The Financial Collapse of 2001 and Beyond Message Board

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To: skinowski who wrote (90590)	5/24/2012 8:26:40 PM
From: bart13	4 Recommendations Read Replies (1) of 100715

What you said was: The net result is that presently, younger people will have to pay for a huge generation of old baby boomers, who never did anything for them. What I said was: Only if you place zero value on parenting and the costs of raising children, etc., which last time I checked was over $200k from birth to 18 years old. And that does not include higher education costs. ... and it remains 100% true. Your other points about ratios and sustainability are true, and they were true in the early 80s too - and taxes rose to kick the can down the road. We very likely won't be as lucky this time, and every generation (I'm almost a geezer) will be screwed - and many many will also likely lose their lives etc. before the pendulum starts to swing the other way. It must play out, whether I like it or not. Even Greenspan knew what's ahead: "We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power." -- Alan Greenspan, appearing before the Senate Banking Committee on February 15, 2005, in response to Democratic Senator Jack Reed of Rhode Island on the topic of funding Social Security.