The Coming Generational Storm: What You Need to Know about America's Economic Future
AbstractIn 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 Social Security and Medicare function with fewer working taxpayers to support these programs? According to Laurence Kotlikoff and Scott Burns, 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 and Burns, and the Bush administration's spending and tax policies have charted a course straight into the coming generational storm. Kotlikoff and Burns take us on a guided tour of our generational imbalance: 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. Kotlikoff and Burns propose bold new policies, including meaningful reforms of Social Security and Medicare, that are simple, straightforward, and geared to attract support from both political parties.
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Bibliographic InfoThis book is provided by The MIT Press in its series MIT Press Books with number 0262612089 and published in 2005.
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generational imbalance; fiscal child abuse; deficit delusion;
Find related papers by JEL classification:
- E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
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- Alexander W. Richter, 2013. "The Fiscal Limit and Non-Ricardian Consumers," Auburn Economics Working Paper Series auwp2013-19, Department of Economics, Auburn University.
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