Boomers, You've Got 19 Years to Redeem Yourselves

Fix this economic mess before you check out
By John Johnson,  Newser Staff
Posted Sep 15, 2010 3:55 PM CDT
Boomers, You've Got 19 Years to Redeem Yourselves
America needs your help, baby boomers. Time to step up.   (Shutterstock)

Fair or not, baby boomers get a bad rap for being a self-indulgent bunch who pale in comparison to the Greatest Generation of their parents. Boomers need a legacy, writes Michael Kinsley in the Atlantic. "It ought to be patriotic. And it ought to be accomplished by the time the last Boomer turns 65, which would be 2029. Boomers have 19 years to redeem themselves." His suggestion: Cash.

"We should pass on to the next generation an America that’s free from debt," writes Kinsley. "Instead of ignoring it, or arguing endlessly about whose fault it is and who should pay for it, Boomers as an age cohort should just grab the check and say, 'This one’s on us.'" One way to start is with an improved estate tax, one "that reaches far more people—essentially anyone who inherits any significant amount of money—but at a much lower rate." A little more so-called "rationing"—to avoid wasteful, long-shot medical care near the end of life—wouldn't hurt, either. Read the full essay here. (More baby boomers stories.)

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