This country is ludacris!!!

How in the hell do I owe more on interest for my student loan than what I borrowed.

This country is a sham always looking out for the banks and always stealing from the little man.

NOTE: You are only getting back what you loaned me plus a fair amount of interest but now you are trying to garnish my wages???

Perhaps you should have thought about that before borrowing. Debt is a privelege, not a right. No one HAS to loan you money.

John Schoen ranks amoung one of the worst writers - with bad choices of wording - that I have read. Take his, "waiting around for their parents' money." statement. Is he saying that all the kids of babyboomers are vultures? That they don't produce any effort in life toward having something? That they are just "waiting around for their parents money"?

I honestly didn't want to believe that everyone was like that, even though, I did overhear one twenty year old say about his grandparents, "why don't they die so I can get the money now?". But now that Schoen is saying it too maybe, just maybe, that is what they all are; vultures.

So...Peel, the banks should lend you the money out of the goodness of their heart and not charge you?

Mac Turney, this article is badly written. I understood Schoen to be saying that Baby Boomers were "waiting around for their parents' money" and "undersaving."

Also, I'm about 30 years old which puts me at the end of Generation X but still pretty close to Generation Y (or the Me generation). My parents are baby boomers and they have undersaved for their retirement also. I can't remember a time when my parents weren't heavily in debt and constantly struggling to keep their head above water. Now, unfortunately, I have graduated from college but have college loans because that was the only way I could afford to go to college in the first place. While my finances are much better than my parents' I know that my retirement is in jeopardy because once my parents are unable to care for themselves, I'll be stuck with the bills and I won't be able to look to their "estate" for financial help. Currently, my forecasted retirement age is 73. And no, I'm not taking social security into account because we all know that it won't be around by then.

Older people without assets are taken care of by the state more or less you can contribute some to their well being but it is not a law.

Tired the boomer - baby boomers- would be your parents generation.

Hi Dosh, I know that. I was just saying that the article is confusing and poorly written. Schoen starts out talking about the Me Generation and then starts talking about the Baby Boomers. I was always under the impression that the Me Generation referred to Generation Y not the Baby Boomers. Maybe I'm just confused! :)

I also want to state that I don't blame anyone for whatever may be wrong in my life (not that there is really anything wrong in my life). I believe that most people do the best they can and that's all you can ask of them. I also take full responsibility for my life and my choices (it's better than being angry and bitter all the time).

Peel-Layer - Did it ever occur to you to educate yourself (you were going to college for cripes sake!) on how LOANS work? Yes, if the term of a loan is long enough, you will be paying more interest than principal. How in the world do you think a 30 year mortgage works? Don't tell me.... you have no clue. The stupidity of some Americans just floors me.

The free flow of "loans" for college have created a false economy in that sector, inflating costs because of the available "free" money. Take away the student loan (which if most students could see 10 years down the road and how many are burdened with ever-growing student loan debt unless the perfect job is found would likely not take the loan in the first place, and should these loans be able to be discharged in bankruptcy court as any other debt they would be much less available) and professors incomes and the "life" they are allowed to live in relative leisure also return to earth.

Much like insurance has inflated health costs, there are too many making too much due to false economic bubbles created by government mandate and law.

That our nation is big enough (300 million?) and wealthy enough speaks to our success. That our greedy government and the filthy animals who spend our tax dollars are chomping at the bit with the death-tax talks only shows how sick our government really is.

Tiredofthemementality;

Don't confuse an increase in longevity with an ability to work. Medical science has managed to extend lifespan but in my view have not improved the quality of the life style. The result is that you stay alive longer but need increasingly more support. My grandparents lived to be in their late 70's back in the the 1070's. One day, they were up and around, the next their bodies had given out. Now I see my parents and in-laws living into their mid to late 80's. Since their early 80's they have been increasingly unable to get around and care for themselves. They want t leave their children their small estates, but we have already figured out that if they live just another couple of years, their funds will have been exhausted (and these were not necessarily tiny estates). My point, is that working into your 70's sounds good, but no likely. You will need more time visiting your doctors and taking care of yourself. Medicine must now focus on quality of life (slowing down the aging process), not trying to see how much more decrepit you can get by adding years to your life.

