ENTITLEMENTS

From the Patriot Post

"The entitlements of Social Security and Medicare are growing fast—and far beyond solvency. Indeed, Republicans failed miserably in not passing meaningful reform this year. The latest numbers reveal the extent of their failure. Social Security alone has an imbalance of $13.4 trillion in 2006—up from $10.4 trillion in 2004. That’s the good news. Medicare has increased its debt by $8.9 trillion in the same span—from $61.6 trillion in 2004 to $70.5 trillion this year. The interest alone on the debt this year is $2.4 trillion. For context, the total GDP of the U.S. this year is $14 trillion. You do the math.

Of course, these figures are kept apart from the general budget deficit, since future obligations are not counted as current liabilities in the federal budget. Clever, no?

Raising the retirement age to 67 could solve more than a third of Social Security’s long-term deficits. Slowing the growth of benefits would also help. Perhaps most important would be the establishment of private retirement accounts for younger workers. It’s quite simple, actually, and succeeding with Social Security would be great encouragement for tackling the far bigger monster of Medicare."

And to think there are many out there who want to add to these woes by having a national health plan. Total insanity.