On Getting Old – Part Deux
I guess Federal Reserve chairman Ben S. Bernanke read only part of my blog entry. He followed rule #1 but not #2 i.e throw out nonessential numbers and keep only cheerful friends!
Well, in his testimony yesterday to Congress he certainly “threw out” some numbers
“US government may face a “fiscal crisis” in the coming decades if it
fails to deal with the rising costs of retirement and medical benefits
for the aging population.”
“The projected budget shortfall results from spending on the Social Security, Medicare, and Medicaid programs.”
Under Congressional Budget Office projections, the ratio of federal
debt held by the public to gross domestic product will rise to about
100 percent in 2030 and “grow exponentially after that,” from about 37
percent now, Bernanke said.
I expect that we will hear lots more about Social Security, Medicare, and Medicaid programs with a Democratic congress and the approaching election in 2008.
It was noted that Treasury Secretary Henry Paulson is leading an effort by the Bush
administration to overhaul Social Security, committing to discussions
that have all options on the table.
Let the games begin.
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Posted: January 19th, 2007 under General.
Tags: aging, blog_entry, election, medicare, social-security, us-government