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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.
|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|
|7||Grab Your Life Jacket||173|
|8||Securing Your Future||193|
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.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.