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Monday, May 14, 2007

Boomer spending a non-issue for candidates

The nation, already wallowing in debt, has no plan to cope with the tsunami of new costs that will arrive as baby boomers begin to retire. Instead of contributing to Social Security, the boomers will draw from it and as waves of boomers join the Medicare rolls, the program's costs will swell, swamping the ability of younger Americans to pay for them, says USA Today.

The first surge is now within sight:

In 2010, the annual Social Security surplus, used to mask the size of the already-massive federal budget deficit, begins to shrink, according to the trustees report, forcing the next president and future Congresses to raise taxes or borrow more.

This would crimp living standards, either by taking money away from people, or by boosting interest rates, making everything from homes to college educations more expensive. In 2016, the surplus, currently $68 billion, turns to a deficit, further compounding the problem.

"On US Debt , It's All Quiet On the Presidential Trail"
National Center for Policy Analysis

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