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In 2011 The Baby Boomers Start To Turn 65: 16 Statistics About The Coming Retirement Crisis That Will Drop Your Jaw

Do you hear that rumble in the distance?  That is the Baby Boomers – they are getting ready to retire.  On January 1st, 2011 the very first Baby Boomers turn 65.  Millions upon millions of them are rushing towards retirement age and they have been promised that the rest of us are going to take care of them.  Only there is a huge problem.  We don’t have the money.  It simply isn’t there.  But the millions of Baby Boomers getting ready to retire are counting on that money to be there.  This all comes at a really bad time for a federal government that is already flat broke and for a national economy that is already teetering on the brink of disaster.

So just who are the Baby Boomers?  Well, they are the most famous generation in American history.  The U.S. Census Bureau defines the Baby Boomers as those born between January 1st, 1946 and December 31st, 1964.  You see, after U.S. troops returned from World War II, they quickly settled down and everyone started having lots and lots of babies.  This gigantic generations has transformed America as they have passed through every stage of life. Now they are getting ready to retire.

If you add 65 years to January 1st, 1946 you get January 1st, 2011.

The moment when the first Baby Boomers reach retirement age has arrived.

The day of reckoning that so many have talked about for so many years is here.

Today, America’s elderly are living longer and the cost of health care is rising dramatically.  Those two factors are going to make it incredibly expensive to take care of all of these retiring Baby Boomers.

Meanwhile, the sad truth is that the vast majority of Baby Boomers have not adequately saved for retirement.  For many of them, their home equity was destroyed by the recent financial crisis.  For others, their 401ks were devastated when the stock market tanked.

Meanwhile, company pension plans across America are woefully underfunded.  Many state and local government pension programs are absolute disasters.  The federal government has already begun to pay out more in Social Security benefits than they are taking in, and the years ahead look downright apocalyptic for the Social Security program.

If we are not careful all of these Baby Boomers are going to push us into national bankruptcy.  We simply cannot afford all of the promises that we have made to them.  The following are 16 statistics about the coming retirement crisis that will drop your jaw…..

#1 Beginning January 1st, 2011 every single day more than 10,000 Baby Boomers will reach the age of 65.  That is going to keep happening every single day for the next 19 years.

#2 According to one recent survey, 36 percent of Americans say that they don’t contribute anything at all to retirement savings.

#3 Most Baby Boomers do not have a traditional pension plan because they have been going out of style over the past 30 years.  Just consider the following quote from Time Magazine: The traditional pension plan is disappearing. In 1980, some 39 percent of private-sector workers had a pension that guaranteed a steady payout during retirement. Today that number stands closer to 15 percent, according to the Employee Benefit Research Institute in Washington, D.C.

#4 Over 30 percent of U.S. investors currently in their sixties have more than 80 percent of their 401k invested in equities.  So what happens if the stock market crashes again?

#5 35% of Americans already over the age of 65 rely almost entirely on Social Security payments alone.

#6 According to another recent survey, 24% of U.S. workers admit that they have postponed their planned retirement age at least once during the past year.

#7 Approximately 3 out of 4 Americans start claiming Social Security benefits the moment they are eligible at age 62.  Most are doing this out of necessity.  However, by claiming Social Security early they get locked in at a much lower amount than if they would have waited.

#8 Pension consultant Girard Miller recently told California’s Little Hoover Commission that state and local government bodies in the state of California have $325 billion in combined unfunded pension liabilities.  When you break that down, it comes to $22,000 for every single working adult in California.

#9 According to a recent report from Stanford University, California’s three biggest pension funds are as much as $500 billion short of meeting future retiree benefit obligations.

#10 It has been reported that the $33.7 billion Illinois Teachers Retirement System is 61% underfunded and is on the verge of complete collapse.

#11 Robert Novy-Marx of the University of Chicago and Joshua D. Rauh of Northwestern’s Kellogg School of Management recently calculated the combined pension liability for all 50 U.S. states.  What they found was that the 50 states are collectively facing $5.17 trillion in pension obligations, but they only have $1.94 trillion set aside in state pension funds.  That is a difference of 3.2 trillion dollars.  So where in the world is all of that extra money going to come from?  Most of the states are already completely broke and on the verge of bankruptcy.

#12 According to the Congressional Budget Office, the Social Security system will pay out more in benefits than it receives in payroll taxes in 2010.  That was not supposed to happen until at least 2016.  Sadly, in the years ahead these “Social Security deficits” are scheduled to become absolutely horrific as hordes of Baby Boomers start to retire.

#13 In 1950, each retiree’s Social Security benefit was paid for by 16 U.S. workers.  In 2010, each retiree’s Social Security benefit is paid for by approximately 3.3 U.S. workers.  By 2025, it is projected that there will be approximately two U.S. workers for each retiree.  How in the world can the system possibly continue to function properly with numbers like that?

#14 According to a recent U.S. government report, soaring interest costs on the U.S. national debt plus rapidly escalating spending on entitlement programs such as Social Security and Medicare will absorb approximately 92 cents of every single dollar of federal revenue by the year 2019.  That is before a single dollar is spent on anything else.

#15 After analyzing Congressional Budget Office data, Boston University economics professor Laurence J. Kotlikoff concluded that the U.S. government is facing a “fiscal gap” of $202 trillion dollars.  A big chunk of that is made up of future obligations to Social Security and Medicare recipients.

#16 According to a recent AARP survey of Baby Boomers, 40 percent of them plan to work “until they drop”.

Companies all over America have been dropping their pension plans in anticipation of the time when the Baby Boomers would retire.  401k programs were supposed to be part of the answer, but if the stock market crashes again, it is absolutely going to devastate the Baby Boomers.

State and local governments are scrambling to find ways to pay out all the benefits that they have been promising.  Many state and local governments will be forced into some very hard choices by the hordes of Baby Boomers that will now be retiring.

Of course whenever a big financial crisis comes along these days everyone looks to the federal government to fix the problem.  But the truth is that after fixing crisis after crisis the federal government is flat broke.

At our current pace, the Congressional Budget Office is projecting that U.S. government public debt will hit 716 percent of GDP by the year 2080.

But our politicians just keep spending money.  In order to pay the Baby Boomers what they are owed the federal government may indeed go into even more debt and have the Federal Reserve print up a bunch more money.

So in the end, Baby Boomers may get most of what they are owed.  Of course it may be with radically devalued dollars.  Already we are watching those on fixed incomes being devastated by the rising cost of food, gas, heat and health care.

What is going to happen one day when prices have risen so much that the checks that our seniors are getting are not enough to heat their homes?

What are we going to do when those on fixed incomes are buying dog food because it is all that they can afford?

We are rapidly reaching a tipping point.  As the first Baby Boomers retire the system is going to do okay.  But as millions start pouring into the system the truth is that it is going to start breaking down.

No, there is not much that we can do about it now.  We should have been planning for all of this all along.  Americans should have been saving for retirement and governments should have been setting money aside.

But it didn’t happen.

Now we pay the price.

The Beginning Of The End - The New Novel About The Future Of America By Michael T. Snyder
  • SAL

    Another well researched and informative article. Thanks, and keep up the good work.

  • Tiacarolann

    Please do NOT follow the deadly ‘austerity measures’ like Greece et al are killing each other over, as the answer to this lie upon lie ad nauseum!!
    This and previous admins have given trillions to the world bank, IMF, UN etc etc..
    They have supported both sides of every war for generations and now have a worldwide military industrial war complex losing billions per month!!
    You better wake up and smell the Truth and maybe you will be set free!!
    Please do NOT call us part if the ‘entitlement’ crowd of non productive deadbeats who get Fed bucks, we are the boomers who not only built this nation but spilled our blood doing so,
    Infowars.com might do you alot of good!!

  • Gary

    Remove the income cap and tax all income and capital gains for those making over a certain amount. It is a crime that hedge fund managers only pay 15% on capital gains when they should be taxed much higher. Also means test-the rich get nothing even though they will need to be taxed a lot more to support it. I could care less if the rich like this or not.

    Until we address the banana republic levels of wealth, power, and income inequality nothing will ever be fixed. That wealth/power inequality is the root of the problem. I think in the near future lots of folks will be demanding we tax the rich and spread the wealth. The disparity is so great that even the dumbest among us can see it is a problem. To the right wing goofs who don’t like this, too bad. We have numbers on our side. The poorer more people get the better chance the rich will be taxed hard. It is inevitable.

    I also think it was pretty selfish of the greatest generation to have so many kids. I hardly consider them the greatest generation.

  • mondobeyondo

    “Hope I die before I get old…”

    • shorty

      Hope i die before i get old-Quote from Keith moon of the rock group “Who”

  • RJ

    This is the biggest rip off in history coming. As the boomers paid into all the Union and private pensions and Social Security there was more money than the administrators have ever planned on or seen before. They were swimming in money. And they didn’t save it – they wasted it away. If you watched the Teamsters in the early 80′s they had at least two Presidents in a row sent to prison for getting their hands caught in the pension cookie jar and filling their pockets.
    Baby boomers are coming and like anything else, this will change the way things have been done in the past. We will be pissed off. We have watched everyone from politicians to Wall Street dancing on our dime. Giving our retirement money to drugged out idiots, and to the illegal immigrants has been a slow burn.
    We have watched our parents smug with a retirement that we will never have all on what we were paying into the system. That is why they are slowing imploding the economy – the party is over and they don’t have anything left and they know it.
    Freedom is another word for nothing left to lose. Why do you think the Government is getting ready for our anger? They know their propaganda program isn’t working.

  • VegasBob

    I know a lot of Boomers my age (58) that have no retirement savings – ZERO. And some of them will not qualify for very much more than the minimum monthly Social Security payment. These folks are going to be in a world of serious financial pain.

    For those who have 401Ks loaded up with overvalued stocks, just who do you think you are going to sell your stocks to when you need money each month? Graduating college students with no jobs and hundreds of thousands of dollars of student loan debt? I don’t think so.

    Oops! I think the folks who are lucky enough to have a large 401K balance are going to see a 65% haircut in the stock market as soon as they start trying to cash out their 401Ks en masse.

