2. Baby boomers who did save* will have to be fleeced to pay for the baby boomers who didn’t save*. Easiest to do this through a combination of inflation and taxation.
or
3. Younger workers will have to pay much higher taxes to pay for the baby boomers’ ability to spend their time as they wish, and for their travel, golf games, chemotherapies etc.
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I know the AARP will never allow this to happen, but… we can solve the social security/medicare funding issues with one change: Raise the age at which folks can start claiming benefits to 70. Problem solved. Taxes can remain where they are. It’s amazing that this whole funding issue could be solved by merely raising the “retirement” age by 5 years, but dem’s da facts. Again, the AARP will fight it tooth and nail, so… it’s a tough sell. Also, imagine the increased productivity from turning millions of older folks into net producers, as opposed to net beneficiaries, for five years. It would be meaningful. So, let’s get all of these old farts off their asses and working for a few more years before their benefits kick in.
