Tuesday, March 26, 2013

Good Luck Paying for Your Parents' Super-Low Tuition

People wax nostalgic for the 1960s. It's a decade that seemed to have it all: foreign war, domestic social programs, gigantic infrastructure budgets. Oh, and a space program.

Why can't it be like that again? Well, because now we have to pay for it all.

Italians of my generation will pay 50% more in taxes and receive 50% less in pensions than their parents. I tell my students all the time, "Do not plan on Social Security; it will not be there for you." Sure, there'll be a program called Social Security, but it will pay peanuts. That's the way with all Ponzi schemes.

What generation of humans has been worse than Baby Boomers? Maybe the Romans of the last 50 years before Christ? That was the last time we saw a group take a civilization so advanced and destroy it for their own pleasure.

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