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Social Insecurity
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Originally posted by Skeks in the city
I love thinking of social security and medicare as having funds. Here're nice facts from the CBO: 2004 spending on Medicare, social security and interest on federal debt is $1.47 trillion;
2015 spending on those things is projected to be $2.51 trillion.
The US can't possibly allow the $1 billion increase push the US' $500 billion deficits to $1.5 trillion deficits without horrendous inflation. It won't matter whether the deficit is due to issuing new debt or selling old debt that was part of the social security "fund" so the US will have to react by a combination of cutting benefits and increasing taxes.
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The big problem is Medicare, right? Conservatives like to group Social Security and Medicare because it makes the former look more troubled than it is.
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“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
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