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Bloomberg: First baby boomer asks for Social Security benefits
“The first Baby Boomer applied today for Social Security benefits, a milestone marking the approaching retirement of a generation of Americans whose eligibility for government payouts threatens to overwhelm the federal budget. ‘This is the first drop of rain in the flood,’ said Bob Bixby, head of the Concord Coalition, a Washington-based advocacy group that promotes balanced federal budgets. ‘It’s the beginning of an era. It’s symbolic but it reminds us that we’re not doing anything to prepare for this.’
“The demands on retirement programs by the estimated 80 million Americans born between 1946 and 1964 combined with spiraling health-care costs will eventually overwhelm the federal budget unless lawmakers change government policies, Bixby said.’
Source: Brian Faler, Bloomberg.com, October 15, 2007.
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Here comes the tidal wave of more people on the dole!
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Reinke Faces Life 