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Member since: 2001
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Baby Boomers pre-paid for the retirement of their generation as well as for the one ahead

This was the a result of the agreement made in 80s due to the huge number of retirees expected when Boomers left the work force. It was said at that time due to the massive numbers set to apply for Social Security, a severe drain on the system would result. That compromise resulted in a substantial increase in the FICA tax which did in fact pre-pay our retirement as well as finance the retirement of the generation before us.

So when you read Boomers are retiring on the dime of the generation behind us, that is simply not true. What is true is that Uncle Sam "borrowed" the funds we accrued in our Trust Fund to finance our golden years. And now that the time has come for Boomers to retire, Uncle Sam cannot repay that which he borrowed. Oops!

How to explain it? That is the conundrum.

And so the blame is placed on the Boomers for the problem, and the generation behind us has been brainwashed into believing we are the problem. We are not, we have done more than our fair share to finance our Social Security. The problem is the Big Lie spread by the right which wants to privatize the system for the benefit of the financial community and to the detriment of Social Security participants. And part of that plan is to turn the generation behind us against us.

In order for Uncle Sam to make a withdrawal against the Social Security Trust fund, a like amount of Treasury Bonds equivalent to the withdrawal must be sold. In this economy, that is not so easy to do. Geithner himself publicly admitted this in a televised interview.

It was and still is a simply a political ploy as a plank in the plan of the Right to restructure the Plan for the benefit of the financial community while easing the burden of the Federal Government to repay its debt to Boomers.

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