Are baby boomers to blame for debt crisis? - cnn

[GuitarDaddy]

Since I won't see any of the money I am dumping into the SS system,... does this mean they will give it all back to me?

Nope! Instead, I have to pour my money into a 401k plan,... which was built by a baby boomer,... which makes money for the baby boomer,...

Your not the first nor the last generation that will claim "I won't see any of the money I'm dumping in SS" and be wrong.

Quit whinning and get back to work you slacker

 

[Cattlegod]

Let's raise taxes on the elderly so that what they take out equals what they put in

 

[Macamus Prime]

Your not the first nor the last generation that will claim "I won't see any of the money I'm dumping in SS" and be wrong.

Quit whinning and get back to work you slacker

Way ahead of you; I am feeding two retirement systems, two (third incoming) wars, and the ever increasing cost of living - all the while, there has been no wealth growth for the middle class for the past 40 years.

Hey, when do we dump currency all together and are just slaves to the rich of America??

 

[werepossum]

Yeah, pcgeek, we get it, your life was horrible. Really though, no one cares.

My parents are your same age, have gone through the same things, but they don't bitch about it on the internet. They also don't claim that my generation (I'm 23) have it easy, as they know paying off my $42k in student loans is not going to be easy. Even with a $48k/year job. My sister and I both have college degrees, and so far have been fairly successful. Which is why, at the drop of a hat, will gladly pay for my parent's living expenses if social security is dropped. I'd rather see that happen than see more debt get added on because of all the people close to retirement. Why can't my generation help pay for their parents, since they were the ones who helped raise us? Oh, your child dropped out of high school and can't make shit for money? Too bad, you raised a screw-up, you deal with it. Didn't have kids? Should have saved more into retirement.

See, you actually DON'T get it. He never said or even hinted that his life was horrible. This is the point of his statement that hard work has its own rewards. We grew up doing jobs that we would never want our kids to do, which is one reason that we now have so many illegal immigrants doing those same jobs. How many Gen X'ers have spent even a week doing hard, manual labor? How many Gen X'ers have ever cleared land, strung fence, mucked out a barnyard, taken up hay by hand in rectangular bales, picked produce, worked a mine, busted out boiler clinker? We tried hard to protect our children from doing the jobs we had to do, and in hindsight that was a mistake; there is a great sense of satisfaction at looking back at a difficult job, seeing something you've accomplished with days of sweat and blood. Now far too many of our kids think actually paying back school loans is slavery and that free health care if not free broadband is a basic human right that should be paid for by "someone else".

I can only imagine that our parents had the same thoughts about us, not seeing the benefits of, say, taking up hay bailed into in nice rectangular bales rather than loose on the ground. Being able to park a tractor when the day's work is done, rather than having mules that must be rubbed down, fed, hooves and mouth checked. Hauling away rocks on trailers pulled by internal combustion rather than on human or animal powered carts. I just look back and hope we weren't as whiny little bitches as are so many of the younger generation.

Just in case though, I don't think I'll go ask.

 

[KGB]

Be careful,he might get depressed and cut himself.

I think he should cock-punch his father and kick his mother in the uterus. 😛

 

[96Firebird]

See, you actually DON'T get it.

And you DON'T get it. We DON'T care. Just like you didn't care when your parents bitched. Keep telling yourselves that your little rants about how much manual labor you had to do at the young age of 12 aren't complaints, we all believe that one... 🙄

And as far as the whole "we should get everything for free" attitude, I'll quote what I said yesterday in the free cell phones thread...

I don't have a problem with the phone, but the cable and electricity "assistance" programs need to die. I have a decent job, and I am thinking about dropping cable because of the price. I don't see why it is necessary, when you can still get the basic channels for free "over the air".

Handouts are bad, mmmk.

 

[Paul98]

Wow do we have any reasonable people left on these forums? There are so many problems, people need to look at them from a fresh perspective. Look at both the good and the bad. There are so many problems, blaming a generation for one thing while not looking at many other factors is just stupid.

There is so much I want to write about many different things with the problems that we have but I don't have the energy or time to do it. One of the problems that the current generation is having is that of efficiency and that jobs that used to be there just aren't there any more. There are still lots of jobs out there they are just very field specific where you may need masters degree or similar to even get your foot in the door. There are just a huge number of people who are not cut out for this and no matter how hard they work they simply are not smart enough to fill many of these roles.

