Millennials

Hey Boomers, Give Thanks To the Millennials We're Like Totally Ripping Off!

The cost of today's and tomorrow's lavish public pensions and entitlements will be borne by younger Americans.

|

Retiree clip art, public domain

How bad are baby boomers—who rightly rebelled against their parents' repressive ways—ripping off millennials, i.e., The Next Big Thing in American Culture?

Over at The Daily Caller, Mark Tapscott does the math (and it's not that fancy "New Math" that some of us were taught a million years ago, either):

More than half of the nation's 25 most generous state and local public pension systems received Ds when graded by the non-profit government watchdog Truth In Accounting (TIA) on their ability to pay promised benefits to a rising flood of Baby Boomer retirees.

That's very bad news for millennials because unfunded pension benefits often mean higher taxes for productive workers. Millennials who are now moving up career ladders and earning higher incomes make up the biggest portion of the taxable workforce now and will represent 75 percent of it by 2030 when the tail end of the Boomer generation is entering retirement.

I write not simply as the parent of one millennial and another whatever-the-next-gen-is-being-called and as a late-era baby boomer born in 1963. The public-sector pension problems discussed by Tapscott and TIA are of course dwarfed by similar dynamics undergirding the nation's primary old-age entitlements, Medicare and Social Security. There are plenty of reasons to be pissed off about these programs, but here are four (using numbers from 2014):

Jason Keisling, Reason.com

Some of these numbers have changed a bit in the past couple of years, but as with the public-sector pensions, they still add up to a world of hurt for younger, poorer Americans who are getting robbed systematically to maintain older, wealthier people's standards of living. It's well past time to shift from Bismarckian entitlement systems in general and away from age-based welfare systems. Our society should provide a social safety net for Americans who cannot take of themselves regardless of age (we do some of this) and we should help people who are knocked down get back on their feet. This is all copacetic with a limited-government, libertarian worldview. We should not be robbing Peter, Jr. to pay Paul, Sr. and we don't need to be (go here for ways to end generational warfare waged via federal entitlements).

And we also don't need to break the budgets of states and municipalities via public-sector pensions, either. Earlier this year, the research arm of Reason Foundation (the nonprofit that publishes this website), helped inspire legislative action in Arizona that protects both pensioners and, more important, future taxpayers in the Grand Canyon State. It's a model that can be widely copied and implemented, too.

From a summary of what it does:

  • Cost of living increases (COLA) will be based on the consumer price index for Phoenix and capped at 2 percent and will be pre-funded (which is currently not happening).
  • New hires will be able to choose between defined contribution plan (like a 401(k)-style savings plan) or a hybrid defined benefit plan rather than the traditional pension system.
  • New hires will have the salary cap for pension calculations reduced from $265,000 to 110,000 per year, seriously limiting incentives for finding ways to "spike" pensions with bonuses or unused vacation time to jack up what retiring employees will be receiving.
  • The eligibility age for new hires will be increased from 52.5 to 55.
  • New employees will have to pay 50 percent of plan costs if the plan doesn't meet return assumptions.
  • Employers (that is to say, the government) will be forbidden from having "pension holidays," where they stop paying into pension funds when they are overperforming (which then turns into a crisis when pensions later underperform).
  • The Reason Foundation calculates savings of $1.5 billion over 30 years and a reduction of retirement costs for new employees by 20 to 43 percent.
  • Financial risks borne by the taxpayers should be cut in half, and the accrual of new debt for pension liabilities should be reduced by a third.

More here.

In 2015, Reason TV laid out "3 Reasons To Cut Public Pensions NOW!":

NEXT: Does Nikki Haley Have Any Clear Foreign Policy Views?

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

  1. Everybody is talking about death camps for muslims and mexicans, when we should be talking about death camps for baby boomers.

    1. I believe they already exist, Hugh.

      They’re euphemistically termed “nursing homes.”

      1. I thought they were called “Florida and Arizona.”

        1. At least God’s Waiting Rooms have mahjong tournaments.

          1. My best friend’s sister makes $92 an hour on the internet . She has been out of a job for 6 months but last month her check was $14750 just working on the internet for a few hours. Go this website and click tech tab to start your work.. Now this web… http://www.Trends88.com

  2. This is the moral hazard of “Social Security”: parents alienated their own children, knowing they’d be taken care of in their old age. And meanwhile handed the bill to their own grandkids. At this point it’s up to millenials to decide if they prefer war or peace. But I would point out – WW III will cost much more than $20T.

    1. Pardon my response to a troll…

      My mom, a drama queen if there ever was one, keeps saying “When I’m ready to go, just pull the plug.”

      To which I reply “Hell no, lady. As long as you cost less to keep alive than the social security check, you’re gonna just have to suffer. It’s the only way I’m getting my money back.”

  3. Dear Dr. Gillespie,

    Why do you compose Hit ‘n Run posts in the same register used by 13-year-old girls for their Tumblr posts?

    1. I believe he prefers to be called “Dr. Nasty”

  4. As a very early boomer, I’m pissed at the generation before mine – and my own generation – for not reforming social security a long time ago. I’ve done the math and I’m not one of those sponging off the young (in an investment sense): my s.s. taxes, if they had been invested in the S&P 500, would spin off a monthly payment at least twice as much as I am now getting from s.s.

    1. Of course you are sponging off the young. You are on the receiving end of the greatest wealth transfer in the history of mankind. “If they had been invested”?!! Why are people so dishonest about this? Instead of taxing you in the usual way, the government winked, and said some percentage of your taxes was an investment. They then spent every penny of your “ss taxes” as normal taxes. ON YOU.

      I have determined that if I am to steal for my retirement, I will hold the gun in my own hand. There will be no “libertarian moment” ever. The “libertarians” send their children to government schools, work for government, and take every wealth transfer they can get their hands on. Principals over supposed principles.

  5. Is it really a mystery that over time people acquire more assets and have less liabilities?

    1. To people who’ve been feeding us the line all our lives that senior citizens live on cat food, apparently.

      1. Have you seen how much a can of Fancy Feast is going for these days?

    2. It’s hardly a mystery. It just undermines the core justification of Social Security old-age benefits.

  6. Boomers were at the helm for most of the crap that is ruining the world but blaming a generation really seems petty.

    All stupid people are to blame for voting for anything other than the tiny government guy.

    All American morons who still vote for repubs or dems are just as guilty as the boomers for not reading about how bad government is.

    Dems are dumber than the neo-con supporting repubs however because hey believe in a more stupider form of massive government than the old guard repubs do.

    If you voted for trump because you thought there was any real difference in him and Clinton, then you are stupid. If you voted for him because you just could not stand the notion of listen to that criminal, corrupt, repugnant bitch, then I can totally see why you would do that.

  7. Young people should be in more debt than old people. I would hope people pay off their debts when they get old. When you are young and have your best earning years ahead of you, you can have debt. Not so when you are older.

    1. I would hope people pay off their debts when they get old.

      The problem isn’t that the young have more debt than the old as much as the old are leveraging unborn/non-existent to pay off their debt.

      1. Then the Millenials should quit whining, put away their phones, and have sex with real people. This will result in babies who have badly needed earning potential.

  8. We millennials just want you to die already, Nick. Aren’t winning points here.

    1. No but he said there ought be welfare state and he tries his best not to yell at the kids on his lawn. So he’s like totally hip with the youngsters.

  9. “Dear Trumpkins – This Thanksgiving learn to appreciate what you have. Because you ain’t gettin’ any more.”

    – Love, Millenials

  10. Hey millennials, give thanks to your elders who worked industriously, spent thriftily, saved copiously, invested wisely, and brought about the capitalist prosperity that affords permitting you to while away your days whinging on social media about phantom racists and the multitude of non-binary gender pronouns.

    1. Go away, we’re ‘batin…..

      1. Oh, and we’re fucking less, drinking less, doing fewer drugs, dying less, but complaining just as much. We really are the worst generation ever.

        1. There are just so many high-quality video games available.

          1. ^this. I am one with the hikikomori.

      2. +1 Brawndo

    2. “capitalist prosperity that affords permitting you to while away your days whining on social media about phantom racists and the multitude of non-binary gender pronouns.” I like it.

      Although boomers did accept the bailouts and the out of control government growth over the past 30 years so if you can blame a large group of people for looking the other way while rome burns, that boomer group is certainly the one to blame.

      Bush initiated the end of what was left of free market capitalism. obama of course could not identify free market captilism if it was a mugshot.

      1. Well, it’s why I left it at “elders,” since as you say the welfare statism goes back a ways. Really, fuck everyone born before, during, and after the seventies.

    3. Stop charging me ss and medicare taxes and I will.

    4. Hey millennials, give thanks to your elders

      15.3% of my income isn’t enough?

      1. Work harder, your tax rate isn’t high enough.

        Neeeeed moar revenue!

        1. OASDI and Medicare taxes are capped. I can only work so much harder before my effective rate starts to decline…

          1. Medicare taxes are not capped.

  11. As usual, Generation X gets both screwed and overlooked. Fuck all y’all.

    1. I know, right?

      At least our latch-key childhood left within us a lingering sense of abandonment, so this is just a small drop in our overall existential angst.

      1. Y’all ruined MTV and the nineties sucked.

          1. wow, there’s a song I haven’t heard in forever.

            This year, Halloween came on a weekend, me and Geto Boys was trick or treatin….

        1. No, the earliest Millennials ruined MTV at the end of the ’90s when they were teeny boppers and shitty shows like TRL and Punked became their big thing.

        2. I’m not going to sit here and defend MTV because, except for a few bright moments, it all sucked. However, I won’t be blamed for a mediocre social phenomenon becoming a worthless tween social masturbationfest well after Gen X had moved on from MTV and VH1 to Napster.

      2. I for one am grateful for being abandoned.

    2. I just call myself a millennial so I can feel relevant.

    3. Hi! Long time reader, first time poster. (But topics on Boomers get my hackles up, so I couldn’t keep my fingertips to myself.)

      As usual, Generation X gets both screwed and overlooked. Fuck all y’all.

      +1 Infinity

      My parents were born in that twilight zone between the Lost Generation and the Greatest Generation (who spawned all these Boomers), so I’m at the very front end of GenX.

      If, by the time an early Gen X was 25, you didn’t know you were never going to see social security, you weren’t paying attention.

      1. I’m always confused about where the cutoffs are. It used to be I was not a boomer, then I woke up one day to find I was classified as a boomer. It’s confusing. Same with Gen X, Millenials, etc. Is there some official table published someplace indicating what group you fall in that preferably does not change day to day?

        1. You are what they say you are!

        2. The Lost Generation is a term originating with Gertrude Stein to describe those who fought in World War I. The members of the lost generation were typically born between 1883 and 1900.

          The Greatest Generation, also known as the G.I. Generation, is the generation that includes the veterans who fought in World War II. They were born from around 1900 through 1924, coming of age during the Great Depression. Journalist Tom Brokaw dubbed this the Greatest Generation in a book of the same name.

          The Silent Generation, also known as the Lucky Few, were born from approximately 1925 until 1945. It includes some who fought in World War II, most of those who fought the Korean War and many during the Vietnam War.

          The Baby boomers are the generation that was born following World War II, generally from 1946 to 1964, a time that was marked by an increase in birth rates. The term “baby boomer” is sometimes used in a cultural context. Therefore, it is impossible to achieve broad consensus on a defined start and end date. The baby boom has been described variously as a “shockwave” and as “the pig in the python”. This generation is also referred to as the Me Generation, and the latter portion of the Baby Boomer generation as Generation Jones.

          1. con’t:

            Generation X, commonly abbreviated to Gen X, is the generation born after the Western Post?World War II baby boom. Demographers and researchers typically use starting birth years ranging from the early to mid-1960s and ending birth years ranging from the late-1970s to early-1980s. The term has also been used in different times and places for a number of different subcultures or countercultures since the 1950s.

            Millennials, also known as the Millennial Generation or Generation Y, are the demographic cohort following Generation X. Demographers and researchers typically use starting birth years ranging from the early-1980s and ending birth years ranging from the mid-1990s to early-2000s. As of April 2016, the Millennial generation surpassed the Boomer generation in size in the USA, with 76 million Boomers and 77 million Millennials.

    4. More than screwed. I expect that the millenials will finally get religion on entitlement reform when enough of their Nick’s die off to not feel guilty about it. Then they’ll look at the bite out of their paycheck and future benefits and have their epiphany in time to fuck Gen X.

  12. Don’t sweat it. Millenials are still shopping around for a leader with the gumption to simply mass-murder undesirables. This will of course include the elderly, along with other throwback people who mis-pronoun.

    Trump seems a little too squeamish yet, so you all still have four years at the very least.

    We might end up having to choose one of our own; someone raised from birth to be totally numb to second-hand violence. That would give you a good 10-20 years.

    Then it’s time for a whole new class of “Shovel-ready jobs.”

    1. Wow – so devious. I like the way you think.

    2. This will of course include the elderly, along with other throwback people who mis-pronoun.

      The upshot is that they don’t actually have to kill the elderly as much as just not resuscitate. We have made advances in medicine that do allow people to live longer. Teasing that out from overpriced mortality displacement is still a big TBD.

    3. Then it’s time for a whole new class of “Shovel-ready jobs.”

      I’m sure there’s an abandoned strip mine you could use.

  13. younger, poorer Americans who are getting robbed systematically to maintain older, wealthier people’s standards of living. It’s well past time to shift from Bismarckian entitlement systems in general and away from age-based welfare systems. Our society should provide a social safety net for Americans who cannot take of themselves

    So your plan is to rob them systematically to hand money over to poorer people?

    1. His plan is to talk a big talk about property rights and then pretend that stealing peoples property to redistribute it to the least productive is not a direct contradiction to the concept of property rights.

    2. What does Biz Markie have to do with anything? I’m so confused.

      1. Because you can’t file jointly if you say she’s just a friend. If you say she’s just a friend.

  14. Our society should provide a social safety net for Americans who cannot take of themselves regardless of age (we do some of this) and we should help people who are knocked down get back on their feet. This is all copacetic with a limited-government, libertarian worldview.

    This is what I’ve been talking about when I said Nick Gillespie is a welfare state loving “libertarian”. This watered down shit is what you can expect from Gillespie and the cosmo/left/bleeding heart (or whatever you want to call them) libertarians.

    It’s not copacetic to the libertarian worldview, at least in any world without cocktail parties and people like Nick Gillespie who wants to be regarded as a radical and yet also get the social acceptance that comes with being a mealy mouthed centrist.

    1. See my post below. I was about to criticize the same thing, but he said **society**.

      If he had said government, I would be agreeing with you entirely. But as I often argue that society and government arent even remotely the same thing, I cant pick on him this time.

      1. Euphemisms, how do they work?

        The fact that the guy used the word “society” instead “government” is just another strike against him. He’s conflating the two concepts. He has said in past discussions about the welfare state that he favors a “safety net” and you know damn well what he’s talking about. If we are to take your theory at face value, then ask yourself, who in the world actually believes that everyone who can’t provide for themselves, shouldn’t have anyone help them out, ever? Who actually believes there shouldn’t be charity and that every human being should either be self-sufficient or dead? Because according to your theory, Nick is basically just saying he doesn’t think charity or supporting indigent family members should be illegal. Do you literally believe that’s what he means? If so, god help you.

        1. Yeah, within context it appears he’s using “society” and “government” interchangeably (which probably 95% of people do).

        2. Eliminating duplication and bureaucracy is a good thing. I’d go one further: end it all and implement a guaranteed basic income. Because as it stands we’re not getting no welfarism, we’re getting the choice between either a little more or a lot more.

          1. As it stands, we’re getting Venezuelan levels of inflation.

            Best to rip the band-aid off now.

          2. Nick wasn’t talking about a choice, he’s arguing that “there ought to be” a welfare state and said that such a belief is compatible with a libertarian worldview. He’s talking about principle not pragmatism. The pragmatism of trusting the left to keep it’s promises about reorganizing the welfare state is an entirely separate debate for you to lose. One that doesn’t enter into the equation here.

          3. Advocated for this for a long time now. The other half of this is that with your minimum income you have to ‘buy’ all the government services you currently use. Just get rid of all the identity politics of subsidizing squeaky wheels and whinge cases. Get rid of all the support agencies, let them privatize and work like real people. Dings the public sector unions, shrinks government and places people in the position of having to manage their own lives. So many other positive benefits as in: when combined with a flat tax, should increase the efficiency of government, lower gummint footprint in our lives, place more power in the hands of individuals, increase effective tax revenue etc.

            Is it libertarian? Who gives a fuck. Is it better than what we have? Yowsuh!

        3. On the other hand, robc unwittingly pointed out that Gillespie conflates the concepts of “society” and “government” like any good progressive would do. I’ll award him a point for that, but I’ll deduct another point for believing that Nick is just saying “unlike all those people who want to abolish all forms of charity and caring for family members, I support those things.”

