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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (11765)9/15/2004 12:22:32 PM
From: XBrit   of 116555
 
I strongly recommend reading Pete Peterson's new book, "Running on Empty". It's really a collective statement by a very influential group of people, including Paul Volcker, Robert Rubin, John McCain, and Warren Buffett.

The basic message is that the Social Security and Medicare benefits now promised to the baby boom generation are completely impossible to pay. $60 trillion in unfunded liabilities. Both programs will end up being cut at least in half and will become primarily welfare programs.

If you accept that this is inevitable, and accept the implication that the average standard of living here will drop substantially over the next 25 years, I think it's easier to shape personal plans. In our case, we deliberately under-consume relative to our income, because we know we need more savings for later years than most people now realize.

Of course, if a lot of people started doing what we do, there would be a heckuva recession right now. So.... Shhhhhh.
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