I started out poor and supporting myself at 14 years old. I am finacially set for my retirement because I always worked on the books and invested into 401K's through my employers. Stop crying America and start supporting yourself. I'm 35 now and have enough to retire when I'm 59, thats not including or counting Social Security. Who knows if that will be there or not....... I struggled and busted my a$$ almost my entire life, I'm finally at a point where I can work a regular 40 hours a week making 60+K a year and very happy. Stop financing everything, stop charging everything, stop refinancing with cash out, and STOP crying and blaming everyone else. Live within your means and save what you can (under your mattress). I never had the money for college and did not like the idea of borrowing, so I'm not college educated. And still situated for retirement..Its not too late to open a 401K or IRA.

Peel-Layer in post #1.1 says: "This country is ludacris (sic) !!! How in the hell do I owe more on interest for my student loan than what I borrowed."

Well if your math skills are as bad as your spelling, it's no wonder that the interest accumulated on your student loan confuses you.

It would seem that your studies didn't do you a great deal of good if you cannot spell the word "ludicrous" correctly or even use a spellchecker to repair your spelling errors.

You can subtract $100 from the 8.4 trillion. Don't be so envious, I promise I won't spend it all at once.

and then there are the millions more of us boomers who have worked since 14, paid into the social security system, raised children alone w/out the benefit of child support, welfare etc. because of the way the laws for ch. supp. were written and enforced at the time who now have no retirement because the gen' below us felt it was their right to squander it in any crappy fund they chose for our retirement accts. who are facing no retirement funds because the 401k they put $$$$$ into has failed, and social security is in question!!!! so quit f'ing whining about us and cover your own asses since you still have not earned any right to any entitlement

Hooray! The tax extensions passed. I'm sure that's gonna fix everything (cough for millionaires COUGH) so we can all thank the GOP!

Those of you who correctly conclude "live within your means and your means will always grow" should be pissed at your politicians today. Apparently how I became wealthy does not apply to our government. Spend more than you make is bankruptcy. Why do stupid americans (60%) agree with extending the Bush tax cuts when we are running a $1 trillion annual short fall. We dont deserve a break, we need to get hit with a baseball bat. No more wars, no more free entitlements, no free drugs for old people, no more unemployment and no more Bush tax cuts!!! How do you think Bush recreated the annual deficit - with tax cuts and free stuff. Obama needs to push for the balanced budget amendment to the US constitution Republicans proposed 15 years ago.

I think Peel-Layer has confused education with actually making a payment as promised. On the other hand,it seems many Americans have fallen into that little fissure of reality.

In my opinion,the private sector is partly responsible for Americans being in over their heads. They're using the terrible economy as a reason to not increase wages or benefits,but they still demand workers put out extra effort because they can pay.

Which country does that sound like?

i'm a boomer. and i always thought our nick names were the ''me generation''! or the ''pepsi generation''.

and Golden Gste Park, in the early 70's, WAS very cool.

sorry so many of you missed it. but as they say, 'you had to be there' to understand!

Reign big government first. They caused this mess with their idiotic micromanaging.

well said littlechanges, well said.

Screw the boomers. Their greed has destroyed the prospects for their children, and now that they are seeing the gradual social evolution of this country, they are terrified that they may have to pass reins on to the next generation.

They destroyed everything that their grand parents and parents worked for, leaving us with a broken economic system and crippling debt.

My only solace is that the tail end of their generation had karma catch up to them right before they could retire.

I am a baby boomer and have saved towards my retirement independent of social security which was in 'jeopardy' back in the early 80's. So I get darn tired of the selfish boomer trope. As for my parents, I view it as their money and am perfectly comfortable with not inheriting one cent. Their needs come first, they raised me to be independent.

I agree with @littlechanges ... where was our government (supposed representatives of the people) when it came to creating a level playing field against corporations and their insatiable greed. Where are the tax breaks, incentives, subsidies to encourage saving rather than debt! You screw up, you get helped, you're responsible and you get screwed.

You know that the tail end of the boomers are 45 years old today. They won't retire for around 20 years.

Crap, you had to take that away from me Dennis.

j/k

Reference the comments about the old being unable to work.

In a sense, true and for sure your body begins to decline after a certain age. Myself, unfortunately, am now getting old enough to begin to see little signs of that slow decline. And undoubtedly, for some various illnesses and dieseases make it impossible to "work" after a certaing age. However, I think that how many of us age in the US is yet another sign of an overly entitled society. Our poor diet and sedentary lifestyle comes back to haunt us in our later years.

