Why Won't Baby Boomers Admit That They Had it Easier Than Millenials? (Army, broadcast)

[ozzie679]

Originally Posted by Oleg Bach

Honestly speaking...It was my fault that I did not finish my education and go into politics and business...What happened when smart fellows like myself did not take on the responsibility of running the show-----------So those with less ability and scruples took over and ruined the world------------In the mean time jerks like myself tried to be rock stars....had lots of fun and sex- drank took drugs...traveled---had all sorts of earthly fun...some of my generation were like vampires sucking the life out of the world...when we should have been taking care of it..........I did not have any money- but I had millions of dollars of other peoples money....That I indirectly tossed out the window.


I should have been a lawyer not a self indulgent artist and pleasure seeker....So it was NOT the successful boomers that wrecked the world- It was the ones that avoided success..the ones like myself that were the true thieves.

"Successful" boomers wrecked the world Interesting.

[Katarina Witt]

Originally Posted by WestCobb

I vote Democrat most of the time. I'm certainly not a "Fox news" guy. It's silly to threaten to ignore someone. Just do it. I don't care. Why would I?

I'm sure you don't care.

I'm just frustrated. You've come up with an idea which in your own mind is the grand solution to the problem-just screw 15 years' worth of people out of SS. In addition, you're being rude and snarky, calling me names, impugning my character.

You may vote Democrat, but you think like a Republican.

FYI, this business that SS will not be around when YOU need it has been said for a long time. It was being said when I was your age. Our financial planner told us years ago not to believe that; that there would be something around when we retire. Likewise, I've weathered many rumors of nuclear wars that didn't happen, energy "crises" that were never as bad as they were supposed to be, etc. I will give you the same advice.

[Mircea]

Originally Posted by WestCobb

There are actually a lot of things I like about the booms, but this Social Security issue is very, very unfair.

That's because you don't understand what Social Security is.

I'll give you an hint: OASI.

Get it?

No? Old Age Survivor's Insurance.

I highlighted the relevant part and the operand, specially just for you.

Notice that none of the following are applicable:

Old Age Survivor's Personal Private Savings Plan
Old Age Survivor's Personal Private Retirement Plan
Old Age Survivor's Personal Private Hedge Fund Plan
Old Age Survivor's Personal Private Pension Plan
Old Age Survivor's Personal Private 401(k) Plan
Old Age Survivor's Personal Private Stash

Get it now?

So I guess the question is, what part of "insurance" do you not understand?

You are supposed to seek your own pension/401(k) plan; and in addition to that, you are supposed to set aside your own money for your own retirement savings plan.

Even thought it is not a Perfect World™, some people had a Beautiful Life™ and managed to have both a pension/401(k) plan and a personal retirement savings account.

Some people had a less than Perfect World™ and they either a pension plan or a savings plan but not both.

And then some people, in spite of their most heroic efforts, despite all of the plans to save money and invest, were besieged by all manner of Misfortune™ at every opportunity to the point that even John Carpenter, Wes Craven and M. Night Shamalama-ding-dong would be frightened to make an horror film about it.

And that's what Old Age Survivor's Insurance is really all about: a last ditch, last attempt, stop gap measure to keep people from living under bridges or roaming the city as bag-ladies in their old age.

Guess what? That means that you might have to actually move to another city, another county, or another State, or perhaps even another country in order to take advantage of the lower cost-of-living and get more bang for you buck.

Since you are the most ignorant postor about Social Security, you need to cite section, sub-section, paragraph and sub-paragraph under public law to prove anything you say.

Originally Posted by WestCobb

When I propose that Boomers should just eat it (and take nothing) it sounds outrageous, doesn't it? Yet, this is exactly what is being asked of my generation.

You've never studied Social Security Law, and you most certainly never read the Ford Commission report, or the commission appointed by Reagan, and even though Carter had no commission, he did comment extensively on the Ford Commission report.

Because, you see, if you had read those reports, then you would know that the FICA tax was to be incrementally adjusted/increased every year. That means Blow Job Bill was supposed to raise the FICA tax, but he didn't; and Bush the Younger was supposed to raise the FICA tax, but he didn't, and The Boy King was supposed to raise the FICA tax, but he didn't.

