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Boomers Versus the Rest

Newsweek, 1/17/09

Abstract:

Probably no political platitude is more invoked or more ignored than this: let's do it for the kids. Everyone recognizes the moral power of making sacrifices today for our children's well-being tomorrow. That's why most politicians embrace this promise, as Barack Obama has. "We know we have to get spending under control in Washington so that we're not mortgaging our children's future" was a favorite campaign line. Just last week, in an interview with The Washington Post, Obama again promised to overhaul "entitlements." But alas, politicians don't always practice what they preach.

Generational tension, and maybe generational war, is an inevitable part of the Age of Obama. It's known that America is graying. In 1960, only one in 11 Americans was 65 or older. Now it's one in seven, and by 2030, it's expected to be one in five. What's less understood is that the political system favors the old over the young in this fateful transformation. We risk becoming a society that invests in its past...

...Similarly, the promises made to retiring baby boomers may impose crushing costs on society. Taxes may rise, other government programs — from national parks to college grants — may suffer and long-term economic growth may slow. Again, the main victims would be today's young, who would pay higher taxes and receive fewer public services.

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