Worked in Asia for a number of years. I would see, on a regular basis, very old women, stooped over so their upper bodies were almost level with the ground from years of a calcium-deprived diet, carrying huge loads and walking for miles. Worked in Europe for a long while, until recently. Regularly, people in their 60's and 70's riding bicycles up hills that went up for multiple kilometers. My experience w/many of us as we get older in the US is considerably different. We like our fast, convenient and fatty foods, we don't HAVE to continue to work like in developing countries, and we don't CHOOSE a healthy lifestyle like many in Europe.

This is not completely true, there are lots of folks in the US who live very high quality older years. But the difference is very visible if you travel to different parts of the world.

Coolest recent experience as evidence: A couple of years back, was doing some gold prospecting in Northern California, looking for some friends in the back hills, knew they were in a certain area doing some prospecting. While looking for them, drove by an old gentleman w/a backpack and shovel who very obviously had some years on him, asked him if he had seen my friends. He said he had heard some noise off a certain direction back "over the hill", offered to take me back where he heard it. Took him up on the offer.

The guy took me on the quickest hiking pace I have had to do in a very long time, for at least four miles, over very steep trails. By the end, I was breathing very hard, and I thought I was in pretty good shape. Found my friends, before got to them, had the chance to ask how old the guy was: 93.

How correct

Most boomers have only paid into the system and taken nothing out. I say screw Gen X and Y for voting in such idiot politicians.

When I've paid all my taxes and been forced to pay into SS and Medicare, why should I be screwed just because the later generations voted in politicians that gave away what we built to people who didn't contribute?

You are not paying for us, you are paying for the government that spent what we gave them and now owe us as IOU's. Big difference. It was Johnson that started raiding the trust fund and Clinton that started taxing it, both democrats.

Dosh

I am a "boomer" and I happen to agree with you. The only thing we did right was the music. We screwed everything else up. In ten years, the boomer will slowly start to pass away and the others will be contemplated the afterlife. Not much time will be spent worrying about socialists, communist or Ronald Reagan. The "Y" s are much more in tune with the global environment. Boomers what to take their country back, but you can't go back the future. Good luck to you.

The 16th Amendment to the Constitution added the ability to tax income as a power of Congress. You pay into SS as a tax on income, a payroll tax.

There is nothing in the Constitution giving Congress the power to mandate health care covereage for everyone.

The 16th Amendment to the Constitution added the ability to tax income as a power of Congress. You pay into SS as a tax on income, a payroll tax.\

That is right. Obama's way around this to call Obamacare a tax and then it would be constitutional. Amazing how a little semantics make all the difference in the world. No too far down the road, all your little 401Ks, 503bs and pension plans are going to be hit with a front end windfall tax as well. Just wait and see!

Social security was a pyramid scheme from day one.

Matty,

I'm sorry you don't want to pay for my retirement any more, but...a short reminder here. I've been working since 1963 and paying into Social Security for 47 years. I'm still working and have paid for my own damn retirement. So has every other Boomer with a job. We have also provided the money for our spendthift government. Now it's your turn.

Social Security was never intended to fullfill an individuals full retirment needs. It was meant as a supplemental source of income to assist older Americans. Boomers, with their ongoing sense of entitlement and 'life should be easy' mentality, have the mistaken belief that it is. Then when they discover they have not saved enough to take care of their needs, mom and dad's hard earned savings can bail them out.....unbelievable.

kpokeefe I've been saying the same thing about 401k's SEP's and the likes for 10 years. It's going to happen and it's going to make me absolutely crazy. The only hope is that the generation in control then will have a clue and maybe not so greedy, but I doubt it. I'm willing to be that that generation is the same generation that created the likes of mattyj2733 who doesn't feel like he owes anybody anything.

Here's a hint mattyj, if you don't like the idea of supporting others figure out a way to make it so that others don't need support. Find a way so that people can keep more of their money in their own pockets. Become a responsible productive member of society, but most importantly, don't be so freaking selfish.

