Congress in no rush to fix Medicare and Social Security (A Moving Target or Moving Congress?)

Christian Science Monitor ^ | March 27, 2008 | Gail Russell Chaddock

[K-oneTexas]

[Snip] A new report projects a $42.9 trillion shortfall for the two entitlement programs over the next 75 years. [Snip]

[Snip] The latest annual report on the prospects for Social Security and Medicare projects a $42.9 trillion shortfall over the next 75 years, at current levels of benefits and taxation.

The message Congress is taking away from the report is that there's still time to build bipartisan consensus for reform. [Snip]

[Snip] But the shortfall for Medicare comes sooner and is even more severe. While Medicare's annual costs were 3.2 percent of GDP in 2007, they are on track to surpass Social Security expenditures in 2028 and reach 10.8 percent of GDP in 2082.

To put it another way: It would take an immediate 122 percent increase in the payroll tax (to 6.44 percent) or a 51 percent reduction in program outlays to bring Medicare into balance, the trustees said. [Snip]

[K-oneTexas]

Resignation will not happen, except for the few who are getting out now to become lobbyists and not run afoul of a statute set to become effective. So, this November is a good time to hold their feet to the fire or vote in term limits. Can them all. Fire the incumbents who haven't held up their end and voted for the country and its citizens over self-aggrandizement.

All 435 House districts and 33 Senate seats are up for election. Never a better time than now!

[Amendment10]

Resignation will not happen, except for the few who are getting out now to become lobbyists and not run afoul of a statute set to become effective.

Note that my "wet noodle" suggestion for petitioning Constitution-ignoring federal politicians to resign simply helps to keep my posts G-rated. :^)

[Pining_4_TX]

Then they ought to stop calling it a kind of retirment system, and just call it what it is - income redistribution. If the people who have paid into SS for years, die before receiving much, if any, benefit, then it can hardly be called “social security”.

It’s just a colossal ripoff, like every other government program.

[RobRoy]

It was never a retirement system. In the beginning it was just “a little to help” if you happened to live longer than most people.

Funny how “a little to help” now costs me almost as much in taxes as my income taxe. And medicare is closing fast. And neither has the tax deductions of the regular income tax.

There will probably be a tax revolt at some time. When? I dunno. But I strongly believe it will happen.