How Will Obama Repay Baby Boomers?

The elections are finally over and the United States, with much help from our generation, has elected a new president.  With this new president comes the pro-offered promises of change and hope and a new vision of America; but what impact will this new administration have on retired and near-retiring baby boomers?  Just like everyone else caught up in the economic woes, baby boomers are facing their own set of problems.  Not only have we taken a big hit on our investments, but some of us now find ourselves helping out with family members who have lost jobs or gone into mortgage default.  En masse, those of us still working are rethinking early retirement and looking at the prospect of working two to five more years just to recoup our investment losses.  Many of those baby boomers who have retired are now looking for part-time jobs in order to make ends meet. So, President-elect Obama,  what do you have in store for us?  One campaign promise that you made was that seniors making under $50,000 would no longer pay income tax.  However, many Democrats think that this is not only a bad idea, but low on the list of things that need to be done.  According to Robert Greenstein, who heads the liberal think tank called Center on Budget and Policy Priorities, “Most low- and moderate-income seniors already owe no income tax.  Among seniors with incomes below $50,000 who do owe income tax, a significant number have modest incomes because they are retired but possess substantial assets.  Given all the problems and needs the nation faces, targeting relief to this group isn’t a priority.”  Also, let’s not forget that Democrats, led by Obama, campaigned on making a sweeping overhaul of the health-care industry.  However, according to Bill Vlasic, few health care analysts expect the new president and Congress to undertake this challenge anytime soon.   The more pressing needs of a faltering economy make it unlikely that big changes in health care can quickly make their way to the top of the new agenda.  Analysts say the newly empowered Democrats are likely to abandon some of the health care positions staked out by  the Bush administration, particularly when it comes to Medicare.   Obama also made many campaign promises that he would protect retirement security but Social Security reform seems to be missing on the agenda so far.  So, where do we stand among all of the other issues facing this new president?  Will our voices be heard?  Will our needs be recognized?  Or will we be expected to go quietly out to pasture now that our side of the election promise has been met?’; //leave this line

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