Jim Bacon is former Publisher & Editor-in-Chief of Virginia Business magazine, former editor of the Generational Advisor newsletter, and founder of the Bacon’s Rebellion public policy newsletter and blog. His latest book is titled, Boomergeddon:How Runaway Deficits and the Age Wave Will Bankrupt the Federal Government and Devastate Retirement for Baby Boomers Unless We Act Now.

Jim gave his 10-year projection based on megatrends he sees in the world. He foresees a $20 Trillion deficit, scarce resources, a large “government octopus” and rising interest rates. He bases his forecast on too much government spending and too little revenue collected.

Jim’s solutions? 1) Re-engineer your lifestyle to accept less 2) pay down debt and 3) save more.

Jim believes a “fair tax” based on sales tax will help generate more revenue for the government. He acknowledges there will have to be some exceptions to prevent the fair tax from weighing too heavily on low- and middle-class families.

Listen to the entire interview here: