For some reason this question was never raised in a WSJ piece reporting on the expected reduction in spending by baby boomers who will be retiring over the next decade.
Dean Baker is the co-director of the Center for Economic and Policy Research (CEPR). He is the author of False Profits: Recovering from the Bubble Economy. He also has a blog Beat the Press, where he discusses the media’s coverage of economic issues. This note was first published by CEPR’s Beat the Press blog on 16 August 2010 under a Creative Commons license.