PrintMay 27, 2011
A Generational Divide?
In Running on Empty, Peter G. Peterson excoriates the "we-first" attitude of retiring baby boomers. Having read Peterson's take on boomer retirement, one is left with the impression that boomers are selfishly intent on bankrupting future generations and driving America into permanent decline to boot. Happily, Peterson concludes, there is a solution: higher taxes and reduced benefits. This is what Peterson calls "real leadership." Breaking promises and raising taxes may seem like "leadership" to some, but in fact it is just another effort to excuse and facilitate irresponsible spending by future administrations. The common refrain of every liberal commentator on Social Security, and even of those like Peterson who claim to be non-partisan, is that there is simply not enough revenue to meet future retirement obligations (which Laurence Kotlikoff and Scott Burns in The Coming Generational Storm estimate now stand at $51...(Read Full Article)
