According to The Atlantic, “Through 2050, the Social Security trustees estimate that the number of seniors will rise from 48 million to 86 million. The Congressional Budget Office projects that, as a result, by 2047 Social Security and the major federal health-care programs, principally Medicare and Medicaid, will consume two-thirds of all federal spending (except for interest on the national debt). That’s up from 54 percent now.”
Yes, that is unsustainable without a long term plan that looks at a variety of ways to cut costs. Keeping seniors healthy, raising taxes, curbing health care costs and personalizing benefits, are just a few ways to cover rising benefits in the future. However, the idea that cutting entitlements is the only solution to curb our deficit, is unreasonable. Find a government program and you will find waste and corruption. Why is it always politically expedient to cut benefits to the neediest in our society rather than cutting programs that have outlived their usefulness? It is more important than ever that we force all of our politicians to look at other ways to cut spending and to find long term solutions to these basic programs that so very many rely upon. It is likely a mix of solutions that will require hard work in the years to come.
Keep up the calls to your elected officials and urge them to find long-term solutions for entitlements that do not save corporate tax cuts on the backs of seniors.