So after the SOTUA, debate about where to cut spending and try to reduce the deficit is again front and center. One thing I am tired of hearing about is the majority of politicians that consider Baby Boomer issues and anything involving 55+ voters off limit. Let's be honest here and address some facts. Our country is close to the breaking point because of debt and over consumption that has been predicated over the last 30+ years. This is not an overnight issue, and it is not exclusively related to the most recent recession... Washington and Wall Street have been blowing bubbles for decades. That being said, let's address 2 basic assumptions:
1) The standard of living and consumption for the past 30 years was artificially sustained by debt fueled policies that kicked the can down the road
2) People that profited or benefited most from this artificial wealth creation would be those that were in their prime earning potential during this time period.
Given the above basic assumptions, which I believe are more than difficult to dispute, it can be rather fairly extrapolated that those individuals 55+ benefited the most from the past 30 years of debt fueled growth and kicking the can down the road. As a child of a Baby Boomer, I have no reservation in stating that I think both my generation and those coming after me, have been screwed by the policies of Baby Boomer politicians and leaders. They have kicked the can down the road until it can no longer be kicked anymore. The tab is coming due, and I for one think those 55+ should be expected to pay their fair share and then some. Why should the fact that they are now close to, or at the point of retirement mean that me and my generation must bear the brunt of the austerity they necessitated? I have held a tax-paying job for over 15 years, I started working in one form or another as soon as I could get a work permit in my teens. I am willing to accept the fact that I will probably never recoup everything I have put into social security. Frankly I don't count on it, or expect it, I will make the necessary investments to meet my own retirement goals. But I do have an issue with the same generation that has borrowed from our future for the past 30 years, to now say that asking them to share the sacrifice necessary to put us back on track is unfair. They reaped the majority of the benefits from the last 30 years, it's time they helped pay for it.