I can not help but wonder at the coincidental timing of this crisis.
Just as the baby boomers begin to hit retirement age,(estimated baby boomers in 2005, roughly 78 million), we hit a crisis that it seems will wipe out any thought of retirement that any of them held. The money they were depending on is vanishing quicker than an elephant in a David Copperfield magic show.
All plans of finally being able to reap the benefits of a long and productive life are being shattered, and for them, at the age they are reaching, the chance of regaining any, (let alone all), of what they were depending on is slim.
This leaves them dependant on Social Security. Well, we would have to question IF SSI will remain intact.
The U.S is broke. Not on hard times, but broke. At this point in time the national debt is close to 11 trillion dollars, (that are showing on the books). Our wealth was an illusion. The reality is that at any point in time, they could have have taken it all away. Well, that point could very well be now.
The problems we face have just begun and no matter how much money they throw at the problem it is just going to be sucked up into a black hole.
Link below. http://www.informationclearinghouse.info/article21875.htm