March 19, 2004

The Perfect Demographic Storm: Entitlements Imperil America's Future

By LAURENCE J. KOTLIKOFF and SCOTT BURNS

In less than a century, the United States will move from being "forever young" to being "forever old." The largest part of the change will happen in the next 30 years as the baby boomers retire. The most dramatic effects will be experienced outside the United States, throughout the entire industrialized world. The shift will transform our world at the personal, national, and international levels. In particular, it will exact a fiscal toll that will shake our economy, and those of Japan and