Clash of Generations: Saving Ourselves, Our Kids, and Our Economy

Laurence J. Kotlikoff, one of the nation's leading experts on fiscal policy, national saving, and personal finance and a columnist for Bloomberg, is Professor of Economics at Boston University. Scott Burns¿s personal finance column has been nationally syndicated since 1981. He is Chief Investment Strategist for AssetBuilder, an Internet-based registered investment advisory firm.

The United States is bankrupt, flat broke. Thanks to accounting that would make Enron blush, Americas insolvency goes far beyond what our leaders are disclosing. How did this happen? In The Clash of Generations, experts Laurence Kotlikoff and Scott Burns document our six-decade, off-balance-sheet, unsustainable financing scheme. They explain how we have balanced our longer lives on the backs of our (relatively few) children. At the same time, we've been on a consumption spree, saving and investing less than nothing. And thats not to mention the evisceration of the middle class and a financial system that has proven it cant be trusted. Kotlikoff and Burns outline grassroots strategies for saving ourselves--and especially our children--from what could be a truly catastrophic financial collapse. Of course, we won't be doing all this just for ourselves. We need to fix Americas fiscal mess before our kids inherit it.

"The United States doesn't have a problem with debt it cannot pay, but rather with promises it cannot keep--promises to older Americans that, as things stand now, will bankrupt younger Americans. Intensely informative and entertaining at the same time, The Clash of Generations will lead you through the fiscal minefield that lies in our nation's future path and show you the way safely out of it. If you care about your grandchildren and the nation they will inhabit, you owe it to yourself and to them to read this book."--William J. Bernstein, author of The Investor's Manifesto and A Splendid Exchange "Economics doesn't get better or more disturbing than this. The Clash of Generations will tell you things you never knew and hoped you'd never learn. They are straight truths about our country's relentless expropriation of the next generation that will either land young and old alike in an early economic grave or culminate in generational war. Read this book if you care about your children. Read this book if you care about yourself. And read this book if you care about our country."--John Silber, President Emeritus, Boston University " The Clash of Generations is so well written that Scott Burns and Laurence Kotlikoff should be considered the Stieg Larsson of economics. But there is one difference: the horror story they tell -- about the debts that burden the young -- are not fictional. This is a great book of great importance, and every paragraph contains some new and interesting observation."--George Akerlof, Nobel Laureate in Economics, 2001 "A clarion call for those who love America, and wish to preserve its virtues for future generations. A look down into the abyss to which we are headed, and some serious, well-considered recommendations for getting us back on track. The Clash of Generations is a compelling and fluid read, a don't-put-it-down-till-you-finish-it book, at once both scary and hopeful."--William P. Bengen, independent financial advisor