by BigTex » Wed 19 Mar 2008, 00:39:20
$this->bbcode_second_pass_quote('Zardoz', '')$this->bbcode_second_pass_quote('Nicholai', '.')..But seriously, you were the most babied generation in all human history, I hope you cherished it.
Absolutely. You are 100 percent right. White male American boomers have been the most fortunate demographic group in the history of the human race. The world really was our oyster.
And we knew it, too. How could we not notice? Yer damned right we cherished it. I've had many conversations with my fellow Chosen Ones about it over the years.
We were simply lucky enough to be born in the right place, at the right time, to the right parents. That's all there was to it. We've been reaping the rewards all our lives.
It's even worse than that.
Have you read Strauss and Howe's books "The Fourth Turning" and "Generations"?
Their work on generational conflict and different recurring generational "types" is fascinating. The Boomers are just the latest iteration of a generational "type" that has recurred regularly for the past 500 years.
The thing that is different about this Boomer crop is the ability to steal from the past and the future to satisfy the insatiable desire to indulge every whim today. The ability of a generation to do this has historically been quite limited, but the Boomers have managed to exploit an ancient resource like oil, for example, almost as if all of it must be consumed during their generation. Similarly, see how current government obligations extend almost into infinity for the purpose of KEEPING THE BOOMERS HEALTHY AND ABLE TO BE SUPPORTED WITHOUT HAVING TO WORK--i.e., Medicare and Social Security. How much sense does it make to give an entire generation a pension for life starting at age 62 or 65 when they are projected to live another 30 years when THAT generation has not put away enough money to pay for it? Stated differently, perhaps some of the money to fund these future benefits was put away, but it was then promptly spent on government programs to benefit THEM.
Future generations may not be able to retire at all because they will be paying for the boomers to live one-third of their lives in retirement. That's kind of weird. Think about what the life expectancy was when Social Security was created and how disconnected what we are doing today is from the original plan.
Think about the Roth IRA/Roth 401(k) idea. This gives boomers the opportunity to pay taxes on their future retirement income today (at artificially low rates) and completely escape future higher tax rates that will be necessitated by ALL THE PROMISES THEY MADE TO THEMSELVES WHILE THEY WERE IN POWER LIKE LIFETIME MEDICAL CARE AND LIFETIME GOVERNMENT RETIREMENT INCOME.
It's pretty weird that so few people seem to notice these things. Younger people seem to assume that they will not receive Social Security benefits, even though they pay 6.25% of their pay into the system. Why do they just accept this idea? Why don't they ask more questions about WHY they may not be receiving any benefits.
The Boomers' parents' generation was also pretty good at getting future generations to pay for promises they made to themselves while they were in power.
I heard it described once as "fiscal child abuse." I thought that was pretty funny.