As for the current debt crisis I would say baby boomers who supported what has been going on are to blame, along with many other of there supporters who thought something like the bush tax cuts were a good idea. I can't really put any blame on the people just starting out as they haven't had a chance to contribute to any of the problem yet. But give them time and if they don't try and help fix the problem they will be just as to blame as previous generations.

Changes need to and will be made to SS and other programs like this so that they change with the times. Maybe make it so the age people can start collecting is relative to the average life expectancy. So that on average people would get back about what they should. Who knows this generation may not have to worry much about running out of money for SS if they keep eating like they do haha.

 

[Bowfinger]

I have been discussing this with my GF for months. The baby boomers have in effect due to their numbers voted themselves entitlement after entitlement to save their own ass when they retire. This latest health care overhaul is no exception. Now that they are set to retire here comes the healthcare overhaul. So yes, we can blame a lot of our current and future financial issues on the baby boomers.

Umm, the health care overhaul has zero to do with boomers' retirement. That's what Medicare already covers, and it does so much better than "Obamacare". Health care reform is intended to help those who are still working, or at least of working age.

 

[Bowfinger]

The babyboomers voted badly... I didnt.

Really? So who did you vote for that's addressing your concerns about SS and the debt? Certainly not the Democrats. SS is sacred, and they just kicked the can again on our debt. Certainly not the Republicans. They're completely schizophrenic on your issues. The ones who aren't too terrified to touch SS want to gut it -- and pretty much anything else that benefits the working class -- unless, of course, they're part of that really confused Tea Party fringe that wants to simultaneously slash government but "Keep your filthy government hands away from my Social Security.". And in either case, they just joined the Dems in kicking the debt can down the road.

So who did you vote for again?

In my opinion, your generation is just as much to blame as the boomers. While you may vote, your peers largely don't. They're too lazy or too inattentive to get involved, to get off their butts and exert their influence to improve things. The seniors do, which is why SS is sacred. Your generation sits In front of their laptops, fantasizing about how informed they are because they watch infotainment on YouTube, bitching on the Internet ... and NOT voting. If you want to be angry, be angry at your peers. You (collectively) could matter if you made the effort.

 

[KlokWyze]

Wow do we have any reasonable people left on these forums? There are so many problems, people need to look at them from a fresh perspective. Look at both the good and the bad. There are so many problems, blaming a generation for one thing while not looking at many other factors is just stupid.

Most people that post in this particular forum are just used to the endless bickering. It's really just the foundation of all communications in here. "My side is better than yours." Some, but most don't even really mean to do it, but they just fall into arguing over the dumbest shit. Also, I agree with the rest of your post. Adjustments will be made, but it's unfortunate that lawmakers will continue to bend over for the rich (individuals AND businesses).

Statistically, from a financial perspective, the baby boomers might have gotten a good deal over younger generations. The massive market surges over the past 40 years certainly helped. Our economy was ripe with good investments, but now our credit cards are maxed out and spending is going to HAVE to be cut. It will be harder for dolts to get by, but anyone who is an intelligent hard worker will be properly rewarded.

No point in crying about it. Frankly I found the moniker "Victim Generation" very accurate... 😛

 

[GuitarDaddy]

Most people that post in this particular forum are just used to the endless bickering. It's really just the foundation of all communications in here. "My side is better than yours." Some, but most don't even really mean to do it, but they just fall into arguing over the dumbest shit. Also, I agree with the rest of your post. Adjustments will be made, but it's unfortunate that lawmakers will continue to bend over for the rich (individuals AND businesses).

Statistically, from a financial perspective, the baby boomers might have gotten a good deal over younger generations. The massive market surges over the past 40 years certainly helped. Our economy was ripe with good investments, but now our credit cards are maxed out and spending is going to HAVE to be cut. It will be harder for dolts to get by, but anyone who is an intelligent hard worker will be properly rewarded.

No point in crying about it. Frankly I found the moniker "Victim Generation" very accurate... 😛

Damn, I really wanted to take exception to your post so I could be CounterKlokWyse 🙂 but I agree with every word

 

[werepossum]

And you DON'T get it. We DON'T care. Just like you didn't care when your parents bitched. Keep telling yourselves that your little rants about how much manual labor you had to do at the young age of 12 aren't complaints, we all believe that one... 🙄

And as far as the whole "we should get everything for free" attitude, I'll quote what I said yesterday in the free cell phones thread...

