In a recent article, Robert J. Samuelson discusses the fact that the Baby Boomer generation will force the federal government to pay out of the nose in entitlements for the elderly in the coming years.
The 2030 projections are daunting. To keep federal spending stable as a share of the economy would mean eliminating all defense spending and most other domestic programs (for research, homeland security, the environment, etc.). To balance the budget with existing programs at their present economic shares would require, depending on assumptions, tax increases of 30 percent to 50 percentÃ¢â‚¬â€or budget deficits could quadruple.
Golly gee, I’m just excited as can be to shoulder the aging Baby Boomer population with my money! Please, federal government, take my income to fund someone else- Lord knows I don’t need it to start a family or anything silly like that!