2012 8:11:26 AM PDT by SeekAndFind
Retirees and near-retirees are leaving behind a devastated economy for their children ... but are we doing anything to fix it? Here, two generations debate who's really to blame for the wreckage.
CRESCENT LAKE, Ore.--My father taught me how to throw a baseball and divide big numbers in my head and build a life where I'd be home in time to eat dinner with my kid most nights. He and my mother put me through college and urged me to follow my dreams. He never complained when I entered a field even less respected than his. He lives across the country and still calls just to check in and say he loves me.
His name is Tom. He is 63, tall and lean, a contracts lawyer in a small Oregon town. A few wisps of hair still reach across his scalp. The moustache I have never seen him without has faded from deep brown to silver. The puns he tormented my younger brother and me with throughout our childhood have evolved, improbably, into the funniest jokes my 6-year-old son has ever heard. I love my dad fiercely, even though he's beaten me in every argument we've ever had except two, and even though he is, statistically and generationally speaking, a parasite.
This is the charge I've leveled against him on a summer day in our Pacific Northwest vision of paradise. I have asked my favorite attorney to represent a very troublesome client, the entire baby-boom generation, in what should be a slam-dunk trial--for me. On behalf of future generations, I am accusing him and all the other parasites his age of breaking the sacred bargain that every American generation will pass a better country on to its children than the one it inherited.
(Excerpt) Read more at theatlantic.com ...
I never blamed the Baby Boomers for the SS/Medicare mess. I blame them for having enough vocal and active members that were able to change the course of the country in the 60s. Also, I blame the “Greatest Generation” more for that. Like Dennis Prager says, they had great morals but failed to pass them on to their children.
The Greatest Generation was all for the too-good-to-be-true transfer of wealth that was the SS/Medicare Ponzi scheme.
HOw many posts before this thread turns into the typical FR war zone of “I earned my Social Security and Medicare and I’m taking every penny” vs. “You’re a greedy old moocher”??? Pass the popcorn.
Why continually antiagonize them with this kind of meaningless blame fixing?
There is only one root to blame for the current economy - CREDIT. Credit has the government spending money it does not have. Credit has launched the housing bubble through the Community Reinvestment Act selling mortgages to people who can’t afford them. And likewise, a large majority of Americans are spending money they dont have - I know, I was one of them.
It was not till I took Dave Ramsey’s Financial Peace training (currently on week 4) that I realized how the nation’s views of credit have changed so radically since the 1950’s.
Well I may have been contributing to the problem before but no longer. I cut up the card and closed the account last week. I still have a lot of debt to pay back and I will do it. It may be a tad uncomfortable beween now and then, but it will be acomplished and I WILL live debt free from now on.
It is only a matter of time before the checks simply do not come no matter what anyone thinks of the debate.
“Boomers will be the first generation of retirees to fully enjoy the Medicare prescription-drug benefit.”
Interesting. If this young man had any idea of how much Medicare is going to change under Obamacare, he would not be complaining of this. I lecture all over my state about Health Care. Folks currently over 55 are, by far, the hardest hit group by Obamacare.
Under Obamacare, by 2019, reimbursements to Doctors under Medicare will be LESS than Medicaid reimbursements. Medicaid is probably one of the worst medical programs in the world. What Obamacare accomplishes is to make sure seniors will receiving worse medical core than Medicaid currently gives.
It is going to be a huge shocker for seniors.
My grandfather always said “ Credit is the ruination of a nation.”.
My father, a wonderful man, a WWII vet, always said that he received more in SS & Medicare than he ever put in. He also said he wasn’t going to send the checks back, either, lol.
My baby boomer husband and I have been paying into these programs for over 40 years and have never been on food stamps, welfare, or medicaid.
In other words, there’s plenty of blame to spread around various generations.
Because enough of them sucked as parents to create brats who sent things to hell in a handbasket.
How many generations back shall we take that particular charge?
The younger generation whining and crying again....Endlessly blaming others.
It seems this is all they do.
The economy was destroyed by the Dems attempt to make home ownership an entitlement.
I remember a sixties where moms and dads were shocked and angered that everything they were trying to teach and hand down to their children was roundly and sneeringly rejected as being the BS of “the Establishment”. Families were being torn apart. There was NO “peace and love”. It was a violent decade in every respect. I hated the sixties.
Look at little closer at this generation, and you will find that most of the blame you sling at the Boomers, rightly belongs with the Silents.
All the way back. This is a problem that has been building since FDR instituted the first national transfer payment system in the 1930s. That is why it is unfair to say "the Boomers" are destroying the country by taking SS and Medicare. The Welfare State that was set up by the Dems in the 1930s and that was expanded in EACH generation since is what is destroying the country.
The answer isn't to cut off SS and Medicare but the answer isn't to let Boomers continue on with the program "as is" either.
My parents, in their 80’s, have raked in many, many times what they put into Medicare. Now early Baby Boomers are doing the same.
“The economy was destroyed by the Dems attempt to make home ownership an entitlement.”
