Whatever California Rep. Darrell Issa is thinking, he is wrong. Those who lived through the Great Depression and fought in World War II built the U.S. to be the most powerful country in the world. They are not to blame for the current financial mess.
“The Greatest Generation created many of what the private sector would call Ponzi schemes,” Issa said at an Association of Government Accountants conference here. “They created Social Security, they created Medicare on their watch, [they] created Medicaid.” All of that, Issa continued, ”without resources or funding.”
“A generation that was doing many things right — coming out of World War II — also planted the seeds for all the problems we have today.”
Issa forgets to mention that prior to these social programs, poverty was more widespread than today. Plus, the majority of the elderly had no retirement. These “Ponzi schemes” have improved life for millions.
There’s a simple solution to funding Social Security and the other programs. People are living longer, healthier lifespans. Retirement can be turned back a couple of years. Unfortunately, that is politically difficult. It is not the Greatest Generation holding up reform. It is their children, the Baby Boomers.