An article: "Generational Theft Needs To Be Arrested" (Sarasota: mortgage, employment)

[GulfGateGirl]

Here is an article that all people (old & young) here in Sarasota should read about.

Canada, Druckenmiller and Warsh: Generational Theft Needs to Be Arrested - WSJ

This article is about Baby Boomers robbing future generations. It was published at The Wall Street Journal online. It was well researched, it includes one cartoon, and 676 spicy comments from readers just like you.

Enjoy

[Shabotnik]

It took some guts to post that right here in the middle of Seniorville. The first comment and the response is a good as the article itself. Thanks.

[gypsychic]

Originally Posted by GulfGateGirl

Here is an article that all people (old & young) here in Sarasota should read about.

Canada, Druckenmiller and Warsh: Generational Theft Needs to Be Arrested - WSJ

This article is about Baby Boomers robbing future generations. It was published at The Wall Street Journal online. It was well researched, it includes one cartoon, and 676 spicy comments from readers just like you.

Enjoy

[photoman_6]

very easy to complain when you personally don't need the money to subsist.

It's also easy for people to say they should raise the retirement age. Just ask all those people in their early sixties that have been laid off or were unable to earn employment because employees would rather hire low earners with no experience than people the right skills to do the job.

[Sunshine Rules]

The Wall Street Journal is in favor of privatizing social security so that WALL STREET can charge huge administrative fees for handling social security funds. Current admin fees run less than 1%. Of course, once your retirement is tied to Wall Street you will then have to assume the risk that the funds can disappear if the market crashes, and it happens often enough to give concern to retirees.

Here's another point of view:

Debunking the top 10 myths about Social Security

[macrodome2]

The term "entitlement" did not have negative connotations until the 1960s. In the 1940's post WW2, it was a positive that related to a benefit earned. It was used in reference to the G.I. Bill and the "entitlements" it provided to the veterans such as the education benefits. It wasn't until the 1960's and Pres. Johnson's Great Society that the word "entitlement" became a negative term to be associated with a benefit not earned such as welfare and food stamps.

Today, politicians have continued to use the term "entitlement" to encompass all social programs whether they are earned benefits such as Social Security or unearned such as welfare. This makes it very easy for them to demonize "entitlements" and slip Social Security into that group. It also makes it easy to switch from unearned to earned entitlements in the same conversation without every really poking the sacred cow.

As to the anticipation of the baby boom. Maybe the originators of the 1930's legislation never anticipated the baby boom, but politicians have been kicking that can down the road for the last 60 years. It's not as if we all fell from the sky one day.

Having read some of the OPs other posts, I can ascertain she is a Millennial. You're not the first generation to be looking at some problems that need fixing. When I was in college, inflation was so bad, we had a wage and price freeze. When I began to work, I too wondered if SS would be there when I retired. When I was her age, mortgage rates hovered around 17-19%. When I was her age, the national debt was the highest it had ever been. Going into 2000, we had a balanced budget and there was a surplus. Al Gore was ridiculed for wanting to "put Social Security in a locked box". GWB sent refund checks to everyone. Ours was a whole $600 (that was the max). I would have preferred they kept it and kept the budget balanced.

How about going after the fraud in Social Security Disability? How about not using defense spending as a "jobs program" and actually cut items that aren't needed?

[jean_ji]

Originally Posted by GulfGateGirl

Here is an article that all people (old & young) here in Sarasota should read about.

Canada, Druckenmiller and Warsh: Generational Theft Needs to Be Arrested - WSJ

This article is about Baby Boomers robbing future generations. It was published at The Wall Street Journal online. It was well researched, it includes one cartoon, and 676 spicy comments from readers just like you.

Enjoy

That article is 2 1/2 years old. You may want to update your news feed or quit trolling, take your pick.

[Cardiff by the Sea]

From other posts, I get it that the OP is pissed off at old people. But without reading the article or any of the responses, I think her beef is fair.

The national debt has increased from about 7 trillion dollars under the administration that the millennial so enthusiastically backed. Roughly from 10 trillion to 17 trillion last time I looked. The young people are the ones who will be stuck with that. And the governments interest payments on that debt will be brutal when rates go up. That money was thrown at Solyndra and other projects that didn't create any jobs. A lot of money for nothing.

Life under this administration has been really tough for young people. No wage increase. Limited job opportunities. Crushing student debt. The youngest adults have been really screwed and have lost a decade of wealth building that will set them back for their entire life. She and the rest of this generation have a right to be pissed. The previous administration was almost as bad when it came to spending money so I am not defending them.

Retirees don't have it so great either.

Current predictions indicate that the Social Security trust fund will run out in 2037 if nothing is done. After this point, retirees can generally expect about 75 cents on every dollar of their scheduled benefits. Thats because once the trust fund is depleted, there will be no surplus left.

Our government, no matter which party is in office, spends too much money and borrows it from the Chinese. Everybody is pissed off. That is why Sanders and Trump are collecting an enthusiastic following.

Just like Michael Douglas said in the movie that the oldsters of this forum will remember --Falling Down:

"What's wrong with this picture?" He was in an "I am not going to take it any more kind of mood."


https://www.youtube.com/watch?v=-eREiQhBDIk

I personally think the whole country is about this pissed. Everyone has a different issue but no one is happy. And who can blame them?

[duffer47]

The problem is that the government raided the Social Security fund to spend on other programs and has issued IOU s. Social Security would be much more solvent if this hadn't happened. Thanks to the public who keeps reelecting these idiots. Increasing the wage limit on the Social Security tax would also help considerably. This will be the first generation where the children won't have it as good as their parents. Trump and Sanders are probably not viable candidates but they are raising issues that are sore spots for many Americans. Both Democrats and Republicans need to address these issues and not with just political talk.

[loves2read]

There is no way people on this forum are going to agree about how to resolve problems that politicians from both main parties and some minor ones have caused since Nixon was in office. ( I still hate Ralph Nader for running against Gore/Bush and draining what likely would have given Gore a decisive win.)

Those comments belong on the political forum...
Let's stay friends and stop feeding trolls...