The Federal Government’s budget will be the highest in history, topping $3.8 trillion, while the deficit for this year is pegged at $1.6 trillion for the fiscal year starting in July, 2010. That’s a long way from where these numbers were 50 years ago when most pre-boomers were in the workforce, or would be soon. In 1960 the budget was $92.2 billion and nearly balanced. What went wrong?
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New seniors (those born between 1930 and 1945) may consider circling the wagons, because our generation, now known as New Seniors, is under attack. Have you noticed? It’s mainly below the radar. But, it’s there. The subtle, almost subliminal, message is, “Programs for those 65+ are too expensive, will add to the deficit and ultimately be paid for on the backs of the recipients’ children, grandchildren and great grandchildren.”
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Benjamin Franklin had no idea how prophetic he was when he wrote these words “Of two things you can be certain; death and taxes,” some two and a half centuries ago. With the highly-controversial health care bill receiving approval by a partisan Congress — in spite of strong resistance by the minority party and the American public — we have yet to learn all the dirty little details of how this legislation will affect the lives of citizens.
Most pre-boomers have retired, are about to, or would like to retire. All we want is to live the rest of our lives in relative comfort. Our parents taught us to save for rainy days and for the golden years, when we stopped earning an income through our jobs. No matter what kind of work we did, our habit was to aside money in bank accounts, IRAs, 401Ks and other places where we thought our hard earned savings were safe.
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I am covered by Medicare and also purchase supplemental health insurance, along with prescription coverage, from one of the nation’s better known providers. Recently a letter arrived at my home stating there would be no increase in premiums for the Preferred Provider Organization (PPO) coverage during 2010. However, the next day I received the invoice for the prescription plan; there was no notice just a bill representing an increase for the third year in a row.
