Obama's deficit reduction plan is "generational theft of an enormous magnitude"

[FaninAma]

http://finance.yahoo.com/news/langone-obamas-debt-fix-generational-131645600.html

Do you progressives feel good about stealing from our kids and future generations?

[TheHumanAlphabet]

I think the fact that the Emperor is not wearing clothes is starting to get noticed by others than Conservatives...

[FaninAma]

Obama is a politician. It's the only job he has ever held. He knows how to campaign and engage in rhetoric against the opposition. He doesn't have the background that would enable him to compromise and lead. He is a partisan idealogue with a huge chip on his shoulder.

[badger]

Obama is a politician. It's the only job he has ever held.

He should brace for the letdown then, kind of like Jordan after he retired from playing ball. You can't go any higher than U.S. president.

[KantoSooner]

I learned long ago that is is fruitless to oppose the boomers. They're going too have what they want, when they want it. Expecting them to stop this pattern now that they are retiring is/was foolish in the extreme.

The boomers are going to bancrupt the country, but, although I firmly prefer the years in which I made lots of money over the other years, I've been poor and got along just fine.

If we have to go through 25-50 years of relative poverty, so be it. We can at least get off the materialism treadmill.

[pphilfran]

I learned long ago that is is fruitless to oppose the boomers. They're going too have what they want, when they want it. Expecting them to stop this pattern now that they are retiring is/was foolish in the extreme.

The boomers are going to bancrupt the country, but, although I firmly prefer the years in which I made lots of money over the other years, I've been poor and got along just fine.

If we have to go through 25-50 years of relative poverty, so be it. We can at least get off the materialism treadmill.

Boo....hisssss....

[KantoSooner]

Just getting ready for the inevitable.

[OU68]

Boo....hisssss....

This ^^^^^^

[TheHumanAlphabet]

Kanto, I think you are spot on, however, the country will be bankrupt and there will be few to be able to pick up the pieces and the illegals will be heading back home to Mexico...

[badger]

Now that we are all seeing what a recession looks like, I think we can all appreciate what the Greatest Generation had to go through with their Great Depression.

But, I don't think the Boomers are going to get what they want. Those with wealth, not debt, are going to get their needs catered to, and from the looks of it, the Boomers, in general, traded their chance at wealth for the chance to pretend they were wealthy when they were younger instead.

Not my parents --- they made us kids do without a lot that our peers had when we were young and while the temptation to retire is there since they have grandchildren now, they continue working beyond the minimum retirement age... not because they need to, but because they enjoy it.

[OU68]

Now that we are all seeing what a recession looks like, I think we can all appreciate what the Greatest Generation had to go through with their Great Depression.

But, I don't think the Boomers are going to get what they want. Those with wealth, not debt, are going to get their needs catered to, and from the looks of it, the Boomers, in general, traded their chance at wealth for the chance to pretend they were wealthy when they were younger instead.

Not my parents --- they made us kids do without a lot that our peers had when we were young and while the temptation to retire is there since they have grandchildren now, they continue working beyond the minimum retirement age... not because they need to, but because they enjoy it.

We (boomers), saw the end of the pension system, and yes, many of us bought into the move around/make more/buy more trap. When the stock market crashed, many of us lost half of what we were planning on for retirement, and now it's too late to catch up. Glad your folks are enjoying what they do, that is a blessing.

[KantoSooner]

Badger, with all due respect, people were starving to death in the streets of major cities during the GD. Unemployment was at 30+%.
You, and I, have not experienced anything remotely like that. We are inconvenienced; they were playing in their own personal end game.
Even if the worst now forecastable comes to pass, it won't be anywhere close the GD. That's why I'm not too distraught. (sp?) Looking at my possessions, I don't see that much that I really couldn't do without. If I could keep my books and have access to long distance communications and the basics of life, I'd be okay. And we've got a long ways to go before it gets that bad.

The GD 'taught' us the lesson that Keynesian economics were 'right' and that we needed a huge central government to keep things 'under control'. Maybe the whatever we approach now will teach us that massive uncontrolled spending can not be sustained, that government officials can not outthink a free market, and that Hayek and Freedman beat the hell out of Keynes any day of the week.

[diverdog]

I learned long ago that is is fruitless to oppose the boomers. They're going too have what they want, when they want it. Expecting them to stop this pattern now that they are retiring is/was foolish in the extreme.

The boomers are going to bancrupt the country, but, although I firmly prefer the years in which I made lots of money over the other years, I've been poor and got along just fine.

If we have to go through 25-50 years of relative poverty, so be it. We can at least get off the materialism treadmill.

Sorry it ain't the boomers it is their parents.

[KantoSooner]

lump 'em all in there together then.

[BigTip]

http://finance.yahoo.com/news/langone-obamas-debt-fix-generational-131645600.html

Do you progressives feel good about stealing from our kids and future generations?

What scares/amazes me is that this stealing from our "grandchildren" is getting to be a passe statement. It is from OUR retirement and our children. Even democratic controlled agencies models are putting crisis points a few years away, not 20 or 30.

[badger]

Badger, with all due respect, people were starving to death in the streets of major cities during the GD. Unemployment was at 30+%.

Yes, that's why I said we can appreciate it more, not saying that we are seeing exactly what it's like (God willing, we will hopefully never have another Great Depression again).

Hopefully, like the Greatest Generation, this "Great Recession" generation will also learn the value of saving and self-reliance. And hopefully, they, unlike that Depression generation, will not taking saving and self-reliance to the point that they are not spending money on anything and die with large estates that they never got to enjoy since they were too afraid to spend money. :(

[FaninAma]

Here's the deal. Obama and his fellow Keynesian morons are running up a deficit so large that if interest rates were allowed to go to historic levels the country would be bankrupt. So what does he do? He continues to run up deficits in the name of helping seniors and the poor.....just the groups that are getting crushed by the Fed policies which obliterate those on fixed incomes and those most sesitive to inflation(seniors and the poor).

Obama is evil incarnate. He offers people crumbs so the mega rich(not the middle class "rich" but his buddies like Jamie Dimon and Warren Buffet) can continue to prosper off the Fed-manipulated low interest rates and so he and his fellow socialist power-mongers can continue to control the purse strings which equates to controlling power.

[KantoSooner]

But, but,....Paul Krugman says it's all okay. An....an....an HE'S Got a Nobel Prize for being smart, and all.

[FaninAma]

But, but,....Paul Krugman says it's all okay. An....an....an HE'S Got a Nobel Prize for being smart, and all.

We have entered the Keynesian endpoint. In medicine we call it a fulminant cascade meaning it is irreversible.