May 08, 2007
Hint - it wasn't GenX/Y. We're just stuck with their tab.
I don't blame every baby boomer. Lots of fine folks in that group, and lots of boomers who are sick of their own corrupt leaders. What I blame is a generation of Baby Boomer leadership who knowingly put policies into place that raided the treasury of the US at the expense of future generations. Their day is nearly done. And GenX/Y is gonna be pissed.
From the US Comptroller's Financial Report of the United States of America that nobody bothers to read but everyone should:
Despite improvement in both the fiscal year 2006 reported net operating cost and the cash-based budget deficit, the U.S. government’s total reported liabilities, net social insurance commitments, and other fiscal exposures continue to grow and now total approximately $50 trillion, representing approximately four times the Nation’s total output (GDP) in fiscal year 2006, up from about $20 trillion, or two times GDP in fiscal year 2000.
As this long-term fiscal imbalance continues to grow, the retirement of the “baby boom” generation is closer to becoming a reality with the first wave of boomers eligible for early retirement under Social Security in 2008.
Given these and other factors, it seems clear that the nation’s current fiscal path is unsustainable and that tough choices by the President and the Congress are necessary in order to address the nation’s large and growing long-term fiscal imbalance.
Ignorance is not bliss folks. How many Americans realize that we're $50 Trillion in debt? Answer - probably 1/100,000. The media doesn't report it, the Baby Boomer congressmen don't own up to it, and nobody bothers to research and read. But there it is right there, from the Government Accounting Office itself.
We're $50 big ones in the hole, and besides revving up the printing presses, drastically slashing spending or raising taxes through the roof, there's no feasible way out of it.
Bottom Line: The Baby Boomer generation screwed America, and it's GenX/Y's time to get into power, rise up, and try to clean up their mess before it's too late. Or will GenX/Y get into power and try to pass the bill along to GenZ?