Call this a crisis? Just wait

[Buck]

From Fortune magazine.....
"Actually, don't wait, because we've got to stop a bigger economic disaster in the making: 78 million baby-boomers eligible for Social Security and Medicare."

"(Fortune Magazine) -- Staring into the abyss always focuses the mind, which can help you avoid falling in. So let's take a look at the potential catastrophe that awaits us once we survive our current crisis.

At the dawn of the 21st century the U.S. had $5.7 trillion in total debt. As we approach the end of George W. Bush's presidency only eight years later, that sum has nearly doubled, thanks to war costs, tax cuts, spending increases, expanded entitlement programs, and now a welter of government bailouts and rescues."

http://money.cnn.com/2008/10/28/magazines/fortune/babyboomcrisis_walker.fortune/index.htm?postversion=2008103010

[Gallowglass]

Was a topic of study in my econonmic classes back in 83. Those projections will even be worse as the two factors we didn't consider then was the amount of credit card debt that would be carried by the Boomers. Nor eight years of one of the most liberal, free spending, sucking the treasury dry Republican Administration in the history of this country....

[gump]

It will be ugly but with the Boomer population the size it is they will probably get what they want

[flatwater]

A question for you gump. What is it you think they want ? And your statement seems to say all baby boomers want the same thing.
Flatwater

[gump]

A question for you gump. What is it you think they want ? And your statement seems to say all baby boomers want the same thing.
Flatwater

I think in general they don't want to see cuts to govt programs
they feel they paid into. Understandibly so in some cases.

Didn't imply all, just the majority as in political clout. I am not saying the Boomers are to blame. More like I feel our govt did not spend tax revenue wisely and the programs were poorly constructed or not updated in a timely manner.

[cinok]

The biggest problem facing SS is the life expectany in the 1930 it was just under 60 years today it is closer to 80 never mind the added time that the system needs to pay out for there is also a dramatic rise in the cost of medical expenses for this growing population.