PBS’s FRONTLINE tonight was an interesting look at the Federal debt during this time of a faltering economy and the affect that the Government’s entitlement programs (Social Security, Medicare, Medicaid) have on it. Currently those programs comprise roughly 40% of the Federal budget, and are projected to consume over 20% of GDP by the time the baby boomers are well into retirement. Much of this is financed by foreign debt (China, Japan, Saudi Arabia.)
The politicos refuse to fix this problem because those programs are immensely popular with a large portion of the voting public (i.e. seniors collecting from those programs.) And we (Gen-X and Gen-Y’ers) are left footing the bill.
Just another reason why a little fire lights up in my soul twice a month when I see that $249 come out of my paycheck. I’d rather hand that cash over to my parents or father-in-law than see it dumped into the black hole Ponzi scheme that is Social Security.
There’s got to be a better way.