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View Diary: A Baby Boomer on Social Security (75 comments)

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  •  Please describe this generational inequality (2+ / 0-)
    Recommended by:
    Clem Yeobright, BroadwayBaby1

    I've looked at every SST report going back to 1997.

    ...... Social Security blogathon March 25th thru March 29th. #HandsOffmySS FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

    by Roger Fox on Wed Mar 27, 2013 at 07:27:45 PM PDT

    [ Parent ]

    •  Hey Roger, (0+ / 0-)

      First off, thanks for putting together this SS blogathon.  Second off, you are quite right that it's not in the Trustees Reports because, I believe, this is a lens that they don't want to view the SS system through.  But what I'm saying is that I would like for them to do this type of analysis.

      As I've said before, I want to keep SS for future generations AND I want it to be equitable for all generations.  My gut reaction is that the older the you are the better the system treats you.  The reasons that I believe this are:

      The older you are the lower your FICA tax rate was.
      The older you are the lower the retirement age was.
      The younger you are the more likely that you will not be paid your full promised benefits.

      Based on those facts I would hazard a guess that today's seniors benefitted more than the boomers who in turn benefitted more than Gen X who in turn will benefit more than their kids.

      Finally, the closest I have seen to "proving" this generational inequality is the attempt to do "Generational Accounting" of which SS is just one component.

      Here is a link to a The Tax Policy Center's description of the idea.  http://www.taxpolicycenter.org/...

      The money quote IMO is:

      But these criticisms do not invalidate the basic point, which is that the current generation is leaving a gigantic burden to unborn generations. Whether net taxes will have to increase by 50 percent, 100 percent, or 200 percent is almost beside the point. The results are frightening no matter how one does the calculations, and they suggest that current fiscal policy is not sustainable.

      We cannot solve our problems with the same thinking we used when we created them. Albert Einstein

      by theotherside on Thu Mar 28, 2013 at 04:48:22 AM PDT

      [ Parent ]

      •  Congrats on your working gut (0+ / 0-)
        My gut reaction is that the older the you are the better the system treats you.
        Really?  How?  Then tell us how this works for Social Security.  
        Finally, the closest I have seen to "proving" this generational inequality is the attempt to do "Generational Accounting" of which SS is just one component.
        Seriously?  Please explain how the "generational accounting" works using the facts and figures your example didn't have.  

        If your generation was smart, you'd be joining boomers in the fight for Social Security instead of buying the BS the boomers are screwing you.  

        Your generation is getting screwed, but it isn't the boomers who are doing it.  

        •  I thought I was pretty clear but either (0+ / 0-)

          I could improve upon my wording or you need to slow down and not presume what I'm saying.

          For starters, I provided  a link to what "Generational Accounting" is.  It's less than 10 paragraphs long, is fairly easy to understand as a concept and will take a couple of minutes to digest.  If you are serious about engaging me in a dialogue I would ask that you at least read the link that answers the question that you posed to me.

          For a more in depth discussion and some numbers, I guess we would have to read the books that the authors wrote on "Generational Accounting".

          Secondly, AFAIK, my generation does support SS.  We want it for our grandparents, our parents, for us and for our kids.  If you have some proof that we are against SS I would like it if you posted it here because I haven't seen any polls that say young people are against SS.  I have seen that we used to think that SS won't be around for our generation but that's because when we hear that SS will go bankrupt we don't realize that the system can still pay 75 pecent of promised benefits.

          Finally, the aim is not so much about assigning blame but it's a plea to let's examine the question.  To help start that type of dialogue, are any of my facts below wrong?

          The older you are the lower your FICA tax rate was.
          The older you are the lower the retirement age was.
          The younger you are the more likely that you will not be paid your full promised benefits.
          If those facts are correct, is it likely that the SS system is tilted to favor some generations over others?  If so, by how much?  I know that if my generation were benefitting at the expense of either my parents generation or my kids generation, I would favor reforming the system to make it more fair to them.  If my parents generation is benefitting at the expense of my kids or my generation, I would want that to be addressed as well.

          What I don't particularly understand is why one generation should benefit at the expense of others.  If that is not the case, then my point is moot.  But if we did the analysis and find generational inequities don't we have an obligation to correct them?

          So what's the harm in finding out the answer?

          We cannot solve our problems with the same thinking we used when we created them. Albert Einstein

          by theotherside on Thu Mar 28, 2013 at 07:23:41 AM PDT

          [ Parent ]

          •  If (0+ / 0-)
            If those facts are correct, is it likely that the SS system is tilted to favor some generations over others?  If so, by how much? .............. If my parents generation is benefitting at the expense of my kids or my generation, I would want that to be addressed as well.
            Old NY saying:  If the queen had balls, she'd be king.  

            IMO, too many "if's" to make an informed judgement.  On the other hand, an opinion can be formed with a million "if's".  

            My opinion is Social Security is the least of your generation's problems.  It is, however, the lowest hanging fruit that can be reached to rile up one generation towards another.  

            What I don't particularly understand is why one generation should benefit at the expense of others.

            Something we agree on.  

            If that is not the case, then my point is moot.  But if we did the analysis and find generational inequities don't we have an obligation to correct them?
            A misunderstanding, perhaps.  

            I thought  you were stating, with certainty, there were generational inequities.  

            The problem was you didn't prove the case.  

            Of course we have an obligation to correct inequities.  My suggestion is roll back  the Reagan tax cuts before we start talking about Social Security.  

            If you want to start with inequities, start there.  

            We're all in this together.  We  need to address the fundamental unfairness of the tax code, the runaway military spending, and the destruction of the social safety net.  Social Security is NOT the problem.  

            •  We are in this together. (1+ / 0-)
              Recommended by:
              BroadwayBaby1

              I'm a data driven guy and the SS Trustees report, as Roger alluded to, doesn't, AFAIK, calculate the affect from one cohort to another.  That's why I cited the three facts that would lead me to believe there likely are generational inequities but since there isn't data (besides Generational Accounting) I had to call it a gut reaction.

              But you are right that there are too many unknowns and that is why I would like the data to be developed and I would hope that reformers and defenders of SS would both call for a look into this issue.

              We cannot solve our problems with the same thinking we used when we created them. Albert Einstein

              by theotherside on Thu Mar 28, 2013 at 09:14:33 AM PDT

              [ Parent ]

    •  I second this (0+ / 0-)

      This is after looking at the poster's link downstream.  

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