| Visitors Now: | |
| Total Visits: | |
| Total Stories: |
Generational Chain Of Trust
There are no more intimate generational relationships than those which exist between members of a family; a parent and a child, a grandparent and a grandchild, etc. Passing of family heirlooms, traditions, and values symbolizes the importance of these relationships, and represents the custodial responsibilities one generation has fulfilled in preserving, protecting and defending that which they received by way of inheritance from a previous generation. When one generation fails to honor their responsibilities, the generational chain of trust is broken, and intra generational respect suffers lasting damage.
The current custodial generation inherited numerous financial opportunities. During their working lifetime, the stock market went from around 500, to over 14,000; a new 3 bed 2 bath home purchased for around $10,000, increased in value to over $200,000. As they retired, their health insurance premiums were significantly reduced, if not completely eliminated (Medicare advantage), and they enjoy numerous special senior citizen discounts. Social security received less than 7% for every dollar they earned when they entered the workplace, for today’s workers it’s 12.4%. In spite of all these opportunities, they clamor for more, and if they can’t afford what they want, no problem; they use the generational credit card funded by a social security taxing scheme. With AARP as their cheerleader, this “what’s in it for me, I’m entitled” generation are leaving their children and grandchildren with more debt, than all previous generations combined.
Nothing demonstrates the dramatic erosion of generational responsibilities better than the current intra generational abuse that began in 1983, when the “poster child” conservative President signed social security reform legislation into law. Promoted as a plan to avert near term social security bankruptcy, and to fund a long term solution, average working Americans began overpaying their social security taxes by billions of dollars annually. With their overpayments being deposited in a “trust fund”, most Americans believed they were doing their part in helping to fund the now retiring 78 million baby boomers. With no choices, and In spite of significant financial hardships, working Americans have kept their end of the bargain. Politicians however, chose to renege on their end of the bargain. From day one, they’ve spent excess social security trust fund tax dollars on something other than intended, by transferring the excess trust fund tax dollars to the general revenue fund. They cover up their taxing and transfer scheme by replacing excess social security trust fund cash with special obligation bonds, or IOUs, that are represented as assets on the social security trust fund balance sheet. IOU obligations created by this political scheme will have to be paid again plus interest, and now exceed 2.5 trillion dollars, growing at several thousand dollars a second. Some inheritance, huh!!
Now the blame someone else banner of conservatism is being hoisted again, sending a message via speeches and placards at tea parties, and finding a voice within the “airway lord” daily talk show circus. Considering the past 25 plus years of financial assault on middle class working Americans, how can drinking another kool-aid cocktail be considered a viable solution; the answer is, it can’t. The solution resides within the current custodial generation, and their willingness to reach out in a spirit of cooperation to the next generation/s, They can demonstrate their resolve by ending the vigil of silence that’s financially enslaving their own children and grandchildren, under the pretense of saving social security. The social security taxing scheme must be acknowledged for what it is, and energies must be refocused from the next election to the next generation. These actions can serve as an appropriate first step in restoring generational commitment. If you’re a member of the current custodial generation, you have an obligation to repair the generational chain of trust while there is still time; it cannot be passed along to the next generation with a broken link.
