The Coming Generational Storm: What You need to know About America’s Economic Future

Since we’ve promised more than we can deliver, someone’s ox will get gored.

Taxes and transfer programs cut the spending to the top 1 percent in half, but they double the consumption of those in the bottom fifth of the income distribution. From a forthcoming NBER study by Alan J. Auerbach, Laurence J. Kotlikoff and Darryl Koehler