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The Coming Generational Storm: What You Need to Know about America's Economic Future [NOOK Book]

Overview

Kotlikoff and Burns (MIT '62) show how to avoid a fiscal crisis in the next generation-and how to protect yourself if the government acts too late: policy recommendations and individual strategies to protect against skyrocketing tax rates, drastically reduced health and retirement benefits, high inflation, and a ruined currency.
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The Coming Generational Storm: What You Need to Know about America's Economic Future

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Overview

Kotlikoff and Burns (MIT '62) show how to avoid a fiscal crisis in the next generation-and how to protect yourself if the government acts too late: policy recommendations and individual strategies to protect against skyrocketing tax rates, drastically reduced health and retirement benefits, high inflation, and a ruined currency.
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Editorial Reviews

Library Journal
Kotlikoff (economics, Boston Univ.) and personal finance writer Burns paint a bleak picture of the future U.S. economy. They claim that a "generational storm" will occur when baby boomers start to retire, leaving fewer people in the workforce to support the massive programs on which the boomers will be depending. Focusing on three programs that they feel are ailing-Social Security, Medicare, and Medicaid-the authors argue that administrations past and present have misled the public on the health of the economy and that our children will be left with a huge financial burden if the government continues on its course of fiscal irresponsibility. The first chapter details the aging population, and the entire text is heavy on statistics and calculated financial scenarios. The authors end by outlining their own solutions to the troubled economy. This is a sobering look at an impending crisis with implications for all of us. Recommended for all collections.-Stacey Marien, American Univ. Lib., Washington, DC Copyright 2004 Reed Business Information.
From the Publisher
"...Filled with advice on protecting what you've got and making it grow before and during retirement." Chris Tucker Dallas Morning News

" The Coming Generational Storm...lays out in easy-to-understand prose why Social Security and Medicare need a comprehensive overhaul." Gregory D. Hess Los Angeles Times

"...Kotlikoff proffer plenty of evidence to back up their claims." Anne Wagner National Journal

"The policy solutions of Kotlikoff and Burns are specific and ingenious...." Michael Mandel Business Week

"...[A] serious attempt to look at a problem that most people are trying to ignore." Alan Beattie Financial Times

"excellent and scary" Nicholas Kristof New York Times

"... Filled with advice on protecting what you've got and making it grow before and during retirement." Chris Tucker Dallas Morning News

"Having painted a fiscal picture as awful as 'Guernica,' the authors unveil two bold plans....[An] engaging book." Todd G. Buchholz The Wall Street Journal

" The Coming Generational Storm lays out the problems in understandable language and compelling detail." The Washington Post

"...Kotlikoff and Burns proffer plenty of evidence to back up their claims." Anne Wagner National Journal

"The policy solutions of Kotlikoff and Burns are specific and ingenious..." Michael Mandel Business Week

"This is a book any serious investor should absorb and act upon." Jonathan Chevreau National Post

"This is a sobering look at an impending crisis with implications for all of us. Recommended for all collections." Stacey Marien Library Journal

"This may be the year's most important book. Essential." R. M.

Whaples CHOICE

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Product Details

  • ISBN-13: 9780262250153
  • Publisher: MIT Press
  • Publication date: 1/19/2005
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 2 MB

Meet the Author

Laurence J. Kotlikoff, one of the nation's leading experts on fiscal policy,national saving, and personal finance and a columnist for Bloomberg, is Professor of Economics at Boston University. His writings and views appear in Forbes, the Economist, the Financial Times, the Wall Street Journal, the New York Times, and other leading media outlets.

Scott Burns's personal finance column has been nationally syndicated since 1981.

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Table of Contents

Acknowledgments
Prologue
1 From Stollers to Walkers 1
2 Truth Is Worse Than Fiction 41
3 Driving in LA with a Map of New York 73
4 Popular Tonics, Snake Oils, and Other Easy Fixes 87
5 Going Critical 121
6 Changing Course 143
7 Grab Your Life Jacket 173
8 Securing Your Future 193
Epilogue 243
Notes 249
Index 261
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Customer Reviews

Average Rating 4.5
( 3 )
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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted August 6, 2004

    True and Scary at the Same Time

    I was on a financial website a while back and there was a link talking about this book. I will tell you this much it has made me do some soul searching regarding my own financial future, and now have to make some tough choices. I don't know. What started out as a good idea has turned into a nightmare that was created by those previously elected in power. I don't know if this situation can be totally fixed in my lifetime, but I can only offer my condolences to the future generations who will have to endure this unbearable yoke we as adults have created for our future generations. The authors of this text painted a grim picture, but offer some hope. We should recommend as a definite read to our congressman, but then we should only appoint financially responsible officials in office, and hold them accountable.

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  • Anonymous

    Posted March 19, 2004

    Bitter Pill

    You know its time for Social Security Reform when you start yelling at your mother. I proposed means testing and raising the retirement age, she said, 'That's not fair!'...and which point I found my self yelling, 'I pay into Social Security and I'm not going to get any of it, thats not --explitive deleted-- fair!' I have long felt that I could live without recieving Social Security -- it was just going to be a fact of life. But then Congress went and passed the Medicare prescription drug benefits bill and I am now filled with rage. The book has lots of formulas and explanations that boil down to 'young people today pay for old people today, there aren't going to be enough young people to pay for the old people of tomorrow.' It then delves into excrutiating detail to what extent the government has tried to cover this up. The authors then detail plans that they believe can fix Social Security that don't involve means testing or a raise in the retirement age. I'm not an economist, and so I'm not a good judge of this. I suspect that some of their ideas might be good to incorporate with raising the retirement age/means testing. What is really useful about this book is that at the end they give you practical advice about how to protect yourself. To my fellow 20 and 30 somethings...good luck. (I'd say start voting, but it doesn't seem like anyone is willing to address this issue. I wrote all my senators and congressmen begging them to reform the Med. prescription bill...and all I got back was self congradulatory letters for passing the bill as it is! Grumble.)

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