[quote=Allan from Fallbrook] . . . Also interesting will be the reaction of the younger generation, which is seeing a massive wealth transfer from their pockets to the boomers/elderly. There’s a backlash in there somewhere…[/quote]
Allan, I don’t know if you’re a boomer, but you must be aware of the “massive wealth transfer” (incl a cost-of-living raise almost every year) that the boomers and Gen X transferred to the “Greatest Gen” and the “WWII Gen” from 1964 forward. What is different about the current “wealth transfer” in the form of OASDI and Medicare to boomers, the WWII gen (shrinking) and the surviving Greatest Gen (shrinking fast) is that the vast majority of the current crop of boomers (male AND female) who are retired, retiring or soon to retire PAID their required 40 quarters (and often MUCH more than that) of FICA into the “system.”
50% of the older generations were women who either never worked or worked sporadically and/or part-time and did not contribute any FICA or less than $5K of FICA in their lifetimes on their own behalves. However, these past and current OASDI recipients were and are allowed to collect OASDI from age 65 until they die based upon calculations from their current spouse’s, a deceased spouse’s or former spouse’s work records EVEN if that current or former spouse is currently collecting OASDI themselves based upon their own work record!
Then there is the exorbitant SS (abt $850 – $2400) paid to each minor survivor, even if their parent died young and contributed little or no FICA in their lifetimes!
Then there is the SSI paid to many thousands of immigrants over the age of 65 who contributed zero FICA in their lifetimes and actually immigrated to the US AFTER they “retired” in their home country
In addition, the current crop of eligible retirees over the age of 65 now all pay a Medicare Supplement premium for Medicare Part B and D and a very large portion of the Greatest Gen did not.
The “reform” that actually needs to happen is SS reform in ALL its programs. Otherwise many of us boomers will likely not be able to even recover our own lifetime contributions to the “system” after turning 66+ years old and becoming eligible. And forget their being any OASDI for Gen X and beyond …
SK will probably argue this 🙂 but I predict I may be able to collect OASDI for less than 3 years before the fund becomes insolvent, that is, if it is not insolvent before I become eligible.
I have little sympathy for the current crop of younger workers. They have so many more freedoms “on the clock” than the boomers and generations beyond ever dreamed of and also enjoy a whole passel of more recent “employee-friendly” laws that their forebears did not.
Every worker coming up thru the ranks has always had the same problems. The current crop of workers just seems to want to whine about them more.
