The Incredible Public Debt Burden

by Laura Ehrenberg-Chesler on September 27, 2016

in Debt,deficit spending,retirement,taxes

The excerpt below is from Ed Yardeni today. It really is an incredible public debt burden, and I am not sure how we pay it back.
Particularly with such low, slow domestic growth.

Golden years. We probably need to increase the retirement age to 72, but that won’t fly with the AARP lobby. Neither HRC nor DJT is interested in scaling back federal entitlement spending. As the saying goes: Demography is destiny. We are certainly destined to get older as we live longer. As a result of the aging Baby Boomer cohort, the percentage of the population that is 65 years or older is now equivalent to 30.2% of the labor force, up from 23.9% at the start of 2008 (Fig. 13).

Blame Obama for the doubling in debt since 2008, if you will. But also blame the aging seniors, who believe they are entitled to their benefits. Blame the rest of us working stiffs for resisting the tax increases that would be necessary to pay for all these rapidly rising benefits. The result is that the average public debt burden per working stiff rose to a record $128,690 during August, doubling since May 2008

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