If you put this in the context of Detroit in '64 or '65, the economy was booming. Everybody had jobs and there was a whole nightclub culture where bands could work. ↗
Governments enjoying surpluses have a very strong temptation to splash money around, and while tax cuts are always appealing, cutting taxes at the top of a boom runs the real risk of creating a structural deficit when the boom subsides. ↗
China is an old nation with a colourful history. Its booming economy has triggered an appetite and a curiosity around the world for its art and culture, one that continues to grow. I can, however, tell people that it is a show with no actor. ↗
Maybe it will be a great thing when the Baby Boomers finally die out. In real life, it's not a matter of the good guys or the bad guys. Rather, it's big numbers and small numbers that do the counting. ↗
Like the 'little emperors' of one-child China, too many Boomers were taught early that the world was made (or saved) for their comfort and enjoyment. They behaved accordingly, with a self-indulgence that was wholly rational, given their situation. ↗
The President has no real plan to address the fiscal challenges arising from the retirement of the baby boom generation, let alone a plan to fix Social Security. ↗
Today there are about 40 million retirees receiving benefits; by the time all the baby boomers have retired, there will be more than 72 million retirees drawing Social Security benefits. ↗
