Thomas Crawford offered a somber assessment about the future prospects of the U.S. economy during the LIMRA Distribution Conference in Orlando, Fla., on Thursday.
Speaking from the main platform, Crawford, president of insurance industry consulting firm C2 Group, warned about the dangers of the ever-growing federal budget deficit, major problems with PPACA bill funding and Medicare, which will eventually "demolish us," he said, unless "promises are broken."
Crawford went on to illustrate how the deficit will likely reshape retirement funding, adding that the average boomer has no real hope of a traditional retirement.
The country faces hard choices, with a great possibility that taxes and interest rates will significantly increase, services will decrease, and citizens will have more responsibility to take care of themselves instead of relying on government assistance.
