The American polity recently tore itself apart debating the morality of adding $1.5 trillion in tax cuts to the national debt. Yet the $82 trillion avalanche of Social Security and Medicare deficits that will come over the next three decades elicits a collective shrug. Future historians — and taxpayers — are unlikely to forgive our casual indifference to what has been called “the most predictable economic crisis in history.”
Over the next 30 years, according to data from the Congressional Budget Office, Medicare will run a $40 trillion cash deficit, Social Security will run a $19 trillion cash deficit and the interest on the resulting program debt will be $23 trillion. (To inflation-adjust these figures, trim by one-third.)
CBO projects that, over the next 30 years, the national debt will grow from $20 trillion to $92 trillion ($52 trillion after inflation) — or much higher if interest rates return to historically typical levels.
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9 comments:
Do you have any idea how many people are drawing Social Security disability who have no business doing so?
During the Obama reign it became an industry-- if you need an 'income', lawyer up, dream up a 'disability' and file. It is amazing some of the things people are getting compensated for. And the big killer has been AIDS-- a disease that most often comes from irresponsible/immoral behavior-- and we, the taxpayers are forced to support these folks as they reap the harvest from the seeds they've sown.
If we can clean up the fraud/ineligibility in the Social Security and medicaid programs alone, I think it would do a lot to keep the system solvent.
The FBI with their $2M pensions doesn't seem to be worried. Maybe that is only for law breaking FBI employees though.
if you Democrats would stop spending money that isnt yours we might of had a chance 20 years ago
Blame is on the Politians that stole billions of dollars from the SSI funds for decades and still robbing this fund, to pay for their pork barrel projects. It is not the fault of the people. These crooks should start by reducing their outrageous benefits. Then pass a law to use SSI only for what is started for. Then start paying the SSI fund back these billions just like any other loan / debt when they borrow money. Politians need to be held accountable for their mismanagement, Just like MD Politians stealing from the State Employees Retirement Fund.
How come my SS might not have funding but welfare is ALWAYS funded? I worked for my SS. Who works for welfare?
10:03 PM is absolutely right. Now, Answer that.
social security is earned money. Cut down the welfare
Social security is funded by the workers who pay it. If the govt would stop giving it to people who don’t qualify by this standard or sticking their hands in the cookie jar to fund their pet projects it would be fine. So to alleviate this pay it all back out of their pockets
Jim said...
Do you have any idea how many people are drawing Social Security disability who have no business doing so?
No, do you?
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