Poverty for baby boomers?

Poverty for baby boomers, the headline says.

The story reinforces it:

Baby boomers could end up living in poverty if the Government does not urgently address issues of income, housing and health, says a study published today.

But that is only part of the story.

The living standard of baby boomer retirees – and everyone else – depend not just on the government addressing these factors.

It also depends on other government expenditure and income. Both of those will be affected by and have an impact on economic growth and productivity. And those will be the major determinants of what the government and individuals can afford.

Future wealth and well-being also depend a lot on what we do for ourselves. If we look  only to the government, we’re making ourselves prisoners of public fortunes and political whim.

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