Thursday, December 2, 2010

Review: Boomergeddon by James A. Bacon

Driven by uncontrolled deficit spending, a mounting national debt and rising interest rates on that debt, the U.S. government will go into default within the next 20 to 30 years. The resulting crisis will change the political landscape beyond recognition. It will mean the end of American empire, and it will shred the retirement safety net for tens of millions of Boomers and the generations that follow. "Boomergeddon" details how runaway health care costs and a global shift from capital surplus to capital shortages will create a death spiral of mounting national debt, rising interest rates and soaring debt payments. The author also explains how partisan gridlock and the power of the entrenched political class in Washington, D.C., will thwart the painful changes needed to return the country to fiscal sustainability. The final chapters give Boomers a primer on how to survive Boomergeddon and, if they want to undertake the herculean task, how to avert it.

Received from the author for review.

The most enlightening tidbit I gleaned from this was that if the US only adopted the fair tax system they could increase revenue by $350 billion. Just from that single change.

This one gets four stars. Despite the incredibly depressing subject matter this was a fascinating dissection of the situation and what can be done to fix it. Of course, as we all know, none of the suggestions will ever be taken. We live in the only industrialized nation without national health care for goodness sake! Like so many before it, this is a lovely, coherent, perfectly applicable system but it will never be implemented. Just knowing the information and that the relatively simple fixes are available but are actively being ignored left me more depressed than when I started the book. Although the information is for Baby Boomers people of all ages should read this - especially if you're delusional enough to think that you'll ever get back a single cent of the money you've paid into Social Security.

★★★★ = Really Liked It 


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