Johno (#3.4), amen, I right with you, I not even a boomer, being born in '45 during WWII, think they called us War Babies. Started working and paying taxes in 1963 after high school, courtesy of the U. S. Air Force, am still working after 47 years and plan to work unitl I'm at least 67. As of my last SS statement, I have, through 2009, paid in well over $100K in payroll taxes, I have contributed to a 401Ks, Simple IRA, traditional IRA and Roth IRA to fund my retirement, and in spite of being forced out of my engineering job in 2001, I still took other, much less paying jobs. I have planned and saved, so anyone who dares say I'm looking for an entitlement or handout is full of it......and there are many more like us!

I don't know that it is being selfish so much as it is irritating to know that we too have been and will be paying into the system for many, many years and in the end will probably get nothing back. Back in the boomers day, they didn't know this or even think it. My parents are considered boomers -I think- M is 69 and D is 74. They worked very hard to provide for our family. I have no problem supporting them. But ppl are living longer and things should have been fixed a long time ago to stop the Fed from dipping into the pot and squandering the money. Up retirement age as age expectancy rose. When faced with the reality that basically the current generations are just throwing money in the wind with no real possibility of seeing a dime back, it is a bitter pill to swallow.

Social Security has always been a false hope. As someone posted above, it was a pyramid, but an inverted pyramid - the top of the pyramid came first, now we're approaching the bottom. It would have been better if SS had never been implemented, then people would have had to take responsibility for their own financial well-being, and we would be a lot better at things like saving and planning today.

Woo hoo! Isn't that the truth. I have worked all my life, paid my taxes, even worked at menial jobs to get my foot in the door. I will support myself in retirement unlike illegal aliens and all our welfare friends. But i guess i will support them too with my tax dollars!!!!!!!!!!

How about the illegals getting SS payments without paying a dime into the system. Quit bankrollingling illegals.

Well OK, I can see your point. But wait! Did you go to public school? A state university? The older folks paid taxes for that. So, to be fair, you should write a check to the state and reimburse the money that taxpayers coughed up.

Get over it! I never had kids, but I certainly have been held hostage by being forced ot pay for YOUR education, which was apparently wasted on you. My own Grandmother lived to be 96, lived on her investments and pensions, but also collected social security for 36 years. Guess who's SS taxes helped to support her?Mine and all other working people. You need to stop being so selfish and learn that we are all responsible for each other. One day you will be old and in need of assistance. Hope your kids don't hate you they way you seem to hate others.

Peter17,

"There is nothing in the Constitution giving Congress the power to mandate health care covereage for everyone"

So that whole General Welfare clause thingie in the consitution was just a red herring, huh?

What the judge stuck down was the requirement to make everyone pay for the insurance from a private company whether healty or not. So the repubs fought against the public option, then sued because it wasn't there. The rest of the health care law isn't in question about if it's constitutional, it is.

SS was a voluntary program when it was formed. It started as 1% of income. Over time, our government has raised the percentage, made it a mandatory "tax". Now, they even tax the money when then give it back to you. By the way, we've been using the fund to bankroll other programs which was never supposed to happen, and now SS itself is bankrupt.

I'm another boomer who has paid and paid and paid and taken nothing in return. I've worked since I was 18 so I too have paid for my SS and Medicare.

SS is a pyramid scheme though. The first ones in get the goodies and the pyramid expands at the base to pay for those above. Eventually the base can expand no more and the whole thing collapses. That's were we are now. There used to be 17 workers for every retiree, now there is only 3 and soon 2. That is clearly not sustainable.

It was a suckers bet from the start. It was set up initially so no one would collect much before they died. They didn't increase the eligibilityage to track longevity so not only has the base collapsed, they are paying out even faster than they otherwise would. My retirement age was raised to 66 since I was born in 48 so I am part of the first longevity correction. Raising the age further for future retirees, is the one answer that is true to the initial intent of the program.

SS was never meant to be a retirement plan. It was supposed to be a safety net so seniors wouldn't starve. Even with SS you need to provide for your own retirement. Think of it only as a supplement.

The only real solution is to phase it out over time and replace it with private accounts. Countries that have done this have seen rates of return from 2x to 5x higher than ours and they are solvent.

That would also prevent the government from borrowing it and sticking you with an IOU, which is why democrats are so against it. Bush just asked for an option and was shot down! If you don't want to pay into a failed system, then demand the option to opt out.

PS. "Promote the general welfare" is in the preamble of the constitution, and not the constitution itself. It describe the intent of the constitution, not a mandate to form a welfare state. Yet another liberal rewriting the document on the fly to support his idiotic philosophy.

It was Regan that raised the SS up in 1982 so he could give the tax payer a 10 % cut ..and I also remember getting 125.oo year cut and Also remember that I had to pay 108.00 in SS more a year While the rich got all their Tax cuts... So a tax cut for rich is not really a tax cut for middle class unless you up the cap on SS.

The Democrats have a checkered history of screwing with SS. Carter and Clinton both expanded payments

If you people think that its ok for the government to demand you buy health insurance or be fined then i have another idea in which i believe they should pass. I think that the government should make it mandatory that everyone buy a gun under penalty of the law. After all there is crime everywhere in the country and everyone could be struck by crime, so the government should have storm troupers like with mandatory health care, to go out and make everyone get a gun, or go to jail and pay a fine. Please tell me what is the difference between these two?

Peter,

Article 1, sec. 8, clause 15 gives Congress the authority to make the laws that expands its power to carry out its duties; including taking care of senior citizens.

If you are only getting paid min. wage (or even 1 1/2 times min. wage) and you have to buy your own food and clothes and pay for your own transportation to work and either rent or a house payment (or even just property taxes and homeowners insurance) it will take all of your income and you will not have anything left to save for retirement. Social Security takes some of your money and then is supposed to give it back after you can no longer work because of age. If the government didn't take your money you might spend it on going to Wendy's for lunch instead of making your own or buying a decent sofa instead of making do with a ragged one.

Before Social Security there were lots of people who had to go to the poor house when they could no longer work. People, especially women, used to have to endure all kinds of neglect and mistreatment when they were old and disabled. Things had improved so much by the time I was old enough to remember that the first time I knew of homeless people was when Reagan was president.

Things would improve it the income of our elected officials was tied to the medium income of our citizens. I would allow Congress 4 times the medium income because they do have to maintain two homes and travel between their home state and Washington DC.

Another improvement would be if companies had to pay their lowest paid employees at least 5% of what they pay the highest paid executives in the company. Or maybe the % could depend on the size of the company. There is no excuse for the top executives getting millions of dollars while most of the employees are having to ask for government assistance.

I have not seen any proposals to cut SS benefits to current retirees by anyone of either party.

Do you have any citations to show that those aged 46 to 60 voted in a much higher proportion for GOOPers than other, especially younger, groups?

The Baby Boomer generation was born from 1946 to 1964, thus their ages now would be 46 to 64. The peak of the Baby Boomer generation was the mid-late 1950s, so those Baby Boomers are not yet in their mid-50s.

I think someone needs to get some information, 'digest' it, then think before they post.

BTW - There was a severe drop-off of votes from those under age 30 in 2010 when compared to 2008. They are not at all at fault for the GOOPer wins? After all, they didn't vote for the Democratic party candidate like they did in 2008, which in effect means their non-vote in 2010 was a vote for the GOOPers.

BTW II - it's not 'in mass'. It is 'en masse' (the term is of French derivation).
(http://www.thefreedictionary.com/en+masse)

Refreshing to read an intelligently written post up here. Thanks, Mike in Baltimore.

I wish the article had looked at what the top 1% of the inheritance recipients will receive. What % of that 8.4 trillion will stay with the mega rich? I wish more of the Big Rich would follow the lead of Warren Buffett and pledge to give their billions to philanthropic causes.

Boomers started with a government that had little debt and an economy that no other generation had ever seen. No other generation has ever had it so good. They took control and look where we are now. Definitely the "Me" generation. They also are the ones who raised all these lazy kids who feel entitled to everything, so I guess they passed down their work ethic as well. A sad legacy.

I wish more of the Big Rich would follow the lead of Warren Buffett and pledge to give their billions to philanthropic causes.

Still, notice how Warren Buffett will give it away rather than let the government get its hands on it through the estate tax. Funny how even those that support the left still try to avoid the estate tax.

they didnt get rich investing in failures-- like govt.

Not buying it. Anyone that votes for a reduction in SS will not win re-election. I am eager to hear anyone announce such. In as much as SS deduction was not voluntary, the payments to millions of retirees are due. How about that bloated defense budget--7 times higher than #2 China--chop it in half. While they are at it-why is it that the CIA doesn't even disclose their budget?

