What is greatest contributor to our deficit?

[giblets]

Assuming that the claims on future production we give to the Chinese in exchange for present consumption will actually be honored AND will actually be worth (in present value terms) the price paid, then the net redistribution of resources is as follows: poor current Chinese get less, rich current Americans get more, rich future Americans get less, not-quite-as-poor future Chinese get more. How is this a good thing?

The Chinese government decided to buy foreign assets to lower their exchange rate, not me. I'm just forming my opinion on what the US should do given things the US doesn't control.

[Kuciwalker]

The Chinese government decided to buy foreign assets to lower their exchange rate, not me. I'm just forming my opinion on what the US should do given things the US doesn't control.

Yes, and honoring the claims of wealthy American retirees on our current production, when those claims were exchanged in return for nothing, should be low on our list.

To be clear, what happened was that the boomers made the following deal with themselves:
1. We'll set aside some of our wealth in a "Social Security Trust Fund", to save for our retirement.
2. Wait, nevermind, we want to consume it now. Let's replace all of that wealth with promises that future taxpayers will give us stuff for free.

There is no reason at all that the future taxpayers should feel obligated to make good on those promises.

[Tupac Shakur]

Gen X/Y desperately need to develop class consciousness. It's depressing how many American youth blindly support their own fleecing by the upper class...

[SlowwHand]

Nice theory, but Boomers didn't set up Social Security. Try again.

[Kuciwalker]

Nice theory, but Boomers didn't set up Social Security. Try again.

The Boomers still believe all of that US debt sitting in the "trust fund" is real wealth.

[Hauldren Collider]

Nice theory, but Boomers didn't set up Social Security. Try again.

This buys you nothing. Boomers are the ones perpetuating it.

[SlowwHand]

That's not what was said. It buys me everything.

[Hauldren Collider]

If it makes anyone more optimistic, I've been largely successful in convincing my Humanities III classmates that social security and medicare are legalized theft.



re:slowwhand, yes, social security buys you quite a lot of things, I agree.

[SlowwHand]

Good deal. By the time you kids get out of middle school, maybe you'll have a better idea.

[Hauldren Collider]

By the time you learn to read, maybe Paul Ryan will have finally stripped you of your entitlements

[SlowwHand]

I read fine.

To be clear, what happened was that the boomers made the following deal with themselves:
1. We'll set aside some of our wealth in a "Social Security Trust Fund", to save for our retirement.

What does that say, sparky?

[Tupac Shakur]

Nice theory, but Boomers didn't set up Social Security. Try again.

No, but you did give yourselves free prescription drugs paid for by your children and grandchildren while fighting any reform of entitlement programs, you selfish ****s.

[Hauldren Collider]

What the **** was bush thinking?

[SlowwHand]

I've never had free prescriptions, except in military service. Are you talking about your Messiah's plan?

[Tupac Shakur]

If it makes anyone more optimistic, I've been largely successful in convincing my Humanities III classmates that social security and medicare are legalized theft.

I'd be more impressed if you could convince them to vote. Political donations would be even more useful, but that's really the province of the wealthy old.

maybe Paul Ryan will have finally stripped you of your entitlements

Paul Ryan is going to fail miserably...

What the **** was bush thinking?

Bush was a Baby Boomer, so he was probably thinking of new ways to **** younger generations like the rest of his despicable generation.