The baby boomers are at it again.
As they have traveled through life, they have convulsed society at every stage. Now they are entering the last act of their drama, and society will be convulsed again.
The baby boomers are going to retire. Get ready America?.
For the next 20 years, 10,000 Americans will turn 65 every day. That's 10,000 every single day. ?
Let us focus on the budgetary impact of boomer retirement. To be blunt, the boomers will shift from the paying-in side to the taking-out side of Social Security. The ratio of those paying in to those taking out, which was 4:1, then 3:1, will drop to 2:1. Social Security simply will be drained.
By the year 2030 or so, revenues will fall short of expenditures by almost 30%. The system may not run dry, but it will run short, dangerously short.
This is the Social Security crisis, and it is coming. We have known about it. We have known its magnitude?. We even know how to fix it.
So why don't we fix it now?
Because it will be painful; because literally everyone will have to sacrifice.
So rather than face the looming crisis, our political leaders just kick the can down the road. Social Security has been called the third rail of American politics. We must grasp that third rail and face the inevitable. We owe it to ourselves?.
Next time we will discuss how to fix Social Security.
I'm Bob Evans, and that's my perspective.