You should be paying about 9.02% right now...

...if your presidents and your Democrats and Republicans in Congress had done their jobs properly.

But then, you elect them, don't you? What fool seriously believes that you could fund Social Security (and Medicare at 6.02% in perpetuity?

You'll have to show me the math (I know you won't, because you don't know how).

Originally Posted by WestCobb

Most of us are too young and not quite saavy enough to be tracking exactly what is happening, but those of us who are are more than a little miffed. Surely you can understand, can't you? Imagine if there was actually a law on the books stating that no one born between 1945 and 1964 was going to get Social Security. You think boomers (who are still the folks who are in power) would get much more serious about fixing the problem? I do.

I have told you repeatedly what to do:

1] Eliminate the cap; and
2] Raise FICA to 9.0% by 2014; and
3] Annually increase the FICA tax rate 0.6% to 16.4% through 2040; and
4] Implement means-testing.

If you do every single one of those things, you will save Social Security as everyone knows and loves it through at least 2040. After that, I cannot guarantee that it will survive through 2085 without major reforms (and that is way to distant to be looking at).

Originally Posted by WestCobb

I seem to have hit a nerve here. Do you think it's reasonable to ask me to continue to make contributions (I've already made 20 years worth... I'm 35 ... started working young) to something I'm not going to see a dime of?

Yes. You are not making contributions, you are paying insurance premiums, and yes you'll get something, perhaps not as much as you thought, but you'll get something.

Instead of getting $1,000/month you'll only get $750 (or less).

Originally Posted by WestCobb

I know it sounds RIDICULOUS to a boom to imagine forgoing something for another person, but yes, I'd like to see some leadership from boomers on this matter.

Uh, if you cannot lead, then get out of the way.

Originally Posted by WestCobb

I'd like for them to step up and own up to the fact that the bank was giving away on their watch, and now it's up to them to make some hard choices for future Americans.

On what basis do you make such a ridiculous claim?

Originally Posted by WestCobb

Why is the idea of us paying for you and receiving nothing ourselves perfectly acceptable, booms?

Boomers had their FICA taxes increased on several occasions. When Boomers started working, the FICA tax rate was 3.625%, not 6.02%

What is so special about you that you should not have to pay higher FICA taxes?

Amused...

Mircea

Originally Posted by Katiana

If you'd quit watching FOX News, you wouldn't be so convinced that SS is not going to be around for you.

Prove it. Show us your numbers. I do.

When Social Security was initiated, there were 42 workers per retiree. That ratio had dropped to 16-to-1 by 1950. As of 2010, there were 2.8 workers per retiree. The ratio is excepted to be 2.0 workers per retiree in 2050.

You don't see a problem there?

Want me to spell it out for you?

Okay, there are 141,995,000 Americans employed and as of March 2012 there were 61,273,000 Social Security recipients.

Do I have to do the freaking math?

I guess I do.

141,995,000 / 61,273,000 = 2.3 workers per retiree.

Oooops.

What was it you were saying?

You do not have enough people working to properly fund Social Security. As I have repeatedly proven, using the numbers, doing the math, time and time and time and time again, you cannot possibly fund Social Security (or Medicare) beyond 2025, not without racking up massive debt.

I have repeatedly proven, time and time and time again that Social Security's (and Medicare's) revenue projections through 2020 are dead wrong. They will fall short somewhere between $750 Billion to $1.3 TRILLION and because of that, you will burn thorugh the OASI Trust Fund (the OADI Trust Fund is history in a matter of months from now) by 2025-2028. Given the bad news coming out of congressional testimony by the trustees the last few months, it might even be 2023-2025.

Debunking myths...

Mircea

[DewDropInn]

Originally Posted by nullgeo

Dear Millenial Generation,
I am so, so very sorry to read of your challenge. The thought that you might have to solve a problem or two in your vacuous lives has brought me nearly to tears.

