The Coming Generational Storm: What You Need to Know about America's Economic Future
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 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...
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Kotlikoff and Burns (MIT '62) show how to avoid a fiscal crisis in the next generation—and how to protect yourself if the government acts too late: policy recommendations and individual strategies to protect against skyrocketing tax rates, drastically reduced health and retirement benefits, high inflation, and a ruined currency. Library Journal Kotlikoff (economics, Boston Univ.) and personal finance writer Burns paint a bleak picture of the future U.S. economy. They claim that a "generational storm" will occur when baby boomers start to retire, leaving fewer people in the workforce to support the massive programs on which the boomers will be depending. Focusing on three programs that they feel are ailing-Social Security, Medicare, and Medicaid-the authors argue that administrations past and present have misled the public on the health of the economy and that our children will be left with a huge financial burden if the government continues on its course of fiscal irresponsibility. The first chapter details the aging population, and the entire text is heavy on statistics and calculated financial scenarios. The authors end by outlining their own solutions to the troubled economy. This is a sobering look at an impending crisis with implications for all of us. Recommended for all collections.-Stacey Marien, American Univ. Lib., Washington, DC Copyright 2004 Reed Business Information.
AcknowledgmentsPrologue1From Stollers to Walkers12Truth Is Worse Than Fiction413Driving in LA with a Map of New York734Popular Tonics, Snake Oils, and Other Easy Fixes875Going Critical1216Changing Course1437Grab Your Life Jacket1738Securing Your Future193Epilogue243Notes249Index261
\ From the Publisher"The policy solutions of Kotlikoff and Burns are specific and ingenious..."Michael Mandel Business Week\ "This is a book any serious investor should absorb and act upon." Jonathan Chevreau National Post\ "This is a sobering look at an impending crisis with implications for all of us.\ Recommended for all collections." Stacey Marien Library Journal\ "This may be the year's most important book. Essential." R. M. Whaples CHOICE\ \ \ \ \ \ Library JournalKotlikoff (economics, Boston Univ.) and personal finance writer Burns paint a bleak picture of the future U.S. economy. They claim that a "generational storm" will occur when baby boomers start to retire, leaving fewer people in the workforce to support the massive programs on which the boomers will be depending. Focusing on three programs that they feel are ailing-Social Security, Medicare, and Medicaid-the authors argue that administrations past and present have misled the public on the health of the economy and that our children will be left with a huge financial burden if the government continues on its course of fiscal irresponsibility. The first chapter details the aging population, and the entire text is heavy on statistics and calculated financial scenarios. The authors end by outlining their own solutions to the troubled economy. This is a sobering look at an impending crisis with implications for all of us. Recommended for all collections.-Stacey Marien, American Univ. Lib., Washington, DC Copyright 2004 Reed Business Information.\ \
