Pushing back on the Boomer attack to help reduce the national debt

In yesterdays post, http://tinyurl.com/2db7j7m,  I talked about an article where the author and a contributing author believes we should use our “immense” resources to help pay down the national debt through a Federal Estate Tax, increased taxes and even through donations to some Federal debt relief fund.

If we are the largest demographic group in the U.S. then haven’t we been contributing to the economy and national debt reduction already? And won’t we continue to be a player/payer in the years to come?
 
Since we are the largest demographic group we can assume that we’ve contributed the most toward:
1.    Federal personal income tax
2.    State & local income taxes
3.    Sales tax
4.    Social security & Medicaid
5.    Property tax
6.    Fuel/gasoline tax
7.    Toll Bridge/Tunnel taxes
8.    Vehicle License Registration tax
9.    IRS Penalties (tax on top of tax)
10.    Other (Includes estate tax, fees, licenses, inflation losses, inheritance, deficit allowance, gift,etc.)

Contribute to pay down the National Debt or help our Boomerang Kids.
According to a November 2009 Pew Research Center (http://tinyurl.com/yk8pvpb)  “13% of parents with grown children say one of their adult sons or daughters has moved back home in the past year.”  Of course, this number is expected to rise as the economy continues to tank.

Contribute to pay down the National Debt or help our aging parents.
From a USA Today article (http://tinyurl.com/2eaj38p) “Forty-one percent of baby boomers who have a living parent are helping care for them — with personal aid, financial help or both, according to a USA TODAY/ABC News/Gallup Poll of 689 baby boomers. Of the 59% who aren't helping now, nearly half worry about their ability to do so in the future.

Contribute to pay down the National Debt or help your grandkids. 
HelloBoomer.com (http://tinyurl.com/23s86zg ) reports that according to the US Census Bureau more than six million children (which is, about one in 12 of all children) are being raised by relatives other than their parents. Of that number about 3/4 are being cared for by grandparents.

Need more?
According to a survey by Grandparents.com made available to AARP  (http://tinyurl.com/2fr4ghw)
•    70 percent gave cash for day-to-day expenses.
•    40 percent helped with mortgage or rent payments.
•    24 percent provided money for health care.
•    23 percent helped pay for day care costs.
•    21 percent provided funds for education.

Sally Hurme, a financial expert at AARP says, “If they’re (Boomer grandparents) tapping into their retirement savings to help their children, then they’re shrinking the amount of resources they’re going to have for the rest of their lives.” 

If we are helping our kids and parents financially, who can we turn to for help if the time comes?

Since “our” recession began, our average household wealth continues to decline, health care costs continue to rise, we are losing our homes, our jobs and our promised retirement benefits. 

So excuse me if I don't sound enamored with the idea of giving more money to the government . 

I think Arthur Godfrey said it best:  “I'm proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money. “