Nice write up.

" ... We need to get up, get engaged, get involved. But not just us. ..."

Oh boy! Do you need to do this!

The young have a major problem, an insidious problem that needs to be addressed Pronto. This problem is the operation of the FIRE economy and its rent seekers. The FIRE will deliver massive profits to the few at the expense of the productive economy.

Just remember that the superannuation system will deliver you very little except fill the pockets of those who manage the system.

Be careful of simple solutions as they may have unintended consequences. Sounds nice to get pensioners to sell their houses to fund their retirement, doesn't it?

BTW. This does not apply to me.

Well just imagine that the young having paid usury for most of their working lives only to have to return most of their equity to the institution to which they were enslaved all theit working lives.

You certainly have your work cut out ... Get into the system to change it.

I don't believe the old should have to sell heir home to fund their retirements, unless of course it is a policy carved in stone for at least the next century, and applies in spades to all those who proposed it!
The fact that it is proposed at all, highlights the absolute economic incompetence of recent govts.
I think that govt guaranteed reverse mortgages would be a better outcome.
An outcome which would fund part of the old age care bill, without forcing them prematurely out of their homes.
We could increase the retirement age to 70, given the vastly improved health outcomes we are experiencing, and or, people who aren't actually crippled at around 45-50, by their whole of life physical workload.
Patently incompetent govts invented the very policies that saw around 95% of corporate Australia, migrating offshore, taking their tax liabilities with them!
Various govts followed that with privatization policies, just to fund recurrent spending, with the consequent inevitable increase in energy prices etc, putting inexorable downward pressure on the discretionary spend, and GST revenues!
Which various govts responded with increased stamp duties etc, which in some cases adds $150,000.00 to the price of a block of urban land; and or, the highest median house prices in the English speaking world.
And payroll tax, might have worked in a closed economy, but does nothing but enormous harm to an open one!
The obvious solution is a very broad based, unavoidable, stand alone expenditure tax, which won't actually lower individual or corporate tax, but entirely remove compliance costs, which eat up-to 7% of the bottom line.
The end of avoidance, would likely increase govt revenue by around 100 billion per!
However, current govts seem to want to keep the current convoluted complexity!?
A very wise Republican Senator, appearing on Q+A said, At some point, complexity always becomes fraud! Quote unquote.
Rhrosty.

you got the right idea
just the wrong homes
stop gifting 50 billion to investers
http://www.onlineopinion.com.au/view.asp?article=15734

or wanna save money..stop..borrowing it from..the fed
then..gifting them..back the cash

that 9 billion bailout..borrowed from..the fed..to give to the fed..is just one case in..point..FIRSTLY..thats only to bailout a broken system..[any*money spent on bailing out the rich[by borrowing more from the rich

well..mate..thats ONLY BECAUSE OF URSURY*
you heard jesus was upset at the money changers,,[right]
well.mate..now you..know why

but..usury..leads to..inflation
[that has DEBASED*..THE QUEENS COIN..
[the ONLY lawful tender!

debasement..of HRH>>coin..is treason,,tony
high treason..[what the bankers did..was set up THE WORLD WAR
so..its ADVISERS..could advise govts to fight war..by paper promise

WAR BONDS MATE..that were ASSURED..payable./.by govts
they even..had usury..on.top,,but cLEVER bankers..bought up the paper promises..AND DEMANDED>>THE PAYMENT>.instantly..[of GOLD..anD SILVER COIN]=

SOWW1 SAW THE loss OF OUR GOLD...plus the worlds feds
ww2..they got the silver..[and the crime of DEBASEMENT*]
that saw even..our silver get STOLEN..in 1966

copper didnt get looted[debased till the ni9neties
but mate your advisers wont even cash money[especially coin gone]
so opeople forget all about pounds WEIGHT..in..gold.silver etc..that are the ONLY*CONSTITUTED..LAWFUL..currency

further you..know that shareholders are mainly
other corporations..not pensioners directly....onlythe ADVISERS/middle men..that collude massive treason..GLOBALLY

we need govt to control the bankers..and advisers
allowable via their family trusts or gross wealth*

wanting to/do their USURY..[that links to inflation..and deflation..and stagflation etc..and then/that final day..of high treason

the bail-in..and not even fiat paper

which is basically THEFT*

RESTORE THE TRADITIONAL..VALUE..back into..coin
govt pays only in coin*..only TO the living.[not lawful..corporate-[incorporeal]..'persons']

thats high treason as well

think
what would jesus do?
http://forum.onlineopinion.com.au/thread.asp?discussion=6040&page=0#176496

Standing ovation.

Neatly summed up, Ms Colley.

"The times have changed but while you're still here you're not out of the race."

I see far too many from my generation spending their time excoriating younger folk, their work habits, their lack of commitment and their creeping anomie. Almost as if they had nothing to do with creating the environment that nurtures such attitudes, and instead expect the world to ignore the insidious destruction of values that was the inevitable corollary to those glorious, heady days of sixties freedom.

