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http://www.newsweek.com/id/180042Probably no political platitude is more invoked or more ignored than this: let's do it for the kids. Everyone recognizes the moral power of making sacrifices today for our children's well-being tomorrow. That's why most politicians embrace this promise, as Barack Obama has. "We know we have to get spending under control in Washington so that we're not mortgaging our children's future" was a favorite campaign line. Just last week, in an interview with The Washington Post, Obama again promised to overhaul "entitlements." But alas, politicians don't always practice what they preach.
Generational tension, and maybe generational war, is an inevitable part of the Age of Obama. It's known that America is graying. In 1960, only one in 11 Americans was 65 or older. Now it's one in seven, and by 2030, it's expected to be one in five. What's less understood is that the political system favors the old over the young in this fateful transformation. We risk becoming a society that invests in its past.
The plight of the U.S. auto industry provides an ominous warning. For years, the Big Three and the United Auto Workers constructed an ever-more-generous system of early retirement and retiree health benefits for their employees. But ultimately, the costs became oppressive.