Boomer spending is creating "fiscal time bomb"

If nothing is done to rein in the national debt, all Americans face the prospect of significantly higher taxes to continue meeting our financial obligations. We also face the prospect of rising interest rates as our profligate ways represent an increasingly greater risk to creditors. Rising rates, in turn, would drive up our annual interest payments, which would require even higher taxes or, more likely, increased borrowing. And before you know it, rock star Bono will be making the rounds of other countries asking if they'll offer us some debt relief. "National Debt Load Is a Fiscal Time Bomb" San Francisco Chronicle