Baby Boomers; the Good Life and it’s Excesses — by fred peatross

mezzanine_668

 

 

America has some serious long-term fiscal problems. Problems that were mostly created by my generation. It certainly doesn’t make me feel good to step outside of my life circle and attempt to see what my generation has created for the next generation

We boomers are healthy and living way past average life expectancy

We’ve got a defined benefit pension plan from a large company or the government that was created years ago when people didn’t understand how horribly things can be when these plans can go wrong (trouble meeting liabilities, yada, yada), but heck, we don’t care as long as we get our check. And then there’s that social security check. We once hated the government. We smoked pot and protested against Vietnam and President Nixon. That was a long, long time ago

Life has been good for me. I’m a baby boomer. And so are you if you were born between 1946 and the early 1960’s

  • We had Woodstock and the Stones in the ’60s, discos and coke in the ’70s
  • Wall Street in the ’80s
  • Bill Clinton in the ’90s
  • And now we give you two of our oldest boomers–Hillary and The Donald. Enjoy
We’re A Narcissistic Bunch

And now many of us are retired living in Arizona and Florida on the backs of our stressed-out kids whose own children stay at home with them into their 20s because they have no jobs. Tom Brokaw once wrote a book about the greatest generation, those brave people who survived the depression and fought in World War II. Unfortunately that great generation spawned a generation of narcissists: the baby boomers

Boomers don’t like to talk about fiscal responsibility or living within their means. We like our credit cards and government secured mortgages on overvalued properties. We enjoy the malls we built and the cars and our big-ass homes. Heck as long as someone’s willing to lend us the money to buy this stuff we don’t seem to care much about how it will be paid off. We still represent an enormous voting block and we have no intention of have our lifestyle threatened. This is the real reason Washington can’t create a long-term deficit reduction plan. We boomers love our safety nets

One of the major reasons our national debt is so high is because 40% of our government’s spending goes to some type of insurance: social insurance, retirement, health benefits, Medicare, Medicaid, etc. These systems are bankrupt. But they’re needed to pay for us boomers’ healthcare and pension plans. People that were born after 1965 are working hard to make sure that the boomer generation gets their retirement and disability paid for by the government. But it’s still not enough. So our government has to borrow and print money. And our debts balloon. Who will pay these debts? Ah, who cares says the boomers. Not my problem

The Good News

The good news is that we’re quickly getting older. Thousands of boomers are retiring every day. The generation behind us would probably like to ship us all off to an island. From my perspective, I’m glad they can’t. But I’m hoping that the next generation of leaders will not make the same mistakes we did. Maybe they’ll fix the problems we boomers created

So hold on. Be patient. You’ll soon be able to bid farewell to my generation; they call us the baby boomers

Leave a Reply

Your email address will not be published. Required fields are marked *