    My guess is that only 15% of Boomers are going to enjoy a comfortable retirement. About half of the Boomers are going to be able to buy $25,000 condos in Florida and Arizona. They will be sending half their Social Security checks to the electric company each month to pay for their air conditioning. The remaining third of the Boomers are going to be living in flophouses and eating in soup kitchens or begging for cat food or dog food.

  • Billy-Bob Garcia

    The baby-boomers were the ones in charge in the run-up of the current financial mess we find ourselves. They broke the system without our permission and it is only fair for them to pay the consequences without our help.

  • Feeling shafted

    Every retired person collecting social security should be absolutely GRATEFUL and RESPECTFUL of every young working person!

    And you know why? Because we are supporting their lazy asses in vacationing homes by our 10% SS taxes taken every time from our paychecks!

  • theCliff

    The Baby Boomers will push us into bankruptcy? WTF? Who are you trying to indoctrinate here with this senseless BS? I am shocked you would say that. We already are broke, the elites have stolen the wealth for decades upon decades. Baby Boomers my friggin a*s!

  • William

    Don’t blame the boomers. The criminals in the US Congress saw this huge wave of boomers coming, and taxed the hell out of them to provide more and more generous benefits to the WWII generation, as well as expand social programs in America. Now the boomers are coming to the point where they expect to find their Social Security and Medicare, and the government is bankrupt. The morons in the US Congress spent about $2.6 TRILLION of the excess, paid-in, Social Security taxes on unnecessary wars of choice, stupid pork projects, and normal government operations that they did not want to tax to fund. Repay the $2.6 TRILLION that is owed to Social Security before there is ANY change to the system. Ah, but, that’s the rub. America is bankrupt. Repaying the Social Security system for the monies the Congress took would either require raising taxes, or borrowing, because America is BROKE.

  • William

    Another great article with even more eye opening information. Thanks for posting, great job, please keep them coming.

  • Tracy

    Billy-Bob since when have the baby-boomers ever been accountable for anything, all they have ever done is made messes for others to clean up but this time the mess is to huge they have eaten the goose that laid the golden eggs.

  • http://SarahSvati.com Sarah Svati

    Yes, my parents are some of the first of the baby boomers. And its devastating to see both of my dads work their fingers to the bone with little future rewards and no great retirement to look forward to, just more work.

  • mike

    Promised to take care of? this writer is a complete and utter moron..I’ve had over 13,000 a year taken from me to ensure my retirement..I’ve worked in this MANDATED system for 46 years.

    No one is taking care of me., if i had the ability to invest that 13,000 a year over the last 46 years I’d be a multi, multi millionaire.

    I expect fully to be repaid my benefits, and its ridiculous to say that im expecting anyone to take care of me. I paisd into the damn thing to 4 decades and with the average life expectancy of a male in the uSA at 74 years, the most i can hope for as a return on the million+ i’ve paid is 10 years of pddly little partial payments. When I die, some other scmuck gets the balance of my acount.

    the federal governement is guilty as hell of running a scam worse that enron, and they all should be jailed for stealing trillions from the retirement accounts of millions of honest people

  • Judy

    This is the plan! It’s called eugenics. The banksters do not care if you are homeless and eating dog food. Neither does the government. The less people, the more for the greedy elite.

  • Tim M.

    The federal government has promised way more than it can afford to pay in entitlements. The national debt is currently about $13.8 Trillion. That figure is made up of Debt Held by the Public ($9.3 Trillion) and Intragovernmental Debt Holdings ($4.5 Trillion). Intragovernmental Debt Holdings are Treasury securities held by government “trust funds.” It’s debt the federal government owes to itself. The largest component of Intragovernmental Debt Holdings is the Social Security Trust Fund which was $2.4 Trillion at the end of Fiscal Year 2010. There is NO MONEY in the Social Security Trust Fund! It’s full of government IOUs. I don’t think a lot of people understand this.

    Social Security taxes withheld from federal government and private sector wages are used to fund other areas the federal government! These monies do NOT go into the Social Security Trust Fund. This has been the federal government’s practice for many years now. And the federal government gets itself deeper and deeper into a hole every year.

    Social Security is a giant ponzi scheme. I am 35 years of age. I started working when I was 14 years old. Since then, I have had over $34k in Social Security taxes withheld from my wages. But I am certain that I will never see than money again. That’s money that I earned! It belongs to ME. If there were a way to opt of the system and get a refund of taxes withheld, you can be sure that I would do it.

  • http://google henry

    I am a baby-boomer, along with the likes of my erstwhile hero Bob Dylan… We are sell-outs and deserve what we get (or do not get) We sold out to expedience and the dollar. Who do you think are ripping the country off right now….? “Fiscal gap” of 202 TRILLION DOLLARS?? What a crock. That amount of money cannot even be comprehended by the average “tobacco-roader” with his new-found affluence.. Back to the extended family, where the little old Geezers from the soddy-huts will have to buckle down as grand-parents……

  • lynnybee

    & the GOVERNMENT knew 50 years ago that this day was coming & failed to prepare for it. The GOVERNMENT & WALL ST. loved the boomer generation when they were all working & paying taxes & buying houses & consumer goods & raising their kids. Funny how the boomers went from being loved as consumers to now being hated because they grew older.

  • hrs

    Well, you said it yourself. Americans should have been saving for retirement. But any dollars they saved could end up being worth pennies if the dollar is radically devalued – which is highly likely.

    And far worse than the economic side of things, I see us heading toward fascism. The baby boomers are in for a bumpy ride.

  • zack

    If Baby Boomers want to maintain the high standard of living they have grown accustomed to, they should consider leaving America. Asia and Latin America are popular expat destinations.

    Our company Path to Asia http://www.pathtoasia.com/ helps Americans retire comfortably or find jobs in Asia.

  • http://www.babyboomerlifeboat.com Al K.

    As a Boomer, I take exception to the anger and misinformation targeting our generation. Every Boomer I know busted their ass for for over forty years to build this country and raise thier families. No one got a free ride.

    Today’s economic problems are the result of greed that transcends all generations. If you want to be angry at someone, be angry at the politicians who got us here, wall street executives who could care less as long as they continue to get their bonuses, and our own apathy for allowing this to happen.

    • Eric Snyder

      Any of you complaining about the government vote? If not, shut up. If so, for whom did you vote? We get what we deserve.

      • Cynthia Shettle-Meleedy

        We voted for politicians because that is who was running. If you know an effective way to fill the government with non-politicians, I’d like to hear it.

  • Grifter

    @Tiacarolann – Are you effing kidding me? Um, no, it was the generation BEFORE you that spilled the blood. You weren’t around for WWII. You were product of the boom AFTER the war. You didn’t hit working age until the 60′s. Rosie the Riveter was YOUR MOM’S GENERATION. You’re the generation of Gordon Gekko.

    Give me a freakin break.

  • http://www.facebook.com/profile.php?id=1142499830 T

    money as debt is why “don’t be fooled” http://topdocumentaryfilms.com/money-as-debt/

  • tess

    From Cliff:

    “The Baby Boomers will push us into bankruptcy? WTF? Who are you trying to indoctrinate here with this senseless BS? I am shocked you would say that. We already are broke, the elites have stolen the wealth for decades upon decades. Baby Boomers my friggin a*s!”

    Couldn’t have said it better.

  • http://bcliteracyforum.ning.com/events/educator-professionalism Huckleberry

    Moses Znaimer, coined the term ZOOMER to describe the highly motivated, energetic, well trained and non-retiring senior – a “boomer with ZIP.” Zoomers are living longer, working longer and have the potential to become a social resource of immense proportion.

  • smokymtnmama

    I really surprised by some of the hateful comments here,
    “Every retired person collecting social security should be absolutely GRATEFUL and RESPECTFUL of every young working person!
    And you know why? Because we are supporting their lazy asses in vacationing homes by our 10% SS taxes taken every time from our paychecks!”
    What the heck are you talking about? You just bought into the liberals “it’s us against them” philosophy!!
    If you want to blame someone look at the United States Congress for the last 80 yrs…maybe even longer!! Both Republican and Democrats!! They have been handing out welfare and free housing, food, medical to the minorities for yrs with out ANY checks and balances!! And now they are handing it out to freaking illegals who haven’t paid a dime into the system!!
    My 25 yr old niece is a single mom (she was drugged and raped!!!) who decided to keep her baby..she works 2 part time jobs, and she was told she doesn’t qualify for food stamps because, are you ready for this? She lives with my other niece who is a firefighter!
    Yes, that’s right, she has to include my firefighter niece’s income right along with her income…even though she isn’t supported by her cousin!! It’s a racket designed to help only those who are minorities!!
    and billy bob your stupid comment “The baby-boomers were the ones in charge in the run-up of the current financial mess we find ourselves. They broke the system without our permission and it is only fair for them to pay the consequences without our help”. Get your head out of your beer mug, you dope!!! The so called “baby boomers” that you want to pay the consequences? Well, they will NEVER pay ANYTHING…because when they retire from the United States Congress they have taken care of themselves really well!! Yes, that’s right, the people YOU want to blame are just hard working
    Americans who struggle to get by day by day, understand this…WE ARE IN THE TROUBLE THAT WE ARE IN BECAUSE OUR ELECTED OFFICIALS HAVE ROBBED US BLIND WHILE WE SAT IN FRONT OF AMERICAN IDOL SIPPING ON OUR STARBUCKS!!!

  • Mark S

    It’s clear to me, the age has to move up or social security dollars have to go down. Let the retires choose. If you’re retiring and want the taxes of 2 people (20k a year), retire at 62. If you want the taxes of 10 working people (100k) wait until your 67.

    Blaming anyone is ridiculous, we have to deal with reality.

  • http://prattleonboyo.wordpress.com Peyton Farquhar

    I have no sympathy for the most selfish generation on the planet because I’ve been getting fleeced to pay for the Ponzi scam known as Social Security since I was old enough to work. They took the best of everything and pulled up the ladder when it came time for others to partake in the same bennies they had. For the first time in their lives, they’re going to be held accountable for something. Good luck.

