The baby boomers are going to kill us... Budget Deficit is temporary??

[glads262]

Considering Wayne Swann, the rabbit in the spotlight, is talking about projected "temporary deficits" until 2015...

What does he think is going to happen from 2015? Um, the baby boomers - because they have been undertaxed over the past 20 years - are going to start sucking down the pension, and expensive health care because they didn't save for their retirement.

Is anyone else out there frightened that those of us aged 0-40 are going to have much higher taxes to pay for the current projected deficit of $200 billion, which comes with a 5-8 billion dollar interest bill each year - as well as the 20-50 billion dollar deficits predicted by the intergenerational report come 2015 onwards???

Perhaps we should introduce an estate tax to take back the tax the baby boomers should have been paying for the past 20 years?

Especially seeing as they are all now salary sacrificing into super, paying no tax for the last 10 years of their working life - and can withdraw it all in retirement tax free?

 

[prawn_86]

I find the 'temporary' comment heaps funny. Define temporary. To me 5years is not temporary, one year maybe.

I would be surprised if Aus ever did return to a surplus, it would take a pretty dramatic shift in the management and future of the country.

My plan is to move overseas, where the taxes may be slightly higher, but you get more benefits from it. As i have said before, Aus seems to be standing still these days, not making any major changes or improvements to our way of life, and while that may be fine for the moment, the standard of living will begin to decline at some stage.

 

[Gerkin]

I find the 'temporary' comment heaps funny. Define temporary. To me 5years is not temporary, one year maybe.

I would be surprised if Aus ever did return to a surplus, it would take a pretty dramatic shift in the management and future of the country.

My plan is to move overseas, where the taxes may be slightly higher, but you get more benefits from it. As i have said before, Aus seems to be standing still these days, not making any major changes or improvements to our way of life, and while that may be fine for the moment, the standard of living will begin to decline at some stage.

What country are you talking about? We are that highly taxed at the moment. Try HK or Singapore, great finance hubs, pay very minimal tax.

 

[prawn_86]

What country are you talking about? We are that highly taxed at the moment. Try HK or Singapore, great finance hubs, pay very minimal tax.

More left leaning European countries. Higher taxes but much more available free to the public

 

[glads262]

What country are you talking about? We are that highly taxed at the moment. Try HK or Singapore, great finance hubs, pay very minimal tax.

Have a look at HK and Singapore deficits this year. They will be HUGE.

I don't think these are the types of countries Prawn was referring to. HK & Singapore - social welfare = next to nil. So lower taxes, but lower govt spending.

Go to somewhere like France - 60% top tax rate kicks in fairly low income - but you get a massive pension at age 60 I think. High tax, high government spending.

Prawn, if you are 22/23 as the "86" refers, I wouldn't be preferring to live in these high taxing countries.

 

[Gerkin]

Have a look at HK and Singapore deficits this year. They will be HUGE.

I don't think these are the types of countries Prawn was referring to. HK & Singapore - social welfare = next to nil. So lower taxes, but lower govt spending.

Go to somewhere like France - 60% top tax rate kicks in fairly low income - but you get a massive pension at age 60 I think. High tax, high government spending.

Prawn, if you are 22/23 as the "86" refers, I wouldn't be preferring to live in these high taxing countries.

Well you wouldnt go to HK and Singapore to get the pension would you? You would go for the finance sector/ accelerate wealth/ multi national investing.

Job markets are poor at present in these countries but guess what, so is Australia.

 

[Mr J]

Many countries face this problem.

because they have been undertaxed

Really? I just thought government spending was just growing more and more inefficient.

 

[gooner]

More left leaning European countries. Higher taxes but much more available free to the public

I think it is hard to get on the dole over there unless you have a British or EEC passport. If you have one, I think you are entitled to the dole anywhere within the EEC.

Don't think you get that much more free in most of the countries though. Still have to work if you want a decent living.

 

[Soft Dough]

Considering Wayne Swann, the rabbit in the spotlight, is talking about projected "temporary deficits" until 2015...

What does he think is going to happen from 2015? Um, the baby boomers - because they have been undertaxed over the past 20 years - are going to start sucking down the pension, and expensive health care because they didn't save for their retirement.

Is anyone else out there frightened that those of us aged 0-40 are going to have much higher taxes to pay for the current projected deficit of $200 billion, which comes with a 5-8 billion dollar interest bill each year - as well as the 20-50 billion dollar deficits predicted by the intergenerational report come 2015 onwards???

Perhaps we should introduce an estate tax to take back the tax the baby boomers should have been paying for the past 20 years?

Especially seeing as they are all now salary sacrificing into super, paying no tax for the last 10 years of their working life - and can withdraw it all in retirement tax free?

I'm not scared of the Baby boomers stopping work, I am not scared of baby boomers drawing pensions, I am not scared of them drawing all their money out of super and killing the stockmarket.

I am scared that they will control the vote.

I am scared that there will be no investment in the future of this country, as it will be channeled into the interests of the baby boomers.


They were taxed stuff all, they had a country of opportunity ( as their previous generation were poor ) and they will control the vote.... what a shame.

 

[tech/a]

I love it.

First they vote in a Labor Government who historically have no idea how to manage a country let alone in a financial crisis.
Billions are Thrown away on handouts to "Stimulate" the economy (For a month) Bugger all is spent YET on infrastructure so they aren't in deficit YET as they haven't released it! Bureaucratic stupidity has everyone fighting for the pie but no strategic plan for HOW its going to be WISLEY invested to "stimulate" employment and build a better Australia.People in portfolios who clearly have no idea how to manage them let alone improve them.

