Youth! Don't Let Granparents Steal Your Money!

This article is kind of interesting when you contemplate how Social Security works...and you realize that the people collecting it today did NOTHING to stop the train wreck that they clearly knew was coming. 

Some would say that the older folks had the attitude of, "As long as I get mine...I could care less what happens when I am dead!"

We certainly hope that isn't the case....but sadly, human nature is a fickle, greedy beast.

Stan Druckenmiller, one of the best- performing hedge fund managers of the past three decades, has a warning for the youth of America: Don’t let your grandparents steal your money.

Druckenmiller, 59, said the mushrooming costs of Social Security, Medicare and Medicaid, with unfunded liabilities as high as $211 trillion, will bankrupt the nation’s youth and pose a much greater danger than the country’s $16 trillion of debt currently being debated in Congress.

“While everybody is focusing on the here and now, there’s a much, much bigger storm that’s about to hit,” Druckenmiller said in an hour-long interview with Stephanie Ruhle on Bloomberg Television’s Market Makers. “I am not against seniors. What I am against is current seniors stealing from future seniors.”

Druckenmiller said unsustainable spending will eventually result in a crisis worse than the financial meltdown of 2008, when $29 trillion was erased from global equity markets. What’s particularly troubling, he said, is that government expenditures related to programs for the elderly rocketed in the past two decades, even before the first baby boomers, those born in 1946, started turning 65.

In 2011, Social Security, Medicaid and Medicare accounted for 44 percent of the government’s $3.7 trillion in expenditures, up from 34 percent in 1990, according to statistics compiled by the government’s Bureau of Economic Analysis.

“The seniors have a very, very powerful lobby,” Druckenmiller said. “They keep getting more and more transfer payments” from younger generations through what’s essentially a pay-as-you-go system, he said.

NOW PAY ATTENTION TO THIS:

Today he sees an even bigger reason for concern because of the government’s massive unfunded liabilities. He also sees trouble with what he calls its trickle-down monetary policy.

The Federal Reserve’s decision to hold interest rates near zero and buy $85 billion of assets a month is pumping up the stock market, all with the hope that rich people will spend those gains, and that money will trickle down to the rest of the country.

While stocks may continue to rise for a while because companies are buying back shares and retail investors are coming back to the market in search of returns, the gains probably won’t last, Druckenmiller said.

Here;  http://www.bloomberg.com/news/2013-03-01/druckenmiller-sees-storm-worse-than-08-as-seniors-bankrupt-kids.html

Dang it!!  Can't we just all enjoy the record heights of the stock market??  Can't we just all revel in the wonder of how the 'god of the DOW' just continues to come roaring back...no matter how far down it has been beaten??

Can't we all just believe the AARP lie that many of today's seniors keep saying, "It's not an entitlement!  We earned that money and worked hard for it and now they are just paying me MY MONEY back that was held in MY SAVINGS!!"

Why do have to keep nit-picking and scab pulling and keep bringing up this inconvenient truth that the system has been a PAY AS YOU GO system for quite some time now?...meaning THERE ISN'T ANY SAVINGS IN SOCIAL SECURITY!!

Why can't today's seniors realize they are stealing money from tomorrow's seniors?  Why can't they take a big ol' pay cut today so TODAY'S WORKERS won't be homeless and penniless tomorrow because we gave the seniors all OUR MONEY and signed all the IOU's today to pay for the mythical pension plan and all that expensive health insurance that seniors demand WE PAY FOR??

Some seniors will say, "But Dennis, I need every penny I receive from Social Security!  I can't afford for the government cut a single penny!!"

To which the grand kids will answer, "But grandma, I can't even make my student loan payments working for $9/hr at the Holiday Inn and I don't have ANY health insurance.  I need every penny to live today...and I have another 70 years to try and survive!!  Why should you get all the money?"