The Winds of Change
The Memo by Howard Marks
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The Baby Boomers Are Consuming More Than Their Fair Share of the Pie
The baby boomers have been consuming more than their fair share of the pie. This will leave future generations saddled with substantial debt stemming from expenditures they didn't benefit from proportionally. Social security, while not part of the federal budget, provides a good example. It wasn't set up as a funded programme, but as an insurance scheme under which current receipts from workers are used to make payments to retirees.
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