We're just not ready for the retirement of the Baby Boomers. And we'd better prepare for that.
The rate of return on Social Security for people nearing retirement is about 1.5 percent. By the time young children like mine are ready to retire, that rate of return will be a negative percentage.
So, in Europe, they're cutting people's retirement and health benefits. And that's what we want to avoid from happening. They're raising taxes, entering a recession. That's the kind of economic program that President Obama has put in place.
