cheerio-oats:" He declared the state of the young millenials a "terrible tragedy", and says there is much support on the campuses for his ideas. Poor millenials."If CHeerio-oats actually did some reading, especially Scott Burns book "The Coming Generational Storm", he would be more informed on the subject. Yes, the Millenials are screwed. Thoroughly screwed and it was the progressives who have screwed them royally. http://www.amazon.com/The-Coming-Generational-Storm-Americas...--------ffrom Amazaon"In 2030, as 77 million baby boomers hobble into old age, walkers will outnumber strollers; there will be twice as many retirees as there are today but only 18 percent more workers. How will America handle this demographic overload? How will Social Security and Medicare function with fewer working taxpayers to support these programs? According to Laurence Kotlikoff and Scott Burns, if our government continues on the course it has set, we'll see skyrocketing tax rates, drastically lower retirement and health benefits, high inflation, a rapidly depreciating dollar, unemployment, and political instability. The government has lost its compass, say Kotlikoff and Burns, and the current administration is heading straight into the coming generational storm.To solve a problem you must first understand it. Kotlikoff and Burns take us on a guided tour of our generational imbalance, first introducing us to the baby boomers -- their long retirement years and "the protracted delay in their departure to the next world." Then there's the "fiscal child abuse" that will double the taxes paid by the next generation. There's also the "deficit delusion" of the under-reported national debt. And none of this, they say, will be solved by any of the popularly touted remedies: cutting taxes, technological progress, immigration, foreign investment, or the elimination of wasteful government spending.So how can the United States avoid this demographic/fiscal collision? -----cHEERIOS SHOULD READ IT--------Cheerios:"My mother and father were both raised in the middle of the Great Depression. One might consider that a real terrible tragedy although I'm not sure they believed it was. But things weren't good."My parents LIVED through the depression. My dad went to work at age 16 in NYC in 1932. Mom a year later in 1933. Times were tough. My grandparents raised five kids - 2 on the other side. ----------Cheerios:"Both were in high school during the austerity and rationinng of WWII, when millions of young people served their country and tens of thousands suffered the terrible tragedy of not coming home. A terrible tragedy for the families of these young people."My dad WAS in WW2 - out at Lowry Field CO.....an armaments instructor on aircraft. Mom and Dad were married....lived through the rationing of WW2. Not fun. They survived.And ....it was not 'tens of thousands'...it was over 400,000 who didn't come home and MILLIONS who were injured in WW2. My dad and his brother Bill are both buried at Arlington National Cemetery. Both survived the war. --------cheerios:"Then, my father was drafted and spent time in the Air Force in Korea, along with millions of other young people who were drafted during those years before the end of the draft. 50,000 young people suffered a real terrible tragedy in Korea, and about the same number suffered a real tragedy in Vietnam. The ultimate terrible tragedy."Actually, it was only about 36,000 killed , not your 50,000. Of course a lot more were seriously wounded but lived. Vietnam was 55,000 dead. SO? Millenials are going off to Afganhistan and Iraq and who knows where else? Thousands are dying. Likely a hundred thousand plus are wounded or suffering major health effects. So what does that have to do with the fact that Millenials will be screwed financially? ---------cheerios:"Both my mother and father worked all their lives and helped reduce the debt to GDP from 120% at the end of WWII to 40% by the end of the 1970s."He he he..>I can just hear your parent's pillow talk at night......Geez, you know, we worked our butts off this week and the national debt went down another 0.000000004% because of our hard work! I worked 31 years and paid my taxes....what did the government do? Borrow even more money to give to the weenies and queenies! Millenials will work and work and work and pay triple taxes and won't have crap to retire on...their 'retirement' won't be there. Raed the book. ------------cheerios:" Fought the cold war, created a real middle class and paid for it all. Social Security, later Medicare, for their parents."Yeah....blah blah...I worked....and paid taxes..and worked..and paid taxes...But the government took my SS money, put it in the magic lock box, and spent it all, leaving IOUs behind. They 'stole' my SS money. It's not there. to get it, the government must issue even more debt...to get money to give to SS recipients. ---------Cheeerios:" Druckenmiller's supporters on the campuses. These young people, recieving an excellent education, so hard done by. A terrible tragedy."Well, actually, they are inheriting a bankrupt SS and Medicare system that is unsustainable. To pay benefits shortly , the government must be borrowing TRILLIONS AND TRILLIONS of dollars it doesn't have, because it spent all the money in the 'lock box'. That just to pay current SS holders. There will be fewer and fewer workers as time goes on per SS recipient....At some point, interest rates will rise, and just paying the interest on the national debt will require a 25% increase in all taxes....or more.....You realize if interest rates went to 10% on 20 trillion, that would take more than half of all the taxes collected? And in 10 years, we'll be at 25 to 30 trillion borrowed. Think interest on the national debt taking up 75% of all the current taxes collected. No money to pay SS. Nor medicare. Nor ObamaKare. Nor even national defense. Or food stamps. think of it like your mortgage taking 75% of your income.....but even if interest rates went to 5%......it would be like 37.5% of your income just going to pay the INTEREST on your house....You see the problem? no- probably not...you believe in the money fairy. t.
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