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Are baby boomers stealing the country's future : Swingers Discussion 218155101
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TOPIC: Are baby boomers stealing the country's future
Created by: Nkenswing
Original Starting post for this thread:
Stan Druckenmiller, the former chief strategist for billionaire George Soros, is known for having one of the best long-term track records in the hedge fund industry.

Now, the normally publicity-shy investor is hoping to create another legacy: helping to avoid a financial disaster for the country's younger generations. Druckenmiller says the mushrooming costs of providing benefits to aging baby boomers and older generations will bankrupt the country's youth.

"I am not against seniors. What I am against is current seniors stealing from future seniors," Druckenmiller, 59, told Bloomberg News. Forbes estimates that Druckenmiller, a boomer himself, has an estimated net worth of $2.7 billion.

Unsustainable spending will create a financial crisis much worse than the 2008 meltdown, he said, calling it a "much, much bigger storm that's about to hit."

One of the worrying trends he cited is a surge in government spending on programs for the elderly, even as the first baby boomers are just hitting retirement age.

But a tidal wave of retiring boomers is about to hit the U.S. Roughly 10,000 will reach the retirement age of 65 each day through the two decades, according to the Pew Research Center. By 2030, 18% of the country will be senior citizens.

Demand for entitlements is already on the rise: Social Security, Medicaid and Medicare made up 44% of the government's $3.7 trillion in spending in 2011, a jump up from 34% in 1990, Bloomberg said, citing the U.S. Bureau of Economic Analysis.

Seniors "keep getting more and more transfer payments" from younger generations, helped by what Druckenmiller calls a "very, very powerful lobby."

So what can be done? Druckenmiller wants the government to change eligibility ages for Social Security, for one. Capital gains and dividends should also be fully taxed, he said, because retirees usually benefit more than other age groups from that income.

He also supports a federal consumption tax because the elderly buy the same amount of stuff as younger people but end up paying less in income taxes.

Druckenmiller told Bloomberg his next step is to take his message to younger generations.

"With the proper education and with proper voices out there," he said, "we could have 40 million kids marching down to Washington."

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hahahahhahahhahahahahahahaha

Kingston TN
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Just trying to lighten the mood some lol

Just thought you should know... The year was 1947. Some of you will recall that on July 8, 1947, a little more than 65 years ago, numerous witnesses claim that an Unidentified Flying Object, (UFO), with five aliens aboard, crashed onto a sheep and mule ranch just outside Roswell , New Mexico .

This is a well-known incident that many say has long been covered-up by the U.S. Air Force, as well as other Federal Agencies and Organizations.

However, what you may NOT know is that in the month of April, year 1948, nine months after the historic day, the following people were born:

Barrack Obama Sr. Albert A. Gore, Jr. Hillary Rodham William J. Clinton John F. Kerry Howard Dean Nancy Pelosi Dianne Feinstein Charles E. Schumer Barbara Boxer Joe Biden

This is the obvious consequence of aliens breeding with sheep and jack-asses.

I truly hope this bit of information clears up a lot of things for you. It certainly did for me.

And now you can stop wondering why they support the bill to help all Illegal Aliens.

Berryville VA
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Neither do I Perfect, but the only way to make this dufus understand is by "playing" his game.

Rumson NJ
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I'm not sure that we are all responsible for the current state of affairs.

Pittsburgh PA
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Robert, do you realize you just stated Sed is part of you generation?

Brooklyn Park MN
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I'm generation X, and I could not vote until the late 90's. Please, here is a nickel get a clue.

Your dad and mom are responsible for today's economic woes of the USA, and I'm glad that finally they're being made to pay up (though not enough if you ask me).

And if I'm at the older end of "your generation" and you feel that I am responsible, so too are you. You are of the same "generation" and just as responsible, according to you.

Rumson NJ
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Sedu:

No you aren't a baby boomer. You are someplace between them and the eldest part of my generation. But you were of voting age in the late 80s early 90s and our problems stem from as far back as the 50s until today.

You subscribe to the idea of demanding that the workers work harder for less, while the wealthy become more wealthy off of the labors of the workers who are being paid less to do more than their parents.

You are part of the problem. Make no mistake, these very condemnations will be applied to me and my generation. 10 years of me being of voting age...

Hazle Township PA
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Robert don't forget that Obama is a baby boomer also. So maybe you should be blaming him like you are blaming the rest of his generation.

Berryville VA
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I agree, we're guilty, just like your father, he deserves to be furloughed, he should be furloughed for at least the next two years, that's around 48K that he will pay for the war that he voted for. In addition, if your mother is employed, she should have her wages garnished, until she has paid back at least 48K back, for the wars that she supported. Totally agree with you.

BTW Robert, I'm not a baby boomer :).

Rumson NJ
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Rdy:

My father works in PA, union and for the government. He will still be employed for 40 hours a week. 10 hours x 4 days. We will still have an income which will place us well above the line in which we gain help from the government and even when I had become unemployed... the unemployment system denied me my benefits and made it a loop hole which took longer to jump through than it did for me to find another job. (thus the job I work in now.)

This is why I am not going to simply quite one job for the possibility of another... Either I go from one secured form of employment to another, or I do not go at all. Jobs are hard to come by, harder to keep sometimes and in PA if you qualify for unemployment benefits, you must accept any job handed to you.

As that handed job could demand full time work, just to make up 10 hours at 25 usd an hour... the Unemployment agency would not help my father as they won't have a job that pays 25 usd an hour.

In short, my father is still better off working 40 hours rather than 50. But thanks for the information.

Hazle Township PA
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TOPIC: Are baby boomers stealing the country's future