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The Clash of Generations: Saving Ourselves, Our Kids, and Our Economy

The Clash of Generations: Saving Ourselves, Our Kids, and Our Economy

Hardback

By (author) Laurence J. Kotlikoff, By (author) Scott Burns

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  • Publisher: MIT Press
  • Format: Hardback | 288 pages
  • Dimensions: 190mm x 248mm x 28mm | 1,438g
  • Publication date: 10 April 2012
  • Publication City/Country: Cambridge, Mass.
  • ISBN 10: 0262016729
  • ISBN 13: 9780262016728
  • Edition statement: New ed.
  • Illustrations note: 4 b&w illus., 10 figures, 6 tables
  • Sales rank: 340,964

Product description

The United States is bankrupt, flat broke. Thanks to accounting that would make Enron blush, America's insolvency goes far beyond what our leaders are disclosing. The United States is a fiscal basket case, in worse shape than the notoriously bailed-out countries of Greece, Ireland, and others. How did this happen? In The Clash of Generations, experts Laurence Kotlikoff and Scott Burns document our six-decade, off-balance-sheet, unsustainable financing scheme. They explain how we have balanced our longer lives on the backs of our (relatively few) children. At the same time, we've been on a consumption spree, saving and investing less than nothing. And that's not to mention the evisceration of the middle class and a financial system that has proven it can't be trusted. Kotlikoff and Burns outline grassroots strategies for saving ourselves--and especially our children--from what could be a truly catastrophic financial collapse. Kotlikoff and Burns sounded the alarm in their widely acclaimed The Coming Generational Storm, but politicians didn't listen. Now the need for action is even more urgent. It's up to us to demand radical reform of our tax system, our healthcare system, and our Social Security system, and to insist on better paths to investment return than those provided by Wall Street (mis)managers. Kotlikoff and Burns's "Purple Plans" (so called because they will appeal to both Republicans and Democrats) have been endorsed by a who's who of economists and offer a new way forward; and their revolutionary investment strategy for individuals replaces the idea of financial capital with "life decision capital." Of course, we won't be doing all this just for ourselves. We need to fix America's fiscal mess before our kids inherit it. https://www.youtube.com/watch?v=IMKw76lBn0k&feature=youtube_gdata_player

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Author information

Laurence J. Kotlikoff, one of the nation's leading experts on fiscal policy, national saving, and personal finance and a columnist for Bloomberg, is Professor of Economics at Boston University. His writings and views appear in Forbes, the Economist, the Financial Times, the Wall Street Journal, the New York Times, and other leading media outlets. Scott Burns's personal finance column has been nationally syndicated since 1981.

Review quote

"This is a truly important book, and I hope that it will be so widely read as to inspire a meaningful widespread dialog among individuals, families, and policymakers."--Geoff Considine, The Portfolioist