I’ve been waiting in the wings very patiently for the all the uproar to die down before I weighed in on the incredibly stupid 2010 comment made by former Wyoming Senator Alan Simpson in which he called me and my fellow senior citizens, “The greediest generation.”
With essentially no lack of antagonism directed toward career politician Simpson for all this time, I definitely feel the need to finally come forward in order to shed more light on the subject. Let me begin by explaining that in addition to being ill-advised, Simpson’s remark also reveals everything that you need to know about career politicians in general, irrespective of their political party affiliation.
I’m fully aware of the argument about those people who are just like my father—he will be 89-years-old in June—receiving more in Social Security benefits than they ever contributed. I also acknowledge the contention that Social Security was never originally designed to be a person’s sole source of income and that life expectancies are much longer today than when the federal program was first introduced in 1935.
In addition, I understand that so-called “career politicians,” especially Alan Simpson, have consistently viewed the Social Security Trust Fund as a honeypot in which they could dip into anytime they saw a potential problem on the horizon—a situation created by their own blundering desire for reelection. Moreover, it is recognized that neither I nor anyone else signed up to support a government that artificially deprives its citizens of a reasonable return on its life savings (ZIRP), thus creating even more dependence for that Social Security check each month.
Therefore, I firmly believe that Alan Simpson along with the other several hundred career senators and congressmen are truly the greedy group.
Nevertheless, it would appear that we are at a standstill since no amount of discussion, argument, or commentary is going to change either Alan Simpson’s opinion or my opinion. Therefore, I have a very simple solution. I am the first of the baby boomers, thus give back to me and my “greedy generation” all the money that we’ve contributed to the Social Security Fund for the past forty-years and I’ll even let the government keep the so-called interest that it supposedly earned. This resolution will eliminate the name calling since I think even a career politician would agree that the return of what is rightfully ours cannot be classified as greed.
I’ll take my money, buy an annuity, and immediately annuitize it which would provide a monthly distribution for both me and my wife, something Social Security simply can’t do. Then, allow Social Security to wither on the vine after taking care of the Greatest Generation. Again, this removes the name calling.
The only problem I foresee is that to give me my money back, the money actually needs to be there. That could present a major difficulty since Alan Simpson and all of his cronies have already stolen the money—and in my opinion that is truly greed.
Along with his 40-years of dedication in the financial services industry, Bill is the President and CEO of GPSforLife, has authored a highly successful book entitled The One-Hour Survival Guide for the Downsized, acts as editor-in-chief of his dynamic monthly financial newsletter MacroProfit, maintains his very own website at billtatro.com, and faithfully continues his third decade on the radio with It’s All About Money which can be heard Monday through Friday on Money Radio 1510 KFNN (Phoenix, AZ). Bill can be reached via email: firstname.lastname@example.org.