A column by Laurence Kotlikoff, (left), has sparked quite the firestorm in the blogosphere. The professor of economics at Boston University and author of "Jimmy Stewart Is Dead: Ending the World's Ongoing Financial Plague with Limited Purpose Banking" is known for straight talk and controversial opinions, and this one doesn’t disappoint. Writing at Forbes.com, Kotlikoff argues the size of the deficit is grossly understated due to fuzzy math, and baby boomers are to blame.
"Every year on Veterans Day, we baby boomers look around and see fewer and fewer members of the Greatest Generation–our parents and grandparents who rose en mass to fight a terrible war and keep us safe," Kotlikoff writes. "The memory of their service provokes guilt as well as pride. As a group, we baby boomers have made no comparable sacrifice. Most of us spent our youth and middle age looking out for No. 1. And we are about to enter old age with a singular goal in mind, namely, extracting as much as possible from our kids and grandkids."