Entitlement Spending Run Amuck

Entitlement Spending Run Amuck

A recent Daily Signal article reminds us just how menacing the “long-term unfunded obligations” of Medicare and Social Security will be for the stability of the US economy. According to this article, these obligations “alone reached nearly $49 trillion, according to the 2014 report from the Social Security and Medicare Boards of Trustees.” The staggering debt of these two major entitlement programs far exceeds that of the existing national debt. The Daily Signal aptly summarizes the consequences for Americans – “Medicare and Social Security are the largest and most popular government programs, and they are threatening to impose a huge financial burden on American taxpayers if Congress fails to stop their excessive spending growth. Alternatively, if Congress does nothing, even the most vulnerable Medicare and Social Security beneficiaries would see their benefits drastically cut after 2030.” Suggestions to solve the problem include looking at successful free market programs such as Medicare Part D or tightening the requirements to receive disability funds.

It’s clearly time for Congress and the President to address this ominous issue in a constructive, bipartisan manner. The very solvency of our nation rests upon the ability of our leaders to enact innovative solutions, to include possibly emulating successful free market programs. One thing is for sure – if something is not done, the nation’s debt will continue to spiral out of control.

 

Click here to read the full Daily Signal article. 

 

 

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