From the December 2007 issue of Boomer Market Advisor • Subscribe!

Better late than never

According to The Union Leader in Manchester, N.H., Republican Sen. Judd Gregg has offered legislation to tackle
the boomer retirement crisis by forming a bipartisan task force that would recommend to Congress ways to resolve the nation's spending and revenue imbalance.

The first of an estimated 70 million baby boomers filed for Social Security benefits Oct. 15. Social Security spending will grow by an estimated 50 percent over the next 40 years, according to a report earlier this year by the nonpartisan Congressional Budget Office. But many politicians are wary of addressing the country's fiscal problems with legislation, which is why Gregg and Democratic Sen. Kent Conrad of North Dakota proposed the task force.

The paper reports the task force would be made up of seven senators and seven House members, the Secretary of the Treasury (who would chair the panel) and one other member designated by the president. In each chamber, four of the panel's members would be chosen by the majority party and three by the minority.

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