"The fact is, is that we don't face an immediate crisis. And, so people say, 'What's the problem?' The answer is, we suffer from a fiscal cancer. It is growing within us. And if we do not treat it, it could have catastrophic consequences for our country,"... "The cancer are massive entitlement programs we can no longer afford, exacerbated by a demographic glitch that began more than 60 years ago-- a dramatic spike in the fertility rate called the "baby boom." David Walker, Comptroller of the Currency of the United States of America, March 2007 on his "fiscal wake up" tour. CBS News has the complete story at this link
Heard it before from political functionaries? I have. However this time it's a bit more haunting, perhaps because the horizon is not as far off for us at the tail end of the "baby boom" as it once was.
For those in the structured settlement and settlement planning field and our clients I think this makes what we do that much more meaningful. As government entitlements become less certain there will be a need for more certainty...the kind of certainty that can be provided by he products and services that we offer. Structured settlement annuities offer certainty, deferred income annuities offer certainty, structured attorney fee annuities offer certainty, structured sales annuities offer certainty and an IRC 1031 exchange alternative, divorce structured settlements, environmental structured settlements and employment cases offer certainty.
If billowy clouds turn into "thunderheads and rolling fog" in the future our industry needs to be well positioned to be the GPS thats assists both injured claimants, their families, attorneys and the like to navigate the fiscal storm. It's important that the industry and individual practioners follow entitlement issues closely, to gauge how changes affect their clients, develop a deep understanding of the interplay and develop integrated solutions.