The Coming Generational Storm: What You Need to Know about America's Economic Future

The Coming Generational Storm: What You Need to Know about America's Economic Future
by Laurence J. Kotlikoff, Scott Burns

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Book Summary Information

Author: Laurence J. Kotlikoff, Scott Burns
Edition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2005-01-19
ISBN: 0262612089
Number of pages: 302
Publisher: The MIT Press

Book Reviews of The Coming Generational Storm: What You Need to Know about America's Economic Future

Book Review: Eye-opener
Summary: 5 Stars

This is, simply put, a real eye-opener. I've been saying for years that the economy was a house of cards (and the housing bust and present/coming recession are proving me right), but I had no idea. This will change some of what I do regarding my present and future finances.

I give the authors credit for the way they add in occasional humor in the book. It doesn't obscure the subject at hand, but lightens up an otherwise difficult subject.

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Summary of The Coming Generational Storm: What You Need to Know about America's Economic Future

One of Library Journal's Best Business Books of 2004, A Forbes.com Top Ten Business Book for 2004, One of Barron's 25 Best Books of 2004, Winner in the category of Economics in the 2004 Professional/Scholarly Publishing Annual Awards Competition presented by the Association of American Publishers, Inc. and CHOICE Outstanding Academic Title for 2004

This paperback edition of The Coming Generational Storm has been revised and updated and includes a new foreword by the authors.

In 2030, as 77 million baby boomers hobble into old age, walkers will outnumber strollers; there will be twice as many retirees as there are today but only 18 percent more workers. How will Social Security and Medicare function with fewer working taxpayers to support these programs? According to Laurence Kotlikoff and Scott Burns, if our government continues on the course it has set, we'll see skyrocketing tax rates, drastically lower retirement and health benefits, high inflation, a rapidly depreciating dollar, unemployment, and political instability. The government has lost its compass, say Kotlikoff and Burns, and the Bush administration's spending and tax policies have charted a course straight into the coming generational storm.

Kotlikoff and Burns take us on a guided tour of our generational imbalance: There's the "fiscal child abuse" that will double the taxes paid by the next generation. There's also the "deficit delusion" of the under-reported national debt. And none of this, they say, will be solved by any of the popularly touted remedies: cutting taxes, technological progress, immigration, foreign investment, or the elimination of wasteful government spending. Kotlikoff and Burns propose bold new policies, including meaningful reforms of Social Security and Medicare, that are simple, straightforward, and geared to attract support from both political parties.

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