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Coming Generational Storm : What You Need to Know about America's Economic Future - 04 edition

by Laurence J. Kotlikoff and Scott Burns

Coming Generational Storm : What You Need to Know about America`s Economic Future (ISBN10: 0262612089; ISBN13: 9780262612081)
ISBN13: 978-0262612081
ISBN10: 0262612089

This edition has also been released as:
ISBN13: 978-0262112864
ISBN10: 0262112868

Summary: 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 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, ...show morehigh 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. ...show less

Edition/Copyright: 04
Cover: Paperback
Publisher: MIT Press
Published: 01/19/2005
International: No

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xxv, 276 pp., illus., bib. notes, index; 23 cm. Tight, clean copy. "In 2030, as 77 million baby boomers hobble into old age, walkers will outnumber strollers; there will be twice as many retirees as t ...show morehere 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 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 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. / Laurence J. Kotlikoff is Professor of Economics at Boston University ...show less
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