Monday, April 4, 2011

Representative Paul Ryan can kiss my ass - it's the 55+ generation that screwed America


Yet one more example of why it is that I deplore my current Republican Politicians - I'm tired of listening to Paul Ryan. Once again, he's coming out with grand budget plans that exempts anyone 55 and older. Paul's just plain wrong. It's the 55+ crowd that caused our nation's problems. When Paul Ryan wants my attention and support, he'll propose programs where everyone sacrifices. Until then, Paul Ryan can kiss my ass.

Posts from the past where I addressed the issues of how Americans 55+ screwed our nation:

July 24, 2010:

It's the 55+ generation in this country that really F'ed up America. These people had everything handed to them on a silver platter. They are the reason our country is in debt up to its eyeballs:

80s - Entering their peak earnings years, they weren't happy about paying taxes, so they elected Reagan. Their income tax rates were drastically slashed. This was the beginning of massive debt being piled on the shoulders of the rest of the nation.
80s - Wanting ways to save for retirement tax-free, they were handed IRAs and 401Ks.
80s - As child-care became an issue - they were given company benefit plans to set aside tax free child care funds.
90s - Having invested heavily in housing, they weren't pleased about being taxed on this key asset, so sales of their primary residence were deemed tax-free.
90s - Entering a period where they started buying stocks heavily, they weren't happy about capital gains taxes, so they had those slashed drastically.
90s - Wanting to pay for their children's college educations without being taxed - they were handed 529s and Coverdales.
90s - As medical costs started to become an issue - they were handed medical flex plans.
00s - Approaching old age, they weren't pleased with estate taxes, so they had the ceiling on taxable estates substantially raised.
00s - Not happy with the thought of paying for medications, they pushed through a plan for free drugs in their retirement.

55+. This generation bugged out on paying their fair share. In their peak earnings years, they avoided their tax obligations. When they piled up housing equity and stock gains, they avoided taxes. For child-care and medical costs, they were handed ways to pay these tax free. For retirement savings and college costs, they were given tax-free rides. When estate taxes and drug costs stared them in the eyes, they got free rides there too. At each key step of their financial evolution, they avoided paying income taxes on their key earnings streams and assets. Earnings, housing, retirement, child care, medical costs, college costs, pharma in retirement, estates. Each key piece of legislation that made these income streams tax advantaged happened when the 55+ generation entered that stage of their lives. They were subsidized. As a nation, we borrowed money, over $14 Trillion, to subsidize this free-loading generation of 55+.

And the real teeth kicker? They are the only generation who will likely retire with both a pension, and tax free assets in IRAs and 401Ks. Just about everyone behind them can kiss the pension good-bye.

The reality is that the 55+ generation screwed everyone younger. They got a free ride. We got saddled with their debt. And we have $14 Trillion in debt to prove it. Message to the 55+ crowd - just shut the hell up. Stop complaining about taxes. You haven't paid your fair share. Free rides don't last forever. And your time is up. Pay up, or shut up.

July 25th, 2010:

I thought more about the post I made yesterday about the 55+ generation in America. At each stage of their economic lives, they were handed income tax benefits that allowed them to avoid paying their fair share of income taxes. Read the post. Think about it. It should become clearly evident to you that the 55+ generation screwed America. We have $14 Trillion in debt because the 55+ generation were handed tax benefits left and right.

A more important thought came to mind this morning. There's talk in Congress now about limiting Social Security, changing our nation's retirement plans. While I'm in favor of doing something, it needs to be fair. Notice that the talk is all centered on allowing anyone over 55 to keep their current benefits? Anyone under 55 must take a hit. See what's going on here? The 55+ generation screwed us at each step of their financial lives by passing income tax benefits that protected their key earnings and expense streams. Now, they're going for the kill. They'll keep their social security, while the rest of us must sacrifice. Just how fair is that?

What we should be talking about in this country is stripping anyone over 55 of their social security. The outcry would be intense. But the reality is that this is the ONLY fair move to make from an inter-generational standpoint.

Republicans caused this problem. Old Republicans. The 55+ generation. While Senator Richard Burr isn't in that group, he's close enough. More important, he was in Congress, voting yes on these income tax benefits that piled debt on our shoulders. He needs to get the boot. He needs to answer for $14 Trillion in debt.

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