You Tube, Retirement and Election Hopefuls
I caught a few minutes of the November 28 Republican Party presidential debate while exercising at the gym. Though I did not watch the entire event, the clip about Social Security is noteworthy. In response to a viewer's question about entitlement spending, former Senator Fred Thompson described an impending tsunami. He suggested that one stance would entail protecting the younger generation from his peers (Baby Boomers and older). His reference to current funding woes as a moral issue as well as an economic issue is not unique. Read "Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It" by prominent banker Pete Peterson.
This blog has discussed Social Security before. We agree with the now famous Law and Order television star. The younger generation is going to get squeezed big time if entitlement programs continue unchecked. Increased longevity, staggering national debt (a problem not unique to the U.S.). and what can only be described as a horribly deficient savings rate are some of the many factors that will make life difficult for Gen Xers. The economic toll will be significant and long-term in nature. It does not take a rocket scientist to know that higher taxes (inevitable without changes in benefit payouts) mean lower disposable income. Fewer dollars in the wallet mean reduced spending and that, as some pundits suggest, slows economic growth.
Given the gravity of the "retirement problem," might we entice CNN/YouTube to sponsor a national debate (Republicans, Democrats, Independents, etc) that focuses exclusively on entitlement spending and (hope springs eternal) viable solutions?
