In a soon-to-be released study, the Democratic think tank Third Way offers a wake-up call to the boomer generation. The study looks at two categories of federal spending over the past 50 years: investments (maintaining infrastructure, equipping our military, educated work force, etc.) and entitlements (safety-net programs, such as Social Security and Medicaid). In 1962, 32 cents of every federal dollar—excluding interest payments—was spent on investments, 14 cents on entitlements. The lines crossed in the 1970s, and now 15 cents goes to investments, 46 cents to entitlements. In 2030, 61 cents will go to entitlements. Third Way offers a few cuts and reforms to get entitlement spending under control: gradually raise the retirement age, those can should pay more, and realign the cost-of-living formula.