          So robc is breaking even. I’m a generous soul.

          1. Not entirely unwittingly, I was just pointing out by giving him the benefit of the doubt. I knew exactly what he meant.

            1. If you’re acknowledging that Gillespie is in fact advocating welfare statism of some variety, and that Gillespie’s position on that is not in fact “copacetic with a limited-government, libertarian worldview”, then I’ll re-award you that deducted point. As we all know, Free Society Points are very valuable, I don’t want to deny you one if I don’t have to.

      2. See my post below. I was about to criticize the same thing, but he said **society**.

        Even on a social level and coming from Nick “OMG, what if Christians were also Capitalists?!?!” Gillespie, it’s a bit absurd. The Universe picks winners and losers, trying to fix it because it makes you feel better is the same behavior he would shame Socons and religious-types for subscribing to.

        1. I’d say he’d shame progressives for that behavior too, but I wonder.

  15. Our society should provide a social safety net for Americans who cannot take of themselves regardless of age

    I was going to post [citation needed], but he said society and not government, so nevermind, I agree.

    1. “Our society” used to provide a functioning safety net, but then the welfare started taking gobs of wealth from people to support the less fortunate. Our society then decided to get out of the safety net business.

      Albert Jay Nock described the process pretty well in Our Enemy the State.

      It will be impossible to get society back to pre New Deal and Great Society attitudes and behavior.

      So, despite the “society” waffle, Gillespie in effect means “government” because that’s how it works now.

      1. welfare state

      2. One of the go-to arguments of progressive supporters of the “social safety net” (i.e. government welfare payments) is that private charity would never replace government welfare payments 1:1.

        Well, that’s kind of the fucking point. It won’t because it shouldn’t. Unlike the government, which has very few incentives to be diligent with other people’s money, private charities have donors to answer to. It’s not that they are automatically or invariably more thrifty, but rather that donors generally want to see their own money do some good, which has a stifling effect on just handing out money willy-nilly.

        But the progressives refuse to admit that there exist “moochers” or “free riders”, right up until it becomes convenient to justify whatever policies they invent (see: Obamacare).

        1. It’s telling that most left-wing ideologies have had to make conceits to reality once given some power. The communists had to break the bourgeoisie apart into petit and grand in order to avoid imprisoning/killing off everyone who knew had the economy actually works, and they had to break off the lumpenproletariat from the proletariat in order to punish the poor who refused to get on board with communism.

          But it’s okay for them to make these distinctions, because they have the “right” intentions.

  16. If you turned 65 in 1980, you are probably already dead.

    1. I mean wtf is that chart supposed to mean? Probably serious cherry picking of the data. I don’t believe that the Boomer generation started in 1915.

      I plan on retiring in 2021 @ age 63 with enough private savings to cover 75% of my current salary. I will be a burden to nobody.

      1. With a bankroll like that, you’re gonna be targeted.

  17. First, I am a boomer. I am supposed to retire in 2024, but will probably keep working until 2027 (age 70). So that chart for 2030 still applies. My cohort is being fucked by Social Security. And we have known about this since before Reagan.

    Go piss in someone else’s corn flakes.

    1. My parents (not boomers) are making out like bandits. The social security rip off, started by FDR, primarily benefits the parents of the boomers. Only the early boomers will get back a lot more than they put in.

      1. ^^^This x 1000. I’m considered a boomer but won’t be retiring until sometime around or after 2030. I’ll get ripped off quite handily and yes kinnath, we’ve know it since before Reagan.

        1. My age group (retire 2023/2024) is supposed to be the first group to get less than they paid in (old news, the boundary may have shifted a bit). So my age group is getting fucked.

          My children, however, are getting fucked beyond measure. But they seem to understand the system will crash and burn long before they can retire.

          1. But they seem to understand the system will crash and burn long before they can retire.

            Knowledge which could benefit that generation, had they the wherewithal to save and plan their retirement accordingly.

      2. The social security rip off, started by FDR, primarily benefits the parents of the boomers.

        The same thieves are responsible for rent control – another program that steals from the poor and gives to the rich and primarily benefits today’s senior citizens. What was it with that generation?!

        1. The Greatest Generation. Spoils of War. Shit like that I suppose.

  18. What’s this we business Jacket? Not all of us are government mooches. And if millenials don’t like it they should vote against it. I voted for obama and he looted the treasury and all I got was this shitty hope and change t shirt is known as a consequence.