  • bill jones

    End the wars, end the Empire, problem solved.

  • J.A. Simon

    This isn’t the Baby Boomers fault. Not at all. Those at the very top of the economic pyramid are to blame. The elite are the enemy, they stole our future.

  • A Dodgy Bloke

    I have to (Horrors) agree with Gary to a point on this one Social Security should have been means tested years ago. This is not new the Grace Commission was screaming about this decades ago and nobody did squat then. Oh BTW for you who heads have been up a certain orifice for the last 20 years the Grace Commission was the first Deficit Reduction Commission in the late 1980’s early 1990.

    We are screwed just look at the figures the political elites have known about this for decades and did squat. Why because to many people on Social Security did nothing to get ready for their retirement, and would panic the minute anybody suggested anything to make Social Security sound, and they vote.

    This is save what you can time, get food, get in shape, get armed, and keep a look out. If you’re dependent on Social Security or any other Government entitlement your hosed period it’s time to reconnect with family, and people who may give a crap if you live or die. For further giggles Goggle Graham Rudman Bill

  • Matt

    Someone who comments on this site may be able to answer a question that has been puzzling me for months now. With 10,000 per day starting to sell stocks, don’t we need 10,000 people per day starting to buy stocks? That is, don’t we need 10,000 people with excess cash to put into stocks so that those selling stocks have someone to buy them? If there is not a person willing to buy the stock I am selling at a higher price than I paid for it, how can the stock market go up? Answers?

  • J.A. Simon

    Do you want to learn the truth about our fraudulent economic system? Watch the “The Secret of Oz” for free on Youtube.

    Link: http://www.youtube.com/watch?v=U71-KsDArFM

  • El Pollo de Oro

    When the neo-feudalist robber barons destroyed the American middle class, they not only screwed The Baby Boomers, but also, Generation X and Generation Y. Many members of Gen-X and Gen-Y have been seriously underemployed, which means that they aren’t paying as much into Social Security—and that is very bad news for Gen-X and Gen-Y as well as for the Baby Boomers, many of whom can look forward to eating dog food and freezing to death in the winter. Many aging Boomers simply won’t have enough to retire on, and neither will Gen-X when they get older. Gen-X-ers can also look forward to dog food and heatless winters in their senior years (assuming they live that long and don’t die prematurely thanks to the country’s ever-worsening health insurance crisis).

    Social Security is in trouble, traditional pensions (as Michael Snyder points out in #3) are going the way of a dinosaur—and for self-employed folks like myself, SEP IRAs are underperforming because interest rates are so pathetically low. Put all these things together, and you have a nasty retirement crisis for three different generations (the Boomers, Gen-X and Gen-Y) in this rotting, decaying Third World horror movie called The Banana Republic of America (formerly the USA).

  • Admin

    Just for clarification – the point of my article was not to blame anyone. I am certainly not trying to place “the blame” on the Baby Boomers.

    I was just trying to point out the financial reality that we are now facing as a nation.

    As a nation we did not prepare for what we knew was coming. Now we are going to pay the price.

    • http://www.counselingwithpamela.com Pamela

      America is not one to prevent problems. We are a 7-11 generation and group of people. We have two men running for Pres., and no “None of the above” box. Like Ron Paul said, we can’t afford the wars we’ve been involved in. Everyone blames the poor for welfare, but the fascism is already well-advanced. Just look at corporate welfare. We can’t throw stones at our grandparents and parents, who have worked all their lives to build what has been passed on. They never voted to strip the SS system. They did not generate the ideas to excuse going to senseless wars, where only some corporations profit, at the cost of shock and awe of human misery.

      Somehow we either deal with the level of corruption, or continue to suffer. Magical thinking? The VA is systematically getting rid of vets by drugging them to the grave while making profits for Big Pharma. Maybe the FEMA camps will take care of the rest. YouTube Alex Jones for the St. Louis police officer sharing the planned ‘event’ in October. If there is no election because martial law is proclaimed, and citizens will either give up their guns or be rounded up, maybe our finances will be the last worry on our minds.

  • Generation Xer

    The Baby Boomers were known as the “Me Generation” for good reason.

    They thought only of themselves.

    They demanded goodies for themselves. Wars, bailouts, special government pensions, fat Medicare benefits, gold-plated Social Security promises.

    They oversaw the liquidation of the American economy, shipping our jobs overseas, swelling the cost of college educations, introducing debt as a replacement for income, and moving all the wealth to themselves.

    They pigged out on ever more bling — face lifts, $60,000 cars, second and third homes.

    But they didn’t save a dime.

    Now they’re running around whining that they paid into the system, almost 10% of the total that they’re expecting to get out of it… and all those unemployed and underpaid Gen Xers and Gen Yers had better be prepared to pay 50% taxes on our shrunken incomes stocking shelves at Wal-Mart to pay for their $10,000 “free Medicare scooters” and 40 year retirements on the beaches of Florida and the Carolinas.

    Uh, no. Doesn’t work that way.

    The Boomers had the best situation in the world — plentiful jobs, cheap education, security in employment. They blew it all, overspent, sold out the following generations, and are now whining that the remaining little pieces of other generations’ wealth they didn’t sell, steal, outsource, offshore, or put up as collateral for their deadbeat debts should now belong to them.

    Nope. Not gonna happen.

  • Sarge

    It’s called the Constitution! Had the horde of unthinking, institutionally created or self-created, dumbasses in the electorate read the Constitution and understood it, then the sorry, no-good SOBs we have elected the past 100 plus years would not have put us where we are today. “Progressives,” “Utopianites” aka rotten bastards are finally having their day of reckoning. It’s too bad that they have to drag millions and millions of us down with them. There are no solutions except to look to God and family for help. OOPS, wait a moment, we’ve replaced God with science and relevant morality. We’ve “anthropormorphsized” God haven’t we? We’ve had how many millions of abortions since Roe v. Wade? AND, government welfare has driven a continental wedge in the family structure. So there are too few families that can sustain the magnitude 10.9 economic earthquake that is occurring by helping other family members. We are truly in the throes of the end of life as we know it. We failed to learn from history and have blissfully followed the same path as the Romans. Immorality, illegitimacy, pornography, homosexuality, and destruction of the family, amongst many other factors, are the spawn of progressives; and we are now to reap what we have sown. May God forgive us and have mercy on us!

  • Shoot_the_Hippies

    Just kidding about the Hippies. How about we end the WARS? The MANY MANY EXPENSIVE Wars?! Apparently even though we spend trillions of dollars looking for terrorists, they can still successfully become “the underwear bomber”. Who came up with that scenario? Some guy working at the CIA who really just wanted to go to Hollywood….?
    HOW TO SAVE money…STOP ALL WARS NOW!

  • A Dodgy Bloke

    To Matt The Stock Market doesn’t work that way, also who are the 10,000 getting out? I would bet most of them are small investors. As I understand it this is pretty much a “Traders Market” that means few people are doing the traditional buy and hold or buy stocks based on the fundamentals of a company. Most of the present buying and selling is done based on short-term trends based either on a market, a new product, or external events that might affect an industry.
    There is a lot of computer trading done by Hedge Funds some think this increases the instability of the market, and one of many reasons small investors have gotten out of the market.

    Hope this helps a little.

    PS to Admin I didn’t get that impression at all.

  • Justa Guy

    Matt,

    The simple logic is that they will have to “take what they can get” if they need access to those funds at a specific time. When this starts happening in increasing numbers, it will in all likelihood create continual downward pressure on the market. It is just another aspect of supply and demand principles: when supply (sellers) exceeds demand (buyers), the suppliers must lower cost in order to attract the buyer to them from the other sellers. This principle is also what is going to keep the housing market going downward too, because as people have to sell their homes, either because they can’t afford them or need to move because their job is transferred, they also need to take what they can get. Right now, there is tremendous over-supply in the housing market, so in order to sell in a timely manner, you have to drop the price below your competitors. In my opinion, I’d get out of the stock market now if you can. You can buy back in later, after the market nosedives and hits its new bottom. If you need access to that money in the near future, as this downward pressure is happening, you will also have to sell at “take what you can get” prices.

  • Old Student

    Powerful wake-up call of an article. If this doesn’t move the several affected generations to action I don’t know what will. Those with a sense of the effects of age-based demographics saw all of this coming decades ago and sounded the alarm only to be called “Chicken Littles” by many in media and politics. I’m luckier than most – thanks to having several strong streams of income, but I pray for a large number of good citizens who’ve worked hard and won’t reap the benefits therefrom.

  • Nam Marine

    Regardless!……..I, like millions of other workers, paid in to this system for over 45 years!
    I don’t care how they solve the problem., but I want my money back first!

  • Nam Marine

    Feeling Shafted…….who the hell do you think paid the bills so you could grow up you ungrateful coward!

  • Nam Marine

    Mondobeyondo…….the Government is working on that now!

  • http://stevenquayle.com blaster1

    blaster1
    And the feds are punishing Madoff for a ponzi scheme? He probably got his idea from THEM. In a perfect world we would confiscate all the assets of every person who had servewd in congress since the inception of social security and their heirs. Malfeasance is a crime even if you “hand the ball off” to someone else. The best quote I have heard in a long time is, “we have a spending problem, not a revenue problem.” The new congress should cut foreign aid by 90%, eliminate the department of education, eliminate the internal revenue service, and go to a “point of sale” national sales tax,(tax on consumption,not production)and totally eliminate the unconstitutional income tax. That would be just for starters.

  • TerryDavid57

    I’m a baby boomer, a 1957 Classic, like the Chevy Belair and Ford Fairlane, both of which are American icons. Some people get what’s going on with our corrupt government and some don’t. Those that know have been preparing as best they can for what’s coming and the ignorant deserve what they are going to get because the truth is out there. To those that would blame My Generation, **** You! To my fellow real Americans that know and love the TRUTH, God Bless You!

  • http://Yahoo.com Dan Lee

    We are broke.We will do the best we can .Everyone going to die it just a matter of when. Suck it up and move on.

