Tuesday, March 4, 2014

Solutions to the Geezer problem

The Nice Polite Republicans on NPR have a solution for the aging baby boom population as it tries to retire with dignity.  Start applying for those Walmart greeter positions now and beat the rush.  The genial host had the author of a new book on and proceeded to host a fact free overview of Social Security which led off with the assertion that "the system will be broke in 15-20 years".  Instead of asking the author how he came up with this nugget, David Green then allowed him to invite the millennial generation to slash their parents benefits in the interest of fairness.  Most boomers have very little retirement savings due to sluggish economic growth over the past 30 years.  For many, keeping a roof over their heads and food on the table eats most of their salaries.   Many companies have discontinued the defined benefit pension plans earlier generations counted on for retirement and the 401 K disaster has benefitted the companies administering them instead of the holders of the plans.  Besides, many could not contribute to them or had to withdraw what was in them to meet current expenses.  The book's author didn't have much to say about what the retiring generation could do to cushion their impending drop into poverty, and the interviewer seemed more interested in plugging the book than exploring solutions to the problem.   Some experts are actually proposing a boost in Social Security benefits to offset the lack of retirement savings!  However, it will take some clear eyed leadership to raise the necessary taxes and cut the bloated military budget in order to make this happen.  Unfortunately, I see mobs of little old ladies with pitchforks besieging the White House if something is not done. 

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