Social Security, Medicare Will Cost $41 Trillion More than Available

Discussion in 'Politics' started by carpro, Jul 8, 2008.

  1. carpro

    carpro
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    http://www.cnsnews.com/public/content/article.aspx?RsrcID=24141

    Social Security, Medicare Will Cost $41 Trillion More than Available

    Monday, July 07, 2008
    By Keriann Hopkins

    (CNSNews.com) - The future costs to maintain Social Security and Medicare will exceed available revenues by $41 trillion in the next 75 years, according to a government report, and those costs will likely require trillions of dollars in new taxes or spending cuts.

    The June report by the Government Accountability Office (GAO) said that the "unfunded liabilities" - or future planned costs for which funding has not been set aside by Congress - for Social Security alone in the next 75 years will exceed $7 trillion.

    "One would need approximately $41 trillion invested today to deliver on the currently promised benefits not covered by earmarked revenues for the next 75 years," the report said.

    Trillions of dollars will need to be raised, either through new taxes or in spending cuts.
     
  2. carpro

    carpro
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    Anyone wanna bet the democrat solution to this is not huge tax increases?
     
  3. KenH

    KenH
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    Gradual small tax increases, gradually cutting benefits, and gradually raising the retirement age - if we start immediately - is the way to go in handling the Social Security issue. And here's the plan to do it:

    www.bostonreview.net/BR29.2/diamondorszag.html


    Medicare? Who knows how to fix that with the rapidly escalating costs of health care in the United States.
     
  4. Crabtownboy

    Crabtownboy
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    Bush's Medicare Part D contributed to the deficit greatly.
     
  5. carpro

    carpro
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    Try to stay on topic.
     
  6. carpro

    carpro
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    Now for the democrat plan:


    http://www.cnsnews.com/public/content/article.aspx?RsrcID=32093

    Tax Hikes Could Pay for $36 Trillion in Medicare Costs, Dems Say

    Wednesday, July 09, 2008
    By Josiah Ryan, Staff Writer

    On the Spot (CNSNews.com) - Sens. Jay Rockefeller (D-W.Va.) and Barbara Boxer (D-Calif.) told Cybercast News Service on Tuesday that they would support raising taxes to pay the $36.3 trillion needed to pay for promised Medicare benefits over the next 75 years.
     
  7. LeBuick

    LeBuick
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    I think the fix is to stop using the money to fund other programs. I think this programs should be hands off and congress should have to repay all the we-OU's they left in the drawer.
     
  8. Baptist in Richmond

    Baptist in Richmond
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    This IS "on topic," and was a valid point.
    You really look foolish when you make such silly statements.

    And it's "democratic," though I am sure you knew that.
    Just in case, if you are going to use "democrat" as an adjective, there is an "IC" on the end. I don't see you writing "republic party." Undoubtedly, it is merely coincidental that you use a term that Rush Limbaugh utilizes ad nauseum.
     
  9. carpro

    carpro
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    Not for democrats.

     

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