What we now confront is much, much bigger than the savings and loan bailout. By 2040, according to the best available data, the percentage of Americans over 65 will rise from 13 percent to almost 21 percent. The share of working-age Americans, between 20 and 64, will decline by 3 points to slightly over 55 percent. The ratio of workers to retirees will drop from almost 5 to 1 down to less than 3 to 1. Unless we begin now to reorganize our dysfunctional health care system and take steps to rationalize provisions for retirement income, the demographic wave will sink us.
Someone has to force the candidates to confront that reality.
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