Despite the enormous bill for entitlement programs coming due in the next 30 years, few acknowledge the reality Americans face. The problem isn't just Social Security, but also Medicare, Medicaid, and a host of other programs. Enormous tax increases or dramatically decreased benefits will be the only options available if no action is taken. The following Newsweek article calls for "brutal candor" on the part of politicians and think tanks in addressing this issue--one of the most pressing facing the United States.
Why Silence Isn't Golden
If you haven't noticed, the major presidential candidates—Republican and Democratic—are dodging one of the thorniest problems they'd face if elected: the huge budget costs of aging baby boomers. In last week's CNN/YouTube debate, New Mexico Gov. Bill Richardson cleverly deflected the issue. "The best solution," he said, "is a bipartisan effort to fix it." Brilliant. There's already a bipartisan consensus: do nothing. No one plugs cutting retirement benefits or raising taxes, the obvious choices.
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