“Social Security and Medicare Reform”

“Social Security and Medicare Reform,” by John C. Goodman, The Goodman Institute

“According to the latest Trustees Report, the unfunded liability in Social Security and Medicare is $163 trillion – almost 7 times the size of our entire economy. An unfunded liability is the difference between benefits already provided by current law and the future tax revenues expected to pay for those benefits. In a sound retirement system, we would have $163 trillion in the bank, drawing interest. In fact, nothing is being saved. Instead, payroll tax dollars are being spent the very day they come in the door. To avert financial disaster for our children and grandchildren we need to reform these elderly entitlement programs. Yet reform efforts are easily demagogued by opponents unless they contain real benefits for the current generation of retirees. Fortunately, there are reforms that would benefit today’s seniors, even as we prepare to save the system for tomorrow’s retirees. Here are a few problems that need to be solved, and should have been solved long ago.”

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Practical ideas to improve Social Security and Medicare. That’s refreshing for a change.