Given rising life expectancies, the peak years of Boomer harvesting will be 2015-2035 or so, which means that a huge level of withdrawals are anticipated for this 20-year window. This chart shows how US Federal Debt went from 65% of GDP in 2008 to almost 100% today.That 35-point rise was supposed to be consumed by Boomers seeking to finance their retirement, but now, with debt already so high well before Boomers can get their, the future payouts to Boomers have been crowded out.We are happy to offer city-wide delivery and an association with a consortium of fine florists, offering outstanding floral design for nationwide and international delivery.If you want to make a purchase and your billing address and/or credit card is outside the United States, please call the shop to order.Boomers and Home Equity : But it gets worse for the Boomers, even for those who have resources that makes them less dependent on Social Security.
While this may indeed be the political goal of at least some Boomers and the core mission of many retiree organizations, the fiscal situation in the US is far worse for the Boomers than they realize, even for those who don't seek to extract from younger people.
Boomers and Entitlements : While the first Baby Boomer turned 65 in 2011, the median Boomer (born in 1955) turns 65 in 2020, and the last ones turn 65 in 2029, which indicates that their big harvesting of Social Security and Medicare from the government has not even begun yet.
There is certainly no room for another 35-point rise in Federal Debt as a percentage of GDP (credit downgrades and a capital exodus would happen long before debt could ever reach 135% of GDP), and given that the big debt spike began in 2009, it appears that President Obama and the Democrat Senate have already expended the funds that were supposed to sustain the Boomers.
As debt thresholds that were not meant to be reached until many Boomers were well into their retirement have been pierced ahead of schedule, the squeeze will cause some very ugly intra-Boomer conflicts as each group seeks to secure a portion of the diminished pie, which we will examine later in the article.
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