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Retirees have been saving for this deferred consumption, and to top it off, they just got raises. More people were just added to social security than all job gains.
"That is the worst possible way to do it. It is a cliff. We see the cliff. It's about 10 years out. We're going 60 miles an hour."
Real money managers are in no doubt about which side to trust
Surging fiscal deficits, rocketing levels of outstanding debt, and towering debt service costs still hang over the US outlook.
The plan to raise defense spending partly through tax hikes has been put on ice. In fact, it was never likely to deliver fast results.