Suppose a pipe-dream hypothetical: Somehow, this “stimulus”
actually produces a sort of dead-cat bounce in the economy, so
that unemployment is down around 5% again by 2012. Is that
good? No, not really, because government will have produced
that bounce by borrowing massively against the future in a
society that’s about to sustain a serious demographic shock.
The first Baby Boomers turn 65 in 2011, and every year after
that will see more and more retirees going onto the Social
Security and Medicare rolls. Even if we raise the retirement
age, there is still the net drain of productive labor. The
average 67-year-old can’t produce goods and services as
efficiently as the average 38-year-old and (due to certain
legal decisions circa 1973) after 2011, we’ll have a growing
shortage of 38-year-olds and a growing surplus of 67-year-olds.
We are on the verge of a taxpayer shortage, you see,
and what the Democrats want to do is take out a massive loan
that will have to be repaid by a shrinking pool of taxpayers,
who will be expected to support a burgeoning population of
increasingly sickly Baby Boomer retirees.
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