The Greediest Generation?

[Gerry Clinchy]

Came across this quote from former Sen. Alan Simpson (R-Wyoming, 1979 to 1997) [who has held more than just that one govt job, including now co-chair of Pres Obama's debt commission.]


Yet his latest epithet for older Americans who are anxious to protect Medicare and Social Security from Simpson and his commission: “We had the greatest generation. I think this is the greediest generation.”
(approx Nov 2010)

There does not seem to be any dispute that he made this statement, although this mention comes from The Huffington Post.

Somehow I don't equate greed with people who have paid into the system expecting to get some benefit from that system ... especially when the contributions made were not "optional", but mandated. Not to mention that the funding might have had a chance of being sustainable if politicians hadn't raided the cookie jar, leaving only a bunch of IOUs that are unlikely to be honored (and as another $500 billion from Medicare is being diverted into Obamacare as well).

Interestingly, I came across another article which indicated that Ayn Rand collected about $11,000 in SS between 1974 and 1982 year period (that's less than $1000/year). And her husband Frank O'Conner collected about $3,000 (between 1974 and 1979). Public records show that they were also eligible for Medicare Part B, which meant that they had enrolled for Medicare, but figures for Medicare benefits were not available to the researcher.

[charly_t]

Came across this quote from former Sen. Alan Simpson (R-Wyoming, 1979 to 1997) [who has held more than just that one govt job, including now co-chair of Pres Obama's debt commission.]

(approx Nov 2010)

There does not seem to be any dispute that he made this statement, although this mention comes from The Huffington Post.

Somehow I don't equate greed with people who have paid into the system expecting to get some benefit from that system ... especially when the contributions made were not "optional", but mandated. Not to mention that the funding might have had a chance of being sustainable if politicians hadn't raided the cookie jar, leaving only a bunch of IOUs that are unlikely to be honored (and as another $500 billion from Medicare is being diverted into Obamacare as well).

Interestingly, I came across another article which indicated that Ayn Rand collected about $11,000 in SS between 1974 and 1982 year period (that's less than $1000/year). And her husband Frank O'Conner collected about $3,000 (between 1974 and 1979). Public records show that they were also eligible for Medicare Part B, which meant that they had enrolled for Medicare, but figures for Medicare benefits were not available to the researcher.

Many years ago there was an article in a magazine ( I believe it was The Reader's Digest ) that projected a surplus in the Soc. Sec. He carefully explained that the money that accumulated from what we had paid in plus interest would not be used up by each contributer if he/she lived a normal life span. I can't remember who wrote it but being a simple person it looked okay to me. Shortly after that the government started stealing from the fund. 'nuff said.

[Marvin S]

I remember someone did a profile on Simpson several years back. An Atty in one of WY's metropolises :).

One question & his answer stuck - when asked how he felt about his very generous pension? His comment "I believe I have earned all of it & could have done better in private practice". He was a GOB RINO & you knew little would be said about the enormous costs of the fed's payroll & pensions with him on board.