The nation that we need to "build on" is the USA.

I am a boomer, and I can tell you in since I started voting in 1968, I have voted for Republicans only twice in my life, and both times I lived to regret it. As a reesult, I have not voted for a Republican since the 1970's. Please do not characterize baby boomers as Republicans--that is a gross insult to those of us who fought for civil rights, opposed by Republicans, women's rights, opposed by Republicans, and against the VietNam war, supported by Republicans, to name only a few causes.

My thoughts exactly. Mom's final months took a lot of their savings. The home equity will hopefully last as long as Dad. I don't expect the four of us to see anything left. Dad is in pretty good shape now, so could be awhile. Not holding my breath. What we have is what we will have.

So you've been paying into the system since you were 15 -- well so have those of us of the younger generation. Yes, you paid your grandparents ss benefits at that time and now feel you are due and that the younger generation deserves to pay your ss benefits the way you paid your grandparents -- but here's the difference: When we hit ss age, there will likely be no ss left! You feel you are entitled because you paid your dues. Well you know what? We're working our "butts off" now and paying our dues and will likely never see a cent in return when we hit your age. THAT is why the younger generation is unhappy right now. And those problems date to the time Boomers were in complete control -- so don't you dare lay the ss mess on the current administration! I'm not saying we should dump ss and take it away from you or my parents or any other boomer -- I'm just sick and tired of entitled boomers trashing the younger generation! We are not all a bunch of snivel winers as you seem to think -- our concerns are real and you owe it to the next generation to at least acknowledge that.

You got it right. I'm a boomer, and I've been paying in since I was 16--that makes 40 years this year. I've also got my 401k, and another pension plan in place. I'm also saving on the side, and have a plan for after "retirement." I won't inherit anything, as my mother has blown every dime she has on stupidity.

I didn't vote for any of those fools in office, but I did vote, so quit laying this on my doorstep. I can't help that a number of foolish people have not checked out the candidates for office. I did my research, and pretty much across the board, I was right with my candidate of choosing. Not everyone has been quite so careful in their voting decisions.

Quit laying the economy/retirement problems on the boomers. We've been working for a long time, and will probably work a lot longer. Stretching out more years to retirement isn't fair to us, either. Many of us have worked and kept our noses to the grindstone. We've supported our children, and our children's children. We've held down two jobs (and more) to get where we are. We've labored and tried everything we can to prepare for the day that we can finally sit down and take a break. When my turn comes, I'm taking it.

Message to those who are "disappointed" in the Boomers: Grow up. I'm tired of hearing your moaning and complaining. I have no intention of dying any time soon, just so you can live off your inheritance from me.

the difference between the boomers and the younger generation paying for the boomers, is that you're the BOOMERS. Your generation has more people, more people to pay for the smaller generation before you, and more people for the smaller generation after you to pay for, and although the economy is improving, it's still much harder to find a decent job for us than it was for you when you were our age. So basically, you, as a member of a large generation, had to pay for a smaller generation in a bull economy, and we have to pay for your huge generation when people are struggling just to support themselves.

Thus the need to remove the cap on social security so we do have enough money. Instead of doing that - the right thing to do- the new deal Obama struck wiuththe GOP plans on taking a 2% cut from SS to give a stimulous to the economy. It is like the bank stealing money from your savings account so you can have a free toaster in your checking account. It is stupid.

Son of Mad: Then why isn't my mother's generation rich? According to your scenario, the Boomers paid for our parent's generation. We Boomers outnumber everyone. Therefore, our parents should have gained multi-fold income. However, since that generation is quickly falling by the wayside--most of them are in their late 70s and 80s and older, and leaving us everyday, then the Boomer generation is paying for whom? We are paying for ourselves! That's right, just as it should have been all along. I've been paying into my retirement for a long, long time. No one in the younger generations is going to support me; I've already paid, and paid a mint at that.

Also, just another note--my grandparents (both worked), paid into social security for a long time--not their whole working lives, but a good long time. My parents also paid in most of their working lives (both worked, too). I've paid in my whole working life. By my figures, we've pretty much paid our way to whatever rewards we are owed. If the money has been snookered out from under us by our government, put the blame on it, not the people who worked and worked and worked.

