TITLE

Our Kids Will Pay the Bill

AUTHOR(S)
Samuelson, Robert J.
PUB. DATE
January 2004
SOURCE
Newsweek (Pacific Edition);1/12/2004 (Pacific Edition), Vol. 143 Issue 2, p9
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Comments on the potential impact on the U.S. economy of the federal budget deficit. Observation that, despite a report by the Congressional Budget Office that the budget is drifting into a future of unprecedented tax increases, huge deficits, or both, Washington politicians seem to be ignoring the problem; Claim that both Republicans and Democrats will gladly worsen tomorrow's problems to win more of today's votes; Argument that increased spending for Social Security, Medicare and Medicaid is not sustainable; Analysis of projections of government spending in 2030; Discussion of why federal taxes will have to rise unless spending is sharply cut; Challenge of financing the retirement of baby boomers; Argument that benefits for retirees should curtailed to avoid burdening younger generations.
ACCESSION #
11973253

 

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