Are we going to be tax slaves in the U.S. once the Baby Boomers retire? Or are we just doomed?
My Boomer Tips
It seems the budgetary debacles taking place in many states right now (not least of all California) are just a shadow of things to come once Baby Boomers curtail their contributions to local and state tax bases and begin drawing on Social Security and Medicare. The public school systems are getting worse, not better, because the recession has led to budgetary cuts. The million or more students who drop out every year are a million low-wage/no-wage earners who won’t contribute to the narrowing tax base in the future (and we’ve lost any opportunity we had to improve the schools before the Baby Boomers take retirement). Once they do begin to retire, aren’t those of us left in the workforce and fortunate enough to have a college degree (or unfortunate enough, depending on how you look at it) going to end up paying Scandinavian-variety taxes just to keep the system from imploding?
It appears that you will be. Between my two brothers and I we hold two law degrees and one medical degree. We got together recently and computed how much we had paid into SS over the past 43, 45 and 47 years respectively. How does $1,872,349 sound! Yep, that’s it. One has now retired. The other is working part time. You guys are gonna’ lose a lot when we all finally retire. And no one will take our places.
Doomed
I cant wait to be taken care of by all you bright, know it all whipper-snappers who just voted in Barry Brother.
Signed,
A Baby Boomer Laughing