Wednesday, October 04, 2006

Reform entitlements now, not later

The baby boomers are going to start to strain the U.S. Treasury and Federal Reserve chairman Ben Bernanke says that entitlement reform should be addressed:

Bernanke said that as the population ages, the United States will have to choose among higher taxes, fewer dollars for other programs, lower spending on entitlement programs, and a sharply higher budget deficit …or some combination of all those.

Government spending for Social Security and Medicare alone will increase from about 7 percent of the U.S. economy to almost 13 percent by 2030, and to more than 15 percent by 2050, he said.
At that point, you’re talking about a federal budget almost exclusively turned over to the business of taking money from workers and paying for Social Security and Medicare. That Ben Bernanke guy’s pretty smart; we should listen to him.

Extra – Here’s a typical debate/flame war on Fark.

1 comment:

Anonymous said...

After my successful revolution I will disband the system. Instead I will just stop taxing people (flat tax of course) after the age of 55.