I recently attended a meeting where the CEO of WELCOA (Wellness Councils of America) David Hunnicutt was speaking, and on several different occasions he referenced a book entitled “The Coming Generational Storm” by Laurence Kotlikoff. Being the inquisitive person that I am, I reached out to Laurence and he granted me this podcast interview which will be a become a series of podcasts on several other fascinating books that Laurence has as written.
So why is “The Coming Generational Storm” so important and what is it all about?. When it comes to describing how America’s taxing and spending policies will affect future generations–its generational policy–the old adage “the more thing change, the more they remain the same” run in reverse. The more things remain the same, the more things change. What’s staying the same is our decades-long practices of fiscal child abuse as Larry states. What is changing, and for the worse, is the fiscal burden we are passing along to our children and grandchildren. As of this podcast post the nation debt is $44,895 per person for the entire population of the US which is 309,677, 473 which equates to a total debt of $13, 877,507,947,342 trillion, now that’s a lot of debt.
If you can for a minute, close you eyes and picture our country in the year 2030. Now open your eyes–what do you see? You see a country where the walkers outnumber strollers. You see a country with twice as many retirees but only 18% more workers to support them. You see a country with large number of impoverished elderly citizens languishing in understaffed, over crowded substandard nursing homes. You see a government in desperate trouble. It’s raising taxes sky high, drastically cutting retirement and health benefits, slashing defense, education, and other critical spending, and borrowing far beyond its capacity to repay. It’s also printing tons of money to “meet” its bills.
If you are at all interested in the direction our country is headed in, and would like to understand more about this “Coming Generational Storm” them I highly recommend that you read Laurence Kotlikoff’s book. You will certainly get a great feel for the subject through our interview together. Please enjoy our podcast interview, and for more information visit his website by clicking here.