  • http://firesteel.com/ Ron

    I too am a “Baby Boomer”, born at the tail end of the baby boomers in 1961. As other Baby Boomers have mentioned, don’t blame us – I paid many thousands of dollars every year into the social security system and will likely see little, if any, in return because the system will be broke by the time it is my turn to collect.

    Consider this -> the younger generations are lucky – they don’t have but a few more years of paying social security taxes before social security dies (hopefully) so they will loose alot less than guys like me have who have paid in for thirty years or more.

    If I had been allowed to keep all that social security money that was taken from my paychecks every week, I could retire next year at 50! But no, it all went to the Greatest Generation World War II generation and to millions of “disabled” (we all know supposedly disabled people who spend their days fishing and hunting etc) who collect far more from the system than they ever paid in.

    When you think about it, the World War II generation got through with flying colors – they bought homes for $10,000 in 1950 that sold for $200,000 when they retired, paid in just a few years of social security taxes but got full benefits for the remainder of their lives when retired, got pensions from the jobs they worked (often 40 years at the same company without knowing what a layoff was), and all those other perks from when America was on a roll.

    Well, those days are over.

  • http://none Mark

    Ok,we ahve been fed this BS for too long now…I know it too well.You didnt plan to fail,you failed to plan..No,,,WRONG,,,THE SYSTEM WAS SET UP AND RIGGED SINCE 1913 TO DO JUST WHAT ITS DOING TODAY..Ask Ron Paul for the details

  • jim

    It is time to get our priorities in order….My history, a hard working American, former Marine, former Firefighter, and now in my sixties,and sick of hearing all the crying that my gov’t is broke…..We are not broke….There is nothing more important then taking care of our vet’s, our citizens (esp. those that are unemployed due to giving all the manufacturing base jobs to other countries)…. It is time to take care of our own people? Let’s cut back on being the worlds’ policeman for awhile……In fifty years we have gone from people of the world loving Americans and wanting to come to our country legally, to now, crying wolf and finding ourselves in a situation of not taking care of our own…..Let’s cut the bull, it’s time to back off on the huge military budget, stop creating sweat shops around the globe, and return to the proper virtues for the world to see this brilliant nation (bring our priorties back in order)…We take care of our Vet’s, our old, our sick, and our young first and foremost…We are Americans, the light of the world, so stop the crying, change the priorities….Don’t worry, there are plently of us ready to defend our country if need be, and it would be an honor to do so….If we are spreading the word that we are broke, it’s due to being spread to thin, so it’s time to circle the wagons, and re-think America’s place in this world. Greed and profit can blind ones eyes to the real priorities of this economy and world. We cannot help the world if we do not show the right example. We serve others, but in order to do so, we must follow the constitution, and reset our economic priorities.

    • Clint Rogers

      BEST post I’ve read on the subject EVER!!! You fine sir should run for leadership!

  • Joe Blow

    Of course we are only taking about those that are of the working class variety. The ones that have sold American labor over seas, cut millions of millions of jobs, downsized critical company benefits like pension plans and transferred that over to to the big gambling casino of Wall Street in the form of 401k’s, these bastards sold us all out for their own benefit.

  • http://n/a dave

    can you say..soylent green

  • buck less

    smokymtnmama

    my ass is not so fat -a great diet called lung cancer caused by my work in 1971 with spent nuke fuel what is used for armor piercing or harding
    warheads on machine guns an small rockets.Of course we were told it was safe. Well as I am only 56 now .Your fat arce will not have to pay on me long and who knows you may get a few crumbs of what I paid in left overs, But dont hold your breath.

  • Stray Cat

    You know what? I don’t give a flying F*** anymore. I’ll work at my job till I drop dead or they throw me out and then I’ll go live under a f***ing bridge till I die and I won’t give a shit about anyone else. This f***ing government is broke, our country is dying faster every day and it CAN…NOT…AND…WILL…NOT…BE….FIXED!! DO YOU UNDERSTAND, DUMMIES?
    Screw it, if you have a job, keep working. If you don’t…sit back and enjoy the misery to come. We’ve reaped what we’ve sown.

  • Meremark

    -

    Lotsa comments sound like fact-free emotion snits, juiced up by media-made synthetic-polyester propaganda LIES; (such as: “Iraq has WMDs — OMG! OMG! — so borrow $2 Trillion more from Fed.Reserve bankers and let’s go get those WMDs … while there is still a Vast Petroleum Prize for the winner, in them thar sands”). The fact is ‘Boomers’ are NOT the bad-guys ‘enemy.’ Fed.Reserve banker banking interests IS the bad-guy enemy.
    HERE‘s a link, read a book, for the X-geners and Y-geners who can get OFF the TV and get ON the internet for a change, for some history in fact.

    Here’s the problem solved:
    Most folks do not earn over $100,000 per year, (many ‘bankers’ do though), and most folks do not realize that Social Security deductions (~7% for smployees, ~14% for self-employed) STOP being taken out of your paycheck after the first $100,000 of the year.
    Someone who earns $1,000,000 (like a media celebrity, say, the ‘Evening News’ TV-anchors in your hometown maybe, keeping mum about it and you don’t know their rich paycheck) pays NO Soc.Sec.deduct’s (7%) on the $900,000 above the cut-off at the $100K SS-pay ‘cap’.
    Solution: Remove the ‘cap’.
    So a banker or realtor or celebrity earning $200,000 (Congresscritters), $400,000 (President), $1 million, $2 million, … or $more, PAYS the Soc.Sec.deduction all the way UP.

    Remove the ‘cap’ and {presto} Social Security Trust fund is solvent beyond 2070 … how old will you be in 2070? … X-geners? Y-geners? … anyone? … anyone?

    Rich folks ain’t gonna like it, to start paying their (7%) fair share of ALL their income into Social Security just like normal people. Rich people bribe Congress NOT to remove the Soc.Sec. withholding ‘cap’. They’d rather see the 20-to-40somethings at war against 60-to-80somethings blaming each other for Grand Theft and civil society bankruptcy.

    Only, when the Over$100,000 ‘select few’ group starts paying their share into Social Security, the supposed ‘shortage’ problem is solved. Do the math, using facts. (Some HERE)

    - –

    Maybe most folks hardly care to learn, but there are some common standards of reference which we might call ‘facts’. And we might better understand each other’s perspective — 20-yr-old, 40-yr-old, 60-yr-old — if/when we talk about and relate our comments to the same one set of facts, a framework, we all agree on.
    Such as:

    Define (human) ‘generation’ equal to 14 years (approx.) because 14 years is (about) the age of puberty at which it is possible to procreate a new (offspring) ‘generation.’ (Actual age may vary, it is an individual thing.)

    (Now comments may start by saying whether or not they agree with ’1 gen = 14 yrs,’ and then relate consequent discussion points accordingly.)

    One ‘generalized’ sociological framework, (holding ALL humankind, all cultures, world-around — so to think outside the USA box), looks like this:
    1914-1928 so-called ‘greatest generation’
    1928-1942 ‘analytical’ generation (my label for it)

    1942-1956 so-called ‘Baby Boomers‘ (but I call it ‘Musician’ gen, it made rock’n'roll)

    1956-1970 so-called ‘Me gen’ (I call it differently)
    1970-1984 so-called ‘X-gen’ (I call it ‘Xtreme gen’)
    1984-1998 so-called ‘Y-gen’ (I say ‘International’ gen, when WorldWideWeb started)

    1998-2012 what is called ‘Millennials’ I suppose.
    2012-2026 ‘Poet’ generation (according to me)

    … and so on …
    Maybe (likely?) other folks have other ‘frameworks’ to offer here. Really though, I expect most people never thought about it, do not have dates of generations and go without a ‘framework’ for appraising society, humankind, and the world and era we are living in.

    If you ain’t got your own framework for your p.o.v., perhaps use mine to start with and then adjust it as you see fit. (Otherwise whatcha got?, the massmedia propaganda programmed vagueness you heard somewhere — ‘boomers’? ‘Me gen’? whatever, undefined — as in ‘faggedaboutit, you’re not qualified to think about it‘? I say you are qualified. So am I.)

    I confess I stole the idea of the framework, above, from HERE, and it’s about 5000 years old. Wisdom of the ages. Practice of the Sages and the Magi.

    -

  • shawn

    Well I have my own opinion of the boomers…the greatest generation built the infrastructure not the boomers as one person said. As my grandparents retired in the early 80′s this country slowly went to hell. Gen x and a boomer computer geek and president gave us our last good decade, the 90′s, even though it was just a fake bubble too.

    It isn’t all the ME generations fault, it is fractional reserve banking and fiat currency which is designed to take down one empire and give birth to another.

    YOU CAN TAKE THIS TO THE BANK…factoid number 14 should make the hair on the back of your necks stand straight up. We will be insolvent nationally before then. By the year 2020 we will know for those who survive, who won and lost WWIII. I imagine the shear head spinning vastness of China will be something to see.

    Imagine China 1.3 billion strong right now. They have all our manufacturing they are building cities that no one lives in, a standing army the likes no man that has ever lived will see. This decade will be frightening.

    • moggie

      Yes, they retired and sucked all the boomer’s money out of social security. They also were the likes of Reagan, Carter and Bush Sr. who didn’t necessarily do good things for America.

      After they were done destroying everything, they rode around with license plates for years that said WE’RE SPENDING OUR CHILDREN’S INHERITANCE.

      There was NEVER a generation in America that was as priviledged and cared for than the greatest generation. The wives stayed home (unlike the boomers who HAD To work) and the men all retired with nice pensions (the boomers got worthless 401k’s) When the greatest men retired, the greatest women ALSO got social security checks. The boomers had 2 working and now everyone’s whining because we’re ready to use our money?? We paid into the system at twice the rate the greatest did and THEY spent it all before we even got there.

      The greatest generation also created the 30-year mortage for the boomers (so they could suck half their income off for 30 years). They all were able to pay their houses off in 5-7 years though. They also got rid of the gold standard (that caused the massive inflation we’ve had to endure for 40 years now). The greatest generation also started all the out-sourcing and layoffs. Guess what, that all happened to the boomers too, not just the whiny gen x and y. The greatest generation was also the ones to take away the standard pension (starting about 1980).