  19. Count me as one of those crazy libertarians who thinks all welfare (especially Social Security and Medicare) ought to be abolished, not just scaled back. Robbing Peter to pay Paul doesn’t become moral if Paul needs it. The moral logic behind that transgression could then justify all types of other violations, like harvesting Peter’s organs to keep Paul and others needing implants alive (a healthy human could probably save 4 or 5 lives with a complete set of organs).

    1. Nothing is stopping Gillespie from giving freely of his own earnings to those in need. Why he thinks the government needs to administer this process, or others need to be forced into “giving”, is a mystery.

    2. Exactly this. The charitable expression of human compassion is of greatest value when it is voluntary, and vanishingly less so when enforced.

  20. “I need” and “I want” are sentiments that can be dealt with. “I deserve” can’t be. Ask the elderly if they receive handouts, and they’ll tell you “no”. There are many problems with an income tax, but a big one is the ease with which payroll taxes can be miraged as property rights in government programs. The fruits of your labor directly pay into a program that you’re told you have future benefit to, hence the “deserve”. It’s become a battle of principle, rather than just resource allocation.

    1. It doesn’t bother me so much that those who were stolen from their entire working lives under some (admittedly fake) promise of future return expect to receive it.

      It bothers me that they voted for politicians who made damn good and sure that those promises could never be fulfilled long-term and then still expect them to be.

  21. Hey Boomers, Give Thanks to the Millennials We’re Like Totally Ripping Off!

    And do it using the linguistic tics of GenXers!

  22. Hey Millennials and Xers. It comforts me that while I sit drooling on the porch of a retirement home three of you will be working away at supporting me. That’s what you get for voting for the assholes you vote for because you get trapped into the misericordia of pro choice/global warming/equal rights (and on and on and on). Elections have consequences.

    Thank you so very much for your love and concern.

  23. Y’all can suck it. I’m a late boomer, having been born in the same month as Gillespie, James Hetfield and John Gruden, August of ’63. (I know, brain-trust right?) A generation can’t really be credited or blamed for anything. That can only be on an individual level.

    1. And yes, get the fuck off my lawn!

  24. Productive workers? I thought we were talking about millenials.

  25. The claim that older people are better off because they have less debt or more assets is absurd. If you are no longer working, you better not have much debt because your pension/social security isn’t likely to be enough and you might live to be 90.

    1. It’s not absurd. It is, however, not capturing the nuance of each individual’s circumstances. Neither does taxing working people to pay for non-working people.

  26. My father told me to never depend on the government for anything except regulation, and taxation. He never sponged a dime off a government entitlement til the day he died. He was a vet, but never used the VA clinic. Lived off his savings, and investments. Having common sense, and saving some money, left him sitting pretty good for retirement.

  27. I tell my niece that her grandmother (my mother) worked until she was 91, so if that is what it takes for her to pay enough taxes to support me in the manner to which I have become accustomed, I don’t understand why she has a problem with that.

  28. Just another (really good) reason for the younger generation to rise up and start killing off us oldsters 🙂

    If the younger generations ever figure out what we’re doing to them, as they assume more and more political power with rising numbers, we may find ourselves in the world of Lazarus Long (hat tip to Robert Heinlein) where “If a man is seventy-five years old there now, he becomes officially dead. His heirs inherit…anybody can kill him just for the hell of it.”

    True, a lot of us will be dead by that point, but I (almost) feel sorry for that “tail end” of my generation.

  29. I’m a Canadain baby boomer and I personally think that all government pension systems should be scrapped. Welfare and unemployment as well. I’m not saying that we abandon everyone or anyone in need, quite the opposite. I just feel that all our systems are overly bureaucratic and eventual break due to the complication and inflexibility of said systems.

    I favour moving to a simple UBI. A monthly payment to everyone working or not, that covers everyone’s basic needs. No complicated systems designed to decide who should and shouldn’t benefit, or convoluted methods of financing. It would be financed by taxes, and yes that means higher taxes. But it also means eliminating a lot of the current government departments that are tasked with social programs and savings would be had there.

    There are many other benefits to a UBI that I won’t go into because it isn’t the focus of this discussion. But it also deals with one of the major issues that are creating this pension dilemma. That fact that while GDP is increasing personal earnings are stalling, and with the looming threat of automation the number of earners contributing to any social wealth redistribution programs, regardless of age will start shrinking at an ever increasing rate.

