Re(2): 'The Fourth Turning', William Strauss and Neil Howe
The referenced article is probably the best I have read on the debt ceiling and debt management topic.Basically, it comes down to Boomers not paying for their stuff. So, we have a range of options.
- Pay for the stuff
- Cut the stuff
- A Mix
- On the positive side, GenXers are pragmatic, self-sufficient, practical, perceptive, and savvy.
- On the negative side, GenXers are tough, uncultured, amoral, and unfeeling.
In my opinion, we will watch much of the welfare state fat get wiped away in the next ten years. Remember, Boomers are of two minds. The Burlap Sack and Birkenstock archetype and the Gingrich archetype. You know where I stand. And, who has been winning the fight these last twenty years?
If I were to guess, this is in the wings:
- Balanced Budget - not an Amendment, just the hard choices
- A Flatter, less 'Progressive' Tax System - Everybody Pays for Stuff
- An increase in Medicare Taxes - Anyone think 2% pays for Medical Stuff
- A Cut in Social Security - With the Bush Option of investing part in the Market
- A Cut in Welfare Benefits - Leading off with Wiping out Benefits for Citizens of another Country
- A Cut in Defense Spending - But, with a Hard Headed Approach to Benefits, Strategy, and Material
- A Decimation of Federal Departments that Came into Existence During the 1970s 'Doing What Feels Right' Mood