Video: Paul Ryan unveils budget ~ Gen X is ready to take some pain, are you?
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Rep Ryan on Squawk Box this morning discussing his budget.
Gen X will be the first to hit the new Medicare Premium Assistance Program in 2022.
We always knew it would be us. At this point I am GLAD it is us. The Boomers don’t have the fortitude of their parents and all they do is consume.
Only the Thirteenth Generation aka Gen X, is prepared to sacrifice.
After all, we are used to it. We expected it. Hell, we have been waiting for the other shoe to drop on us since our first experience following Boomers, the Carter years, and then the pain of Volcker slaying inflation during Reagan’s recession. And don’t forget the FICA tax increase we got to pay for Boomers’ retirement, the $$ that is now-gone and which we will have to pay, again.
Fact is, we are a small enough generational cohort that the pols feel comfy shafting us, always have, always will.
Heaven forfend someone should ask the frakkin Boomers to share the pain. They still think they are God’s gift to the world.
So instead of righting the ship immediately, which we could do if the Boomers would give something up, we in Gen X will take the first hit.
So here we are, stepping up, ready to share the burden.
FIX IT NOW. CUT NOW. WE ARE READY.
We are the Eeyores of the current populace and we have always been ready to get the shaft, at least let us do it now so we feel we contributed something meaningful while we got screwed…
Andrew Stiles breaks out some numbers on NRO:
$6.2 trillion — Amount of spending cuts proposed relative to President Obama’s 2012 budget request.
$5.8 trillion — Amount of spending cuts proposed relative to the current CBO baseline.
2008 — Ryan’s plan would bring non-security discretionary spending to below 2008 levels (pre-stimulus, pre-bailout, pre-Obama).
20 percent — Target spending levels (as a percentage of GDP).
$4.4 trillion — Total deficit reduction over 10 years called for under the plan, compared to $4 trillion under Bowles-Simpson and just $1.1 trillion under Obama’s 2012 budget.
$4.7 trillion — Total debt reduction relative to Obama’s budget.
$178 billion — Amount of saving achieved in the Defense Department budget, per the recommendations of Defense Secretary Robert Gates, $100 billion of which would be reinvested, the rest used to reduce the deficit.
$750 billion — Total savings achieved through Medicaid reform, in the form of block grants to states, giving governors greater flexibility in their budgets.
2022 — Year that proposed Medicare reforms would take effect.
25 percent — The top tax rate proposed for both individuals and companies.
18-19 percent — Target revenue levels (as a percentage of GDP), in keeping with historic average levels.
$800 billion — Total amount of tax increases eliminated by repealing Obamacare.
1 million — Private-sector jobs created over the next year.
4 percent — Projected unemployment rate by 2015.
$1.5 trillion — Projected growth in real GDP over the next decade.
$1.1 trillion — Estimate increase in wages over 10 years, yielding an average increase in income of $1,000 per year for each American family.
10 percent — Proposed reduction to the federal workforce over the next three years.
$120 trillion — Total debt reduction by 2050 relative to Obama’s budget.
Update: Oh here we go, Boomers whining about not having enough to live in style in retirement. Cry me a frakkin river dudes, you spent it all and THEN some (and once again Gen X, following your shenanigans, got the 1st 10 yr run with no $$ in stocks) but dont worry your Berbanke is printing just as fast as he can so you can continue to take cruises every spring (until stagflation catches up to us).
Your idiotic brain trust picked out Obama to be POTUS! There are no more resources for you to consume! Jeebus, get a grip!
The 77 million-strong generation born between 1946 and 1964 has clung tenaciously to its youth. Now, boomers are getting nervous about retirement. Only 11 percent say they are strongly convinced they will be able to live in comfort.
April 5, 2011. Tags: budget reform, deficit, Economy, Gen X, Obama Budget, Obama deficit spending, Paul Ryan medicare medicaid plan, social security medicare medicaid reform, Taxes, Thirteenth Generation. Economy, Finance, Healthcare, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St.