Take Action Soon to Shape Fiscal Future

This article talks about the changing of the American population and how it will create much fiscal challenges. Right now that baby boomers are starting to get older and fade out. This whole situation is not making it easy on the situation of the American government. This puts alot of strain on the American public. At this point there is no proposed action that anyone wants to hear to keep this issue from becoming too large in the future years to come.

Ben S. Bernanke, the federal reserve chairman talks a lot about how we need to change things early on to help for the future. He thinks that if we have a good amount of time to plan things out then we the American population and government will not be caught off guard as much when it comes time for these challenges.

Much of these for seen challenges for the government are the budget pressuers that are put on my the social security and the medicare expenses. At this point there will soon not be enough money around to keep this program running effectively for many years to come. The baby boomers also do not help much in this issue. Bernanke basicly said that there are only a few options to fix this problem, without completly getting rid of the systems. The options to make up for this are for the people to chose between raising taxes, modifications to the programs, less spending on everything else (such as education, etc.), or a combinaion of all of this. If we start to take action now then maybe the later on in the future the challenges wont be "as challenging". It maybe easier to put things off but in the end it might just be harder.

I can see how people want to put this subject off where this really is so many other things going on in politics right now and taxes are high enough as they are. However, we really do need to do something about this soon. Otherwise when my generation goes to collect medicare and social security we will be having some serious issues. I will be so much better to start now. However, this probably wont be the case because many Americans are too stingy on money, even if it will benefit the future generations of this country. I guess we will just have to see what comes of all of this.






Much of the information that was gathered for this blog is from
http://www.nytimes.com/2010/04/08/business/economy/08fed.html?ref=politics