But frankly, it's a little late to rectify the situation by calling on us to shape up, and get back to the barricades. It is so, so much easier to simply shut ones eyes and grumble into a gin and tonic.

On the bright side, we'll all be gone soon, and you can begin to pick up the pieces. In fact, why not just ignore us, and get on with it, starting now? If you need to siphon off a chunk of our superannuation piggy-bank along the way, then so be it.

Dear Alanta,

Anyone that starts off with “you old folks”, tongue in cheek or not, is heading for a heap of pain.

<< you're as much the cause of those troubles that grieve us now as the solution. Climate change cares not for comfy laurels. We're all in this together >>. Really?

We have recently discussed on another thread, the moral and value based perspectives of the “progressives”. Your article is not just an ill informed hissy fit, it is a classic “progressive” response and is based upon multiple assumption closes in one sentence.

That we are a “cause” of “your” troubles, your “grief” at the lack of a “solution”, that Climate change is an “issue”, that “we” are sitting on our “laurels” and from your high and mighty eminence “we” are all in it “together”?

It would be so easy to dismiss your article as the ramblings of a lost and consequently confused generation, because that is precisely what you do represent. But it is worse than that because you clearly don’t even know what it is you don’t know.

We can be absolutely sure of this fact because your article in it’s entirety, is composed of platitudes, rhetoric and adopted opinion.

There is not a single shred of original thinking on offer. In fact there is no evidence of any thinking at all.

I do however regret, that our education system failed you so miserably, you are clearly living on emotional energy and that is not healthy. It would frighten me terribly if any of my daughters shared your jaundiced perspectives.

That said your do represent a sad generation, you can’t be bothered or are terrified to seek out reality, your future is bleak because of the pain it will deliver to your ideology.

A conclusion from another thread:-

“Progressives are in fact those who accept the ideological mantra without critical thinking. The conclusion must be drawn that the real thinkers are the plebs and the progressives live in a world of rhetoric. No thinking required, just the ongoing quest for relevance.”

Turn down your rhetoric engine Alanta.

One of the best articles of read on OLO of late. It has the ring of authenticity.

The Productivity Commission recently said the fiscal gap might blow out of 6 per cent of GDP re health care and aged pensions. I'm not a big fan of the PC but that's my problem.

You might have included some problems your gen is going to have with intergenerational transfers but all I can say is, for god's sake, don't quit your day job. I'm going to need full time physio sitting and writing all day!

You're right. Your generation is far more powerful - I'm a Boomer - and far more interconnected. I'm glad you give credit to the good things the Boomer generation did but remember, most people we're not activists. They went to work in shorts and long white socks. It was only a brief period - maybe 1967 and bits of 68 in the States. It was already unravelling by the moonwalk.

thanks spindoc you say it so well.

Wow, thanks spindoc.

Your little rant validated my post perfectly.

It's not often that my efforts are rewarded so quickly.

Incidentally, while I am here:

>>That we are a “cause” of “your” troubles, your “grief” at the lack of a “solution”, that Climate change is an “issue”, that “we” are sitting on our “laurels” and from your high and mighty eminence “we” are all in it “together”?<<

I had a good chuckle at this, visualizing you sitting there making those bunny-ear quote signs in the air as you wrote that sentence.

Hi Paddy,

This affordability issue in it’s many guises of seniors healthcare and pensions is a complete distraction.

We hear so many iterations of this line and it is purely based on envy.

In any other situation other entities that failed to financially cover their forward liabilities would find themselves exposed to a number of regulatory actions.

The fact is that as a nation we have failed to generate enough reserves to properly fund liabilities for every form of healthcare, retirement pensions and aged care. It’s not like we are suddenly living longer after retirement, we’ve had generations of advanced notice.

Some earlier generations did what they knew the government was incapable of doing, growing the economy, paying off debt and saving for and investing in retirement and private health. In so doing those generations grew the national economy for the benefit of all.

Current generations on the other hand live for today. They earn big but spend big, don’t accrue assets, don’t save and don’t prepare ahead financially.

Then they see the national government doing the same, shrinking the economy, spending beyond their means, building the national debt and paying horrendous interest on borrowings.

They know full well that by the time they get to retirement age there will be sod all left in the pot and they are right.

So what do they do? They bitch, carp and whine and get envious at those who worked hard, built the economy, saved, prepared for retirement and planned ahead.

This generation then has the audacity to tell us that we are not done yet, we need to help to fix their problems, to re-engage, pay extra taxes out of our fixed retirement incomes, “we need to get up, get engaged, get involved”.

The attitudes, values and beliefs of the last three generations have screwed the economy, the education system, political prudence, pensions, aged care, and forward planning. They did this because they live for today, run on cash flow and satisfaction of the immediacy. The legacy previous generations left them has been spent.

