Will Baby Boomers become Expatriates?
By ElaineAmbrose on October 21, 2013
Every month a group of middle-aged women business owners, former corporate executives, and non-partisan taxpayers comes together to break bread and engage in civil discourse. Our only rules are to avoid bloodshed, lawsuits, and white zinfandel. This week’s conversation took a surprising turn when one said she had been researching other countries as potential places in which to retire. I almost choked on my American beef kabobs, Idaho potato cakes, and Walla Walla wine.
“I’ve researched Canada,” she said. “There also are huge expatriate communities in Mexico, Panama, and Ecuador. I know millions of immigrants want to enter our country, but statistics show that at least 3 million citizens are leaving every year.”
The ensuing conversation acknowledged an appreciation for our coming of age during the best of times. We had taken advantage of opportunities and had succeeded in careers, enjoyed loving relationships, raised our children, survived betrayal and pain, and donated time, talent, and money to several charities and political campaigns. Now we wanted to embrace the last third of life on our own terms. If that meant slurping sweet drinks with little umbrellas on the beach in Belize, so be it.
The national debt was one of the main reasons for considering expatriation. One colleague noted that the US government is almost $17 trillion in debt – that’s more than $53,000 for each person living in the USA. That debt does not include unfunded liabilities for federal employee retirement benefits, obligations for Social Security payments, and Medicare expenses. Adding those programs to the National Debt would give a debt of $215,311 to every person living in the USA.
“A country or a business or a family cannot survive with such massive debt,” said another woman, the owner of a multi-million-dollar company. “I don’t want any debt ceiling in my business that I can arbitrarily lift to spend more money. If I want to increases expenditures, Ifirst need to make more revenue while reducing expenses.”
Our more progressive companion countered with an opposing view. She offered facts from economists and political scientists that said the modern national debt wasn’t a cause for worry. The experts claimed a large growth in national debt promoted a more prosperous economy. For example, the national debt during World War 11 was twice the size of today’s debt. The spending helped the country get out of the Great Depression and enjoy sustained economic growth during the 50s and 60s, an era that produced wonderful opportunities and events – including our births.
We nodded while we munched on beet salad with toasted goat cheese made from local farm products and sipped Dunham Cabernet from Washington State. During a lull in the conversation, we glanced outside and noticed the splendid mosaic of red, yellow, and orange leaves dancing to the ground in a final farewell to life. We were aware that we’ve seen more summer days than we’ll see again. And, we don’t have the ability or energy to save our troubled country. Maybe it was time to plan a vacation in the tropics and study the local real estate.