US state budgets pitting young against old: Bill Gates

March 3, 2011

Microsoft's billionaire co-founder Bill Gates on Thursday warned that US state politicians are pitting young against old in their heated budget battles.

Politicians are dooming the young by using obvious gimmicks to avoid dealing with soaring pension and health care costs for state employees, Gates said at a prestigious in the Southern California city of Long Beach.

"This is so blatant," Gates said while comparing state budget handlers to corrupt . "Is anyone paying attention to what these guys do?"

Politicians borrow recklessly, postpone payments, and sell off assets to shove the problem into the future, according to Gates, who devoted himself to philanthropy after retiring from Microsoft.

Schools are paying the price as tight budgets result in cuts in funding to , one of Gates's passions.

"It really is this young versus old," Gates said of the budget trade-offs. "Education will be cut to pay for pensions and health care."

He gave the example of budgets being slashed and tuitions hiked in California's prestigious public university system.

Gates said state leaders have shown that when it comes to managing money and watching out for educating the children that will define the future, there "is no brain trust."

"I'm just very worried about the investments we make for kids' education and what that means for the future," he said.

"It's going to take voters to really look at that," he added. "Without that, the default course -- where the are squeezing out education -- is quite bleak."

Gates said technology such as online course have a role to play in the future of education, but it takes money to pay for such innovations.

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not rated yet Mar 03, 2011
It's nice to see someone with power saying what we're all (or many of us at least) silently thinking.
1 / 5 (1) Mar 03, 2011
It's already started.

Soon, there will be more people on social security than the number of people working.

My generation will be forced to pay a perpetual 6.5% "social security income tax" which will never benefit us in any way. It is at least partial slavery by any reasonable definition.
1 / 5 (2) Mar 03, 2011
So unless some famous liberal states the obvious, it does not exist?

Liberatarians have warned about these problems for decades.
2.5 / 5 (2) Mar 03, 2011
The Galveston plan:
"Our plan, put together by financial experts, was a "banking model" rather than an "investment model." To eliminate the risks of the up-and-down stock market, workers' contributions were put into conservative fixed-rate guaranteed annuities, rather than fluctuating stocks, bonds or mutual funds. "
1 / 5 (1) Mar 03, 2011
The S**t is going to have to hit the fan first before anything will be done because Washington cannot even agree to cut less than 100 billion from the 2010 budget.
2 / 5 (4) Mar 03, 2011
"you cant blame the millennials completely for their problems. They, after all, did not choose to grow up in a society eroded to the point of nothingness by nihilistic social permissiveness. They did not choose to be educated by a system that prizes self-esteem over achievement and taught them that fulfillment of their dreams was a right to be provided by others. They did not choose to enter an economy hobbled by a welfare state that grows fatter with every unfulfilled desire. They did not choose to enter a job market rigged against them by a recession built from the inability to accept limits on societys wants.

You, on the other hand, chose to make all of those things a reality. It was you who burned bras in the streets, legitimized the single-parent family so thoroughly it spread like a virus and created a sexual ethic whose bastard grandchild is the present-day hookup culture.

Read more: http:/
1.5 / 5 (2) Mar 03, 2011
Gates and his fellow boomers need only look in the mirror to find out who is responsible. It will be the boomers who will have to fix it or they will be the ones to suffer poor health care and low retirement incomes.
Can the generation of Woodstock be responsible?
not rated yet Mar 04, 2011
Can the generation of Woodstock be responsible?

Inasmuch as the vast majority of the corrupt corporate executives and politicians are of that generation, yes - which isn't the same as saying the entire boomer generation is responsible. At least not in the context in which it is used in that sentence.

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