There are several ways to get out of significant debt: make more money, prepare and stick to a debt reduction plan, invest in income producing assets for the future. This applies to governments too, and therefore, any solutions, by necessity, involve taxpayers. In other words, debt is everyone's problem.
The demographics are a big issue for most western countries. How will we be able to support the needs of the significant numbers emerging with elder care needs?
I personally don't find the future as gloomy as others may, because it appears that the health and longevity of the boomers and their parents may well help sustain a much needed taxpayer basis.
Seniors may need and want (and given the boomer's propensity for hard work) to stay engaged in the workforce in some manner, longer. We should encourage this, and make it easier with flexible hours, for example, so that more people can continue to contribute tax dollars for much needed services like health care for a large group of vulnerable seniors in the immediate future.
It's also important for consumers to fix their own debt problems, so that they can rely less on governments to supplement needs and wants in retirement, and start to rebuild wealth again.
The key to financial recovery, in my opinion, is to reduce and manage debt. That does require some adjustment to spending habits, and an understanding of how money can be used as a tool to work for you, not against you.
For that reason, I was delighted to publish a new book from authors Robert Ironside and Edwin Au Leung, entitled The One Financial Habit that Could Change Your Life. I hope you'll pick it up and give it to anyone you know who is in debt, or wants to avoid it.
It's Your Money. Your Life. You don't need to live it burdened in debt. Help yourself to some financial cures immediately to recover more quickly.