Older workers may be riding to the rescue of the American economy, but as yesterday's Wall Street Journal points out, we're not quite ready to accept their help. People who want to work past the traditional age of retirement face "financial time-bombs," according to the Journal: punitive Social Security taxes, reduced pension benefits, and loss of Medicare eligibility.

Seniors between the ages of 62 and 65 who receive Social Security are nailed with a 50 percent tax on their benefits if they remain in the workforce. And if their employers offer medical coverage, seniors who are otherwise eligible for Medicare can't take advantage of the public program--creating a major disincentive for businesses to hire older workers. Pension rules can be even worse, permanently docking older workers who shift to part-time positions in order to keep contributing on the job.

Make no mistake, we need these people participating in our economy. Donald Kohn from the Federal Reserve Board testified before Congress last year regarding the projected economic consequences of the growing portion of older individuals in our population. Federal Reserve models indicate an important link between workforce participation by older people and overall national economic productivity.

With the IRS poised to mail 130 million economic stimulus checks to American taxpayers next week, it's surprising that the critical role of seniors in our economy gets so little attention. And for seniors who spend more time in cubicles than on cruise ships, it's too bad we can't find ways to offer them support instead of "financial time-bombs."