Banks could face a dramatically smaller market for deposits and loans early in the next century unless major changes are made in the nation's tax and health care policies.

The generation responsible for funding the retirement of the roughly 80 million baby boomers will be socked with tax rates roughly 80% higher than today's if current fiscal policies persist, warns Jagadeesh Gokhale, an economist with the Federal Reserve Bank of Cleveland.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.