    IMHO, this isn’t a question of how will we deal with a coming drain on our pension systems, but how will we deal with the new looming economic world coming.

  30. Mostly, the comments following this article reflect the self-obsession and nihilistic nature of the 20 to 30-something horde of spineless, smug spoiled brats. Far too many Boomers failed as parents and mentors to their children and communities. Now, we’re all cursed with the softest, silliest, most profane gaggle of narcissists imaginable.

  31. my Aunty Savannah just got Mercedes GL-Class SUV just by working from a macbook. you
    could try here>>>>>>>>>>> http://bit.ly/2g9UUPL

  32. My first job out of High School was at St Paul and over the next 5 years Iearned so very much. Seeing the hospital torn down tears a small piece of my heart out. The Daughters of Charity and the doctors and staff of St Paul Hospital will always be with me..???????
    +_+_+_+_+_+_+_+_+ http://www.homejobs7.com

  33. We can afford to pay for benefits, so everyone has a decent life, as long as we make rich people and large businesses pay enough tax. Since the 1970s they have gradually escaped from taxation and dumped
    the whole burden of having a good way of life on non-rich individuals and small businesses. We can’t afford it — and meanwhile, the richest get an ever larger share of world production.

    1. Who is this “we” to which you refer? I have not seen your contribution yet this month and we need to pay the mortgage. Walmart will let you wire the money, cheap.

  34. I’ve made $64,000 so far this year working online and I’m a full time student. Im using an online business opportunity I heard about and I’ve made such great money. It’s really user friendly and I’m just so happy that I found out about it. Heres what I do,

    ????????> http://www.extra.jobss1.com

  35. As one of those born in the late 60’s, I tend to agree with the comment about most of the responses being from the current bunch of self-centered, self-entitled snowflakes, those who never knew vietnam (my family was there) or the the cold war. or the wall being torn down. The rise of sensationalism over real news. The usurping of “feelz” over actual things that mattered.

    We worked (and still work) under the premise that we pay into a fund. NOT an entitlement. We PAY into this fund and have been/are paying into every day of our working lives.

    Yet some self-entitled group of little “insert appropriate word here” think that because we work(ed) hard, paid our bills, actually had job skills and work ethics, and managed to scrimp and save so that THEY could attend play-doh forming studies at college, we’re ripping them off because we paid into a system that said, if you pay this now, you’ll have something later?
    Because we are older and got our “stuff” together instead of crying about “trigger warnings” and the need for “safe spaces”, we’re ripping them off?

    My answer would start with an “FU” and end with “you self-entitled little brats”.

    1. Yes, because we bought into this Ponzi scheme, those self-centered little fuckers should bail us out when the bread-and-circuses we voted for dry up because the politicians used it to pay off the wealthy few who own their asses. Yeah, your family was in Vietnam – bought into another lie instead of thinking for themselves and saying – correctly – that there was NO element of “national security” or “defending our freedoms” or any other bullshit; just another way to line the pockets of the defense contractor who, once again, owned their lying, corrupt asses.

      As one who was born in the 50s – one of those “boomers” – who realizes how our generation has totally screwed up the world for our kids – my answer to you is exactly the same, Wolfear.

    2. Yes, because we bought into this Ponzi scheme, those self-centered little fuckers should bail us out when the bread-and-circuses we voted for dry up because the politicians used it to pay off the wealthy few who own their asses. Yeah, your family was in Vietnam – bought into another lie instead of thinking for themselves and saying – correctly – that there was NO element of “national security” or “defending our freedoms” or any other bullshit; just another way to line the pockets of the defense contractor who, once again, owned their lying, corrupt asses.

      As one who was born in the 50s – one of those “boomers” – who realizes how our generation has totally screwed up the world for our kids – my answer to you is exactly the same, Wolfear.

  36. The best part of work is from comfort of your house and get paid from $100-$2k each week. Start today and have your first cash at the end of this week. For more info Check the following link

    ==================> http://www.homejobs7.com

  37. Destroying the economy before the Millenials fully inherit it might be the only good reason I’ve heard for big government largesse- that said can I take my ss payment now in lump sum and reinvest it in ammunition-at govt contract rates of course.

Please to post comments

Comments are closed.