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The MIT Press
Book Review of "The
Coming Generational Storm -
What You Need to Know about America's Economic
Future" by
Laurence J. Kotlikoff and
Scott
Burns
Table of
Contents and Pilot Sample Chapters
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 -
(i) skyrocketing tax rates;
(ii) drastically lower retirement and health benefits;
(iii) high inflation;
(iv) rapidly depreciating dollar;
(v) unemployment; and
(vi) 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. One of
the nation's leading experts on fiscal policy, national saving, and personal
finance, Kotlikoff is the author of Essays on Savings, Bequests,
Altruism, and Life-Cycle Planning (2001), Generational Policy
(2003), The Coming Generational Storm (2004).
Dallas Morning News personal finance columnist Scott Burns is nationally
syndicated by Universal Press. His column can be read on the Web at www.scottburns.com and on MSN's MoneyCentral, one of the three largest
financial Web sites.
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