      I fail to see how ANY of this is truly a boomer caused problem.

  • http://endoftheamericandream.com Peter Kutulas

    As a person born in 1946 I as well as many others were quite AWARE of the coming potential financial problems. Our “leaders” ignored the situation and now it is time to go back to all these “leaders” and confiscate 80% of their wealth for not doing their jobs. Pure and simple – they are the ones to pay for their greed of pushing off potential problems to a later generation. This problem was not overlooked – it was known about and ignored!!!!!

  • jen

    RIGHT ON….I can not handle the boomers acting like victims!!! When they had the BEST of the BEST and now their children and grandchildren are screwed!

    Generation Xer
    December 31st, 2010 at 5:57 am

    The Baby Boomers were known as the “Me Generation” for good reason.

    They thought only of themselves.

    They demanded goodies for themselves. Wars, bailouts, special government pensions, fat Medicare benefits, gold-plated Social Security promises.

    They oversaw the liquidation of the American economy, shipping our jobs overseas, swelling the cost of college educations, introducing debt as a replacement for income, and moving all the wealth to themselves.

    They pigged out on ever more bling — face lifts, $60,000 cars, second and third homes.

    But they didn’t save a dime.

    Now they’re running around whining that they paid into the system, almost 10% of the total that they’re expecting to get out of it… and all those unemployed and underpaid Gen Xers and Gen Yers had better be prepared to pay 50% taxes on our shrunken incomes stocking shelves at Wal-Mart to pay for their $10,000 “free Medicare scooters” and 40 year retirements on the beaches of Florida and the Carolinas.

    Uh, no. Doesn’t work that way.

    The Boomers had the best situation in the world — plentiful jobs, cheap education, security in employment. They blew it all, overspent, sold out the following generations, and are now whining that the remaining little pieces of other generations’ wealth they didn’t sell, steal, outsource, offshore, or put up as collateral for their deadbeat debts should now belong to them.

    Nope. Not gonna happen.

    • moggie

      Jen, what a spoiled, self-centered brat you are and how VERY wrong you also are. Maybe you should do some reading before you flap your jaw…. Talk about acting like victim!!! What a joke. I’ve NEVER HEARD A BIGGER WHINER. How disgusting. It really is not very appealing and makes you look very stupid and self-centered.

      The boomers had NONE of the things you are talking about spoiled little girl. In fact, they had WAY LESS than your ungrateful sniveling generation. Plentiful jobs, are you talking about the ones the boomer computer whiz’s created for ALL OF US?? FYI, There would be a LOT FEWER jobs around today without the likes of BOOMERS like Bill Gates and Steve Jobs.

      Maybe if you read a little history you would understand that president’s such as Lyndon Johnson, who was in office during the late 60s, was incredibly worried about what the country would do with 79 million boomers. The industrial revolution was winding down and the good manufacturing jobs were ALREADY going away. Johnson worried there would not be enough jobs to keep the boomers employed and fretted about what could be done about the problem.

      When I first graduated from high school, EVERYONE was unemployed. There were NO jobs for young people. I remember mothers mentioning how their son had a master’s degree and was pumping gas. Maybe you should read some history? It hasn’t always been peachy keen like you SOMEHOW EXPECT to be handed on a silver platter, not by a long shot.

      Lo and behold, along came companies like Microsoft and Apple, INVENTED BY BOOMERS, which in turn, virtually employed a whole generation, and a couple afterwards.. Boomers didn’t wait around and snivel and cry about how the older generation shafted them, they moved forward and created an entire economy called the KNOWLEDGE industry and worked HARD at it.

      So my answer to you is to get off your whiney duff and INVENT something that will employ a few hundred million people and stop whining that the boomers aren’t taking care of you cradle to grave.

      $60,000 cars and third homes, GET REAL! Maybe the 1%, certainly NOT the average boomer. As far as the housing collapse. Everything I’ve read indicates it is a GEN X caused problem. Most boomers not the idiots who took out the HUGE OVEREXTENDED loans. That was YOUR generation dear. Look in the mirror. Also, boomers aren’t the ones with the big credit card problems either. Once again, YOUR GEN.

      We didn’t BLOW anything. How dare you blame ONE generation (that in some cases is probably all of 2 years older than you!!!) How perfectly stupid, especially when you consider, YOUR TURN coming soon. After all, Gen Y, ALMOST as big as boomer generation. You don’t hear much news about that fact though do you… Wake up, coming to YOUR life soon and can’t say you don’t deserve.

      Why don’t you stick your ignorant nose in a economics book for a change and you will realize that the vast majority of problems were caused by the Federal Reserve and has NOTHING to do with boomers. Also, all this corruption has been rolling along for a LONG time in this country. It was Johnson who initiated the GREAT SOCIETY (and welfare state) in 1968, Nixon who created the war on drugs (with huge expense) and also got rid of the gold standard in 1972.

      Both had huge impact on the financial health of America and we are truly feeling the results today. You can’t blame the boomers for ANY of that. The ball was already rolling when boomers hit the stage, JUST THE SAME AS YOU. Also, what I find most absurd about all the generational WHINING is that the oldest boomers JUST hit 65 last year. The VAST majority are still working.

      I’m also very tired of your generation not only blaming everything on one generation (which is completely ludicrous), but also, a good percentage of the power brokers still running America are NOT boomers. They are the SILENT GENERATION. I’m talking about the likes of Madoff, Cheney, Gingrich, etc., are NOT BOOMERS so get over yourself.

      • James

        Moggie

        You are going to lose this argument. I watched this foolishness throughout the 1980′s. As more Boomers took positions of power in our political/business/education institutions the worst things got. I became an adult in 1985, our generation watched in disbelief at what Boomers did. Unfortunately GEN X was too small to fight back effectively. This younger generation is going to rain fire on you because they are larger 95 million vs. 75 million and they are pissed.

        You tell Jen the truth. Your generation has the lowest savings rate in US history. You were busy putting your retirement money in 25 gallon SUV’s directly after the first GULF war in the early 1990′s.

      • James

        Moggie what is very clear even in the political theatre

        1) Baby Boomer Bill Clinton signed the repeal of the Glass Steagall Act – that led to the 2008 Economic meltdown
        2) Bill Clinton signed NAFTA – a major contributor to the incessant job loss
        3) Boomer GW Bush – where do we begin Bush tax cuts that exploded the federal debt
        4) Iraq War – 2-3 Trillion dollars in expenditures and cost – not paid for..
        5) The 2008 Meltdown
        6) The 2008 Bank Bailout
        7) Boomer Obama -extended GW Bush tax cuts
        8) Signed more free trade agreements with Korea, Panama et al
        9) Failed to prosecute Wall Street Crimes committed by Boomer Bankers

        These are just some of the highlights under Presidential leadership. There are at least 50 other points that can demonstrate how Boomers have literally torn this nation apart and gone through the national treasure like a swarm of locusts and they have no intention of leaving anything behind. We can go through each and every point.

      • NZ Guy

        I think you need to think a bit more Jen. I realise this is an American Blog, however in New Zealand we are experiencing the same problem, a massive cohort of baby boomers who have not adequatley prepared themselves for their own retirement. In New Zealand, everyone gets “superannuation” (401K) regardless of how much you worked or earned, it’s enough to live on, and according to our government, it is regarded as one of the world’s best superannuation/401K schemes. In the late 1970s and the early 1990s there were campaigns here for our parents suggesting that people “individually” pay for their own retirement, and the entitlement they get at retirement would not be available to everyone, rather it would be “user pays” retirement. They had a choice. They voted, “No”, they told our politicians “No, we want to have the free superannuation”. The only problem is that they didn’t ask Gen X or Gen Y if they would be happy to pay for it.

        Now, Gen X and Gen Y are having to save for our own retirement (401K) because we are not expecting there to be a free superannuation/401K to be there when we retire. And we are pissed. Pissed because our parents are making us pay for own retirement, when they voted to not pay for their own, whilst we are expected to pay for their retirement. And there are a lot of boomers in New Zealand and in Australia and in the USA. If you did some reading into the generation “baby boomer” – try wikipedia, you will see the constant rhetoric about this generation and their lack of foresight. You could also check out the Australian and New Zealand government websites “Google baby boomer australia etc” and you will see that governments have been worried about this generation, but voters haven’t wanted anything done about it.

        So, in spite of your comments, that my generation is whinging, do some reading, and see that the world over, the standard of living in the next generation is declining. We are having to pay for a generation who didn’t save. We aint gonna have inheritance and are not expecting it. In addition, you mention Bill Gates etc, it’s great what he as done for the world, but he is one person. What did you do? Did you invent a brand new company and manufacture things on a grand scale? Our generation hasn’t started yet, and we are already burdened with debt. You think Jen is whinging, the same thing is being said in New Zealand about the boomers, the same thing is being said in the UK about the boomers the same thing in Australia. Just maybe, there is some truth to it.

        You have had 65 years to prepare for your retirement, you voted in politicians in the 80s, you didn’t vote politicians. What did you do to prepare for retirement? Sorry Moggie, no disrespect, I am sure you are a nice person, but my generation is already saddled with debt, from student loans, to saving for our own retirement as well as paying for the boomers retirement.

        My boomer parents had free tertiary/university study in New Zealand, but in 1994, Gen X and Gen Y had to pay. We had no problem with that, but the rhetoric that we are “whining” and that we are truly “the selfish ones” is getting old, especially when paying back a student loan (when our parents had free university), saving for our own retirement, paying for our parents retirement when we will not be getting one wares me down.

        Thank yourself you are in America, where it is more “user pays” than New Zealand, because on one level I can sympathise with you, but here, in NZ and other British Commonwealth countries, you can definitely see, a lot of people have fed at the trough for too long, and there is nothing left for the next generation.

  • Jerry

    This is good,how many of you people are bashing the Boomers and voted in Obama and his socialist agenda??The Boomers payed dearly for there right to SS.Its there damn money that has been stolen.
    I don’t doubt that most of the people doing the bashing are the 48% that don’t pay tax at all,your just affarid your free ride will come to an end.
    Be carful what you wish for,you put the Boomers on the street and you will need your brownshorts to protect your freeloading ass.

