In 1950 there were 50 Workers paying FICA contributions for every retiree drawing Social Security. In 2011 due to relaxed qualifications and inceased life expectancies as well as capital flight in businesses there were only 3 workers per SS recipient. The situation with Medicare is far worse due to disproportionate inflation of health care costs, increased but not necessarily healthy longevity and well documented fraud. If interest to support borrowing to bail out these programs does not increase (highly unlikely); then by 2030 these two entitlement programs will constitute 100% of projected gov expenditures that can be supported by taxation. After that nothing but default will be possible. I probably wont see this but most of my family will certainly feel the sting.
Posted on: Sat, 24 Jan 2015 23:56:52 +0000
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