I didnt say there would be social security for me. There may not be any at all soon. I dont expect anyone to pay for me. Ive taken care of myself since my first paycheck. I pay for my grandparents and other grandparents, I'll be paying for my parents too, and the welfare and medical too. As far as you who are younger....I will have to keep working too, till I probably drop dead. Because by the time I get to retire...yeah, that's a laugh...there wont be anything left. And I dont feel Im intitled to anything....just the fact that I paid into it. And you would feel the same way once you invested a good thirty years or so. All I can say is plan ahead...some of us did and we still pay hun....we all pay.

There has been a proliferation of articles laying this on the greatest generation. Mostly written by Boomers, the argument is that the greatest generation didn't pay in for many years and has been enjoying the benefits. Fine. True. HOWEVER, if this was a problem for you, you should have said something THEN. The Boomer generation takes great pride in their supposed activist history and the fact that politicians are forced to cater to them. It's a little disingenuous thirty years after the fact.

ALSO, consider the fact that during your working life there was an average of 8 workers for every retiree...now there's 3 moving quickly to 2. To make things simple, we'll assume for simplicity that $1000/month benefit for retirees. When there's 8 workers, that's a $125/month burden for each employee. When ther's 3 workers, that changes to 333.33/worker and at 2, 500/worker...HUGE DIFF!!!

Well Mike, I crunched my numbers--just mine. For all the years I paid into SS, and then switched to a pension plan, SSA says I get about $350.00 month benefits. (It doesn't seem quite fair since I paid in for 25 straight years, but oh well, wages were lower 15 years ago.)

Let's say I live to be 85, (maybe, maybe not, but I can hope. My grandparents, nor my dad made it that far--yeah they died before they could draw out more than several months of SS, my grandfather got 2 months of SS before he died, after paying in a good long time! Dad got 18 months' worth--and he paid almost his whole life.) The numbers crunch out to $84,000 total payments. I know I paid in a pot full of month. And it's been sitting there doing what it does. Chances are my pension plan will also bump those payments down a bit (because that's the way it works--not my idea, believe me. That would put me down to probably around 60-65K for the remainder of my life, total. I almost make that in a year now.

I think I paid in my fair share. I know my grandparents did, and I know they didn't get back what they paid. Dad paid in a whole lot more, and I know he didn't get back much at all. Mom's still with us, but she worked, too, and her income from SS is minimal. Her income is from a separate pension. We've all paid our share, and then some. Therefore, the numbers and "inheritance" don't necessarily pan out the way some are calculated.

We, the Boomer generation didn't make these rules. They were in place when many of us were born! If someone's got a beef with the way the system works, take it up with the system administrators. In the meantime, I'm counting the days when I can sit down and enjoy a bit of life on my own time. I don't expect to live grandiosely, but I'm not going to eat catfood either.

Yes! Wish my parents were still here. I always felt my social security deductions were well spent on taking care of the elderly, orphans and disabled. Happy holidays.

Just a thought for all the Boomers out there whining about the younger generation being selfish whiners- who do you think taught them to be like that? Shame on all of us for what this country has become.

Young adults are scared out of their minds because they have a responsibility to the aging populace, and they know they lack the means to meet that responsibility. Unfortunately, that problem was also created before they were even born.

At some point, we're going to have to accept that we can't saddle our children and grandchildren with the problems we refuse to face. Maybe it's time for the UN to have membership dues, and let the organization that was meant to ensure world peace actually do its job. The United States can't afford to do it forever.

dsb,

You are absolutely right. I was born in '51 and have worked since I was 15. I never inherited a dime from anyone. As you said...we paid to keep my Mother living comfortably and I quit my job for one year when she was too sick and needed round the clock care. I have paid out not raked anything in to line my nest for retirement. It has been a real struggle. Again, I was glad to have helped my Mom and would dearly love to have her back to care for again but she is in a better place now.

You know--if you want to know the main problem with America, look at your own posting. We live in a democratic republic--it only works if we understand that a democracy is based on people working together for a common goal. Unfortunately, Republicans like yourself want to characterize everyone who isn't a Republican as greedy, underserving, dregs.

Healthcare reform is about, ummmm, healthcare reform. You don't know this because apparently you haven't had every medical bill over $1K automatically turned down by your insurance company, forcing you to call them over and over, wait for callbacks that they will only do during working hours (when you are, you know, working?), and fight and fight. Sometimes you win, but at great cost of time and effort. Sometimes, you lose--at great cost of money.

