I’m flattered that the Chairman of the Federal Reserve of the USA reads this blog.
On Thursday he warned that future medicare and pension obligations must be budgeted for today.
It marked the Fed chief’s most forceful warning to date on the potential problems facing the United States with the retirement of 78 million baby boomers, the oldest of whom will start retiring next year.
This huge wave of retirees will hit the U.S. budget as well as the economy, he said.
“The longer we wait, the more severe, the more Draconian, the more difficult the objectives are going to be. I think the right time to start was about 10 years ago,” he said when questioned about the urgency of the situation.