Burdening our children

I’ve always admired Tim Russert on “Meet the Press” if only because he challenges nearly every politician on entitlements. Government spending on Social Security and Medicare is projected to explode as the baby boomers retire and nobody appears able to explain how these programs can meet their promises without bankrupting future generations. As Russert is to television, Robert Samuelson of Newsweek and the Washington Post is to the print media. He’s been relentless crusader against the burgeoning generational crisis that is just over the horizon. This morning he sounds the alarm bell on the prescription drug benefit and other programs that shift money to the over-60 crowd:

Who will pay for all this generosity? Our children, and their children. Under present policies, Social Security and Medicare spending will rise about 75 percent by 2030, projects the Congressional Budget Office. Our children will pay higher taxes, face higher budget deficits or receive fewer other government services. New retiree benefits or tax preferences increase the burden. There are questions of generational justice; high taxes or deficits may also hurt economic growth.

How long until the government sets its sights on 401(k) revenues to prop up entitlement programs? Unthinkable? I’m worried.