Handouts are bad, mmmk.

But Social Security, like unemployment, is NOT getting something for free. Someone my or pcgeek's age has been paying into that system (created before we boomers were of voting age, or even born) his whole working life, essentially over thirteen percent of our pay counting the employer's contribution (one of our job benefits.) If that money had been invested in good stock market mutual funds, we'd all be millionaires. Sucks that younger people don't expect it to be there for them, but if you weren't insisting on "free" everything else from government, maybe that wouldn't be an issue.

And we aren't ranting about having worked hard, we're bragging.

 

[werepossum]

Damn, I really wanted to take exception to your post so I could be Counter KlokWyse 🙂 but I agree with every word

😀

 

[Thump553]

The problem is bracket creep due to inflation and failure of Congress to timely raise the FICA taxes to keep in step with inflation. Think of it, SS recipients have been getting inflaton adjustment raises every year for 40+ years now but only once was the FICA tax rates and brackets adjusted in that time.

Right now the top brackets are way too low, but good luck getting that adjusted in this teabag atmosphere. Our society seems to delight in blaming things on the other guy instead of actually correcting the problem.

Good luck to the politician that suggests this remedy though-he/she will be one term for sure.

 

[piasabird]

This argument does not work until all the excess SS Taxes are paid back. Only then can we come to grip with this problem. Presidents like Clinton balanced his budget living off the excess from the SS Tax.

 

[a777pilot]

http://www.cnn.com/2011/POLITICS/07/29/baby.boomers/index.html


"Still, as a generation, they will have paid less into the Social Security system than they are expected to take out. According to a report from the Social Security and Medicare Board of Trustees, the Social Security system is expected to be solvent until about 2037 -- largely because of the surplus in the Trust Fund -- even though the payroll taxes flowing in stop being enough to cover the expenses flowing out in 2017."

"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, who wrote a 2001 column titled "Boomers Fleece Generation X with Social Security. "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?"


Nice. Worst. Generation. Ever.

Tell me again why I dont want inflation? To help them? I'm young. I will make more money. Anyone who is young and is touting this line is a sucker.

this debt belongs to the babyboomers. Let them own it.

Yes, it is all my fault. Blame me.

 

[96Firebird]

But Social Security, like unemployment, is NOT getting something for free. Someone my or pcgeek's age has been paying into that system (created before we boomers were of voting age, or even born) his whole working life, essentially over thirteen percent of our pay counting the employer's contribution (one of our job benefits.) If that money had been invested in good stock market mutual funds, we'd all be millionaires. Sucks that younger people don't expect it to be there for them, but if you weren't insisting on "free" everything else from government, maybe that wouldn't be an issue.

And we aren't ranting about having worked hard, we're bragging.

I'm not saying Social Security is getting something for free, I was replying to this part of your post above...

Now far too many of our kids think actually paying back school loans is slavery and that free health care if not free broadband is a basic human right that should be paid for by "someone else".

I have no idea why you brought it up in the first place, but I disagree with your opinion. I never said paying back student loans was slavery. I was stating that even though I may not do manual labor like some of you did, the stress of knowing that I am that far in debt, in a time when job security is non-existant and the newest employees are usually the ones to go first, things are not all peachy.

I have no idea where you got the idea that we think everything should be given to us for free...?

 

[piasabird]

Only 65% of people on SS are retired!

Also many people on SS now were from single wage-earner families.

So if it takes children to make SS Solvent make single people pay TWICE the SS. Using this somewhat shakey logic maybe Gays should not get SS, if they dont have Children. With no offspring they are just living off of society.

 

[Doc Savage Fan]

Right now the top brackets are way too low, but good luck getting that adjusted in this teabag atmosphere. Our society seems to delight in blaming things on the other guy instead of actually correcting the problem.

Before you start blaming the other guy (Tea Party)...perhaps you should look back when Dems had control of the Legislative and Executive branchs. They made no attempt to repeal the Bush Tax cuts during this 2 year period.

 

[Exterous]

It'd be nice if we cut $4 trillion, and revoked the Bush tax cuts. Dems will never allow such a cut, Reps will never allow such a tax.