The concept of home ownership for all dates back to the settlement of the colonies and frontier; there was land for all, and subsequent homesteading laws would transfer ownership to people who would settle and work land.
Without home ownership, you end up with too many people with no stake in an area/town/state; it is a noble goal, though it has been applied in bad ways.
As for blaming generations, I think if the boomers’ children preferred new babies over new cars we’d be in better shape; we are importing whole cultures to replace the “Americans” that will never be born.
Boomers didn't give us the "Great Society." None of them could even vote for LBJ. Only the oldest boomers voted for Bobby Kennedy in 68 or McGovern in 72. It wasn't until the 82 midterms when all of the boomers could even vote.
Not every boomer was a hippie. Boomers gave us Reagan, and also Clinton. Some of them gave us Osama (although that's more split), but the older millennials (Younger ones haven't voted yet) are the most guilty of giving us that clown.
I went to this guys Urban center website, and took a look at his info...
Based upon income data, most will take out more than they put in...
However, there is 1 category, what they call high wage ( couple making more than 75K ) that in 2020 retirement, will have paid in more than they will get out..
I fall into this category...
So, I am not a parasite, but I get to call the ones that say I am a parasite, a greedy leech that wants something for nothing, and willing to take away from the payers to give to the non payers...
There is a deeper truth behind these charts.
What happened to the boomers? To varying degrees they were subjected to an educational system, purposely corrupted by Cultural Marxism. The political class was subjected to it much earlier than the rest.
There is no recognition of the hundreds of billions illegals cost NET each year.
There is no recognition of the $20,000 NET per each immigrant household who works at low wages cost each year.
There is no recognition of $~71,000 million blown annually on foreign aid to those who hate us regardless.
There is no recognition of $~25,000 million blown annually on the DOE.
There is no recognition of $~46,000 million blown annually on the HUD.
There is not mention of the $~10,000 million blown annually on the EPA.
There is no mention of the $900 Billion in easily identified medicare/medicaid fraud that IBM offered to fix for free. The offer was rejected more than once.
yada, yada, yada
Nor any recognition of the damage done to our economy and job opportunities by the so-called ‘Free Trade’ agreements that up to recently were somewhat hidden by enhanced government statistics and access to cheap credit.
Ding ding ding ding! We have a winner.
For more information read:
After reading the article, I have a strong desire to take a tire iron to both these pricks.
The author of this story is so full of crap on so many levals it’s unbelievable.There are many reasons the economy of this country has been destroyed and being a baby boomer has nothing to do with it.
I,a baby boomer have worked all of my life and have gotten ZIP from the Federal Government as have a large portion of the other FReepers here.
What destroyed this country is the uncontrolled immigration from the third world.People who can barely add one plus one together coming here and immediately requiring social services and creating huge families that required new schools to support them.
Then there’s all of the welfare going to these third world cess pools in the billions of dollars that we’re borrowing from the Chinese.
I could continue on and on but I’d be here all day.
The boomers had nothing to do with this disaster.Their Government did.Though the boomers will be the ones who will be paying for it in the end thanks to Obama.
Let’s get ready to rumble ping....
BTTT. You beat me to it.
The lies, spin, and errors of omission here are too numerous to point out and refute individually. But you don’t have to get very far into the column for the clues to emerge that the author is a Democrat “blame-America-first” scumbag who, mainly, thinks taxes should be (much) higher and that people who worked all their lives and dumped half their paychecks down the government toilet - - rather than the welfare bums, deadbeats, and parasites who comprise his party’s “base” - - are the “parasites”.
The author’s father is apparently a liberal Democrat scumbag, too, and he essentially agrees that yeah, his generation, the “baby boomers”, is a bunch of parasites but, hey, so was the previous generation, the so-called “greatest generation”.
You can bet the author is just another Democrat punk who pushes the false dichotomy that Americans are confused schizophrenics who want lots of government “services” but “don’t want to pay for them”. It’s a con job. A lie.
The people who demand all the “services” and “free” money from government are NOT the hard-working, traditional American families who pay all the taxes. And the hard-working, traditional American families who pay all the taxes are NOT the bums, deadbeats, and parasites who exchange their votes for “free” stuff from Democrat politicians. These are two separate and distinct groups of people. One group is the Republican “base” and the other is the Democrat “base”.
“The Greatest Generation was all for the too-good-to-be-true transfer of wealth that was the SS/Medicare Ponzi scheme.”
Social security is fully funded for the next twenty years or so. It has paid hundreds of billions in excess for the last twenty years, since Reagan raised the contributions to “save” the program. It is not a Ponzi scheme. Medicare is a problem because medical costs have risen far faster than anyone could reasonably have anticipated. Still, if you eliminated both programs, and the payroll taxes that fund them, the government would continue to run a massive deficit. The problem is not that SS/Medicare is a Ponzi scheme—it’s the the whole of government is a Ponzi scheme. We’ve been promised we can have what we want (most recently, two wars in the Middle East and free prescription drugs for seniors) without having to pay for them. And who keeps voting for the politicians that promise us that we can have more from the government and cut our taxes as well? We do. No one wants to do the math.
