Every Generation Should Pay for Itself

We will continue to watch what is happening in Europe as they see what happens when one generation demands that another generation pay their public benefits.  I'm guessing it is NOT going to go well...and will probably lead to to civil wars and even nation against nation.

Thomas Jefferson told us this:
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.

Now let's all look in the mirror.  What do we see coming in America?  We see 60,000,000 baby boomers all approaching the age of "retirement".  Of course they will demand that Social Security benefits and Medicare health insurance be paid out to them for new hips, new knees, diabetes medication, Viagra, and every other prescription that mankind can dream up.  They will also demand that some government agency pay for them to go into a nursing home (average cost $60,000 yr)...and of course since they are making no earned income, they will also demand that they pay nothing more into the income tax system. 

And where do they propose that Social Security should get all this money to pay out??...From the NEXT GENERATION of course.

Some say, "Oh Dennis...it's all going to work out just fine...it ALWAYS DOES....remember, THIS IS AMERICA!"

As we have said in the past, "Those who don't know history are bound to repeat it."

And I will now add my own quotes I just made up, "Those who don't understand balance sheets are bound for bankruptcy." 

Or here is another one, "Those who don't understand how Ponzi schemes work are bound to fall prey to one." 

And lastly, "Those who don't understand that money can't be printed out of thin air forever are bound to continue printing money out of thin air until it becomes worthless."