Unfair Advantage The Baby Boom Bust In the United States, there are approximately 75 million baby boomers ready to start collecting Social Security and Medicare. Japan, England, France, and Germany have the same problem: baby boomers collecting on promises their countries cannot keep. If 75 million American baby boomers collect just $1,000 a month in Social Security and Medicare benefits, that is an additional $7.5 billion in monthly payments from the government. Obviously, the printing presses will be running, cranking out checks without money in the bank. This is why debt-free is an oxymoron, even if you are debt-free. FAQ How long do we have? Short Answer I hope it never happens. But if the biggest countries collapse under mountains of debt, who will be left to save the world? If Japan goes, the crisis will spread to the rest of the world. Explanation In 2010, Japanâ€™s debt was 200 percent of GDP. The United States is approximately 58.9 percent debt to GDP and growing. Englandâ€™s is 71% and growing.
by Rich Dad, Robert Kiyosaki