Sunday, November 30, 2008
Hey Boomers. Don't have a degree in financials 101, but looks like an interesting ride for the next few years. Here we are, cruisin for retirement and surprise! What Happan! I've been researching the past few years of what future could bring and cannot believe the accuracy of predictions. So here goes:
1. In my family growing up in Cincinnati, debt was a real "no-no". Dad paid everything with a check or cash. Credit cards??? When he passed on in 1988 I found credit cards in the old banking box, that were sent in the mail, but never used. He always said if you can't afford it, don't buy it. The Greatest Generation had good financial literacy!!! The U.S. government has now over $12 trillion in debt! Wow!!! Total debt is about $13 trillion in total if you include GDP.
2. Social Security, Medicaid and Medicare is closing in on $100 trillion.
3. Government is guaranteed to grow.
Ok. What is the future? Let's see. Could we be in a future inflationary depression or a collapse of the dollar?
Let me know what you think?
Best regards,
Denny