  • http://www.urbandanger.com/ Mike

    As a babyboomer I agree we are screwed! Get out of town now while you can. Watch the video – http://www.urbandanger.com/

  • oldbat

    @mike: ss is a TAX, not a retirement entitlement. THAT IS WHAT THE US SUPREME COURT HAS DECLARED.

  • dale

    the problem is not the generation that built this nations wealth and paid taxes into a fund that was stolen it is the government that stole the taxes that were entrusted to them for our keeping. to blame my generation is to blame the victim instead of the thief we have been raped and it is not our fault

  • http://www.freshjournalism.com mark

    hey- It’s the boomers’ fault that they want to collect after putting money into the system for 45 0r 50 years? Come on now boys and girls…The war in Iraq alone is costing about $720 million a day (or $500,000 a minute)- and that’s not counting Afghanistan or those 700 plus military bases in over 120 countries. It comes down to a simple choice: would you rather see more military expansion- while you eat a diet of cat food- or withdraw the empire, protect our own borders – and you enjoy a decent retirement?

  • reader1

    The day of reckoning is upon us.
    United States does not have neither the money nor
    the human resources for this huge expansion of patient care. Within the boomers are also Doctors
    and Nurses and they will also start to retire as
    well. Nearly 1/3 of the Physicians ( 250,000 ) are
    above the age of 55 and will not be involved in patient care in the next 7-8 years, moreover 67%
    of the Physicians ( 500,000 ) of them, are above
    the age of 46 and will be gone from practice in
    the next 20 years. During the next 20 years the total
    USA population will expand to 370 millions and the
    group above 65 will add to 75 millions, the system
    can not and will not be able to take care of them.
    Given the fact that the numbers of new graduates from
    medical residency program has remained the same(about
    22,000/year ), combined with physician disability,
    death and early retirement due to out of control of
    overhead cost, medical liability and government
    regulations, the ACTUAL physician shortage will be
    around 200,000 ( low estimate) by 2020 and 400,000
    by 2030. The nurses will be retiring in the hundreds
    of thousands as well. Eventually Direct contact with
    a physician will be a rare event.
    Add to all of the above, the collapse of the usa
    dollar, and all unfunded liabilities: Medicare,
    medicaid , social security , city and State pensions
    federal debt and interest in the federal and you will
    see that there is no way out of this.
    prepare yourself and your family.
    God bless

  • B Cat Stone

    I agree w/the commenters that pull the sheep’s clothing off the wolf. The author neglects MAJOR stats about the govt. having robbed the soc. sec. kitty for decades! Their reckless spending, including $$$ giveaways to the banks and the lining of their own pockets, not to mention multiple unecessary and treasonous wars, benefits to illegals, and lack of oversight on entitlement programs (Medicare/Medicaid) resulting in fraud (and more), have left this country bankrupt! I say let’s shake them upside down from the top down to see what we can salvage, then start over!!!

  • GENERATION X

    TO ALL THE ARROGANT AND RUDE BABY BOOMERS YOU DON’T DESEVERSE ANTHING FROM ANY OF US. WE SHALL LET YOU SUFFER IN THE MANOR OF YOUR OWN DESTRUCTION.THEN WE WILL HAVE A PARTY.

    • moggie

      OK, and when we all get old and lose our houses, where exactly will you crash SLACKER?

    • lraine

      And, no doubt, it will all be put on a charge card.

  • George

    How much will people take before they just march to Washington D.C. and throw these people out of their buildings?

  • Jackie Conley

    I have been a stay at home Mom since I was 20. I have one left. I was born in 57 and I have worked in the employment field off and on during my life. I am married. Well, I just got my new social security statement, well they changed it. I used to be getting something and now nothing. So, all my husband and I will get is his social security. We know we are in trouble. We lost our business due to the economics of this world. I know I will have to go back to work, I am for it, but..I know we need to do something drastic to be prepared for our retirement..we can not depend on the government. We are scared. Our five children laugh at us and say things like we are going to have to take care of you guys. Nice thought but in reality…not! No parent wants to be dependant on their children…might be pride..but we want to take care of them. I am worried about our generation, because I see a lot of people just like us out there in the same boat. I am a Christian and I depend on God’s word. He is my only hope.

    • Marie

      What does being a Christian have to do with being prepared for the future? This affects us all – race, age, religion has nothing to do with it. We need to prepare for our retirement. Unfortunately most of us dont know how to do that. The good news is there are answers out there as to how we can have some kind of retirement. God does provide the answers. We need to provide the effort to seek and implement those answers.

  • missy

    Your photo is a little misleading.
    Does anyone even remember why OAS (old age security) came into existence? In 1908, OAS was introduced in Britain for people over 70 years old. The average life expectancy in 1908 was 50 years old.
    OAS was meant for people too old to work, who lived so long as to be an exception to the rule of life expectancy.(And remember, there was no welfare program then, no disability plans, and no minimum wage!)
    In 2011, the life expectancy in the US is 76 years old. Today’s 76 year old is much healthier and better cared for than a 50 year old in 1908 (for example, hip replacements were still unknown in 1908, as were vaccinations, drinking water was less safe, and access to nutritive food was limited).
    Simply put, today’s 65 is not old and has access to better social services, so why should they be given a paid pension?

  • lisamom

    It is not us vs. them. We are all in this together and if we fall apart and fight each other it will be 100 times worse. The Boomers did give us the sex, drugs, and rock n roll society and we are suffering the consequences of it. The boomers accepted the counter culture, radical lifestyles and we are suffering the consequences of it. Boomers in government and media and using their wrecking ball of socialism to crash the society. You can live free or die waiting for the government to help you. All we need is to have God back in our lives.

    • moggie

      Boomers are doing all that??? I don’t think so. It’s NOT the boomers walking around all tatted up with earrings in their tongues (drooling).

      Most boomers do NOT live radical lifestyles. What comic are you reading? Also, I highly doubt that any more boomers approve of socialism than any other generation. From everything I’ve seen, it’s the younger generations that are pushing all that (something for nothing philosophy). That was NEVER a boomer mantra. Boomer’s were (and still are) hard workers and there’s no doubt about it. I’ve heard plenty of times that the employers prefer them to the shiftless and lazy SLACKERS who still live in mommy and daddy’s basement and WHINE a lot.

  • Patrick

    There are layers upon layers of problems associated with our government. There is no easy fix, nor do I claim to know how to correct the problems. However, here are some things to think about.

    Let’s bring the troops home, and stop waging wars all over the world. Great. What are you going to do with hundreds of thousands of unemployed soldiers in this country? Are we going to put them to work in other industries? Fine, but where are those jobs? To the employees of the military-industrial complex, what do we do with those jobs? That is one of the last manufacturing aspects of our economy. Now they are going to be in the ranks of the unemployed as well. Spend some time looking at the economy immediately post WWII, you will see how this was dealt with before – pick another war in a few years with Korea.

    We cannot forget the role the greatest generation and the boomers have both played in this regard. Together they have set policy over the last 75 years. The greatest generation suffered through the depression and WWII. They did what they had to do so that their children, the boomers, would have a life better than they did. They succeeded in giving the boomers what they wanted for them – a better life. The problem is with the better life, the boomers rarely had the heartbreak that went with it. As such, they took and took, while the greatest generation gave and gave. Both are at fault.

    Now I sit as a Generation X member, looking at the mistakes made by the greatest generation and the boomers, wondering how to protect my children, and instill in them the work habits of the greatest generation. Funny how these things go full circle.

    As for the system as a whole the country is failing. Time is running out, but we must be mindful that this problems took decades to create and will not be corrected by some knee jerk reaction of blame, altering benefits, increasing taxes, and changing the social fabric.

    We need leaders who are willing to stand up and explain to the american sheep what is really going on in this country. We are broke. We are all going to suffer. We are all going to have a miserable life until these things get fixed. However, until we get real leaders, willing and able to lead we will see nothing but the downward spiral…..please pass the cat food.

    • moggie

      You sure got that backwards. The greatest took and took and took from the boomers and frankly (as all boomers already know) where not all that GREAT.

      The greatest did a lot of crap to America that harmed all of us. Like getting rid of the gold standard in 72, setting up the Great Society in 68 and specially creating the 30-year rip-off mortgage deal for the boomers that ended up screwing everyone (except the greatest).

      They also created the lovely war on drugs which I think has virtually destroyed America, especially any semblance of liberty or freedom. Plus, if you’re black, watch out, you may end up in jail soon!

      None of this was the boomer’s fault and was hoisted on us by our elders. Let’s see how great your generation does? They’re already starting out bad. Look at their little housing crisis, NOT a boomer thing. You can blame yourselves.

      The greatest also wiped out the boomers social security funds before we ever got there. This was the fund that took 2 working adults

      • FP

        True blame belongs to the ideology of the poltical Left and its pathetic attempt to create a more egalitarian society over the past 100 years. The trillions that were wasted on that stupid pipe dream! It is because of the Left that America has spent beyond its means. Soon payment for those decades of failed vision will be demanded.

  • mondobeyondo

    I hope we all enjoy our senior lives, once we reach that age…the reward of a lifetime of savings and hard work.

    And what reward will that be for us, the Baby Boomers? Shivering in the cold under an overpass bridge, sharing our cans of Mighty Dog and Friskies with our grandchildren. By then, we’ll have enough from our meager Social Security checks, to throw the grandkids a Milk Bone.

    Maybe that works for Ethiopia, or Panama, or Uganda. They are used to that kind of existence. But it won’t work for the United States of America. We expected better than this. And we DEMAND better! (And that’s just the Gen Xer’s speaking!! Just wait till the Baby Boomers speak up en masse!)

    Retirement? Yes! Our senior citizens worked hard all their lives for that goal. But they’ll be damned if they’re going to retire in Detroit or Compton. Not gonna happen!! Miami, Phoenix, Las Vegas, Hawaii, maybe Tahiti. They earned it, and they deserve it!

