Wednesday, October 16, 2013

Friedman Goes Salamander on the ..... Boomers?

Skippy, you may want to go get your smelling salts. 

Yes, the NYT's Thomas L. Friedman has, for all intents and purposes, echoed our inditement of the most selfish generation this nation has ever begat; given the most by their parents - taking the most from their children.

Pure generational theft.
After we baby boomers get done retiring — at a rate of 7,000 to 11,000 a day — if current taxes and entitlement promises are not reformed, the cupboard will be largely bare for today’s Facebook generation. But what are the chances of them getting out of Facebook and into their parents’ faces — and demanding not only that the wealthy do their part but that the next generation as a whole leaves something for this one?
Whenever Druckenmiller (a friend) is challenged by seniors, who also come to his talks, that he is trying to start an intergenerational war, he has a standard reply: “No, that war already happened, and the kids lost. We’re just trying to recover some scraps for them.”

With graph after graph, they show how government spending, investments, entitlements and poverty alleviation have overwhelmingly benefited the elderly since the 1960s and how the situation will only get worse as our over-65 population soars 100 percent between now and 2050, while the working population that will have to support them — ages 18 to 64 — will grow by 17 percent. This imbalance will lead to a huge burden on the young and, without greater growth, necessitate cutting the very government investments in infrastructure, Head Start, and medical and technology research that help the poorest and also create the jobs of the future.
At the Harlem Children’s Zone, explains Canada, “we have made a promise to all of our children: you play by the rules, do well in school, avoid drugs, gangs, crime and teenage pregnancy, and we will get you into college and on your way down the path of the middle class” and toward a future of financial security. But, he adds, “the current spending on my generation — I’m 61 — if it continues unabated, will erase any chance my children will have the safety net of social, education and health services they will need. It seems deeply offensive to me that we will be asking these poor children from Harlem to subsidize a generation that is, by and large, more well-off than they are, and then leave them deeply indebted in an America that had eaten the seed corn of the next generation.”
Read it all ... and then watch the following video.

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