More Selfishness From the No-Sacrifice Generation...

polifrog

Bill Quick's SS breakdown...

... a Ponzi scheme in which money from the most recent participants goes to fund the payoffs of the first participants, a scam that can continue only as long as a sufficient number of new suckers signs on. We’re running out of suckers, and the Ponzi scheme is collapsing. That is not, nor should it be, a question. The question is what to do about replacing the unsustainable scheme with something workable. Assuming, of course, that the whole structure doesn’t simply collapse before we can get anything done.

He's right.

But if we are to put off the collapse of Social Security, what politically is referred to as "save Social Security", then either

• the productive will be asked to pay more to support the retired,
• the retired will asked to do with diminished benefits,
• or both groups will be asked to sacrifice.

Enter this tidbit from the LA Times...

Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive.

In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs.

As I have noted previously this is the last chance the Boomer Generation will have to do what every generation is required to do for a nation to be successful ... sacrifice. Theirs is a generation that has not only not known sacrifice, but has refused sacrifice and if the above statistic is any indication, theirs is a generation of Americans that will never know sacrifice.

Theirs is a generation that eats its young.

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Generational Warfare Via the Generation of Peace...

polifrog



Bruce Krasting touches on a theme I revisit after his comments. Namely the coming generational war if Boomers attempt to continue generational trend of living off the plates others if they attempt to pass the cost of SS to susequent generations...

Bottom line; either a significant portion of seniors are going to be eating cat food, or the next few generations are going to be paying (unfairly) through the nose.

...

To me, it is absolutely insane to think that the Baby Boomers (I’m one) can put the burden of SS on younger workers. This simply will not work. The result of a policy approach that sticks everyone under 50 with the cost of the Boomers is going to result in deep social divides. We have enough problems in our society today. We don’t need/want Age Warfare to be added to the list. But if the plan to “fix” SS is one that sticks the bill onto young people we WILL have age warfare, it’s inevitable. The social consequences would be greater than the economic costs. Why does no one see this?

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The solution(s) have to be born (largely) by the Baby Boomers themselves. Post the Boomers, SS can be a PayGo concept. But the transition is not PayGo. It is a huge inter-generational transfer of wealth. This means that well off Boomers (there are many, including myself) are going to have to dig into their pockets to support those in their age group who did not fair so well. That, in my opinion, is the only viable solution. That would be more representative of the American way. Fairness.

As I have gently mentioned previously:

The majority of the boomer generation could never stop thinking of themselves. First rejecting the thrift, success and sacrifice of the greatest generation then engorging themselves on a combination of free love, consumerism, and me-ism. Nothing satiated the boomer generation; not their incessant self aggrandizing through the media, not new age nonsense. They were lost in an endless maze of perpetual desire and unable to find contentment. Now with the bill for all their excess firmly on the table, they pass it on to subsequent generations. Once a hippie, now the man -- perpetually living off the plate of another.

Never before has our country seen such a worthless, selfish, shiftless, horrible, or gluttonous group of malcontents so intent on shifting their individual responsibility to society as the generation that followed the Greatest Generation.

They truly are --- The Worst Generation.




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