    Maybe it WILL happen though – dear grandpa and grandma will spend their golden years in downtown Detroit… but not before a whole lot of people are killed in the process. These same people marched in the streets in ’67 and ’68 protesting the Vietnam War. They know how to protest. They won’t go down without a hell of a fight.

    And don’t count on the government to help you, either. The only army that will save you is the Salvation Army.

    It’s time to pray…

  • bahmi

    WE have the most avaricious, crooked bunch of vampires in the various govt. branches. Lying weasels everywhere. Bankers stealing brazenly. Napolitano cackling about the war on terror, all lies. Absurd payments for wars, stupid defense purchases. Towns like New London, Ct. that enlisted the likes of Dodd, Jerk Murtha, Joe Courtney, and Rob Simmons to “save” the sub base, all the while draining the citizens of the state of Connecticut. Robber barons everywhere. We are dead meat, it’s all over, folks.

  • Bill

    It’s over folks. Can’t you feel it about you?
    We just can’t, won’t or don’t want to see it.
    It’s called the “normalcy bias”…look it up.
    Lord help us all.

  • Blamm

    Abolish the military. Problem over.

  • Martin

    The assumption seems to be that all the boomers failed to prepare. In a significant number of cases I think most have some preparation for retirement. To the rest who failed to save and prepare through bad choices or unfortunate luck they will have to suffer some pain and I am hoping their numbers are relatively small. The future will be tough but remember that as the boomers retire it opens a spot for a younger replacement.

  • http://none Gordon

    Couple things missing in this diatribe of doom. We boomers, we sef absorbed, narcissistic, cogzuggers, have two crowning achievments: first, we have payed for the retirement of “the greatest generation” (whose greatness derives more from opportunity than intrinsic merit); second, we have produced generation y, “the echo”, a bunch of lazy hindquartered kids. We will inherit the deflated fruits of “The greatest generation”. We will be supported to some extent by not only our lazy hindquartered kids(who I believe are no less likely to turn into wonderful productive people than any other generationh since the beginning of time), but by the far younger immigrant population.

  • Susan

    Guess who turns 65 in July! This article is probably one of the most despressing I have read on the subject. Ross Perot warned us all about this in the 90′s. Everytime the conservatives tried to get a handle on social security, the liberals started screaming that the Republicans wanted to steal social security from grandma. Well, now we are “grandma” and since we didn’t listen then, we get to pay now!

    Now do you understand why the liberals wanted to enact and HAVE enacted death panels! Now do you understand why the facist liberals want control over all our lives… if they control your health care, they control your death and believe me… they will do that out of the nightmare they deliberately caused.

    Liberals have ALWAYS had the death agenda via decreasing population. Since they couldn’t get us to buy into it outright, they promote abortion and the gay agenda. You aren’t having babies if you are aborting them. You aren’t breeding if you are screwing a member of your own sex!

    The liberals have destroyed this country and the babyboomers (myself included) either contributed to it’s destruction actively or inactively… but never doubt, WE, THE BOOMERS caused this mess! Hopefully, via the Tea Party we can help straighten out this mess before we all go down… but it will take sacrafice and I’m not sure how that is going to look!

    Death camps anyone?

    • moggie

      Boomers didn’t cause this mess. It all started with the Greatest. They’re the one’s who sucked social security dry and got rid of the gold standard, to name a few. Most of the problems we are seeing today were NOT created by the boomers.

      Speak for yourself, I worked hard my whole life and was ripped off by corrupt corporations and politicians.

  • enscout

    Seems to be a lot of genrational hate here at this site. Amazing how so many can be deceived by stats.

    I may be a typical boomer. Born in ’53, started working and paying into social security at age 13. That’s 45 years as a salaried/hourly employee and 8 more ’till full retirement. I will likely work beyond that “official” date so long as my health allows. I have been frugal & have saved enough to get by – so long as the Marxists don’t confiscate my savings and assets.

    I would like to see my social security “trust” some day when I can’t work but don’t think I will. Too much class/generational envy by the likes of many here.

    Too many deadbeats in our society gaming the system – wanting something for nothing. That includes current retirees, boomers x-ers, etc, etc.

    The answers to our economic problems are not impossible to correct. We just lack the will to implement steps necessary to do so.

    The open market is a natural order. It will find its own correction eventually. For US, the correction won’t be pretty.

  • bible belt prophet

    judas held the money bag, he was dishonest, god knew that so He provided extra… im a boomer and i am at peace ’cause my God provides for me… call on His name today for salvation.

  • Calvin

    This is the Land of Opportunity and all of you lazy ass goobers that want the government to take more and more from the rich so YOU can sit around on your lazy ass and bitch should be ashamed of yourself.

  • Maple

    If 40% plan to “work till they drop” I dont see a problem.

  • mondobeyondo

    If it wasn’t for the Greatest Generation, we would probably all be speaking German, living in a totalitarian fascist state, and a swastika replacing the 50 stars on the U.S. flag.

    For that alone, we have them to thank. They should be well compensated for their sacrifice.

    It’s the following generations that have really screwed it up. They’ve been robbed. And the theft continues to this day.

  • Gary

    Well, I am certainly disgusted by the generational hate on this link. However, I do believe that the greatest generation was matured by their circumstances. They had hard lives and we owed it to them to care for them because of what they left us.

    We boomers have had it good for a long time thanks to them. Yes, we did bring in civil rights, equality for women, and protested the evil of vietnaim and war and created great music of all types. But I agree that we did not really know hardship, and raised selfish children who believe they are entitled because they exist. Many of these young ones do not seem to know what paying dues is all about. We helicopter parents never gave our kids a chance to grow up and make their own decisions and they will suffer as a result when America crashes and they really have to be on their own.

    We all want to blame others, Liberals, obama, conservatives, whatever, rather than take a honest perusal of how we all created this mess. We will believe talk show hosts before we will research things out. Obama is a socialist or a marxist. Say that to a Canadian or european and they will burst out in laughter. They have real communist parties and true liberal parties in those countries.

    Facism/socialism is not left wing, it is right wing. Marxism is government controlling the means of production, Facism is corporations /industrialists controlling the means of government. Both parties in this country are owned by corporations, so where do you think we are headed.

    Americans like Prescott Bush, Ford, Charles Lindberg and others believed in facism and gave Hitler plenty of support by laundering money for him and keeping us from entering the war. It was only when Hitler turned out to be a nut, that they decided to get rid of him.

    We are Germany in the 30′s, the media propaganda machine is putting out lies.
    Putting trust in the so called free market Ayn Rand /Milton friedman neo-liberal economics has destroyed every country where it has been tried starting with the South American cone in the 50′s, 60′s and 70′s, Russia in the 90′s and now America.

    We forgot about the common good, the basis of true capitalism as Adam Smith would put it, in our lust for the American myth of indivualism, the I’ve got mine, the hell with you.

    Sorry, no man can do it on his own. After spending centuries killing each other, the Europeans discovered that taking care of each other would have long term benefits,that preventative medicine would keep people in a state of wellness, and create productive workers. The fact that we are unwilling to take care of our own shows how far down the scale we have sunk.

    We got too greedy, fought wars we can’t afford, no longer made products in our country, stopped spending money on our own infastructure while giving Halliburton and others billions to blow in Iraq.

    Blame anyone you want, but unless we all come together and work on doing what’s right for America and our common good, we will collapse into anarchy, just as every major empire has done in history, for the same reasons.

    • moggie

      Vote for RON PAUL 2012.

  • http://basspig.wordpress.com Mark W

    One problem that’s going to eventually bite all of us is property taxes–the fact that we have been bilked out of the right of home ownership (when you’ve paid off your mortgage that is) and are stuck renting at ever-increasing rates, from our local governments. Millions will soon become homeless as taxes and tax auctions remove homes from the middle class and working poor, and transfer all that land to the wealthy and powerful.
    We must restore home ownership in America by abolishing property taxes on primary domiciles. Shelter is an essential, both for physical survival and mental health.
    basspig.wordpress.com

  • http://aol Dan

    The $ was there. The gov’t stole it from us to feed all the unelected burecrats you know the dept of ed, dept of eng, the dept of steaql some more $ and do nuthin. The gov’t IS and ALLWAYS will be our #1 enemy. Not the muslims or jews or chicoms its our own gov’t!!

  • http://schooiers.actieforum.com/ Geus

    If you sell 2 fighter planes now used in Iraq, you should have sufficient money to pay for the pensions off all baby-boomers in your country.

  • mark inyokern,ca.

    there is a lot this article doesn’t say…..fact is-the money IS there.it is in special treasury bonds,mainly…..4.5 trillion worth.and,the government now owes this money to SS….because They have borrowed against it .all those griping about tax cuts have not taken into account the fact that by law when Social Security was first written ,and by the constitution in article six and the fourteenth amendment (you didn’t think the republicans want to get rid of the fourteenth amendment because of anchor babies,did you ?)the government must be good for its debts .currently ,there is nothing wrong with Social Security that can’t be fixed by simply doing what they did in 1994 -transfer funds from OASI to DI-that gets us to 2039 all by itself -than raise the income cap from 106,000 to 250,000 -that fixes it for a long to come .http://www.cbo.gov/doc.cfm?index=11943&zzz=41347

    the only part of the Federal budget that Social Security has any part of is what the government owes it -because Social Security is one of the government’s biggest CREDITORS.

    those republicans who want to privatize Social Security are like :

    a man who has a good and generous friend -
    and Borrows money from him -
    and before that debt comes due-
    decides to kill him ,and steal the rest of his money .
    there is no other way to look at it .

    those who say the money is no longer there,
    and has been stolen -well it is still there -
    in those special treasury bonds.
    they are backed the same as other securities ,
    or that $20.00 bill in your pocket .

    Seems to me the tenor of this article is to plant the idea that it is all gone ,and that we can write it off .that is propaganda .
    the government can’t get rid of its debt by writing off the retirement fund we who make less than $106,000.00 have paid into .

  • RobertB

    So Bernie Madoff gets 150 years in jail, for redirecting billions of dollars to his pals (probably half or more of which will be recovered) but the biggest ponzi scheme of all was run by the governments. Representatives stood up in congress, or parliament, depending on which country you live in, and said the government pension plans were insolvent at the moment they started, and nobody listened.
    And the suckers (that’s us) who have had 7 to 14% of their income stolen by the government for their whole working lives ostensibly for a pension plan are being blamed for its insolvency.
    The usual blame the victim stuff.

