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September 24, 2008

Comments

fletch

The entitlement (medicaid, medicare, social security, prescription drugs,..) problem is now. The can has been kicked down the road by the beltway buffoons forever. There was always time to fix it, leave it to someone else to deal with in the future. Pete Petersen's Concord Coalition been trying to shine light on it since the '80s. Read his book from 2004, "Running on Empty" and you'll get the picture.

All the bills are coming due at once. Downgrade is just the beginning of the pain if changes aren't made. People will actually have to prioritize needs vs desires and make some sacrifices for the next 5-10yrs if this country is to remain great. Nothing we can't do, and clearly we must do for the sake of our kids, but it requires an enormous national mentality shift.

Entitlement should be a four-letter word (and probably will be soon).

eric

Yup. We had a big freaking problem with the baby boomers coming due BEFORE we dropped 1 or 2 trillion new debt on ourselves. One of our friends, Fletch has been talking about U.S. Tsy downgrade for about a year now. I think he's going to be proven right.

RPB

I hope that Volcker's predictions about the economy are incorrect. Do you see that dark cloud looming over the horizon? That's an aging baby-boomer population with a net savings rate of below zero. We are going to see a retirement crisis even without a slow market. If we experience a negative real growth rate over the next ten years we are in serious trouble.

mike

maybe these jokers are reading your blog--as they should be!

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