Tough titties, get a mirror

You're a hard man spindoc.

I'm not sure people were so different back born in the 1930s. Their historical experience was different, which toughened them up but the fact they could buy a house for 2000 quid was an asset todays young people don't have.

A house now cost upwards of $500,000 (if lucky) and the price in Sydney and Melbourne keeps going up through no fault of their own. Blame the Chinese? Blame Boomer speculators or Superfunds? Beats me.

I could easily make a stereotypical case for the Boomers who failed to save, retired too early, smoked, drank and took drugs so that we'll be carrying their cancer, diabetes and depression treatments for the next 30 years. Unless of course you lump the Boomers in their too.

While I work in population dynamics and generational change, I don't put heaps of credence that GenY is like this or that the Boomers are like that. People are different, but pretty much the same - if you get my meaning.

I rather liked Alanta's enthusiasm. She writes well and had a good turn of phrase.

Ah Pericles,

So good to see you rise to the burley. It has been a long time. If my memory serves me correctly, 2,488 years since you were a general in Greek society. Doesn’t this wonderfully describe your Monica and its relevance in today’s society.

I remain in awe at the capacity of the “intelligentsia’ to pick up the wrong end of the stick. (An English idiom meaning to get something wrong by one's approach by making stupid assumptions.)

In your case not only a stupid assumption, but you credited my post with the comments made by the author herself, Alanta in her article. Try reading rather than feeling Percolate.

Don’t worry, we know you “feel rather than read” so no further harm done to what is left of your comprehension or credibility.

What I was particularly fascinated by was the incisive and analytical response you offered.

It is a long time since OLO’ers have experienced the cutting intellect behind such statements as “Your little rant validated my post perfectly” or “I had a good chuckle at this, visualizing you sitting there making those bunny-ear quote signs in the air as you wrote that sentence”.

Particularly since these comments were based on your inability to actually read and comprehend. You actually thought I had written this rather than the author.

So we now know you had a good chuckle, we also know you don’t read, you just feel, we know you see yourself as an elite, patronizing and a 2,400 year old intellectual who unfortunately can’t actually read. (The Greeks could and you are 2, 400 years behind them).

It is very sad (for you), that so much intellectual content has been offered on this thread, yet you appear to be one of the self styled “intellectuals” that lacks the capacity to actually read, think or comprehend. (unlike the ancient Greeks). You must therefore be? Bear with me Pustules, I’m’ trying to come up with it!

Thinking, thinking, thinking….. Ah yes, I’ve got it. The word I as was looking for was “a progressive”.

So this is what passes for reasoned argument in Generation X? Well, that explains a lot...

docter/quote..<<..I remain in awe at the capacity of the “intelligentsia’ to pick up the wrong end of the stick. (An English idiom meaning to get something wrong by one's approach by making stupid assumptions.)>>

stop putting the 'nice' spin/on-it
grabbing the wrong..'end'..was to/grab..the sponge end
http://www.google.com.au/search?q=wrong+end+of+the+stick+origin&

unlike grabbing the short end of the tally stick
which..implies assuming the debt..[lest the kiddies feel/put upon
one third of the bank..of england..was bought/paid for..with a short stick..[hence guy faulks attempts..to blow them all up]

your gen..is simply repeating..the same old crimes
using the same old cures..too much depends upon..wether..your blue blood..[beneficiary..of a family trust]..or trust govt to..wipe ya bunns for you./.in..penny-tenury..

how you will..miss the coin age
[its your gen..that put its faith..in cyber cyfer computation
in lue of HARD-cash.

anyhow kiddies every generation..
grabs at straws and sicks it to the parentus[par-rent teaze]
but its..just sticks and stoners..getting into/the heart of the matter

if you depend upon/the state..you dont matter.
i blame it half on the dumping down..of education
and the other half..on..the heavy-metal..in your childhood vacinations/teeth

google..it and you may learn..some things
are more important than money..and they should be beyond..govt ability to..tax you to death...but heck..your free to die in other peoples wars..so we can..cash-up/our ol/school chums.

Enjoyed the read, Alanta...

"No one gets to retire from the march for progress."

Though by the time you are in a wheelchair another verb is needed. What about a 'push' for progress or (in a back-formation) a 'process'... geddit?

As for, "Superannuation. I am as oblivious as most of you to where my hard-earned 9% a year is invested. We're the faceless enemy we rage against at Occupy. We front the cash to the 1% while we wait for retirement" at which point just regard the annuity from the funds as stealing it back off the 1%. Extend the redistribution in your favour by living as long as possible.

If, in the fullness of time, you eventually find yourself doing this with a gin and tonic... I highly recommend Bombay Sapphire blue gin!

I like your article it packs far punch then any of the comments made so far.
If you want to know where your super is going a fair chunk of it is going to search for new sources of of fossil fuels which if we are avoid the worst predictions of climate change can not be used.

http://www.carbontracker.org/stranded-assets