Wednesday, October 23

Generation Screwed

I was inspired when reading a few articles: #1, #2, and #3 this week.  The conclusions that I came to are nothing new and I have been talking about these ideas to people for many years now.  I was just caught by surprise that there are other people out there, in this case Stanley Druckenmiller (#3), that passionately believe that the youngest Americans are really getting the rawest of all raw deals.  Most elections cycles which center around fiscal issues such as budget deficits, the debt, social security, and medicare always delve into the territory of 'throwing grandma over the cliff'.  This though is completely  and absolutely FALSE!

You want to know who is getting thrown off the cliff? My generation (those born after about 1980)!  We are getting SCREWED!!!  Yet my generation has overwhelming supported the Democratic party and liberals since we were old enough to vote.  My generation's voting habits are destroying our generation and our nation.  We are voting for the greatest transfer of wealth in the history of the world.  This transfer is not from the rich to the poor like many might expect, but from the poorest of the poor to the richest of rich.  In others words wealth is being transferred from the young to the old.  Why do we need things like medicare and social security, when the current generation of retirees is likely the wealthiest generation in all of human history.  I am not saying we should not help out the old who are truly destitute, but why does my grandpa who collects two pensions need to collect a social security check as well?  I am not about to pay more in taxes for an older generation who on average paid 18.5% of GDP in taxes over their careers and who assumes they will collect nearly as much in medicaid social security benefits.  A vote by a young person for the status quo in either party is a vote for a future of poverty.

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Jeffrey Schaben said...

I agree. I was talking with my father just the other day and I comment on how he was born at the right time, You had the ability to achieve what ever you desired all you had to do was to be able to work for it. The social programs were young and not much of a hindrance, Then when we had trouble there was always the social security surplus to burrow from. Now we have made too many promises that can not all be paid, and we are going to hand this burden down to you grandchildren. I believe we can fix this now if we do not wait long. Current tax rate is only 3.77% of GDP. I believe you made a typo and meant 18.5% Gross National Income. And based on this GDP rate I believe we can recover. It is just a matter of ending corruption and inefficiencies in the system, We can also fulfill the promises made if we do it smart. That is the problem. That and ending this cycle of dependencey.

Jeffrey Schaben said...

Sorry wasn't thinking this morning. You probably used GAO GDP numbers. I tend to think in terms of BEA GDP numbers. To me GAO numbers are correct but based on their definition of taxable gross income. To me this is like asking the fox to count the number of chickens. You will get an accurate number based on the amount of chickens left to count.

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