Credit is just a concept. It people’s misuse of credit that is the problem.
Lovely Alinsky tactics here. Divide and conquer works.
The biggest federal budget problem by far is Medicare, and SS is only fine for the next 20 years because it is handing out today donations that are supposed to be funding retirements 40 to 60 years into the future. That is exactly how a Ponzi scheme works.
Also, medical costs have risen so fast precisely because half of our system is socialized without even the watchdog capabilities of private sector third- or fourth-party payers.
The money the Boomers paid in to SS over the past 40 years was used for their parents while the Boomers will probably see the money in SS run out in their own lifetime. At least we got something for the money we paid in and our parents were able to benefit from it.
freepers are so daft as a rule...God love them
do most even know the ages of the folks who really voted in the entitlements in the 1960s in Congress?
a fair amount were actually born in the very late 1800s or pre WWI and many were pre WWII generation...possibly a majority
there is blame to spread everywhere to be honest
what we have now are the first coming on line who actually have paid Medicare premiums their whole life and would-should-could get the benefit of that
one stat that the yutes here never like to self examine is that that under 35 kids today are markedly even more liberal than the same group in that detested hippie era
anyone can look up voting by age in 1972 and compare to 2008
that bodes even worse down the road
any generation tends to get more conservative with age overall..we can cross out fingers
Who destroyed the economy. Stupid question. Simple answer: liberals.
I've seen this up close and personal with my parents and in-laws. I don't begrudge them, it's the system. But longevity has also added extra costs. My FIL immigrated here (legally) worked from the age of 50-65, while paying into SS and Medicare, retired at 65 and lived to be 93, all the while collecting SS and using Medicare (he was a pretty healthy guy, so his Medicare usage was minimal until the end.) The outpay compared to the inpay must have been huge. The system was/is broken.
Don’t blame all the baby boomers.
There are those of us who are industrious and then there are the former hippies and flower power idiots who ruin everything they touch.
1) rent and price controls cause decline of quality of housing and goods
2) minimum wage and pro labor and pro union legislation causes unemployment
3) chronic budget deficits that are unfinanced cause deflation and increasing national debt
4) lack of gold standard and fractional reserve banking, and the ability of the Fed to create money out of thin air, causes inflation
5) inflation to finance budget deficits causes less savings
6) confiscatory taxation to finance budget deficits causes less savings
7) government borrowing to finance budget deficits causes less savings
8) less savings causes less investment which causes less capital accumulation
9) the assault on the wealth of, spending by, and income of the rich is an assault on private property rights and an assault on the improvement of productivity of labor which causes both lower average real wage rates, and economic stagnation or decline. The assault on the rich also causes destruction of incentives to accumulate and maintain capital and to improve and maintain production. Losses in terms of innovation and the growth of major new industries would be substantial.
10) government redistributionism causes less capital accumulation
11) less capital accumulation causes economic decline
12) environmentalism's fear of and hostility to science, technological progress, and economic progress cause more regulations
13) liberalism's fear and hostility to the rich, businessmen, and capitalists cause more regulations
14) health and safety concerns causes more government regulations
15) excessive government regulations causes economic decline
16) antitrust legislation cause continued survival of inefficient producers, high cost producers, dull producers, and incompetent producers
17) government interventionism which leads to an assault on freedom of entry and competition causes the barring of capable sellers from the market and restricts the range of choice of suppliers to buyers
18) egalitarianism and the libtard assault on economic inequality causes the abolition of causality. Which means the abolition of the connection between and individual's efforts and his income and the abolition of cost in the spending of income. This leads to the incentive to do as little as possible and to spend as much as possible.
19) the decline of rationality and the increased acceptance of the libtard delusion that the government can provide benefits for which the citizens do not have to pay causes the destruction of traditional American values and loss of freedom which leads to all of the above.
No, I don’t begrudge anyone who follows the rules and hits the jackpot through the system—and that’s a lot of people of the older generations right now.
But you’re right, the system is broken.
Ditto for my wife and myself. We've paid maximum on SS for the last 35 years and have never taken a penny of government benefits. I really get tired of being tarred with the "baby boomer" label as a "taker" of government benefits when I've only been a producer and payer all my life.
This dude’s whole argument is off, considering that it is the younger generation voting in the socialist Democrats and their policies, while blocking conservative reforms.
There was the 30s and the expansion of government. Many of these folks then spent the early 40s with the government caring for them in a way via the military. Please don’t flame me. I saw a man on TV once that cried because when he went into the military in ‘42, it was the first time he had shoes to wear. Was very emotional to him. When the war was over, they could have help going to school, help getting houses etc... I am not condemning, I am just pointing out how that influenced later decisions by this generation. I also think they tried to pass on values, but like the other post, the values were mocked and rejected during the 60s.
This article is just another attempt to further divide the American People. We are also “Boomers” that have contributed against our will without taking for 40+ years.
This comes from THE ATLANTIC. No need to read any further. THE ATLANTIC is full of old wrecks, fish sh-t and crabs.