Obama vs. McCain, a 46 year old vs. a 71 year old. Generation vs. Generation. "X/BB 1 - Let's get it on".
Unfortunately, in order to get elected and to get Boomers and retirees to vote for him, Obama has to run on a "don't worry we'll protect your social security and medicaid/medicare" platform. But after he's elected, and he sees the basic math, and that this timebomb that's been neglected for a generation is blowing up on his watch, he'll be forced to take serious action, for the first time since Reagan.
He says he'll just raise taxes on wage earners, by eliminating the $102,000 ceiling, and everything will be fine. Not a bad idea, if it wasn't such a bad idea. Like most Democrats, he thinks if you have a problem, just raise taxes!
A true Gen X vs. Baby Boomer Social Security Battle Royale would go the exact opposite direction - letting earners opt out of this Ponzi scheme, while at the same time raising the retirement age to 72 or 75 and beyond, and continuing to raise it with increased life expectancy data, while means-testing payments and holding benefit increases to income inflation not price inflation.
And the even bigger problem of Medicaid/Medicare is gonna entail even more pain to solve. Slashing benefits, eliminating the prescription drug wet kiss, raising premiums, and again ushering in means testing. Or going the way of socialist Europe with sky-high taxes and Hillary forced healthcare. Either way we're $52 trillion in debt when you add in entitlement promises, and whoever is president in 2009 is gonna have to deal with this mess.
We've been talking about the coming X vs. Boomer war and the entitlement bomb for years. Obama / McCain is the first X/BB battle. First of many. Get ready.