hese debt levels will be driven by the benefit programs that account for more than three-fifths of federal spending. The annual trustees’ reports on Social Security and Medicare, released Monday, shows spending on those two programs continuing to soar as Baby Boomers retire.
Public trustee Charles Blahous warned that the ongoing refusal to fix Social Security means the program’s troubles are already worse than when the program was last bailed out, in 1983. Blahous said fixing Social Security’s shortfall would require either a 21% increase in payroll taxes or a 16.5% benefits cut for all beneficiaries, including current retirees.
Sorry, young people — but old people vote, and the vote for people who will be more than happy to raise your taxes to buy those votes.