Monday, May 02, 2005

The Greediest Generation

That is the title of an excellent Op-Ed piece that ran in the sunday New York Times.

Nicholas D. Kristof says that the Baby Boomers (himself one of them) are the greediest generation and are passing on massive deficits and other financial problems to the younger generations.

As a baby boomer myself, I can be blunt: We boomers won't be remembered as the "Greatest Generation." Rather, we'll be scorned as the "Greediest Generation."

But I fear that we'll be remembered mostly for grabbing resources for ourselves, in such a way that the big losers will be America's children.

We boomers are also preying on children in a more insidious way: We're running up their debts, both by creating new entitlement programs and by running budget deficits today. Laurence Kotlikoff, an economist and fiscal expert who with Scott Burns wrote the excellent and scary book "The Coming Generational Storm," calls this "fiscal child abuse."

The book says that the Treasury Department commissioned a study by two economists of the United States' long-term liabilities, for inclusion in the 2004 federal budget. The study found that the government faces a present value "fiscal gap" - the excess of expected payments over expected revenues - of $51 trillion. That's 11 times our official national debt and also greater than our total net worth, meaning that in some sense we're bankrupt.

Not surprisingly, the Bush administration took a look at the study, blanched, and declined to publish it.

**GOI Comment: The Bush-Republican tax cuts to the wealthiest of Americans is certainly not helping bridge the financial gap between generations either and now they want to make those tax cuts PERMANENT.

Care of the greedy, Republican boomers.


---End of Tranmission---

1 comment:

Amichai said...

Luckily, as many of us (said children of the baby boomers now in our 20's+30's) don't have affordable health insurance we won't live long enough to really have to worry about the national debt. The white house has its bases covered.