Among the primary forces putting upward pressure on the deficit is the aging of the U.S. population, as the number of persons expected to be working and paying taxes into various programs is rising more slowly than the number of persons projected to receive benefits. Notably, this year about 5 individuals are between the ages of 20 and 64 for each person aged 65 or older. By the time most of the baby boomers have retired in 2030, this ratio is projected to have declined to around 3. In addition, government expenditures on health care for both retirees and non-retirees have continued to rise rapidly as increases in the costs of care have exceeded increases in incomes. To avoid sharp, disruptive shifts in spending programs and tax policies in the future, and to retain the confidence of the public and the markets, we should be planning now how we will meet these looming budgetary challenges.
—Federal Reserve Chairman Ben S. Bernanke in his testimony before the Committee on the Budget in the U.S. House of Representatives today
The time for planning was twenty or even thirty years ago. The Doom Time awaits.
One of the consequences of the abortion culture.
When serious questions regarding the viability of the Social Security system were raised several years ago, those questions were quashed for reasons of pure political vindictiveness.
3, I remember it well. The Democrats demagogued it superbly.