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Pension Blues
How Pension Liabilities are Mismeasured
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  • seattleoutcast

    “…because incompetent and crooked grownups failed to plan adequately for retirement.”

    Thank you for saying that. History will not be kind to the Silents and Boomers. They may not go out financially poor, but their legacy certainly will be.

    • Rodney

      I don’t think my own generation, X, will be held guiltless in this matter, either. Our own votes have contributed to this mess. On a different note, since you are bringing up generations, do you have any idea how the greatest generation produced the boomers and their ideology that went nuts in the 60’s? This is a question that has perplexed me for a while?

      • Boritz

        In the economic boom following World War II they became so obsessed with giving their children all the things they didn’t have during the mean time of their own childhood that they faiiled to impart to them the strength of character that they did possess.

        • Rodney

          You raise a good point. I am a white collar professional with blue collar roots. My daughter has no idea how much work was required to make the transition, and a lot of effort is necessary to transfer strength of character to her.

        • LarryD

          It used to be notorious that the children of the rich were at risk of becoming spendthrifts. The invention of the family trust keeps them from exhausting the family fortune, but the type is still with us.

      • seattleoutcast

        Gen X has its problems, but we cannot be held responsible for looting the public treasury. We are small compared to the previous generations. In fact, we are so wedged between two behemoth generations, nobody even notices us. We have never had a president and the members of Congress who are Xers (that I have seen) are usually conservative tea partiers, for the most part. We are only now being put in leadership positions. We will, however, suffer from the excesses of our elders. I think we will be lucky to get what we put into social security back into our pockets with no interest.

        If you want to understand the generations, I strongly recommend reading The Fourth Turning. https://www.amazon.com/Fourth-Turning-American-Prophecy-Rendezvous/dp/0767900464 Copies are cheap on Amazon. You can also find dozens of interviews with Neil Howe on Youtube that range from superficial to in depth.

        I must point out that the Greatest Generation wasn’t the greatest generation. They went through a depression, but so have many generations. They fought in WWII, but it wasn’t as bad as the Civil War. When they returned, they received the GI Bill and were lavished with praise and money for their entire lives.

        With regards to the boomers, I think what really made them what they are was the unbelievable prosperity combined with narcissism. There have been boomer types in the past, what Howe would call the Prophet archetype, and they were also self-absorbed narcissists who disguised their self obsession with idealism.

        • Rodney

          Thanks, I have added the book you recommended to my reading list and look forward to reading it.

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