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November 04, 2007

Boomers, entitlement costs

Mary Sanchez's column (10/30, Opinion, "Baby boomers face their biggest challenge") should remind all of us that a financial crisis is on our doorstep.

Rudy Giuliani and Mitt Romney talk about cutting taxes and returning the GOP to the Reagan years, but it should be clear that federal expenditures will soar for decades to come as baby boomers retire, take Social Security payments and use Medicare.

Reagan's policies of low taxes and high federal expenditures doubled the national debt within eight years. The unspoken assumption of those who talk about cutting taxes is that the Chinese and Japanese will continue to fund our free-spending, low-taxation ways.

China alone holds well over a trillion dollars of our national debt. Whether it is wise for the U.S. to expect foreign countries to continue to finance our fiscal profligacy is a question that many choose to ignore.

James Obertino
Warrensburg

Comments

Engineer

whispering
Your comments would be more interesting and helpful if you would refute statements with which you don't agree rather than just making slighting remarks about their source.

Dr Coles

The full retirement age is based on maintaining a 50% death rate, so the government does not have to pay any paid for benefits but to half of the investors. The government gets 15% of all wages in and is so incompetent with our money the fund can just pay back what you actually put in, instead of competently investing our money and growing the funds. The problem with Social Security is totally caused by government. No, matter your political party affiliation, and setting aside your thoughts on issues. We all need to remember what it is to be an American Citizen. We need to make sure our elected representatives obey their Oath of Office and keep their Oath of Allegiance. See http://tinyurl.com/2znnvl Know whom you are voting for.

whispering_to_kc

I can't help but smile every time someone quotes the Washington "Moonie" Times as a source of conservative "wisdom".

The alignment of Republican conservatives and a church cult is ... not a big surprise.

Mark Robertson

President Reagan cut taxes, including the top marginal rate from 70 to 28%. Treasury revenues went from 599 billion in 1981 to 991 billion in 1989.(Budget of the U.S. Government, Historical Tables, Fiscal Year 1993, Table 1.3, p. 17)
The Reagan tax cuts brought on an economic boom that continues today.
The debt increased about 1.5 trillion during the Reagan years, about the same amount that Reagan increased defense spending. That defense spending was a major factor in Reagan's ending of the Cold War.
The former Soviet satellite countries are now mostly free market, and thus greatly benefit the U.S. economy.
The liberals could tax all of the money from the "rich" and it wouldn't come close to funding the unfunded liability for Social Security and Medicare. That liability is 90 trillion, 74.3 trillion for Medicare and 15.6 trillion for Social Security.(Washington Times 6-24-07)
The only answer for Medicare and Social Security is to move towards privitization with private accounts, including Health Savings Accounts for Medicare. Thankyou.

Mark Robertson
Independence



Thankyou.

Mark Robertson
Independence

 
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