Because I see the world thru the prism of economics, it is helpful for me to be around investment advisors who see the world thru the prism of financial planning. Every month or two, a group of 8-10 of us do just that, which we did this morning.
Given the world investment markets, there was an over-arching sense of gloom, which shouldn't be surprising. However, there was also a sad agreement that America's standard of living MUST decrease, i.e., that our kids will not have as good a world as we have enjoyed. The reason is that they must reduce the debt incurred to pay entitlements to The Greatest Generation and, to some extent, the Boomers as well.
The only hope for our kids is for the economy to grow so fast . . . that the U.S. standard of living can be maintained, but how is that possible without real political courage among our elected leaders? Entitlements MUST be controlled now, and our leaders are too afraid to admit that. So, the problem grows . . .
I think I'll call my daughter tonight and apologize to her!
Given the world investment markets, there was an over-arching sense of gloom, which shouldn't be surprising. However, there was also a sad agreement that America's standard of living MUST decrease, i.e., that our kids will not have as good a world as we have enjoyed. The reason is that they must reduce the debt incurred to pay entitlements to The Greatest Generation and, to some extent, the Boomers as well.
The only hope for our kids is for the economy to grow so fast . . . that the U.S. standard of living can be maintained, but how is that possible without real political courage among our elected leaders? Entitlements MUST be controlled now, and our leaders are too afraid to admit that. So, the problem grows . . .
I think I'll call my daughter tonight and apologize to her!