So we will blame the baby boomers.
I'm a baby boomer.
I'm an employer.
I employ those 18-40 yr olds who "think" we are under taxed.
My company tax bill last year was 6 figures.
Let alone my personal bill.
My Payroll tax massive.
All those passive taxes on Fuel etc would pay for a few more employees.

There are many like me who have been lambasted for owning more than one house---greedy---forcing up rents.
Now there is a fear we didnt save.
What a complete and utter JOKE.

Give me a break.

More of us will actually be able to retire and be NO burden on the Government or YOU.
Infact many of you will only be able to retire because YOUR baby boomer Parents actually DID something rather than complain and debate about it.

Take control of your life.
NO ONE ELSE WILL!

Youd be suprised how many of us HAVE.
I despise having to pay massive taxes which are thrown willy nilly at People who DONT WANT TO WORK!
Handouts to people WHO THROW IT DOWN A POKIE.
Or drink it to oblivion.

This thread deserves to be in the LOSERS section.

 

[robots]

hello,

you tell them Tech, i agree

thankyou
robots

 

[Flip]

I feel ashamed for my generation.
You tell them Tech/A!!!

 

[nunthewiser]

* makes mental note to send tech/a a thankyou card once ive transferred all assets , gone on dole and gone bankrupt for anything else i can borrow in the meantime *

 

[Soft Dough]

Tech, you are the exception, remember that.

It is common knowledge that there will be massive challenges ahead regarding provisioning of resources regarding the baby boomers.

I agree that this is not your fault, nor the fault of your generation. But the problem is caused by the fact that the baby boomers are unique in their numbers.

It is real, and does need to be addressed realistically.

Some of the problems around regarding the labor government are because of the voter base, and what needs to be done to satisfy them. That dynamic will change rapidly as baby boomers begin to retire, and remember that it will be me and my generation that will support your generation for many years of retirement. Yes we may have had a helping hand up in some respects, but BB did not have the opposing forces pushing them back down to the same level that Gen X and Gen Y have.

in all I'll stand by my statement that the worry I have is that the baby boomers will control the vote and stifle investment in areas that are not important to their immediate needs.

SD

PS - it would all have been made much easier if the retirement age was a bit more realistic, and it is time we left old bismarck behind and adopted more appropriate retirement ages ( women - 75, men 70 )

 

[moXJO]

Our immigration rate has been fairly high the last few years. So supposedly the impact of boomers will not be as great. Source was either Dent or Schiff. I'll see if I can find it through old emails

 

[Calliope]

There are many like me who have been lambasted for owning more than one house---greedy---forcing up rents.
Now there is a fear we didnt save.
What a complete and utter JOKE.

Give me a break.

More of us will actually be able to retire and be NO burden on the Government or YOU.
Infact many of you will only be able to retire because YOUR baby boomer Parents actually DID something rather than complain and debate about it.

You are dead right. However the biggest mistake the Baby Boomers made was to spoil their children rotten. Now the chickens have come home to roost. Friends of mine who were on the verge of retirement suddenly have to put up with their two adult sons coming home to live. One of them has even brought his female partner with him. They expect to be waited on.

The problem is that they have never been able to say no to their selfish GenY children.The reason they come home is to save money for overseas trips. It's happening everywhere.

These are the same wet behind the ears losers who are now putting down the Baby Boomers

 

[Mr J]

The problem is that they have never been able to say no to their selfish GenY children.

We've grown up under our greedy, materialistic baby boomer parents, and us becoming selfish brats is the result. We weren't born magically differently, we are just a product of our society. We don't have it that great, as we will have to pay for the mistakes of the generations above us.

Youd be suprised how many of us HAVE.

I think most of us would be surprised at how many of you no longer have. Your lot took a big hit over the last year :.

 

[charttv]

Our immigration rate has been fairly high the last few years. So supposedly the impact of boomers will not be as great. Source was either Dent or Schiff.

I second that. They could just increase immigration. hundreds of millions of eager young workers throughout the world eager to take their place and tax burden as they leave the workforce. Over time the government will slowly ramp up the spin so we won't even notice it's happening.

The standard of living here is exceptional. A lot of people would give anything to live here. I don't see that changing anytime soon.

 

[Temjin]

We've grown up under our greedy, materialistic baby boomer parents, and us becoming selfish brats is the result. We weren't born magically differently, we are just a product of our society. We don't have it that great, as we will have to pay for the mistakes of the generations above us.

I think most of us would be surprised at how many of you no longer have. Your lot took a big hit over the last year :.

And because of that, you can bet that when the current generation of politicans retire (i.e. Baby boomers), our generation (X & Y) will exhibit the same level of greed and introduce majority friendly policies at the expenses of the dieing baby boomer generation.

Nothing to complain about anyway. It's not like I will be living in this country forever to pay taxes for the undeserved people. I will simply move my investment to a more tax-friendly country.

 

[tech/a]

We've grown up under our greedy, materialistic baby boomer parents, and us becoming selfish brats is the result. We weren't born magically differently, we are just a product of our society. We don't have it that great, as we will have to pay for the mistakes of the generations above us.

Greedy Materialistic Baby Boomers
Or
sucking down the pension, and expensive health care because they didn't save for their retirement.

Indecision from you lot seems to be the norm.

I think most of us would be surprised at how many of you no longer have. Your lot took a big hit over the last year :.

Yep no doubt there.
Evidently YOU think you think and the GOVERNMENT think far differently.

Which is an oxymoron the GOVERNMENT clearly has no capacity to think.