The Graying of America
Of the total federal expenditures in 1995, Social Security together with Medicare(federally founded health program aimed at helping the elderly, founded in 1965) was the largest, accounting for about 34 percent. In 2005 this figure is predicted to be as high as 39 percent. This is caused by the 'graying' of America and the increased number of elderly who will collect benefits for a longer portion of their lives, coupled with a reduction of the number of workers available to pay for their benefits. Increasing costs of living and higher standards of living (as reflected in higher wages) also are consequences.
In short, if no action is taken in the interim, by approximately 2013 the federal government will have to raise taxes, increase the debt, print more money, reduce Social Security benefits immediately, or do some combination of those things to rectify the Social Security cash-flow imbalance. The surplus will be gone. The amounts needed by the Social Security system, even in the early years, are not insignificant. In 2015 experts believe that the government will have to find approximately $57 billion to meet its obligations. By 2020 the number will have grown to $232 billion.
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