Dead Hippie


We update regularly!

Powered by Blogger



Saturday, April 14, 2007

Will grabby boomers trigger backlash?

First, a generational backlash is inevitable. The idea that younger workers will meekly bear the huge tax increases needed to pay all boomers' promised benefits is delusional.

Consider: In 2007, Social Security, Medicare and Medicaid constitute 44 percent of the $2.7-trillion federal budget. To pay all future benefits could (depending on assumptions) easily require tax increases of 30 percent to 50 percent by 2030. Many retirees are quite comfortable. About 42 percent of Americans 65 to 75 have assets (homes, stocks, cash) worth $250,000 or more; 23 percent have annual incomes exceeding $69,000.

Second, boomers will want even more benefits...

"Children on Hook for Boomers' Selfishness"
St. Petersburg Times (Florida)

Comments on "Will grabby boomers trigger backlash?"


post a comment