Baby (ka)boomers

Some states face Greek-style debt woes

Harrisburg, Pennsylvania to Consider Bankruptcy

Baby ‘boomers’ are going to earn their name…

when they retire en-mass over the next few years. Those retirements will set off an economic chain reaction that will blow this country apart state by state. Massive unfunded state pension funds… and massive unfunded federal programs like social security and medicare will start blowing out budgets and bankrupt several states.. and possibly the country as people go from high income contributors to takers from these programs and states look for federal bailouts. We will see cities, states and probably even the country losing it’s AAA credit rating which will saddle us all with exorbitant interest rates, high taxes and high inflation as the dollar is devalued even further. The silver lining is that many other countries are in worse shape than we are and have this process happening already and that may cushion the reaction to our problems.