Current U.S. fiscal policy is placing an enormous financial
burden on today's children and on future generations to deliver
government benefits to current middle-aged workers and retirees.
Standard government accounting methods hide that intergenerational
transfer and make it difficult to calculate how large the transfer
This transfer will grow larger, thereby substantially affecting
different generations' economic expectations and exerting powerful
long-term effects on economic outcomes.
This study presents updated estimates of fiscal and generational
imbalances for the United States, and demonstrates that the current
trajectory cannot be sustained and must be resolved.