Long-term Medicare & SS deficit tops $63 trillion

Associated Press Published: April 23, 2012
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Though it's difficult to grasp numbers so large over such a long time period, it's worth keeping in mind that investors deciding whether or not to purchase U.S. bonds take into account the nation's long-term fiscal picture, and thus could choose to stop buying Treasuries a lot sooner than an actual crisis is projected to hit, driving up borrowing costs dramatically. It's also important to realize that the sooner we take action to reform these programs, the easier it will be to phase in changes to avoid massive tax increases that will crush the economy and much more disruptive cuts. Unfortunately, with a predictable crisis staring us in the face that promises to wreck the futures of younger Americans, Obama has spent his first term avoiding dealing with the problem so he has a free hand to attack his Republican opponents.

Click to read full article at Washington Examiner