Monday, May 01, 2006

Social Security&Medicare: Time is Running Short

New predictions for the exhausting of the Social Security& Medicare "trust funds": the Social Security deadline has been moved up a year to 2040, and Medicare has been moved up from 2020 to 2018.

Treasury Secretary John Snow, who is the chairman of the trustees' panel, told a news conference that the country faced a ''looming fiscal crisis as the baby boom generation moves into retirement.'' He said the administration stood ready to work with Congress to come up with a solution.

Don't hold your breath. In 1983, the last time there was a major overhaul, they waited until Social Security was literally days away from running out of cash.


Anonymous said...

come up with a solution?

yeah - shut it down. Long live the stock market. Never rely on the government for anything.

Robert Enders said...

Anya, are the estimates of when Social Security based on the assumption that our generation will earn as much money and pay as much in taxes as the Boomers? If so, Social Security is going to run out of money even sooner.