I think it was in The Music Man where the seller of that musical equipment says, ``We have big trouble right here in River City.'' We have big troubles here in Washington, D.C., and in America, for a couple of reasons. The competition from other countries as they try to copy our techniques of production means that the competition is greater than it has ever been. Our future generations are going to be much more challenged than we have been. Actually, the baby boomers are a generation that is going to start retiring in the next 4 or 5 years; 73 million baby boomers will start retiring, probably the richest retirees that this country has ever had, probably the richest retirees this country will ever have. We have some challenges in Washington as politicians tend to solve more and more problems, saying, somehow it must be Washington's responsibility rather than the individual's responsibility to solve some of these problems. What we have done is ended up, for example, with a tax system where now, today, 50 percent of the adults in the United States only pay about 1 percent of the income tax.
Editor's note · Context
Discussing economic challenges and tax policy during a speech in Congress.
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