This means that despite paying for one's insurance, one does not get the benefits one should get. The insurance companies deny benefits, magically invent "pre-existing conditions," cut off policies, and log payments as late when they were on time. Remember that insurance is a gambling racket--and, right now, because the Republicans deregulated it, they are able to change conditions whenever they like.

The current healthcare reform act put through by the Democrats is a dead-on parallel to the Republican mandate put through in Massachusetts which Mitt Romney signed. The reason you saw no Republicans engaging in serious debate over it is that the bulk of the act is REPUBLICAN. Or, well, it was Republican before the Republicans decided that since the Democrats were actually willing to negotiate and do things their way that it suddenly wasn't worth doing.

If you would pay attention to what is going on beyond watching Fox News and calling people names, you know, maybe we could actually get something done in this country. But, as long as slightly under half of us are dragging their feet and calling things horrible names (things that they, themselves, used to champion), it's a little difficult to get anything accomplished.

I don't suppose you'd like to grow up and act like an adult citizen of a democracy?

excellent post beanathome...

It is a very good post. Slightly aggressive, that last statement. It might make Matt S. more defiant than less. Thanks for trying.

I'm a boomer also and have worked since 15. My kids are not responsible and are just waiting for me to die in order to spend my money. They could care less about me. Sad, pathetic, but true. Makes you just want to save that much more, right?

How do you think your kids got that way? Did they raise themselves?

Most tax shelters were eliminated in the major tax bill of the late 1980s. Very little tax has been collected through the estate tax over the years relative to other sources of government revenue. The problem is that it has a very negative impact on small family businesses that must be sold off to pay the tax. Most of the super wealthy like Buffett and Gates simply give their money away.

Peter17 -

No one pays Estate Tax unless their "estate" is valued at $500MILLION or more. i.e. The Estate Tax is, in fact, paid by the wealthy 2% - not the 98%.

Most "small family business" falls well below the $500MILLION entry level that is subject to the Estate Tax. The Estate Tax is a tax on the 2% - based upon their worth AFTER they die - not the 98%.

Seems folks keep loosing track of the fact that not all Medicare recipients are "elderly". A large percent are vets, the disabled and children. They are ALL US citizens. Before they ended up as "recipients", they were "just citizens" like you and all of us! No one knows what life has in store for them - even you Peter! One day, any of us may well end up receiving Medicare or any of the other assistance programs - without warning......Life just happens.

Wish folks would stop referring to all recipients of any govt. program - Medicare, Medicaid, unemployment benefits....etc. - lazy and statements of how "they" are receiving these benefits out of YOUR/OUR tax dollars!

Would be refreshing....uplifting....if even for just one day, we could all concentrate on coming together with constructive conversation and work together to find the answers we need to recover from these truly tuff times. All the negativity and name calling and blameing only adds to the problem - nothing is contributed to finding the solution.

the estate tax doesn't kick in at $500 million, it kicks in at $5 million (if the compromises passes, $1 million if it doesn't)

its a piss poor writer who thinks "reviewing" means getting an article past the spellchecker and not reading what they wrote.

The opposite of an inheritance sooner?

And, apparently, Generational Warfare, too.... *sigh*

that's the point.. be forced to sell it off so Monsanto and other big agriculture corporations and fat cat investors .. then they can get Government subsidies for not growing or rent the crop ground back to the family and rake in a huge profit.

There's an $1.5M exemption before the taxing starts. Also, family-owned farms and closely held businesses already receive special treatment under current law. Heirs who agree to keep the farm or business assets within the family for 10 years after death can reduce the taxable amount of the estate by 40 percent to 70 percent. And if the farm or business is at least 35 percent of the gross value of the estate, payments can be spread out over 14 years.

and bravo to you, with your "its all mine" philosophy.

nightwalker

Although I don't have rich parents, but for people who have earned and saved their money, it IS their money AND it is their children's money if the parents choose to will it to them. It sure isn't yours.

nightwalker, you should try stating the truth. You comment should read "my family earned and planned so that their posterity would be in a better financial position than those libby parents who smoked pot and practiced free love and so, yes it is all mine"!

Jobseeker--you sure have a lot of time to quote that Fox & Limbaugh babble. Just when do you "seek those jobs"?