We had hoped that the materialism and moral freedoms you enjoy -- which we grew up without by comparison -- would simply transport you through your lives in a near-comatose state of bliss as your fingers danced across keyboards and screens -- and each others' bodies -- with nary a concern for repercussions -- dialing up the levels of virtual and real titillation to heights of orgasmic pleasure over an extended lifetime of near-eternal, plasticized youth, lived in homes of every kind of convenience and artificial atmosphere, and driven around in vehicles that tell you where to go and what to avoid while listening to symphonic hall acoustics and watching the latest Hollywood offerings on video in the passenger seats.

My heart goes out to you. Unlike any other generation has over the course of time, you will have to rise to meet work left undone by those who paved the ways and brought you to this miserable existence you live.

with deep, deep sincerity,
Boomer

GREAT post.

They won't get it.

[nullgeo]

Originally Posted by DewDropInn

GREAT post.

They won't get it.

Don't care if they do ... I just get off writing sarcastic crap like that

Now where did I put my Cisco Kid honorary deputy badge that I sent in for from the radio drama show I used to listen to after school days?

[DewDropInn]

Originally Posted by nullgeo

Don't care if they do ... I just get off writing sarcastic crap like that

Now where did I put my Cisco Kid honorary deputy badge that I sent in for from the radio drama show I used to listen to after school days?

Want to be my new best friend?

[nullgeo]

Originally Posted by DewDropInn

Want to be my new best friend?

Did you belong to the Cisco Kid and / or Hopalong Cassidy club(s)?
If you did, and you enjoy riding the range righting wrongs and defending honor and justice while rounding up rustlers -- why, I believe we might get along, -- pardner.

[Gtownoe]

Originally Posted by budgetlord

Try re-checking what I highlighted in blue again. I am not disagreeing, but the standard wisdom isn't even to work, it's to take a certain route that leads to one job, years in the future, with the large salary. As far as starting your own business, it's not that simple. We're going increasingly cashless and in order to get the necessary electronic equipment to run your business effectively, you need start-up capital. That means debt. And you can't just set up a lemonade stand on the corner sidewalk either. You would probably have to get a permit or something. We don't live on farms anymore and so the work ethic isn't built-in in that respect like it used to be.



Please stop scaring me. Although, there was a man who could change things around, but the media didn't want him elected and never gave him any coverage. It's okay. I'm going to write him in.

The words in bold rang so true for me. I've heard multiple Boomers in this thread tell Millenials to stop complaining and start a business.


Obviously they've never started a business these days.

[malamute]

Originally Posted by WestCobb

I seem to have hit a nerve here. Do you think it's reasonable to ask me to continue to make contributions (I've already made 20 years worth... I'm 35 ... started working young) to something I'm not going to see a dime of? It's not, right? But I suppose in your mind that's my problem to worry about. Again, when you wonder why other generations don't think as highly of your generation as your generation thinks of itself, look in the mirror for some answers. Your parents, your kids and your grandkids can't all be wrong, can they?

Don't worry boom. I expect nothing from you. I accept it as my generation's destiny to clean up the mess yours has made.

It would be fair to just have the government cut everyone a check for what each put in plus a fair interest and just accept the program is a failure.

But what's funny --- there is never any worry about how to keep funding Medicaid, food stamps, SSI, Section 8 and all the gigantic welfare handout programs, why is it only the one that the recipients once paid into that is the problem?

[Gtownoe]

Originally Posted by North Beach Person

If I read this correctly, you're essentially saying that your generation (larger than the Boomer generation, by the way) is not going to have any offspring to contribute to Social Security. If you don't mean that, ok, but that's how it sounds.

I also won't "see a dime" of my, to date, nearly 44 years of FICA contributions since it has already been spent on the Greatest and Silent generations. Which was how the system was originally set up. Current workers pay for past workers. I don't see that changing anytime soon, do you?

Universal Healthcare would change everything. That's the only viable option I can see. We wouldn't have a need for all of those classifications if we just took care of the health needs of our population.

If we stop investing into the Industrial Military Complex and start investing in our citizens we would have the money.