So they compromise with each other to gut any meaningful change. Then the !@#$%^& pat themselves on the back for a job well done, they actually want us to believe they did good. They'll crow and sing and say 'vote for us, we compromised and passed something meaningful!'. I for one am sick of them doing that to us.

You say if they compromise on the right parts, but all they ever do is gut each other's parts. They turn their legislation meaningless until it sails through Congress. We don't have your ideal notion of compromise, I assail the notion before my very eyes, the one they just used to pass the debt ceiling. They slap the moderate label on this pile of rubble, and I say to hell with them and their moderation.

Maybe you're right, that the two of us could come to a compromise that solves the problem. That's cause we want to solve it, we're not politicians.

Politicians just grotesquely represent the current fad among the will of the people. If enough people got together and demanded the correct change to SS they would do it because their jobs would be on the line if they don't. Their job security is about the only thing that trumps campaign contributions/lobbying. But since all we do is 'us vs them' thats all they need to do to stay in power

We tried hard to protect our children from doing the jobs we had to do, and in hindsight that was a mistake; there is a great sense of satisfaction at looking back at a difficult job, seeing something you've accomplished with days of sweat and blood. Now far too many of our kids think actually paying back school loans is slavery and that free health care if not free broadband is a basic human right that should be paid for by "someone else".

Ah - so you admit wrong doing in the education of your children and now you must fight against the very type of generation you created! :whiste:

 

[Exterous]

The problem is bracket creep due to inflation and failure of Congress to timely raise the FICA taxes to keep in step with inflation. Think of it, SS recipients have been getting inflaton adjustment raises every year for 40+ years now but only once was the FICA tax rates and brackets adjusted in that time.

The rising life expectancy age is hurting SS as well.

 

[JockoJohnson]

I'm not saying Social Security is getting something for free, I was replying to this part of your post above...



I have no idea why you brought it up in the first place, but I disagree with your opinion. I never said paying back student loans was slavery. I was stating that even though I may not do manual labor like some of you did, the stress of knowing that I am that far in debt, in a time when job security is non-existant and the newest employees are usually the ones to go first, things are not all peachy.

I have no idea where you got the idea that we think everything should be given to us for free...?

You seem to be one of the more level-headed younger people (under 30). Most that I talk to seem to fit werepossum's view: demanding everything for free, expecting everything for free and owing money is like being in slavery.

 

[Thump553]

Before you start blaming the other guy (Tea Party)...perhaps you should look back when Dems had control of the Legislative and Executive branchs. They made no attempt to repeal the Bush Tax cuts during this 2 year period.

Over and over and over and over this specious argument comes up here-and frequently by you. It ignores the basic difference between the GOP and the Democratic Party. The Dems are a "big tent" party inclusive to an extremely broad range of philisophical bents. The modern GOP, OTOH, has an extremely narrow philisophical base (taxes are bad, government is bad, mandating "christian" moral beliefs on everyone is fine-that covers 99% of GOP thought). Put in other words, the GOP votes as a monolithic block whereas the the Dems are more like herding kittens.

As a prime example I point to Joe Lieberman. In last year's healthcare reform debates he turned 180 degrees from what was his presidential run platform and torpedoed universal health care. You try getting something done relying upon "supporters" like that.

 

[Doc Savage Fan]

Over and over and over and over this specious argument comes up here-and frequently by you. It ignores the basic difference between the GOP and the Democratic Party. The Dems are a "big tent" party inclusive to an extremely broad range of philisophical bents. The modern GOP, OTOH, has an extremely narrow philisophical base (taxes are bad, government is bad, mandating "christian" moral beliefs on everyone is fine-that covers 99% of GOP thought). Put in other words, the GOP votes as a monolithic block whereas the the Dems are more like herding kittens.

The world according to Thump553...lol. The GOP voting as a monolithic block...that's rich...especially in light of recent events. But hey, believe what you want to believe and disregard the rest.

Personally, I'm damn tired of listening to the Dems incessant whining about the Bush tax cuts...the fact of the matter is that they took zero action to do something about it when they had a chance. ZERO! Yet you want to blame the Tea Party for not being able to do something about it...wow.

"Our society seems to delight in blaming things on the other guy instead of actually correcting the problem." Oh, the irony of it all.

 

[Red Dawn]

Frankly I found the moniker "Victim Generation" very accurate... 😛

I think the moniker "Generation Whine" would be more fitting.