Jeffrey Simpson: Health Care & The Aging Population
As he explains in the article, this is known as an "implicit liability." It means, in essence, that the government will have already used up the taxes that the baby boomers once paid long before they need all that money repaid to them in the form of medical services. And it's going to be the later generations that will have to pay for the shortfall—meaning their taxes will likely be hiked to make it happen. The whole thing reeks of a "Ponzi Scheme", Simpson quips. The problem, he argues, is that the nation has been quick to spend now, and deal with the ramications of that spending later. A practice that has placed a $469-billion shortfall on the backs of those who are still working. Problems like this one, and solutions for how to revamp the system, are addressed in Simpson's book Chronic Condition. As a veteran National Affairs Columnist for The Globe and Mail, Simpson has had decades of experience analyzing and comparing domestic and foreign public policy. His experiences have earned him some of the highest awards in journalism, and provided him with the background to speak knowledgeably and practically about the problems the nation faces—and how to solve them.