Social insecurity looms.
The administration worsened matters by attempting to bribe voters with additional Medicare benefits. John Goodman, president of the National Center for Policy Analysis, told the Washington Post that when the Medicare expansion bill is signed, "we will have doubled the size of the Social Security problem."
The situation was already dire. The huge cohort of baby boomers will start reaching retirement age in just five years. In 2008, "the total benefits paid out to Social Security and Medicare beneficiaries will exceed the payroll tax revenues paid in by workers," writes former Delaware Governor Pete du Pont in the Wall Street Journal. Appropriations for this shortfall will have to escalate rapidly--with those two related programs taking 16 percent of income-tax revenues by 2020, 35 percent by 2030, and literally half of all federal income taxes two decades later.
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|Title Annotation:||Between The Lines|
|Author:||Hoar William P.|
|Publication:||The New American|
|Article Type:||Brief Article|
|Date:||Aug 25, 2003|
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