Newsletters

December 14, 2004: The baby-boom generation is walking into a trap, one set by those who want to "privatize" the system, enriching Wall Street at the expense of Main Street. The spin on this issue started harmlessly enough, by subtle and not-so-subtle suggestions that the baby-boom generation does not deserve the nation's support in old age. Boomers are too numerous, rich, and spendthrift for the rest of America to bother with them. Often, these comments come from boomers themselves-- lending them an authority they do not deserve. The most recent and egregious example appeared in a New York Times op-ed piece on December 1, when John Kasich, former Republican congressman from Ohio, commented: "Our country's greatest legacy is that one generation sacrifices for the next. These people [the older generation] have already made their sacrifices on behalf of the baby boom generation. Now it's our turn."

March 22, 2005: The number of Chapter 7 bankruptcies filed in the U.S. has doubled in the past decade, with more than 1.1 million people filing for bankruptcy in 2004. To stem the rise, the Senate recently passed tougher bankruptcy rules that are expected to become law soon. Pundits, politicians, and academics have been hard-pressed to explain the rise in bankruptcies. Some claim it is the result of spendthrifts taking advantage of the system. Others, such as Harvard law professor Elizabeth Warren, blame bad luck. Her studies show that most bankruptcies are a result of circumstances beyond individual control--large medical bills, job loss, a death in the family, or divorce. The underlying cause, however, may be even more fundamental. Bankruptcies are growing because men no longer make enough money to support a family.

February 15, 2005: The line has been drawn in the sand, and it separates the oldest boomers from the rest. Workers now under age 55 will have to accept much smaller Social Security benefits--like it or not--if Congress passes President Bush's privatization plan. Benefits would be guaranteed for workers aged 55 or older. The oldest boomers, who entirely fill the 55-to-59 age group this year, must be breathing a sigh of relief. Younger boomers should be tearing their hair out--or better yet insisting that their Congressional representatives oppose this harebrained scheme.