  • Chem

    As riveting as the article is, the commentary has been just as enlightening a read. Thank you all for your comments. I am an early Gen-X’er and I am afraid… not for myself, but for my parents, that we will not be able to give to them what they gave to us… the basics of nuture and care when they need it most. I am also afraid for the next generation, our children, because of the sense of entitlement which is so prevalent. “Spare the rod, spoil the child” and “reap what you sow” are going to become VERY meaningful as the next generation enters adulthood.

    • moggie

      You will do fine if you all stick together.. There are still plenty of good kids around.

  • Dadnabbit

    Before you take up residence in a bridge underpass or open the first can of cat food, why not get a free library card and read how to free range chickens and grow food from seeds and live off the land? You are smarter than that. You aren’t a wild animal you are resourceful and determined. You don’t need any nanny state gov’t to take care of you. You have family and friends who will care for you and you will start to depend on your community as they will count on you. If you are in the city now and things look bleak, ditch that cell phone and McDonalds hamburger and get to the country. Learn to fish and hunt and grow. Learn to build a new life for yourself. Don’t give up.

    • Catherine Wood

      You need an actual piece of land to live off it. Many don’t have the funds to afford an acre or two in the country. Let alone enough acres of land to actually support a family. This ain’t the Little House on the Prairie era.

  • http://jansantos.co.cc/ Jan Santos

    So Bernie Madoff gets 150 years in jail, for redirecting billions of dollars to his pals (probably half or more of which will be recovered) but the biggest ponzi scheme of all was run by the governments. Representatives stood up in congress, or parliament, depending on which country you live in, and said the government pension plans were insolvent at the moment they started, and nobody listened. And the suckers (that’s us) who have had 7 to 14% of their income stolen by the government for their whole working lives ostensibly for a pension plan are being blamed for its insolvency. The usual blame the victim stuff.

  • Pigbitin Mad

    We have had since at least the 70′s to do something about the oil crisis (big oil made sure we did nothing, and the auto industry continued to make gas guzzlers). I have been hearing about the Social Security Crisis for years and we did nothing. This is pure corporate America taking everything for themselves and F everyone else. They want to take ALL of your retirement money whether it is in social security or stealing your 401K (“Well, you know some years in the stock market are bad.”) I want every single one of them to go to prison. If we all get on some social network to get notified we can orchestrate a run on a single bank. I have heard it can be done. You heard me. We can destroy a single bank all in one day if we all show up on the same day and demand our money.

    I say lets do it. If we are going to live under a bridge, we may as well take down the banks too.

    • moggie

      I don’t think we’ve heard the last of it and the 1 percenters better start thinking of the consequences of their greed. They will have to live through it too and it might not be pretty from the sounds of it.

  • Ozzy

    I had to reply to this. All you Yanks do is getting cought up pulling each other apart. Blame this or blame that. Kick out the thieves in DC and confiscate the cash the stole. Get out of all the countries you try to control. Bring your military home to prosecute wallstreet and those other pupets and there will be plenty of cash for all of you. But it is much easier to watch TV and eat junk and blame someone else.

  • Minnox

    “What are we going to do…?” What most of the population of the world has always done: starve to death.

  • Adrian

    Baby Boomers have made impossible for me to live on my own. I finished high school and vocational school, then tried working under Baby Boom managers in the workplace. They couldn’t treat me ethically. Then I finished several years of college to complete two associate technical degrees. I was allowed to work six months at each of my next two jobs, before I was laid off at each of them. Baby Boomers tend to be snobs about college who won’t hire anyone without a bachelor’s degree and experience, and they won’t give up their jobs even after retirement because they want to “double dip”, like certain Baby Boom officials I know in our school district. I can’t wait until the gray ceiling starts to break down and Generation X is in control of the USA!!!

    • FP

      The only problem with that patience is that there won’t be much left for Generation X to control in the USA. Us Baby Boomers are like a swarm of locusts feeding in the fields of your future. Our standard of living will be maintained at the future expense of yours. It’s terrible but you can thank democrats for much of it.

  • Just Thinking

    If anybody cares to reseach a little, social security was started as an “Insurance” program. You can view this as a tax if you want to, but was designed for the working class and was supposed to be separate from the general budget. If the politicians had not “stolen” the money into the general budget, there would be money there. In fact, is was supposed to draw interest and increase (just like bonds). First step, would be to place all of the money that was supposed to be there (including interest) and move it out of the general budget. As Meremark suggested, remove the cap on SS withholding…pay the 7% on everthing you make! That should just about take care of it. Think it will happen. Not likely

    Just Thinking

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  • gerald collier

    THIS MESS STARTED IN THE 1970S, BECAUSE OF GREED FOR THE RICH, THE LEADERS OF THE USA NEW IT WAS GOING TO HAPPEN, THE FACT IS THEY DID NOT CARE
    NOW BY GOD FIX IT

    • Catherine Wood

      Seriously? You’re an ignorant, uneducated fool. President Johnson, (the socialist) stuck it to America in the sixties. And it did not start there. Go back to the Depression and look at the policies of Roosevelt, the earlier U.S. Socialist. Stop blaming those who did well because you are an underachiever.

  • Anais

    ya’ll are unbleavable.. do yall not know that all this blaber isnt going to help the the aconimy..we need someone rightiouse to stand up.. the lord is on our sides if only we would be on his..i know the population is going up and every year arpoxamilty 78 million people are born..ya the numbers are high..we need to pray get on our knees ask the lord for forginness for all our sins..do you not think that 911 just happend for no reason.. of cores not we fell away from the lord..and those few days after it happened churches were filled overflowing..but a month or two we were back to are usual selfs..we cant not not sin were human beings but we need to try to be more like the lord to try to walk closer with him..right now were like the isrelites sinning not repenting the lords giving us a chance were just not taking it..he will answer us in our time of need..im saying this with experince..we need to ask for forgivness and pray…he will help

  • http://www.soldionline.herobo.com Joseph

    Yeap!That’s a heavy job for young people.They have to produce more money.But you all have a problem?From were to make more money?The world economy is in big trouble.

  • Mark

    Amazing! All the finger pointing and ignorance. The fact is that even if the entire US military was eliminated overnight there wouldn’t be enough to pay for SS and Medicare. If only it was as easy as leaving us completely defenseless. The fact is that the current and past administration are using the conflicts to keep our economy from stalling (Bosnia, Afghanistan, Iraq, Libya, Iran…) but it will fail soon. Our economy can’t be fixed as in the 1990′s we went to a service based economy (NAFTA) thus there is no longer an infrastructure to resurrect. It’s all south of the border and overseas now. The fact is that SS was not meant to be a full featured retirement program. Those who wasted their youth not preparing for retirement and voting for promises of more and more goodies deserve what little they get. Our dollar is a fiat currency and fiat currencies last an average of 40 years. The .com bubble, housing bubble, bond bubble, dollar bubble… it’s been obvious for years to everyone except those who believe politicians. At least you had a good time blowing your wealth. Some of you really need to read a book and learn about how the world works. There is opportunity even in this. You can set yourself up to build wealth or you can whine, blame and sit on your hands waiting for politicians who will never rise to the challenge as you starve.

  • Aging Boomer

    No one has mentioned the option of selling assets for cash. That’s a first priority if one is in financial trouble, yes? Have a garage sale? The US has like $200Trillion in assets of one sort or another. Let’s sell $30Trillion, pay down the debt, finance the obligations for our citizens for the next 30 years, fix the tax code, reduce our war machine to be the combined total of the next 5 nations instead of the next 16, raise some taxes and build the infrastructure we need for the next 50 years. It’s not that difficult.

    Or, of course we can play the blame game and die.

  • Bill Howison

    A few points to consider for those baby boomer that think they are not responsible for the present crisis.
    1. Social Security was unconstitutional and should not have been allowed to exist in the first place.
    2. When SS was initially created, the age upon which one could become eligible was 3 years after the average life expectancy of the time. Since then, baby boomers have permitted the delta to be 20 years prior to average life expectancy. If something is too good to be true, then it probably is.
    3. The baby boomers elected congressional leaders over the past 70 years and allowed congress to continue spending the country into oblivion. Congress has failed to perform one of the few duties which is to manage fiscal policy in this country. It’s safe to say that Congress (and those who elected them) has epically failed in this duty.
    4. Congress has failed to keep the executive branch in check and wrote checks using funds from social security. All this happened while the baby boomers watched.

    It sucks to read the truth I’m sure, but don’t hate the messenger. Instead demand….and I mean demand better of Congress. Demand that congress stop spending money on anything which is non essential and demand that they reduce taxation on the one engine that can bring prosperity back to America (private enterprise). Demand that Congress end the Federal reserve and the reckless monetary policy which is ruining our currency and setting the US up for a fire sale of epic proportions.

  • Slvcreek

    The funding was always there, and was in place and MORE than ready for
    all Baby Boomers or any other boomers to make good use of it. One of the
    great success stories EVER to come out of the Federal Government, and
    one of the few, the Social Security Fund was MORE than secure UNTIL –
    and I firmly say UNTIL – Congress began borrowing from it decades ago.
    All they did was to make IOUs on paper, but NEVER did they pay back or
    replace the money taken. The subject has been skirted around and
    avoided, but If Congress would just start paying back into the fund what
    they’ve so eagerly taken out of it, EVERY person would still have a
    less doubtful future.

  • Catherine Wood

    President Johnson robbed Social Security, (which was doing fine until it was robbed), to pay for Medicare. Now the chickens have come home to roost. Obamacare was designed to kill off the baby boomers with health care rationing. Problem solved! Kill them.

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  • Troy

    Although it might be true tha almot 10,000 people become eligible for Social Security per day… There are also over 6500 people that die each day.. So there still is a ignificant challenge but it is important to lok at both sides when assessing the overall impact… And staistically, most of that mortality is among older folks who would already be eligible for Social Security.

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