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Medicare and Social Security: Big Entitlement Costs on the Horizon |
| Section: CURRENT ISSUES / ANALYSIS |
| Author: David C. John and Robert E. Moffit, Ph.D. |
| Publication: The world & I online |
| Issue Date: 1/1/2007 |
| Size: 944 Words, 5,919 Characters |
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Social Security and Medicare have promised $37 trillion more in benefits to senior and disabled workers than the programs will be able to pay, according to a new report. The 2006 annual report of the trustees of the Social Security and Medicare trust funds concludes that both programs will require progressively larger transfers from general revenues to maintain the projected levels of spending.
Medicare and Social Security will require growing amounts of federal income tax revenue. Today, 6.9 percent of federal income taxes go towards the two programs. Dr. Thomas Saving of Texas A & M University, a public trustee of the Medicare and Social Security trust funds, estimates that, in 2020, 26.6 percent of all federal income taxes...
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...ed to pay full benefits into the future. And, the cost just continues to grow every year. Unless Congress begins to work now to fix this country’s most important programs for senior citizens, our children will face the choice of paying for programs for their parents or paying for education for their children. Delay will only make that dilemma worse.
Copyright © 2006 The Heritage Foundation
(746 of 5,919 characters)
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