Aging boomers to strain OhioReport: Impact to hit economy, governments by '12
The headline in this morning's Enquirer.
How could anyone have seen this coming. I mean, we've all heard of the term "baby boomers" since it was coined in 1963. What did the politicians believe that term meant? Some kind of diaper deposit?
That's OK, it probably won't matter anyway. Greg at Red Hawk Review has a clip from an economist who explains that the social security system is 58 trillion dollars in unfunded liability. I guess even the feds were caught off guard by the sudden influx of old people into this country.
On a related note, Moody's is considering dropping the US Bond rating from AAA unless the government does something about soaring health care and social security costs.
Now that we know we can't pay the medical and retirement expenses of all our countries seniors, we need to add a comprehensive SCHIP program so everyone can have something the government can't pay for.
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