Anonymous
Posted January 15, 2007
One of the author's, Scott Burns, was the financial columnist for the Dallas Morning News. I had read his column for many years so his book is an expansion of many of his column themes. The book's message is that there are some very serious shortfalls that will be happening with the current political leadership. There is every possibility of medicare, part B and social security going kaput. My advice is take matters in your own hands as the author's suggest and create your own wealth.
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More About This Textbook
Overview
In 2030, as 77 million baby boomers hobble into old age, walkers will outnumber strollers; there will be twice as many retirees as there are today but only 18 percent more workers.
How will America handle this demographic overload? How will Social Security and Medicare function with fewer working taxpayers to support these programs? According to Laurence Kotlikoff and ScottBurns, if our government continues on the course it has set, we'll see skyrocketing tax rates,drastically lower retirement and health benefits, high inflation, a rapidly depreciating dollar,unemployment, and political instability. The government has lost its compass, say Kotlikoff andBurns, and the current administration is heading straight into the coming generational storm.But don't panic. To solve a problem you must first understand it. Kotlikoff and Burns take us on a guided tour of our generational imbalance, first introducing us to the baby boomers — their long retirement years and "the protracted delay in their departure to the next world." Then there's the"fiscal child abuse" that will double the taxes paid by the next generation. There's also the"deficit delusion" of the under-reported national debt. And none of this, they say, will be solved by any of the popularly touted remedies: cutting taxes, technological progress, immigration, foreign investment, or the elimination of wasteful government spending.So how can the United States avoid this demographic/fiscal collision? Kotlikoff and Burns propose bold new policies, including meaningful reforms of Social Security, and Medicare. Their proposals are simple, straightforward,and geared to attract support from both political parties. But just in case politicians won't take the political risk to chart a new direction, Kotlikoff and Burns also offer a "life jacket" —guidelines for individuals to protect their financial health and retirement.
Editorial Reviews
From the Publisher
"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." JonathanChevreau National Post
"This is a sobering look at an impending crisis with implications for all of us.
Recommended for all collections." Stacey Marien LibraryJournal
"This may be the year's most important book. Essential." R. M. Whaples CHOICE
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.Product Details
Related Subjects
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 BostonUniversity.
Scott Burns's personal finance column has been nationally syndicated since 1981. He is ChiefInvestment Strategist for AssetBuilder, an Internet-based registered investment advisory firm.
Table of Contents