It's Not Our Fault!

Ten years ago, James Roosevelt, Jr. Associate Commissioner for Retirement Policy Social Security Administration testified before Congress regarding the state and condition of the Social Security Trust Fund. He said, "The truth is that Social Security is completely solvent today, and will be into the future because it has a dedicated income stream that covers its costs and consistently generates a surplus, which today is $2.5 trillion. Estimates are that the Social Security surplus will grow to approximately $4.3 trillion in 2023, and that reserves will be sufficient to pay full benefits through the year 2037. After 2037, Social Security would still be able to pay for 78 percent of benefits even with no adjustments to revenues or benefits."

Which brings me to this: I resent the fact current Conservative political wisdom feels it necessary to create the image that we boomers are the ones who would mortgage the security of our children and grand children by accepting the benefits we have spent our entire working lives paying for. If I understand Roosevelt correctly the money that I and my fellow Boomers will be receiving is in fact our own money.

Has something happened in the last 10 years to change that? Well, duh, yea! We turned every thing over to our children to enjoy our retirement. Then the economy tanked. the work force shrank by 10%, the money supply dried up, the housing market collapsed and Wall Street tanked. But none of that was caused by the Boomers.

It is not the Boomers who are Mortgaging our children's future and destroying our economy . . . it is the hotshot who live on Wall Street." It is the Bankers, Investors, etc. The Boomer's big mistake was trusting these geniuses when they said what they were doing was good for us and the nation when in fact the only people it was good for was them.

Now, here's my advice to my Congressman and all the rest of that myopic crowd in Washington. Do what you want with your money but leave our money alone. If you need a bridge to nowhere borrow the money from your friends on Wall Street or the whiz-kids called mortgage brokers. But don't ask us to pay for it. If you need a study to determine how many legs there are on a millipede try just catching one and counting his legs. Just learn to say "no" to yourself and the people walking through your office doors. Doesn't matter who they are or who they represent just say, No, no, no!"

Personally, I'd seize their assets and give to someone else to manage and invest. I certainly would leave it to them to restore the economy. Take it away from Leamon Bothers and give it to Billy Bob and his buddies. They'll invest in Main Street America not Wall Street.

Trust me when I say, whatever is wrong with the nation put the Boomers in charge and we will fix it.